While you may be looking forward to reaping a tidy profit from a home sale, make sure you factor in seller closing costs so you have a better idea about what your sale proceeds may be.

Most home sellers end up paying between 6% and 10% of the sale price in various closing costs, including real estate agent commissions, attorney fees, transfer taxes and more.

Given that the average sale price for a home in the U.S. was $513,400 in the third quarter of 2023, a seller with a home that price could expect to pay between $30,804 and $51,340 in closing costs.

If you’re getting ready to sell your home, it’s a good idea to know what fees you may have to pay and how much they’ll potentially cost. That knowledge can help you be more prepared — and maybe even find ways to bring the cost down.

• What are some common closing costs for home sellers?
• How to reduce closing costs
• What are other common expenses for home sellers?

What are some common closing costs for home sellers?

Both buyers and sellers are on the hook for closing costs, but they’re often higher for the sellers. As a seller, you can expect to pay between 6% and 10% of your home’s sales price. The buyer, on the other hand, usually pays between 2% and 5%.

Here are some of the typical closing costs for sellers.

Real estate agent commissions

In a typical home sale, the buyer’s real estate agent and the seller’s agent will split a 5% to 6% sales commission, with each agent getting half. The agent you hired to sell your home did their job, and the buyer’s agent also did their job by bringing you a customer that’s ready to buy your home.

Learn more about how real estate agents get paid.

Transfer tax

Depending on the rules set by your state or local government, you’ll typically also need to pay real estate transfer taxes. In Washington state, for example, these taxes range from 0.25% to 2% of your home’s purchase price, depending on where you live.

Seller concessions

As you negotiate your home’s purchase price with your buyer, it’s not uncommon for them to ask you to help pay some of their closing costs or cover needed repairs — known as seller concessions or credits. If a problem is discovered during the home inspection, for example, your buyer may ask for a seller credit to pay for the cost of repairs.

Title insurance

As the seller, you’re generally expected to pay for title insurance. This protects buyers and their lenders in case any issues with your home’s title pop up. For example, if someone filed a lien against your home, that could complicate your sale.

Title insurance usually costs around $1,000, but the cost can vary depending on where you live.

Escrow fees

You’ll work with an escrow company who will oversee the transaction and make sure everyone’s holding up their end of the bargain when it comes to transferring the money and ownership of your home.

Escrow companies usually charge about 1% to 2% of your home’s sale price for this service. Whether you or your buyer pays it in full or splits the cost depends on how things are done in your area.

How to reduce closing costs

You’ve already got a lot on your plate if you’re selling a home, but it’s important to know that you may be able to save money on these fees. In some cases, it can be well worth your time.

Negotiate your real estate agent commission

The commission rates sellers pay can be negotiated. If you were to negotiate a 5% commission rate with your real estate agent instead of a 6% rate, you could save more than $5,000 in the sale of an average-priced home ($513,400 in the third quarter of 2023).

Sell your own home

If you have time and you’re savvy with legal contracts, putting together teams, negotiating terms and marketing, you might be a good candidate for a DIY home sale — and skipping the seller’s agent commission entirely. But you may still have to pay the buyer’s agent commission, even if you don’t use your own agent.

For sale by owner, or FSBO, sales made up about 10% of all home purchases in 2022, according to the National Association of REALTORS® — though half of those were to people the sellers already knew. These homes typically sold for about $120,000 less compared to homes sold with the help of a real estate agent, the trade group said.

What are other common expenses for home sellers?

Closing costs represent a big chunk of your financial outlay when selling your home, but they’re not the only expense. Make sure you consider these other factors, which can be pricey.

Presale inspection

You’re not required to get a presale home inspection, and opting out can save you $250 to $500, on average. Generally, buyers will pay for their own independent home inspection.

A home inspection may be helpful because it can flag any repairs you may need to do before you put the home on the market. It also decreases the chance of any surprises later when the buyer gets their own inspection done. That can help you speed up the process of selling your home — and you may even get a better price for it too.

Home cleaning and repairs

You may want to catch up on any overdue maintenance and make any needed repairs to improve the odds of a quick sale. Any issues with your home that you don’t fix must be listed in a seller’s disclosure, which is a legal document that home sellers must provide that reveals known problems.

A full top-to-bottom house cleaning is also a good idea. A dirty toilet or stained carpeting can deter potential buyers from putting in an offer. Though you can tackle this work yourself, hiring professionals to do the job can help you bring your home to market sooner.

Home staging

The final cherry on top of getting your home ready for sale is home staging. The median cost of using a staging service is about $1,500, while homeowners who choose to have their agent do the staging will pay around $300, according to the 2021 survey from the National Association of REALTORS®.

What’s next?

You’ll need to do some research to see what closing costs may cost in your area and how they’re generally divvied out between the buyer and the seller.

Once you have this information, you can put together a home-selling budget so you have a good idea about how much it’ll cost to sell your home. Once you have a realistic estimate of your home-sale proceeds, you can better plan how much money you’ll have for the purchase of your next home.

Estimate your closing costs

Use our closing costs calculator to get a better idea of how much your closing costs could be when buying a home.

Investing in money-saving home improvements can help lower your monthly bills and help you save cash in the long run. Plus, some upgrades may boost the value of your home.

These home improvements may increase your energy efficiency, cut water use or improve the performance of your home’s systems, all of which can lower your expenses.

Here are some money-saving home improvements that could cut day-to-day costs and make your home more valuable.

• What home improvements can save energy?
• How can I save on repairs and maintenance?
• How can I pay for home improvements?
• What’s next? Financial resources for home improvement

What home improvements can save energy

Electricity is the biggest utility bill most homeowners deal with, making up about a third of total utility costs for the average U.S. homeowner, according to the Bureau of Labor Statistics. Because electricity tends to cost more than water, natural gas, phone services or other utilities, it makes sense to focus on improvements that can reduce your electricity burden. 

Energy audit

The first step you might want to consider for any energy-saving home upgrade is an energy audit. A professional assessment will reveal the specific areas of your home that need work, so you’re not paying for upgrades you don’t need.

A professional home energy assessment might cost several hundred dollars. If you do the audit yourself, it might not be as thorough, but you’ll likely find some of the easier areas to address.

Insulation and air sealing

Proper insulation can significantly reduce your heating and cooling costs. You can ensure that your home is well-insulated by checking the attic, walls, floors and crawl spaces — and adding insulation where needed.

The Environmental Protection Agency estimates that homeowners can save 11% on heating and cooling costs by sealing air leaks and adding insulation.

Solar energy system

If your home gets direct sunlight, solar panels could be a good way to reduce your energy bill — though the initial investment might cost a lot. The average 5-kilowatt-hour home solar system in the U.S. can supply 50% to 75% of most people’s total electricity needs and costs between $15,000 and $35,000, according to the U.S. Department of Energy.

Although adding a solar power system to your home is a serious investment, tax breaks can help. Under the Inflation Reduction Act, you may qualify for a credit of up to 30% on your federal income taxes for installing solar heating, electricity generation and other solar home products.

To see what state incentives may be available to you, visit www.desireusa.org.

