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 as of October 31, 2023, with an effective date of November 30, 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
- Section III.A (“Account Eligibility”): Revised account eligibility criteria to clarify that SoFi Bank accounts are only available to U.S. citizens, permanent residents, and non-permanent residents who (i) are at least 18 years of age, (ii) have a valid Social Security number, and (iii) have a physical street address in the United States. An account holder cannot use a P.O. Box or an address outside of the United States as a physical street address to open or maintain a SoFi Bank account.
- Section VI.E.9 (“Funds Transfer Service Terms”): Added language stating that SoFi Bank may call an account holder at the number on file prior to releasing a wire transfer.
- Section IV.A (“Access Methods”): Added language instructing account holders not to share their password or login credentials with third parties and emphasizing that SoFi will never request this information over the phone.
- Section V (“Deposits to Your SoFi Bank Account”): Revised sections concerning “Initial Funding of Your Account,” “How Deposits May Be Made,” “General Deposit Restrictions,” and “Funds Availability Policy” to clarify all methods by which account holders may deposit funds into their account and to reflect the availability timelines applicable for all such methods. Changed day of deposit cut-off time for mobile check deposits from 5 p.m. ET to 4 p.m. ET. Clarified that SoFi Bank does not accept physical checks.
- Added language stating that SoFi Bank may establish and modify mobile check deposit limits, which are disclosed at the time that you make a mobile check deposit on the SoFi mobile app.
- Removed Funds Availability Policy, which has been incorporated into the Deposit Account Agreement, as set forth above
If you have additional questions, please contact us.