What is a deposit hold?
When depositing funds into your SoFi Money account, most of the time a portion of the funds are available the same day, and the remainder will be available within a couple of business days. Sometimes there are circumstances that will cause a deposit to be placed on a temporary hold of up to 7 business days. We place the hold to protect you from fraud and overdrafts that may occur if we were to make funds available immediately and the check is returned to you.
Here are a few common reasons for deposit holds: The need to verify sufficient funds, a redeposit of a previously returned check, deposits from new customers, large-dollar deposits, and frequent overdrafts.
How can I tell if my funds are on hold?
When making a deposit, you will be notified of the date that the full amount of your funds will be available.
If the full amount of your deposit has not been made available, the funds are subject to the hold time suggested when confirming the deposit. To check on the status of a pending deposit, you can monitor your transaction history to ensure the completion of the deposit.
Note: This date will vary depending on when you have started the deposit process. Please keep in mind that weekends and holidays are not considered business days and may affect when your funds are available.
Is there a way to expedite the hold time on my deposit?
The fund's availability timeframes and limits are in place to protect your money and make sure our members' transfers are as secure as possible.
For those reasons, we are unable to expedite funds release or availability. We apologize for any inconvenience this may cause you.