Why are you getting this notice?
This notice is to let you know that we are revising the SoFi Bank Deposit Account Agreement with updated terms and conditions, effective January 13, 2023. Please review the updated SoFi Bank Deposit Account Agreement, with key changes summarized below.
Do you need to do anything?
If you agree with these changes, you do not need to take any action. If you do not agree with the changes set forth in the updated Deposit Account Agreement, you may close your Account using the process described in the Agreement. Continuing to use your account after the effective date indicates your agreement with these changes.
Summary of Key Changes to the Deposit Account Agreement
- Updated Section III.D.3 (Joint Accounts) to (i) clarify that all joint Accounts are owned by the joint owners as joint tenants with right of survivorship and (ii) to clarify the process for giving another person authority to make transactions on your Account.
- Added Section VI.B (Notice of Withdrawal Requirements for Savings Accounts) to describe notice of withdrawal requirements for Savings Accounts. This language is required by federal law.
- Updated Section VI.D.2 (Stop Payment Requests) to clarify the process for requesting that SoFi Bank issue a stop-payment order on a check.
- Updated Section VI.E.6 (Overdraft Coverage) to describe the applicability of Overdraft Coverage to SoFi Bank Pay in 4 loans.
- Added Section XIV (Special Provisions for Pass-Through Accounts) to describe the eligibility of beneficial owners of your Account for FDIC “pass-through” insurance.
- Updated Section XXIII (Agreement to Arbitrate) to (i) expand the definition of “Claim”; (ii) describe the process for bringing an action in small claims court; (iii) clarify the process for disputes about the validity and enforceability of the Agreement to Arbitrate, (iv) clarify the process for arbitration, including the payment and allocation of fees and expenses, and (vi) describe the process for rejecting the Agreement to Arbitrate.
- Added Section XXIV.F (Disputing Information Reported to a Consumer Reporting Agency) to describe your right to file a dispute with a consumer reporting agency regarding any inaccurate or incomplete reporting of information to such agency.
- Updated Section XXIV.G (Compliance with Laws) to clarify your responsibility for your tax obligations concerning your Account.
In addition to the key changes described above, we encourage you to review all other changes reflected in the updated SoFi Bank Deposit Account Agreement.
If you have additional questions, please contact us.
SoFi Bank, N.A. Member FDIC.
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