SAN FRANCISCO – (BUSINESS WIRE) –SoFi today announced that SoFi Money, its cash management product offered by SoFi Securities LLC that helps people save and spend smarter, will now offer members the option of receiving their direct deposit (or other paychecks) eligible direct deposits) up to two days earlier than their regular payday. *
With faster access to the money they’ve already earned, members can get a head start on paying bills, investing in markets, saving, and making other business decisions. smart money to build their financial future. For example, according to internal data, SoFi members with direct deposit in place are more than five times more likely to have a savings program and have twice as many investment assets as those with do not have. And for those times it is necessary, SoFi Money’s early paycheck program and the recently launched program overdraft cover at no charge** alleviate two major financial stressors and protect consumers from overdraft fees, including banks raised over $ 30 billion last year.
“We frequently hear from members, regardless of income, saying they want an advance paycheck, and we’re excited to be able to launch it now,” said Anthony Noto, CEO of SoFi. “Through our advance paycheck program, we give people access to their hard-earned money in a way – and at a time – that allows them to maximize their financial choices. Some might not think two days count, but I can tell you firsthand – this is IMPORTANT.
SoFi’s advance paycheck program will operate by posting ACH transactions upon notification of incoming funds from the transferring institution. The program is available to any SoFi Money member who chooses to set up an eligible direct deposit. Please visit sofi.com/money to learn more about the Advance Paycheck and other SoFi Money member benefits, including monthly fees, minimum balance fees, access to over 55,000 toll-free ATMs,2 and an APY of 6x the national interest rate compared to traditional expense accounts.1, 3, 4
SoFi helps people achieve financial independence to achieve their ambitions. Our borrowing, savings, spending, investing and protection products give our more than 1.8 million members quick access to tools to make their money. Membership in SoFi includes the essentials to grow, including career counselors and a connection to a thriving community of ambitious and like-minded individuals. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. FINRA / SIPC member. Neither SoFi nor its subsidiaries are a bank. SoFi Money debit card issued by Bancorp Bank.
This is not an offer or the solicitation of an offer to buy or sell any security, investment or other product.
* Early access to direct deposit funds is based on when we receive an impending payment notice, which is typically up to two days before the scheduled payment date.
** Overdraft coverage only applies to SoFi Money accounts with eligible direct deposits of $ 1,000 / month and is currently not available for Samsung Money by SoFi accounts. Members with a history of non-repayment of negative balances for SoFi Money are also not eligible for overdraft coverage.
1 As of 9/6/2020, accounts with recurring monthly deposits of $ 500 or more each month will earn interest at 0.25%. All other accounts will earn 0.01% interest. Interest rates are variable and subject to change at our discretion at any time. Accounts opened before June 8, 2020 will continue to earn interest at 0.25% regardless of deposit activity. SoFi’s Securities reserves the right to change this policy at our discretion at any time.
2 We’ve partnered with Allpoint to provide you with ATM access at any of the more than 55,000 ATMs in the Allpoint network. You will not be charged any fees when using an ATM within the network, however, third party fees incurred when using non-network ATMs are non-refundable. SoFi’s ATM policies are subject to change at any time at our discretion. Accounts opened before June 9, 2020 will continue to receive reimbursement of all ATM fees under our previous policy. SoFi Securities ATM policies are subject to change at any time at our discretion.
3 The cash balance of SoFi Money cash management accounts is transferred to one or more program banks where it earns a variable interest rate and is eligible for FDIC insurance. FDIC insurance does not apply immediately. Coverage begins when funds arrive at a program bank. There are currently six banks available to accept these deposits, making customers eligible for up to $ 1,500,000 in FDIC insurance (six banks, $ 250,000 per bank). If the number of available banks changes, or if you choose not to use and / or have existing assets in one or more of the available banks, the actual amount could be lower. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets in each of the program banks to determine the extent of FDIC insurance coverage available in accordance with FDIC rules. Deposits in SoFi Money or with program banks are not covered by SIPC.
4 6x based on the national average of 0.04% of the weekly rate cap on 04/01/21.