What is overdraft protection?

Overdraft Protection is like a safety net for your checking account, helping you avoid overdraft fees. If you withdraw or spend more money than you have in your checking account, the transaction will pull funds from your savings account to cover the overdrawn amount. That way, your transaction still goes through and you don't have to worry about getting hit with a big fee.

What is SoFi Overdraft Coverage and how does it work?

Want to double down on ways to avoid overdrafting your bank account? SoFi members who receive $1,000 or more in total monthly direct deposit are eligible for no-fee Overdraft Coverage1. Not to be confused with Overdraft Protection, Overdraft Coverage will cover you up to $50 with no fees if you spend more than you have in your account. We’ll automatically deduct the amount you 'borrow' after your next deposit.

What’s the difference between Overdraft Coverage and Overdraft Protection?

Overdraft Protection and Overdraft Coverage are both features that help you avoid overdraft fees. Overdraft Protection pulls funds from your savings account to cover transactions when your checking account balance is insufficient.

What is the limit for Overdraft Coverage?

You can overdraw up to $50 in debit card transactions. Any debit card purchase exceeding this amount will automatically be declined.

I just set up direct deposit with SoFi Checking and Savings. Why don't I qualify for Overdraft Coverage?

Please note that depending on your pay cycle, it can take up to two weeks for your direct deposit to hit your SoFi account. As soon as your direct deposit hits, and you have $1,000 in direct deposits over the preceding 30-day period, you’ll qualify!

How long do I have to pay an overdraft back?

If you overdraft your checking or savings account, your next deposit automatically covers your negative balance. You don’t need to take any additional action.

Can I overdraft my SoFi debit card?

Yes, Overdraft Coverage and Overdraft Protection applies to your SoFi debit card.

SoFi Overdraft Protection | No Overdraft Fees

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

¹ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

² Recipient of 2024 Best Checking Account for Overdraft Fee Avoidance from Nerdwallet. Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.

SoFi Bank, N.A., 2750 E Cottonwood Pkwy STE 300, Salt Lake City, UT 84121. Screen images simulated. BK23-1218864

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