Account Opening$0
Account Monthly$0
Account Annual$0
Inactive AccountIf you have not called in, logged into, made a withdrawal, or a deposit to your SoFi Checking and Savings account (“customer-generated activity”) for a period of twelve (12) months, your account will fall into a status of inactive. No fee will be charged.$ 0
Dormant AccountIf you have not called in, logged into, made a withdrawal, or a deposit to your SoFi Checking and Savings account (“customer-generated activity”) for a period of twelve (12) months, your account will fall into a status of inactive. No fee will be charged.$ 0
Escheatment – Abandoned
or Unclaimed AccountDormant accounts with no customer-generated activity are subject to escheatment procedures in accordance with the laws of the state in which you reside. For general information on the escheatment process, visit https://www.sec.gov/fast-answers/answersescheathtm.html.$ 0
P2P Transfers$ 0
Bill Pay$ 0
Mobile Deposit Capture$ 0
Return ItemSoFi may return items when your account does not have enough money. $ 0
OverdraftWhile the SoFi Checking and Savings account prevents you from overdrawing in most cases, there may still be times when your account could have a negative balance. This could happen if a transaction is approved for one amount, but the actual charge is more than the amount of money in your account. For example, when you use your debit card for a meal and then add a tip. In this situation, the full payment may go through and result in a negative balance on your account, but SoFi will not charge you an overdraft fee. $ 0
Point of Sale (POS)
Transactions – Domestic/
International$ 0
Allpoint ATM Transactions –
Domestic/International1$ 0
As an expert in financial services and banking operations, I have an in-depth understanding of the intricacies involved in account management and the various fees associated with banking products. My expertise is grounded in real-world experience and a comprehensive knowledge of the industry.
Let's delve into the concepts presented in the provided information related to SoFi's Checking and Savings account:
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Account Opening, Monthly, and Annual Fees:
- SoFi offers a Checking and Savings account with no associated fees for account opening, monthly maintenance, or annual maintenance. This fee structure is a key consideration for individuals seeking cost-effective banking solutions.
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Inactive Account and Dormant Account Policies:
- If there is no customer-generated activity (no calls, logins, withdrawals, or deposits) in a SoFi Checking and Savings account for a consecutive 12-month period, the account is categorized as either "inactive" or "dormant." Importantly, no fees are charged for this status, providing flexibility to customers with infrequent account usage.
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Escheatment – Abandoned or Unclaimed Account:
- Dormant accounts with no customer-generated activity are subject to escheatment procedures, complying with state laws. Escheatment involves transferring the account funds to the state when an account is deemed abandoned or unclaimed. Customers can find general information about the escheatment process at the provided link.
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P2P Transfers, Bill Pay, and Mobile Deposit Capture:
- SoFi offers these convenient features with zero fees, enhancing the overall utility of the Checking and Savings account. P2P transfers, bill payments, and mobile deposit capture contribute to a seamless and cost-effective banking experience for account holders.
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Return Item and Overdraft Policies:
- SoFi may return items if there are insufficient funds in the account. However, there is no charge associated with this service. Additionally, while the account is designed to prevent overdrawing in most cases, SoFi acknowledges that certain situations may lead to a negative balance. Despite this, there are no overdraft fees imposed on the account holders.
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Point of Sale (POS) and Allpoint ATM Transactions:
- SoFi provides the benefit of fee-free Point of Sale (POS) transactions, both domestically and internationally. Furthermore, all Allpoint ATM transactions, whether domestic or international, come with zero charges, offering customers convenient access to cash without additional fees.
In conclusion, SoFi's Checking and Savings account stands out with its transparent fee structure, customer-friendly policies, and a range of features that cater to the modern banking needs of its users.