Smart thermostat

A smart thermostat allows you to program your home’s temperature to keep you comfortable while saving money. By allowing you to set different temperatures for various times of the day, you can reduce energy use when you’re not at home or while you’re sleeping.  

Ceiling fans

You can use ceiling fans in combination with your existing heating and cooling systems to provide more effective air circulation and temperature control, reducing the overall energy demand of your HVAC system.

For maximum savings, install energy-efficient ceiling fans that are Energy Star-certified, since those models are up to 40% more efficient than conventional ones, according to the U.S. Department of Energy.

Energy-efficient windows

Energy-efficient windows can cut energy costs by reducing heat transfer, improving insulation and minimizing drafts. The Department of Energy says that heat gain and loss through windows accounts for 25% to 30% of a homeowner’s heating and cooling energy use, so it’s important to choose the most efficient windows you can afford for your particular climate.

While new energy-efficient windows may not be cheap, they can lower your energy costs (and save you money) over time. To make sure your upgrades make sense, consider doing a cost-benefit analysis. The national average cost to replace all of the windows in a home with vinyl windows was about $20,482, according to Remodeling magazine’s 2022 Cost vs. Value report.

And if your existing windows are in good shape, you can improve them with new caulk, weatherstripping or solar control film, among other cost-effective improvements.

Learn more: Do new windows increase home value?

How can I save on repairs and maintenance?

You may be able to save on home repairs by addressing potential issues before they become major problems. Here are some improvements and strategies to minimize potential issues.

Gutters

Having functioning gutters is more than an aesthetic benefit when it rains — it can also prevent costly water damage. Rainwater that runs straight off of the roof can pool at the base of your home — leading to potential rot, mildew, a cracked foundation or even collapsed basement walls.

The cost to install a gutter typically ranges between $622 and $1,679 with a national average of $1,138, according to HomeAdvisor.

Security system

In addition to offering peace of mind, a visible home security system can — at the very least — serve as a potential deterrent against theft. Also, your homeowners insurance company may provide a discount on your premium.

Landscaping

Besides beautifying your home, a thoughtfully designed landscape can cut your heating and cooling costs. By planting trees in strategic spots to shade your home, you can save up to $250 a year on energy costs. And planting native species around your yard can help lower your water bill and decrease maintenance — all while helping the environment.

Take a look at potential environmental dangers, too. For example, if you live in a wildfire zone, creating a defensible space around your home may help protect it.

While towering trees can add beauty to your yard, they can also pose a hazard. Hiring an arborist to assess your trees for stability and disease can help protect your house from falling trees and branches.

How can I pay for home improvements?

Before you borrow money for home improvements, carefully consider the costs and benefits.

There are a number of ways to finance potential upgrades. Here are some options to consider:

• HELOC: A home equity line of credit, or HELOC, allows you to borrow against the equity you’ve built up in your home. A HELOC gives you a revolving line of credit that you can use during a draw period. During that time, you can make interest-only payments or pay down some of the principal balance and re-borrow as needed. HELOC interest rates are usually variable, which means your monthly payments can fluctuate.
• Home equity loan: A home equity loan, which usually has a fixed rate, is another way to borrow against the equity in your home. The amount you can borrow will depend in part on your home’s value and how much you owe on your mortgage.
• Personal loan: A personal loan typically doesn’t require collateral. Compared to other options, interest rates may be high — especially if you don’t have strong credit. Some lenders may charge upfront origination fees.

Another cost-saving tip: Last year’s Inflation Reduction Act makes it easier to go green by offering tax credits for a number of eco-friendly home upgrades.

What’s next? Financial resources for home improvements

While there’s an upfront cost for many of these home improvements, the long-term savings can outweigh the initial investment.

You might be able to save on energy-efficient home improvements by looking into potential grants, low-cost loans, rebates or other financial assistance. Here are some resources to check out:

• Your electricity provider
• State and local governments
• Your local conservation district
• Federal tax credits and incentives
• U.S. Department of Energy incentives and resources

Gone are the days of needing to visit the bank in person and withdraw cash to pay someone.

Thanks to the ever-growing digital world, we now have easier options. There are so many ways to send money that it’s tough to sort out your options. Two of the most popular money-transfer apps are Zelle and Venmo, but which should you choose?

In general, Zelle is better if the only thing you’re looking for is a fast, free way to send money. Venmo can do the same thing, but it takes slightly longer to move money into your bank account unless you pay a fee to speed things up. But Venmo offers additional features and can even double-up as a substitute for a bank account if needed.

• Which is better: Zelle or Venmo?
• What are the pros and cons of Venmo?
• What are the pros and cons of Zelle?

Which is better: Zelle or Venmo?

There isn’t one cash transfer app that is universally better than the others in all cases. It just depends on what you’re looking for and which features pique your interest.

In general, Zelle is better if the only thing you want to do is transfer smaller amounts of money between your family and friends and your checking account is based in the United States. It excels at this — you can see the money pop up in your account almost instantly, something that usually costs around $30 and takes up to a day with a wire transfer.

Zelle doesn’t do much else though. If you want to send money using your credit card, manage a separate balance from your bank account, or use your in-app balance to pay for things with many retailers, Venmo might be a better option for you.

How Venmo works

If you’re familiar with PayPal, you’ll notice that Venmo looks fairly similar, and there’s a good reason for that — PayPal owns Venmo. Similarly to PayPal, while Venmo can link up with your bank account, it’s not required. You can keep a separate balance right there in the app, which is handy if you don’t have or don’t want a traditional bank account.

You can use Venmo to instantly send money to people. You can also transfer money from your Venmo balance to your bank account, although it’ll take up to a few days to process (unless you pay an extra fee for an instant transfer). When you send money to someone, Venmo draws first from your in-app balance if it’s enough to cover the charge. If not, it’ll instead pull the full amount from your bank or credit card account. You can also use it to pay at certain shops, accept business payments, or even use it at small vendors like roadside farm stands or art market booths (look for a QR code to pay, if they accept it).

One of the reasons why Venmo may be so popular is its social aspect. It’s easy to split the cost of things among friends, whether that’s for dinner, vacations, movies, etc. You can even chat in-app and liven things up with emojis and stickers. But note that unless you make your transactions private or friends-only, everyone on the Internet can see the details of your transfer.

Here are some other things to know about Venmo.

• Fees — 1.75% to instantly transfer money to your bank account instead of waiting 1–3 days. 3% to send money using your credit card. 1% to deposit a paycheck or government check to your Venmo balance. 5% to deposit other types of checks.  
• How you pay — Use a QR code or get your friend’s username, name or email address to transfer money from your Venmo balance, your bank account or your credit card. You can also use a QR code to pay at certain merchants and shops. 
• FDIC insured — Yes, but only if you add money via direct deposit or the cash a check feature, or you buy cryptocurrency. Otherwise no, the money in your Venmo account is not federally insured.
• Security settings — Control who views your transactions, add a PIN code to your app or set up multifactor authentication.
• Transfer limits — U.S. only. Up to $60,000 per week if you’ve verified your account ($299.99 if you haven’t).
• Other features — ATM withdrawals, Venmo debit card linked to your Venmo balance, Venmo credit card with cash back rewards, ability to buy cryptocurrency, direct deposit for your paychecks and ability to cash other checks.

