OVERDRAFT PROTECTION
Say goodbye to overdraft fees with SoFi Overdraft Protection.
Don’t have enough money in your checking account to cover an expense? No problem—our Overdraft Protection has your back, automatically transferring money from your SoFi Savings account balance if you're short on funds. Spend less time worrying about overdraft fees and more time feeling confident about your finances.
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.
Go to Mobile Banking on the SoFi App and tap the elipses.
Select Overdraft.
Toggle on Overdraft Protection.
How to enroll in SoFi Overdraft Protection:
Benefits of SoFi Overdraft Protection.
Avoid declined payments.
No embarrassing declined payments here. Overdraft Protection allows transactions to go through, even when you don’t have enough in your checking account to cover a purchase.
Have access to cash when you need it.
In a pinch? You don’t have to wait to get paid to make a necessary purchase.
No overdraft fees.
You shouldn’t have to put your hard-earned dollars toward bank fees. That’s why Overdraft Protection has no fees.
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.
How to turn Overdraft Coverage on or off:
•From the SoFi mobile app homepage, select “More,” and choose “Overdraft Coverage.” Alternatively, click on “Autopilot” from the mobile app homepage.
•To maintain Overdraft Coverage, continue to direct deposit $1,000 or more each month.
Voted Best Checking Account for Overdraft Fee Avoidance2.
We’re not ashamed to brag about our award-winning Overdraft Protection. Just like you shouldn’t be ashamed when your money’s running a little low.
How to avoid overdraft fees with SoFi:
Set up direct deposit.
You need to have direct deposits of at least $1,000 each month to be eligible for Overdraft Protection.
Take advantage of early paychecks.
Did you know SoFi can help you get paid up to two days early? It’s just another way we help you feel good about your finances.
Set up banking alerts.
The SoFi mobile banking app makes it easy to keep tabs on your money. Customize notifications to alert you about balances, transactions, tips, and more.
Maintain a buffer.
Create a budget that includes a small cushion of funds you hold in your checking account. This cushion can help cover unexpected expenses and prevent overdrafts.
Review spending and track transactions.
Keep an eye on your account activity and transactions—especially those that are pending—so you know exactly how much money is available in your account.
Stagger bill payment dates.
It can be stressful when all your bills are due at the same time. Many creditors give you the option to choose your monthly due dates. Consider staggering your due dates to avoid running out of cash.
