What happens at options expiration if I don’t have the buying power necessary to exercise a long call or long put option?

• You may be notified within the app and/or via email that your option is expiring. If you don’t sell the option yourself, SoFi will sell it on your behalf. SoFi reserves the right to sell out eligible contracts prior to the exercise date. 
• If you have open unexecuted orders to sell an option, SoFi will cancel those orders and sell on the member’s behalf beginning at 2PM ET on expiration for all accounts that don’t have sufficient buying power to exercise.
• There is no guarantee an option will be sold. Any positions resulting from the exercise/assignment of an unsold option are the responsibility of the member. 
• Keep in mind that managing your options positions, including taking proactive steps to mitigate risk, is ultimately your responsibility.
• If for any reason we can’t sell your contract, and you don’t have the necessary buying power or shares to exercise it, we may attempt to submit a Do Not Exercise request to the Options Clearing Corporation (OCC), and your contract will expire worthless.

Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire amount invested in a short period of time. Before an investor begins trading options they should familiarize themselves with the Options Disclosure Document. Tax considerations with options transactions are unique, investors should consult with their tax advisor to understand the impact to their taxes.