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I still get paper bank statements. Although I hate to admit it, I didn't always open them. But when I opened my last statement, I was shocked to see how much money I was spending on subscription fees. I used my checking account to pay for a bunch of apps and programs I had forgotten about, so I was frittering away cash without even realizing it. That experience showed me why I need to get in the habit of checking my bank statements more often.
So, why is it important to review your bank statement each month? It allows you to keep an eye on your spending, catch mistakes, and identify fraud before it becomes a bigger issue. Taking the time to review your bank statement each month is an easy way to stay financially healthy.
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Up to $300New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Minimum Opening Balance
$0
Monthly Fee
$0
Why We Like It
Earn a $50 or $300 bonus and up to 4.00% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> on your money with eligible direct deposit
Limited-Time Offer: +0.70% Boost on Savings APY for 6 months on new accounts with eligible Direct Deposit. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Get your paycheck up to two days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Bank statements are a summary of your bank account activity for a certain period, such as one month. You can receive electronic or paper statements, and they're tools you can use to track your money and spending habits.
Previously, you had to wait to receive a bank statement in the mail. But, with today's online banking and mobile banking apps, you can view your statements at any time on your computer or phone. Plus, there's an added perk: Many banks charge paper statement fees to encourage customers to opt out of mailed statements and sign up for digital statements instead, so using electronic statements can help you save money.
A bank statement can look intimidating — it's often a big wall of text — but understanding what's in it and what sections to look for can make it more manageable. While formats vary by bank or credit union, a bank statement will usually include the following information.
Account information: The statement will list your account details, including your account name, account number, and the contact information for customer support.
Account summary: The bank statement will have a snapshot of key information, including your beginning account balance, total deposits and withdrawals for the statement period, fees charged, and your ending account balance.
Interest summary: If you have a savings account or interest-bearing checking account, the statement will list how much interest you earned during the statement period.
Transaction activity detail: The statement will contain a list of every transaction you made during the month, including debit card transactions, checks, ATM withdrawals, and cash or electronic deposits. It will also include any bank fees charged, such as monthly maintenance fees or out-of-network ATM withdrawal fees.
Why you should review your bank statement monthly
If you're like me, you may just check your bank statement to make sure you have enough cash in your account. But, as I found out, not digging into the nitty-gritty details can be an expensive mistake. Reviewing your bank statement can help you protect yourself and stay in control of your finances. Here's why reviewing a bank statement can be so effective.
You can spot trends
When I'm stressed, the last thing I want to do is cook. So, I tend to use food delivery apps when life gets complicated. Reviewing a recent bank statement, I was shocked at how much I spent on Uber Eats. It was a wake-up call to get back to preparing my own meals to avoid blowing my budget.
Perhaps you tend to impulse shop after payday, spend too much at happy hour with coworkers, or sign up for way too many streaming apps. Whatever the case may be, reviewing your bank statement helps you spot similar issues and adjust your spending for better financial health.
You can find opportunities to save money
When you review your bank statement, you may find you're losing money unnecessarily. For example, you may be able to avoid a monthly account fee if you maintain a certain balance, so transferring cash from your online savings account to your checking account can eliminate that charge.
You may also find that you paid $10 in ATM fees because the ATM you normally use is outside of your bank's network. By using your bank's ATM locator tool, you can find a convenient fee-free ATM and save money.
You may catch errors
Banks can make mistakes too. A debit card purchase may have gone through twice, or an extra digit might have gotten added to your withdrawal amount. As long as you dispute the transaction quickly, you should be able to get your money back.
You can catch fraudulent transactions
Unfortunately, identity theft and banking fraud are common. In fact, a Federal Reserve survey found that debit card fraud accounted for 39% of fraud-related losses last year for financial institutions.
If someone compromises your bank account or steals your debit card, time is of the essence. Depending on when you report the incident, you can avoid losing money. If you wait, you could end up losing hundreds of dollars or even all the money, as the table below shows.