How Zelle works

Compared to Venmo, Zelle is relatively simple. Most people come across it by happenstance: Zelle partners directly with over 1,700 different banks to offer free person-to-person, (almost) instantaneous transfers. You can send money to anyone in the U.S. through Zelle, although they’ll need to sign up for the service too and link a bank account. As long as their bank is within the U.S. and they’re handy with Android or iOS apps, they can link up their own bank account through the app, even if their bank itself doesn’t offer it yet.

When you use Zelle to send and receive money, it gets taken right from your bank account. There’s no separate in-app balance, no linking up of credit cards and no check-cashing services. It’s a direct A-to-B pipeline with no frills.

That said, you can still use Zelle for many of the same things that Venmo is popular for. You can use it to split expenses between friends and roommates, for example, so long as everyone is already enrolled in Zelle. You’ll get the convenience of no extra fees and fast service.

• Fees — $0, however Zelle recommends double-checking with your bank to see if there are any fees for transfers on its end.
• How you pay — Add your friend’s email address, cellphone number or scan their in-app QR code. To send a split request with friends using a cellphone number, everyone must already be signed up for Zelle and link their mobile number to their account.
• FDIC insured — No, FDIC protections stop as soon as you authorize a transfer and the funds leave your bank account.
• Security settings — Multifactor authentication available.
• Transfer limits — Varies depending on your bank’s policies. If you sign up on your own, you can send up to $500 per week.
• Other features — None

What are the pros and cons of Venmo?

Zelle and Venmo can both do essentially the same thing — send people money — but each has different ways of doing it. Venmo has its own suite of features, which may be good or bad depending on what you’re looking for.

Pros

• Higher transfer limits — If you verify your account, you can transfer far more with Venmo (up to $60,000 per week) than with Zelle ($500 per week unless your bank states otherwise).
• Fees for certain services — The base service is free, but Venmo charges you fees to speed up transfers to your bank account, to send money from your linked credit card and to cash checks.
• Social aspect to spending — You can chat with friends, add emojis and stickers, and even let the world see your transactions if you want.
• Can be used as a bank substitute — You don’t necessarily need a bank account to use Venmo because it allows you to keep a separate in-app balance. That means it’s essentially banking accessible to anyone with a smartphone.
• Venmo credit and debit cards available — You can apply for a Venmo debit card that lets you spend money from your Venmo balance, similar to a bank account debit card. Venmo also offers a cash back rewards credit card.
• Check-cashing service and crypto options available — You can use your Venmo account to cash checks and to purchase cryptocurrency right in the app — for another fee, of course.

Cons

• Can be confusing — With all the options available, Venmo may not be the easiest to navigate for everyone — especially if you aren’t savvy with smartphone apps.
• Transfers take a little while — Money that you receive or send to someone in the app shows up instantly. But to transfer that money to your own bank account takes 1–3 business days — unless you pay a rush fee.
• No interest on your Venmo balance — You can keep money in your Venmo account separate from your bank account. But you won’t earn any interest on that money, whereas Venmo might earn interest off your balance.
• Can’t send money to international accounts — You won’t be able to use Venmo to send money internationally.

What are the pros and cons of Zelle?

Here’s how to quickly scope out whether Zelle might be better for you.

Pros

• Free — There are no fees to use Zelle, for anything.
• Fast — You can transfer money between accounts in just a few minutes, rather than waiting a few days.
• Simple — Zelle does one thing and does it well. It doesn’t confuse and clutter your financial life with lots of extra things to think about and manage.

Cons

• Not all banks offer it — You can still download the app and do the same thing on your own even if it’s not directly available through your bank account, but it is an extra step to go through, which may be a hassle. 
• No other services available — There’s no separate in-app balance, you can’t use it to pay for things at stores, there’s no credit card integration, etc.
• You need a bank account to use it — One out of every 20 people in the U.S. don’t have a bank account, according to 2020 data from the Federal Reserve. That’s a lot of people who simply won’t be able to use Zelle at all.
• Split requests may require prior enrollment — You can use Zelle to split payments, but if you send the split request using a friend’s mobile phone number, they’ll need to already have it registered to their Zelle profile.
• Can’t send money to international bank accounts — Like Venmo, if you’re looking for a way to send remittances to your family back home or receive payment from a customer abroad, Zelle won’t be able to help.

What’s next?

If your group of friends already has a preferred money transfer app, your choice is easy. But if you’re still trying to decide between Zelle vs. Venmo, it also makes sense to broaden your net and consider other money transfer apps too.

Depending on what you’re looking for, you may find that other services, like PayPal, Cash App, Western Union, Google Pay, Apple Pay or something else entirely, works better for you.

Another thing you’ll want to consider when using money transfer apps is security when you’re both sending and receiving funds. More and more, scams involve digital payment methods. It’s important to know who you’re sending money to (or receiving money from) and consider confirming the recipient’s information outside of the app before you hit send.

Quontic Bank checking account at a glance

Quontic Bank is a relatively obscure online bank that’s launched some big innovations. It’s a Community Development Financial Institution designed to increase access to quality banking products in underserved communities. It does that by offering mortgages with flexible underwriting and high-APY deposit accounts, including savings, CDs and money market accounts.

In this article, we’ll talk about Quontic checking accounts, which may be different than what you might have seen before. Two of them offer cash back and Bitcoin rewards, and the third — the bank’s high-interest checking account — offers APY rates on your everyday spending. We’ll be focusing on the high-interest checking account.

5 things to know about a Quontic Bank checking account

Aside from not charging any overdraft fees, here are a few things that set the Quontic high-interest checking account apart.

1. You can earn a great rate, but you’ll need to put in some work

As of December 2022, the National Credit Union Administration shows that the national average annual percentage yield on interest checking accounts is 0.15%. Quontic’s high-interest checking offers a rate of 1.10% APY.

There is a catch, of course — to earn that rate for the month, you’ll need to make at least 10 eligible debit card purchases of $10 or more. If you don’t, there isn’t any penalty or monthly maintenance fee like with some other interest-bearing checking accounts; rather, you’ll earn a measly 0.01% APY instead of much higher 1.10% APY. 

2. Help meet spending requirements with the Quontic Pay Ring

If you’re a fan of wearable tech or you’re someone who forgets their wallet a lot, you may enjoy this new banking hardware innovation: the Pay Ring. It works like other contactless payment methods, but in this case, it’s an actual ring that you wear on your finger. To pay, you’ll use a knocking motion centered on the contactless icon on the payment terminal to complete your purchase.

And most importantly, paying with your ring does count toward your monthly debit-swipe requirements.

3. Quontic Bank is for-profit, but community-centered

Quontic Bank got its start as New York–based Golden First Bank until a real estate entrepreneur bought and rebranded it in 2009. It’s still a privately owned company today, but it’s also community-focused. One of the things that separates Quontic from many other banks is its participation in the Community Development Financial Institutions Fund, a U.S. Treasury program that aims to promote economic growth in underserved and disadvantaged communities across the nation. In 2020, Quontic Bank was awarded nearly $800,000 in a grant to help it expand its CDFI program through its banking products and mortgages, which may be more easily attainable for people who can’t meet traditional underwriting requirements.

