What is Overdraft Coverage?
Managing your finances effectively includes having a safety net for unexpected expenses. SoFi Money offers Overdraft Coverage to eligible members, providing peace of mind when accidentally spending more than you have in your account.
Overdraft Coverage covers you up to $50 with no fee.
Qualifying for Overdraft Coverage
To be eligible for Overdraft Coverage with SoFi Money, you must meet the following qualification criteria:
Direct Deposit requirement: You must set up a direct deposit of at least $1000/month into your SoFi Money account.
Note: This deposit should be successfully deposited over the preceding 30 days and each subsequent statement period to continue receiving overdraft coverage
Additionally, please review your account agreement for specific details regarding Overdraft Coverage and its terms and conditions.
Activating Overdraft Coverage
Once eligible, SoFi will notify you and automatically turn on this feature. To access and manage Overdraft Coverage follow these steps:
- From your Money account Homepage select the More icon
- Click on Overdraft Coverage. Alternatively, you can click on Autopilot from your SoFi Money homepage
Once on the Autopilot screen, you can toggle Overdraft Coverage on/off according to your preference.
Here are some key points to know about managing Overdraft Coverage:
- Coverage Limit: Overdraft Coverage covers you up to $50 with no fee. This means that if you exceed your account balance by up to $50, SoFi Money will cover the difference.
- Account Maintenance: To maintain Overdraft Coverage, ensure that you continue to direct deposit $1,000 or more over the preceding 30 days and each subsequent statement period.