Managing Overdraft Coverage with SoFi Checking & Savings: Qualifications and Steps

What is Overdraft Coverage?

Managing your finances effectively includes having a safety net for unexpected expenses. SoFi 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, you must meet the following qualification criteria:

Direct Deposit requirement: You must set up a direct deposit of at least $1000/month into your 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:

1. From your Checking account select the 'Gear' icon
2. Click on Overdraft Coverage. Alternatively, you can click on Autopilot from your Banking 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 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.
• If your deposit account is included in a bankruptcy proceeding, any overdrafts, fees, or negative balances incurred before the bankruptcy filing are subject to the bankruptcy process.