4. Quontic Bank can replace some, but not all of your banking needs

A full-service bank offers just about every type of deposit account and common loan type you might need. Quontic Bank offers many of the standard banking products and loans but not all.

With Quontic, you can access …

• Checking accounts
• Savings accounts
• Money market and CDs
• Conventional loans
• FHA loans
• VA loans
• Community development loans
• Mortgage refinancing

5. You’ll have access to an extra-large ATM network

Most banks and credit unions offer access to the Allpoint or CO-OP ATM network. In addition to that, you can freely use ATMs in the MoneyPass network, SUM program network or Citibank machines located in certain popular retailers like Target and Kroger without any additional fees from Quontic. Altogether, that’s a large network of 90,000+ free ATMs.

Is Quontic Bank an online bank?

Yes. Even though Quontic Bank does operate a few brick-and-mortar office locations, they’re just that — offices, and not branch locations where you can do your banking in person.

In lieu of physical bank branches you can walk into, Quontic Bank offers robust online and mobile banking support. You can even sign up for text banking, which allows you to get account details like your balance by sending the bank a text message. 

Is Quontic Bank a legitimate bank?

Yes. Although it seems similar to other fintech companies that look like banks but actually aren’t, Quontic Bank is a real bank that offers interest-bearing checking accounts. It’s registered with the FDIC so your deposits are fully insured up to the federal limits.

Not sure if Quontic Bank is right for you? Consider these alternatives.

• Ally Bank: For more freedom in withdrawing cash, Ally Bank goes a step further and will refund you up to $10 in ATM fees each month if you happen to use an out-of-network machine.
• M1 Finance: If you’re willing to pay an annual fee to earn even more rewards, consider the M1 Spend account that offers interest and 1% cash back on debit card purchases.

Direct deposits and wire transfers are two common ways to digitally send and receive money, but they both have different uses.

If you’re looking to send a large amount of money, or send it quickly, a wire transfer can be a great option. If you’re on the receiving end, you can get the money almost instantaneously in some cases. On the other hand, you generally won’t be using direct deposits to send people money — it’s more a way that businesses and organizations can send money to individuals.

Read on for more about how wire transfers and direct deposits work, plus other options for sending and receiving money.

• What is a wire transfer?
• What is a direct deposit?
• What’s the difference between a wire transfer vs direct deposit?
• Wire transfer vs direct deposit: Which is better?

What is a wire transfer?

A wire transfer is one of the fastest ways you can send or receive money from virtually any bank account, either in the U.S. or abroad.

Wire transfers are especially popular when speed is necessary. They’re also great for large transfers like a house down payment because there’s no need to carry around (and risk losing) wads of cash.

But there are some risks. Wire transfer scams — where thieves try to trick you into wiring them money — are a reality. Another thing to keep in mind: Wire transfer fees can be expensive, costing around $30 for domestic wires and $50 for international wires. Some banks may even charge you a fee to receive a wire from someone, usually from $5 to $15.

How wire transfers work

To send a wire transfer, you’ll need the bank name, routing and account numbers from the person you’re sending it to (and vice versa: You’ll need to give your banking details to someone wanting to send you a wire transfer). You’ll submit these details along with how much you want to send to your bank in the form of a wire transfer request.

Your bank will take the money from your account and pass those details on to the recipient’s bank, which will then deposit that amount into their account. If the accounts are in different banking regions or countries, your bank may need to pass on the request to an outside network such as SWIFT or Fedwire. These networks act as a sort of third-party post office to make sure the funds get sent to the right bank.

What is a direct deposit?

Direct deposits, on the other hand, are a popular way for businesses and organizations to deposit money into your account. So they’re not for sending money to anyone — instead, it’s the way 93% of people receive their paychecks via direct deposit from their employers, according to the American Payroll Association.

Direct deposits are also considered to be a safe way to receive money. It’s generally free for organizations to send you money via direct deposit, which is why it’s so popular. The downside is that direct deposits can take a bit longer to process.

How direct deposits work

Unlike wire transfers, which are processed one by one, direct deposits use the Automated Clearing House (ACH) network, which batch-processes them. To set up direct deposits you’ll need to sign an ACH authorization form and give the sender your bank details — something you’ll usually do during the onboarding process with your employer.

When it comes time to pay you, your employer submits a direct deposit request to their bank, which batches them together and sends it to the ACH after the close of the business day. The ACH, in turn, unscrambles the requests and stacks them together into new batches to send out to each bank overnight.

Each bank then unpacks these requests and then credits accounts with the correct amounts.

What’s the difference between a wire transfer vs direct deposit?

Wire transfers and direct deposits are both methods for moving money around. Here’s a summary of their differences:

Wire transfer vs direct deposit: Which is better?

Wire transfers aren’t necessarily better than direct deposits, or vice versa. They both achieve the same goal of moving money around, but they’re used for different purposes.

If you need to send or receive money fast, especially for large amounts or international transfers, a wire transfer is your best bet. Just remember there’s a fee to pay. 

If you’re looking to get a check from your employer, the government or some other group and you don’t want to mess with paper checks, direct deposit is the way to go.

Next steps

If you need to send or receive money from your bank account without having to use cash or a paper check, a wire transfer or direct deposit aren’t your only options. Here are some other good ways to do online money transfers:

• Zelle: Many bank accounts with online access come with this app, which lets you transfer small amounts of money between friends quickly for free.
• PayPal: PayPal allows you to send and receive money internationally and is widely used for online shopping.
• Venmo: Venmo works similarly to PayPal but includes social elements, such as the ability to send fun emojis and text messages with friends when you’re splitting a bill.
• Cash App: Cash App offers nifty features like a DIY debit card and the ability to send and receive money from accounts in the United Kingdom for free.
• Western Union: One of the original money transfer services, this company can be expensive but is popular for sending almost-instant payments abroad.

U.S. Bank checking accounts at a glance

As the fifth-largest bank in the country, U.S. Bank serves as a one-stop banking shop with options for credit cards, loans, investments and deposit accounts — including checking accounts. Just like other big banks, it has thousands of branch locations for easy access. But you’ll pay for it through very low interest rates, a confusing program and the possibility of paying high fees.

U.S. Bank offers two main types of checking accounts, the first of which — the U.S. Bank Smartly Checking Account — we’ll review here.

5 things to know about a U.S. Bank checking account

Here are some points to take into consideration when considering a U.S. Bank checking account:

1. May be hard to avoid fees

Looking at the sales page for the Bank Smartly checking account, you’d think there weren’t any ATM fees or overdraft fees, and that it’d be easy to dodge the monthly maintenance fee. When you dig into the fine print, you’ll see this can be true — only if you meet a long list of criteria.

In order to avoid these fees, you’ll need to remain aware of the requirements and possibly jump through some hoops. If you’re looking for a no-fee checking account, you’ll want to look elsewhere.