When you report the loss or theft
Your maximum loss amount
Before someone makes any unauthorized charges
$0
Within two business days after learning about the loss or theft
$50
Three days after learning about the loss or theft, but up to 60 calendar days after the bank sends you the statement
$500
More than 60 days after the bank sends you the statement
All money removed from the associated accounts
You'll learn about upcoming account changes
Your bank statement may contain notifications about changes that will occur to your account. For example, your account may have a different annual percentage yield (APY), a new monthly fee, or a new minimum bank account balance requirement. This timely information can help you make decisions to avoid fees or find better interest rates.
Best practices for reviewing bank statements
Now that you know how useful a bank statement can be, here's how to get in the habit of reviewing your statements without it causing you stress.
Pick a date: Set a date for yourself and treat it like a non-negotiable appointment. For example, I use the last Sunday of every month to sit down with a giant mug of tea and review my bank and credit card statements. You can set up reminders on your phone or online calendar to help you remember.
Compare balances: Look at your beginning and ending balances for the statement period. Make sure they line up with what you expected.
Scan your transactions: Look at your financial transactions and check for common errors, like duplicate items. Also, check for unexpected fees or subscriptions that you no longer need and would benefit from canceling.
Look for unusual charges: Fraudulent transactions aren't always large. Criminals will often complete small transactions to see if your account is still active, and then will complete larger transactions later. So, flag any charge that you don't remember making or that seems strange to you.
Check for fees: Pay attention to any fees you may have paid, such as monthly maintenance fees, ATM withdrawal fees, or overdraft fees. These are all opportunities to save money going forward.
Keep your statements: In general, it's a good idea to keep your bank statements for at least one year — and even longer if you have major changes, such as an inheritance payment, that might trigger a tax audit. Being extra, I keep electronic and hard copies; I have my bank statements in color-coded folders by my desk for quick reference.
How to handle issues found on bank statements
If you find unauthorized transactions or fraudulent activity, take action right away so you can recover your money. Contact your bank or credit union, which will often have a 24/7 fraud phone line and may also allow you to report the incident online. Report the date of the unauthorized transaction, confirm the merchant, and specify the amount of the transaction.
For other issues, such as unexpected fees, contact your bank's general customer support line, visit a local branch, or check for an online help option. Sometimes, being polite and explaining the problem calmly can help you qualify for a fee reversal.
4.3
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Our partners do not influence our ratings.
Enjoy $300 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.6 <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 1/21/2026.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank7 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.8 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks9 <p>Your first deposit may take longer depending on your employer.</p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus and up to 4.00% APY on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
The best banks and credit unions allow you to view years' worth of statements online or through their mobile apps, so log in to your account and view your statements. Otherwise, you may need to call customer support or fill out an online form to request older statements, which may require a fee.
Do I have to pay a fee to receive my bank statements?
While online or mobile statements are usually free, some banks do charge account holders for paper statements. The fee is often between $1 and $5.
Am I liable for fraudulent charges found on my bank statement?
Whether you're liable for fraudulent charges depends on when you spot the charges and how quickly you report them. If you notify your bank within two days of a loss or theft, you aren't responsible for the transaction. If you notify the bank after that but within 60 days of receiving your bank statement, you're responsible for up to $500. After that, you're on the hook for the entire transaction.
Can reviewing my bank statements help me avoid fees?
Yes, reviewing your bank statement can help you avoid fees by catching overdraft charges, monthly maintenance fees, paper statement fees, and other avoidable costs. Using that information, you can make adjustments, such as switching to a fee-free checking account or changing which ATM you visit, and save money.
Bottom line
It may not be glamorous, but reviewing your bank statement is one of the simplest and best ways to save money, track your spending, and protect yourself against fraud. Spending just a few minutes per month checking your statements can make a major impact.
The next time you get a statement in the mail or an email that says "your statement is ready," don't toss it in the trash — set aside time to review it carefully so you can keep on top of your finances. Plus, you can make changes like switching to a new free checking account to save money.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.00% on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network10 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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