2. Branches more widely available in western and midwestern states

U.S. Bank has thousands of branch locations, but they’re centered more in the western and midwestern U.S. If you prefer to do your banking in person and you live in the Eastern or Southeastern U.S., you might be out of luck.

3. Excellent mobile and online banking

Although U.S. Bank has many physical locations, it also has a global digital footprint. According to the company, about 80% of customer banking transactions and 65% of loans are now being completed digitally. You can use the U.S. Bank app to do just about anything, including looking up bank statements, setting up transfers, depositing checks, paying bills and more.

According to a bank representative, you’ll need to live within a certain distance of a U.S. Bank branch location (determined by your ZIP code) to open a checking account, even online.

4. Earns interest

You can earn interest on the funds you keep in a U.S. Bank Smartly checking account. The rates are variable depending on your “interest tier level” — meaning, the more money you have in your account, the higher the annual percentage yield, or APY, will be.

5. Can earn Smart Rewards

You can unlock more benefits by enrolling in U.S. Bank’s Smart Rewards program. It’s free to join, and once your combined savings and checking account balances reach certain levels, you’ll start earning extra perks — such as fee waivers and discounts or minor boosts to your interest rate.

Is U.S. Bank a good bank to bank with?

If you live out West or in the Midwest and want to bank in person, or you want an interest-earning checking account with a rewards program, U.S. Bank may be a good option. However, you’ll have to be OK with the possibility of paying higher fees and earning low returns on your deposit.

If you want to deal with a more straightforward fee-free bank or you’re searching for in-person banking in other parts of the country, you may want to keep looking.

Does U.S. Bank offer free checking?

U.S. Bank doesn’t offer any free checking accounts. It’s possible, however, to avoid the bank’s $6.95 monthly maintenance fee on its Bank Smartly checking account — if you can meet one of its waiver requirements.

• You’re between 18 and 24 years old
•  You’re 65 years old or over
• You’re a member of the military
• You have a U.S. Bank credit card
• You have at least $1,000 in monthly direct deposits into your account
• You’re eligible for one of U.S. Bank’s rewards tiers
• You keep an average checking account balance of $1,500 or more each month

Not sure if U.S. Bank is right for you? Consider these alternatives.

• Ally Bank: If you’re willing to try an online bank, Ally Bank is light on fees and heavy on the interest rate you’ll earn.
• Alliant Credit Union: If you prefer a community-centered credit union, almost anyone can join Alliant and get access to its banking products.

If you have high-interest debt, you may be considering using home equity to pay it off.

If you run the numbers, you may find out it’s a solid strategy for your situation. In the best-case scenario, using your home equity may allow you to pay off that debt at a cheaper interest rate than what you’re paying now.

A lower rate means more of your monthly payments go toward paying down the principal balance and less toward paying interest, which means you could get out of debt sooner. But in the worst-case scenario, you could lose your home if you’re unable to repay the debt.

We’ll review the different ways you may be able to tap home equity as well as alternatives you may consider.

• Can I use the equity in my home to pay off debt?
• What are my options for using home equity to pay off debt?
• Is it a good idea to take equity out of your house?
• Next steps: What are my alternatives?

Can I use the equity in my home to pay off debt?

In short, yes — if you meet a lender’s requirements. You may be able to use your home equity to finance many financial goals, including paying for home improvements, consolidating high-interest credit card debt or paying off student loans.

Just like other types of financing, you’ll have the best chance of approval at the lowest rates if you have solid credit, a strong and consistent income and a low debt-to-income ratio. You’ll also need to have built home equity that you’re able to tap.

How much home equity do you have?

First, you’ll need to consider the amount of equity you have in your home. Just because you own a home doesn’t mean you’ll be able to use home equity financing.

Many lenders allow you to borrow up to 80% of your home’s equity. You can calculate the potential maximum amount you’d be able to borrow with home equity financing using this formula:

potential maximum financing amount = your home’s market value * 0.80 – your mortgage balance

For example, if you own a home worth $250,000 and you still owe $200,000 on your mortgage, you might not be able to use home equity financing since you’re right at the 80% mark. But if you only owed $100,000 on your mortgage, you may be able to borrow up to $100,000.

If you’ve recently bought your home or used a zero-down-payment mortgage, it can be quite some time before you’re even eligible to apply for home equity financing. It can take a long time to make progress on paying down your mortgage, especially in the first few years since a greater percentage of your payments will go toward interest than principal.

On the other hand, if home prices are rising rapidly (and your home equity along with it), you may be eligible sooner than you think. According to a 2022 TransUnion report, home equity levels are up 22% between the first quarters of 2021 and 2022, and 52% compared to five years before.

What are my options for using home equity to pay off debt?

There are three main types of home equity financing that you may be able to use to pay off your debt. Each of these options works a little differently, and that can have a big impact on whether you save money.

Cash-out refinance

A cash-out refinance allows you to replace your current mortgage with a new, larger one. The extra amount is paid out to you as cash that you’ll repay over the course of your new mortgage (often 15 or 30 years).

How much cash you may be able to take out depends on the amount of home equity you’ve built up.

For these reasons, a cash-out refinance can be a good option if you can check these boxes:

• You can get a lower rate on a cash-out refinance loan than both your current mortgage and your other debt.
• You want a lump sum
• You either won’t be extending your mortgage term by very much or you’re financially able to handle paying it off over a longer period of time. Keep in mind that the longer your loan term, the more in interest you usually pay.

Home equity loan

When mortgage rates are rising, another good option for many people is a home equity loan. This allows you to keep an already-low-rate mortgage while still using home equity to pay off debt.

A home equity loan is considered a second mortgage because if you default on your debt, the primary mortgage takes precedence for repayment. Term lengths for home equity loans typically range from five to 30 years.

A home equity loan may be a good option if:

• You want a lump sum installment loan with a fixed interest rate
• You want to keep your current mortgage rate
• You have access to enough equity to pay off your current debt and can receive a lower rate than the combined average rate of all your debt

Home equity line of credit (HELOC)

A home equity line of credit, or HELOC, can be a good choice if you need to pay off some debt now and also want the option to borrow money in the future, such as to make home improvements.

HELOCs are usually divided into two phases: a draw period when you can borrow money and make payments, and a repayment phase when the draw period ends and you have to repay what you’ve tapped on the credit line. Keep in mind that HELOCs usually have variable interest rates.

A HELOC may be a good option if:

• You want access to a revolving credit line
• You don’t want to give up your current mortgage rate
• You don’t mind a variable mortgage rate

Is it a good idea to take equity out of your house?

Under the right circumstances, using home equity to pay off debt really can help you get out of debt faster and save money. The only way to know for sure is to run the numbers and see how much each option may cost you.

Here’s an example of how to do this if you’re working to pay off $20,000 worth of credit card debt. (Be sure to add any fees to your cost calculations as well.)

Run your numbers with Credit Karma’s debt repayment calculator.

One important consideration is how secure you are in making these new payments. If you think there’s any chance you could default or you don’t feel comfortable taking that risk, using home equity to pay off debt may not be a good choice for you.

Next steps: What are my alternatives?

Home equity financing isn’t your only option if you want to pay off your debt sooner and save money. Here are a few other options to consolidate your debt at a lower rate that don’t use home equity at all:

• Personal loans: You can use an unsecured personal loan to pay off debt. They typically have fixed rates and fixed installments.
• Nonprofit credit counseling: A credit counselor can work with you to create a tailored debt plan and give you financial knowledge.
• Balance transfer cards: These credit cards can have attractive introductory rates but often come with a balance transfer fee.
• Debt payoff plan: If you want to create your own payoff plan, two popular methods are a debt avalanche and a debt snowball plan.

BMO Harris Smart Advantage checking accounts at a glance

BMO Harris is a popular regional bank with most of its locations in Arizona, Florida and the Midwest. It’s a full-service bank with options for savings accounts, loans, investment accounts, and more — including checking accounts.

It offers three main options for checking accounts, the most popular being the Smart Advantage as the main BMO Harris everyday checking account. Read on to learn more about BMO Harris Smart Advantage Checking.

5 things to know about a BMO Harris Smart Advantage checking account

1. You won’t earn interest

A lot of people think of savings accounts when it comes to earning interest, but there are actually many options for checking accounts that earn interest too. Unfortunately, this BMO Harris everyday checking account isn’t one of them.

If you want to avoid missing out on extra earnings, it’s a good idea to keep some of your money in a savings account. But then you run the risk of a new problem: the lower your checking account balance, the more likely you are to overdraw your account.

You can learn to divvy up money between a regular checking account and a savings account, or you can shop around for an interest-earning checking account to get the best of both worlds.

2. You won’t pay a monthly maintenance fee (but watch out for other costs)

While some checking accounts require a minimum balance to avoid monthly maintenance costs, the BMO Harris Smart Advantage checking account doesn’t require a monthly fee at all.

But that doesn’t mean this checking account is fee-free — you could run into charges like ATM fees, overdraft fees, foreign transaction fees, account closing fees and others.

It is possible to dodge many of these fees entirely. But you’ll need to read the fine print and meet the requirements to do so. If you worry a lot about fees, it’s better to seek out a fee-free checking account.

3. You’ll get an online toolset

One of BMO Harris’s strong points is its online and mobile offerings. Its app is highly rated by some users, and it offers useful features like mobile check deposit and mobile cash, which lets you withdraw money from a BMO Harris ATM without having to swipe your card.

BMO Harris also makes it easy to manage your finances through a program called Total Look, which lets you do things like make a budget and set savings goals. This lets you add and view the current balances of all your financial accounts, even if they’re not with BMO Harris (though you won’t be able to interact with them).

4. You can choose from two types of debit cards, one with sports perks

You can opt for a regular debit card with this account. But if you’re a sports fanatic, you’ll appreciate BMO Harris’s special debit card offerings. You can choose among three card designs, each with the logo of a favorite Midwest sports franchise: the Chicago Bulls, the Chicago Blackhawks or the Milwaukee Bucks.

Even better, using your debit card will net you a 15% to 20% discount on your team’s merchandise when you use it the United Center Team Store (for the Chicago teams) or the Fiserv Forum Bucks Pro Shops (for the Milwaukee Bucks).

5. You can opt-in to overdraft protection

If you want some extra assurance that no transactions will be declined, even if your funds are a little low, you can consider opting in to receive overdraft protection for debit card and ATM transactions. The big caveat is that if any transactions, including those covered by overdraft protection, do indeed overdraw your account, you’ll likely be charged a $15 overdraft fee each time. Another option is to set up a backup account for free overdraft transfers or set up an overdraft line of credit at a high 18% APR.

Does BMO Harris have a monthly fee?

Technically, there’s no monthly maintenance fee for the BMO Harris Smart Advantage checking account. But you may be automatically signed up for paper statements when you open your account, and there’s a $2 monthly charge for this service. You’ll need to take the initiative to opt out of this service in order to make this BMO Harris everyday checking account free of monthly fees.

What does everyday checking mean?

An “everyday checking account” is a colloquial term that usually describes a basic, no-frills checking account that meets the needs of most people.

It offers more perks than an entirely bare-bones account, such as a second-chance checking account that some banks offer to people getting back on track financially. It’s also not as feature rich as the premium checking accounts that some banks offer, which usually come with requirements like a high minimum deposit amount, an ongoing monthly deposit amount minimum or other criteria to keep the account open.

Not sure if BMO Harris’s Smart Advantage checking account is right for you? Consider this alternative.

• Ally Bank: If you don’t mind giving up the convenience of being able to walk into a brick-and-mortar bank, the online-only Ally Bank offers many accounts that charge fewer fees and also yield more interest.

The costs of selling a house can add up. If you’ve never sold a home before, knowing what to anticipate can help lower some of your “seller stress.”

It helps to break down the process of selling your home into a few main phases where you might need to spend money — the preparation stage before the house goes on the market, the negotiation phase with potential buyers and the final stage where the deal is done and you’re preparing to close.

There’s no nationwide, standardized amount for the services and expenses associated with selling a house. Much depends on where you live, state law and other variables. But knowing these expenses are coming can be half the battle.

• What are common closing costs for a seller?
• What are seller concessions?
• How much is a real estate agent’s commission?
• Other closing costs to consider

What are common closing costs for a seller?

Even before your home is listed on the MLS, you’ll probably incur at least a few costs. Here are some you may face.

Presale inspections

Depending on where you live, a presale inspection may be required before you put your house up for sale. The presale inspection is something the seller must arrange, unlike an appraisal which is lender-initiated.

The presale inspection is also different from the buyer-initiated home inspection, which house hunters should use to get a realistic idea of the condition of the home.

Home inspections typically cost several hundred dollars.

Home repairs

If there are obvious broken items in your home that you think might detract some buyers, such as dings in the walls or a leaky faucet, fixing these ahead of listing your house may be a good idea.

That said, in a seller’s market, there may not be as much pressure to have the perfect presentation. More competition for a home may mean less scrutiny over minor imperfections.

Home cleaning

Aside from repairs, having your home professionally cleaned from top to bottom can also help you market your home better. You can expect to pay anywhere from $450 to $650 to deep clean a house up to 3,500 square feet, according to HomeAdvisor.

Home staging

Home staging is a strategy to help your home sell faster by depersonalizing and decluttering so potential buyers can more easily imagine themselves in the home. You may rearrange furniture or hang new art, for example.

It’s generally up to you to pay for any professional staging services to help make your home stand out to potential buyers. The median cost of staging is $1,500, according to a 2021 survey from the National Association of REALTORS®.

Cost-conscious sellers who stage the home themselves may be able to sidestep that expense, but there may still be costs associated with cleaning supplies, landscaping and tools or other items needed to get the job done.

What are seller concessions?

Once you’ve found a buyer, you’re not at the finish line yet. Depending on how any inspections, appraisals and buyer financing shakes out, your overall costs may change.

The person buying your home can ask you to help pay some of their closing costs — known as seller concessions.

But you’re limited in how much you can pay toward seller concessions. Depending on the financing that the buyers are using, you’re limited to the following amounts:

• VA loans: Up to 4% of your home’s sales price
• FHA loans: Up to 6% of your home’s sales price
• Conventional loans: Between 3% and 9% of your home’s sales price, depending on the down payment size.

What happens if you have an appraisal gap?

If your home appraisal comes in less than the sale price you’ve agreed to, the homebuyers may ask you to lower the price of the home to match the appraisal. According to data from CoreLogic, a real estate analytics company, appraisal gaps are more common when bidding wars happen, with 19% of home sales experiencing an appraisal gap during the red-hot market in May 2021.

How much is a real estate agent’s commission?

As the home seller, you should expect to pay the real estate agent’s commission fees, which together typically make up about 6% of the sales price of the house.

You’ll pay the agents during closing by subtracting their fees from the home sale proceeds.

Other closing costs to consider

Here are some additional costs you don’t want to forget about when selling your house.

Settling your bills

When you sell your home, you’ll need to settle your final bills. Don’t forget to ask about getting back any deposits you may have made to start certain services or utilities.

In the time leading up to closing day, it’s easy to overlook the need to return hardware such as satellite dishes, hardware supplied by your internet service provider and home security systems — but failing to do so can cost you.

Paying federal capital gains tax

If you sell your home for more than you bought it for, it’s also important to know that you may owe federal capital gains taxes as a result.

Under IRS rules, you may exclude a certain amount of appreciation as long as you’ve lived in the house for at least two out of the past five years. In 2022, the IRS listed these exclusions as up to $250,000 (if you’re a single filer) or $500,000 (if you’re filing jointly).

Transitioning to a new home

Finally, don’t forget to count the costs of moving to your new home as expenses related to selling your house. These expenses may include …

• Renting or buying your next home
• Moving to your new home (rental truck, moving crew, mileage)
• Setting up new utilities (gas, electric, internet)

Next steps

Most of the costs of selling a house are highly variable, so it’s a good idea to familiarize yourself with these costs in your housing market. You can also create a budget for selling your house the way homebuyers do when they prepare to buy a home, considering tax breaks and tax liabilities, as well as the other related costs. Doing so may take time but it’s likely well worth the effort.

CMG Financial mortgage loan at a glance

• Conventional loans: Yes
• FHA loans: Yes
• VA loans: Yes
• Refinancing: Yes
• Jumbo loans: Yes
• Adjustable rates: Yes (5/1, 3/6, 7/6, 10/6 ARMs)
• Fixed rates: Yes (10, 15, 20, 25 and 30 years)

CMG Financial is an online mortgage lender that offers many different types of mortgages, term lengths and rate structures. But this lender isn’t upfront about rates and fees. You’ll need to chat with a live human to include CMG Financial in your mortgage shopping comparison list.

Pros

• Available nationwide
• Wide range of mortgage loans available
• Options available for crowdsourcing a down payment

Cons

• No upfront info on loan costs
• Must contact a loan officer about rates

3 things to know about a CMG Financial mortgage loan

1. Wide range of mortgage products

CMG Financial offers an impressive range of mortgage loans including conventional loans with first-time-homebuyer-friendly options, VA loans, FHA loans, USDA loans, refinance loans and jumbo loans.

CMG Financial also has many loan length options. For example, many lenders offer 15- and 30-year mortgage terms. But CMG Financial offers five additional term length options for conventional loans, ranging from just 10 years to 30 years.

2. Options available for saving up a down payment and paying down mortgage faster

CMG Financial has a tool called HomeFundIt that your friends and family can use to contribute to your down payment. HomeFundIt is sharable on social media — and for first-time homebuyers who complete homebuyer education, CMG Financial will contribute $2 for every $1 you raise to go toward closing costs (up to 1% of the purchase price or $2,000, whichever is less).

If you’re looking to pay off your mortgage early, CMG Financial’s All In One Loan may be worth looking into. It’s a home equity line of credit, or HELOC, but it’s designed as a hybrid mortgage and checking account. CMG claims you can use this to pay your mortgage down faster since “all deposits” are applied to the loan principal balance. 

The CMG Financial site doesn’t have any fine-print terms and conditions on its website, so it’s crucial to ask for and know those terms before making any decisions.

3. Not transparent about loan costs

CMG Financial doesn’t list its rates or fees online. Generally, mortgage rates will vary based on a variety of factors including your credit and term length. If you want to know the possible range of rates and terms, you’ll need to contact a CMG Financial rep.

Who is a CMG Financial loan good for?

CMG Financial might be worth considering for first-time homebuyers or people looking for a range of loan options. You can apply for the most common types of mortgages through CMG Financial, and depending on mortgage type, you may be able to further customize your loan with term lengths ranging from 10 to 30 years.

For first-time homebuyers, CMG Financial offers many types of mortgages with low down payments. CMG Financial also offers ways to crowdsource your savings for a down payment and get extra help from friends, family and even CMG Financial itself. Homebuyer education courses may be required for down payment assistance.

How to apply for a CMG Financial mortgage

In general, you’ll need credit scores of 620 or better for most types of loans (though only 580 for FHA loans), and a debt-to-income ratio of around 45% or less. The specifics vary by loan type, but that’s roughly what you can expect.

When it’s time to reach out to CMG Financial to learn about rates and other details, the process is relatively easy. You can email the company, call them or contact an individual loan officer near you. You can also apply for a mortgage through the CMG Financial mobile app.

For most types of loans, you’ll need to be prepared with the following documents:

• Copies of recent bank statements
• Addresses for where you’ve lived for the past two years
• Proof of identity, such as a driver’s license or Social Security card
• Some sort of proof of income and/or employment, like pay stubs or tax returns

Some loans may have other requirements. For example, if you’re applying for a VA loan, you’ll need to have your VA Certificate of Eligibility, or COE.

Not sure if CMG Financial is right for you? Consider these alternatives

Before choosing a mortgage lender, it’s a good idea to consider multiple offers. Remember, you have a window of time where multiple hard credit inquiries by lenders are counted as a single inquiry for your credit scores. You typically have 14 days to shop around for lenders — though it could be longer depending on the scoring model. If you aren’t sure about CMG Financial, try comparing other lenders including:

• Freedom Mortgage: You can start the preapproval process online with Freedom Mortgage (though you’ll need to connect with a loan advisor to finish the process).
• New American Funding: This mortgage lender posts potential mortgage rates on its website if you want to start comparison shopping.

Making a separate trip to the bank for routine things like depositing a check can be a hassle.

That’s why a lot of people choose to deposit their checks remotely over the internet. These days, it’s quite safe, but you need to know how to do it.

There are also special things to know about how to deposit a check online. For example, your bank might place special holds on this money that you can get around by depositing checks in person.

We’ll give you the full scoop on how to use remote deposit to get this task done sooner.

• Can you deposit a check online?
• How mobile check deposit works
• What to consider when depositing a check online
• Is depositing a check online safe?

Can you deposit a check online?

Yes, just about anyone can deposit a check online if they have access to a smartphone or a scanner.

Depositing a check online is also known as a “mobile deposit,” “remote deposit” or “remote deposit capture” in the banking industry. All it means is that you’re depositing a check over the internet, without physically visiting the bank.

Banks have a couple of ways that you can do this. A popular way is to simply use your bank’s app to snap photos of the check. Some banks also allow you to deposit a check using a scanner if you don’t have a smartphone.

If mobile deposits are something you want to do, make sure that your bank allows for it before you sign up for an account.

How mobile check deposit works

The process for how to deposit a check online can vary a bit from bank to bank, but in general, it’s a similar process all around. Here’s how to do it, step by step:

1. Download your bank’s app and log in: You can find your bank’s app in your relevant app marketplace or ask your bank how to download it. Then, log into your bank account through the app.
2. Sign the check: Sign the back of the check. Many banks also require you to add a special note such as “for mobile deposit only.” It’ll tell you what, if anything, to write while you’re taking photos of the check.
3. Choose the account you want to deposit it into: In the app, navigate to the account you want to deposit the check into. You should find an option in this specific account for “deposit a check” or similar wording.
4. Take a photo of the front and back of the check: The app will prompt you to take a photo of the check. It’s best to place it on an uncluttered, clear background, and make sure the entire check is in the frame. Some apps automatically snap the photo for you once it detects a good image.
5. Enter the deposit amount: Next, the app will prompt you to enter in the amount of your deposit.
6. Review the deposit details: Check everything to make sure it’s correct, and then hit “deposit.” It’ll now be processed according to your bank’s deposit policies and timelines.
7. Keep your check until it’s cleared: Keep your check in case anything goes wrong with the deposit.

What to consider when depositing a check online

Depositing a check online works similarly to when you do it in person, but there are a few extra things to think about. Make sure you consider these before you deposit a check online:

• Deposit limits: Banks generally have caps on how much you can deposit remotely within a certain time frame. If you’ll be depositing big checks frequently, you’ll want to know what these limits are.
• Holds on funds: Banks take time to process your remote deposit, during which time your funds are on “hold” and may not be available in your account yet. If you need cash right away, it might be better to deposit the check in person.
• Tech savvy: Even though the process is fairly intuitive, you’ll need to figure out how to navigate the process for your specific bank’s app.

Is depositing a check online safe?

You wouldn’t be the first person to wonder whether it’s safe to send your financial details over the internet. But rest assured: While nothing is truly foolproof, depositing a check online is just about the safe as you can get.

Banks use encryption technology to protect your online account. Many banks even offer higher-grade security features, such as fingerprint and face recognition technology or two-factor authentication. If you’re particularly concerned about security, these are two good features to look for when choosing a bank to work with.

There are a lot of things you can do to make depositing a check online safer too:

• Enable two-factor authentication
• Don’t log into your bank app while on a public Wi-Fi network
• Log out of your bank app when you’re done depositing the check
• Learn how to avoid check fraud
• Choose strong passwords for your bank account

What’s next?

Depositing your checks online can greatly simplify your life, but it’s not your only option for cashing one. Many banks also allow you to mail checks in or to drop them in secure deposit boxes or even ATMs.

And if you’re just more comfortable depositing them directly with a teller, that’s fine too. That’s the great thing about banks — there are many options for you to choose from to manage your money best. 

Long before online listings, real estate brokers formed partnerships to share information on properties for sale.

This began in the late 19th century, with data and resource sharing amongst otherwise competing brokers. Today that tradition continues with the multiple listing service, or MLS, which makes it easier to connect buyers to sellers. We’ll walk you through how it works.

• What does MLS stand for?
• What home buyers should know about the MLS
• What home sellers should know about the MLS
• Is the MLS private?

What does MLS stand for?

An MLS, which is an abbreviation for multiple listing service, is a tool real estate brokers use in partnership with agents who are working with homeowners who want to sell. An MLS is a cooperative venture that helps small real estate brokers compete with much larger operations through information sharing about properties for sale.

There’s no centralized MLS. Instead, there are more than 800 separate multiple listing services around the country, centered on regional markets with some overlap. These have specific names, such as Northwest MLS which covers Washington state, or Stellar MLS which covers Florida and Puerto Rico.

Each MLS is formed by a local group of brokers and agents. MLS members list properties they have for sale, and other members can show them to house hunters.

An MLS is not directly accessible by the public, but an important portion of its data is, thanks to MLS members who post real estate listings with information from the MLS database. Your real estate agent will enter your property information for you.

If you’re a house hunter, the information you find online at real estate broker sites like Zillow and Redfin is typically provided by an MLS database — but you’re not viewing the database itself.

What homebuyers should know about the MLS

If you’re in the market to buy a home, using the information a broker posts from an MLS can help you learn a lot about houses for sale, including prices, property age, number of bathrooms and bedrooms, and photos of the properties. Each broker may have its own way of presenting this information.

What’s not presented to the public? Information that should be protected for the seller’s privacy such as direct contact information or times that a property is left vacant for viewing.

Brokerages like Redfin and Zillow may be members of many MLSs. They can provide listings to the public from any database they have access to. These brokerages may not be a member of all MLSs, though, so you may see some listings through your agent that aren’t on Zillow, for example.

What home sellers should know about the MLS

If you’re selling your home, there’s one big reason to have your home added to an MLS database: It’s a great way to get your home in front of more buyers.

But to do that, you’ll typically need to work with a real estate agent who’s a member of an MLS. Private individuals generally can’t list their own home — it has to be entered into the MLS by a real estate agent.

There is an exception: In certain states, you can pay a third party a flat fee to register your house for sale (sometimes known as a “fee-for-service” listing) without going through a real estate agent and paying the commission, which could be thousands of dollars.

According to the Department of Justice, the difference between an agent listing your home for sale and the flat-fee listing can be in the thousands of dollars, with the flat-fee listing being the more affordable option.

Sellers don’t have to have their home listed for sale through an MLS. Another option is to opt for a pocket listing or off-market real estate listing, meaning you’re offering your home for sale privately and only to a few people. In these cases, instead of listing the home on a real estate agent or broker’s site, the home is offered offline. This type of option may be a consideration if you are testing a sale price or if you have privacy concerns.

Is the MLS private?

Listings on the MLS can contain information that you might not be comfortable sharing if privacy is a concern. MLS databases list details such as when your home is empty for showings, though this information is available only to real estate agents.

The listings also show your address, pictures of the outside and inside of your home and financial details like your home’s listing price. If you’re worried, you may be able to request your real estate agent to hide your listing from public-facing websites like Zillow so that it’s only viewable to serious buyers working with an agent.

People who are extremely concerned, such as celebrities or high-net-worth individuals, sometimes even avoid listing their home on the MLS entirely and find other ways to connect with a buyer.

What’s next?

An MLS is a tool that real estate agents use to connect home buyers and sellers more easily. If you’re house hunting, you can view MLS information on homes for sale through real estate websites or work with an agent.

If you’re a seller, you may also find it helpful to use a good real estate agent to help you through the process of listing your home for sale. Like any other aspect of buying or selling a home, it makes sense to shop around for an agent with the right level of experience and expertise to help you get to closing day.