Does SoFi Use ChexSystems?

SoFi can be a strong option when past banking problems have made it difficult to open another account. It doesn’t charge monthly account fees, and its application process doesn’t depend on your ChexSystems history.

The account combines checking and savings, so you can handle everyday spending and keep savings in one place. Direct deposit unlocks the best rates and features, but you can open the account without it.

SoFi Doesn’t Use ChexSystems

SoFi doesn’t use ChexSystems when reviewing applications for SoFi Checking and Savings. Past overdrafts, unpaid bank fees, and forced account closures shouldn’t determine whether you qualify.

SoFi does perform a soft credit pull to collect information during the application. This doesn’t affect your credit score, and SoFi doesn’t use it as a traditional lending decision.

The bank must still confirm your identity. An application may be denied when personal information can’t be verified or SoFi detects suspected fraud.

Applicants must be at least 18 and have a valid Social Security number and residential address in the United States.

Checking and Savings Come Together

SoFi opens a checking account and savings account as one combined product. You can’t open the checking account by itself.

The checking account is designed for bills, debit card purchases, ATM withdrawals, and other everyday transactions. The savings account provides a higher annual percentage yield and includes Vaults for separating money by goal.

Both accounts have:

• No monthly account fees: SoFi doesn’t charge a recurring maintenance fee.
• No minimum balance: You don’t need to keep a set amount in either account.
• No opening deposit: You can open the accounts before adding money.
• No overdraft fees: SoFi doesn’t charge a fee when the checking account becomes overdrawn.
• FDIC insurance: Eligible deposits are insured through SoFi Bank, N.A., subject to legal limits and account terms.

The combined setup can be convenient, but it may not suit someone who only wants checking and prefers to keep savings at another bank.

Direct Deposit Unlocks the Highest Rates

SoFi Checking and Savings pays interest on both accounts. Members with eligible direct deposit currently earn up to 3.80% APY on savings and Vault balances and 0.50% APY on checking balances.

You can also qualify for those rates by adding at least $5,000 in eligible deposits every 31 days. Members who don’t meet either condition receive a lower annual percentage yield.

Rates are variable, so the exact amount can change after you open the account.

There’s no minimum direct deposit amount required for the higher annual percentage yield. However, some other SoFi benefits have their own deposit requirements.

New Customers Can Earn Up to $400

SoFi currently offers a cash bonus to eligible new Checking and Savings customers who set up direct deposit.

The bonus depends on the amount of eligible direct deposits received during the promotion period:

• $50 bonus: Receive between $1,000 and $4,999.99 in eligible direct deposits.
• $400 bonus: Receive at least $5,000 in eligible direct deposits.

SoFi measures the deposits received during a limited evaluation period after the first eligible direct deposit arrives. Transfers from your own accounts, mobile check deposits, and person-to-person payments generally don’t count.

Read the current promotion terms before applying. SoFi can change the bonus amounts, deposit thresholds, and deadline.

Overdraft Coverage Requires $1,000 in Direct Deposits

SoFi doesn’t charge overdraft fees, but its optional Overdraft Coverage has an eligibility requirement.

You must receive at least $1,000 in qualifying direct deposits each month to receive up to $50 in no-fee overdraft coverage. The feature applies to eligible debit card purchases.

Overdraft Coverage doesn’t apply to every transaction. Checks, ACH withdrawals, ATM withdrawals, and person-to-person transfers may be declined when the checking account lacks enough money.

SoFi also provides Overdraft Protection, which can automatically transfer available money from savings to checking. This feature is available to members who keep enough money in savings to cover the shortage.

SoFi Offers Early Direct Deposit

Eligible direct deposits may arrive up to two days before the scheduled payday. The timing depends on when SoFi receives the payment instructions from your employer or benefits provider.

You don’t need a specific deposit amount to qualify for early paycheck access. Once eligible direct deposit is active, SoFi releases the funds after it receives the deposit information.

Early access isn’t guaranteed on every payment. Employers and payment systems control when the instructions are sent.

You Get Access to 55,000 Fee-Free ATMs

SoFi customers can use more than 55,000 Allpoint ATMs without paying a SoFi withdrawal fee.

Allpoint machines are commonly found inside stores such as CVS, Walgreens, and Target. Check the ATM locator in the SoFi app before making a withdrawal because not every machine inside a participating retailer belongs to the Allpoint network.

SoFi generally doesn’t reimburse fees charged by out-of-network ATM owners. Customers who withdraw cash frequently should confirm that Allpoint locations are convenient where they live or travel.

Cash deposits are another limitation. SoFi doesn’t operate branches, and adding cash may require a participating retail location that charges a service fee.

SoFi Works Best with Digital Banking

SoFi Checking and Savings includes a debit card, online Bill Pay, mobile check deposits, electronic transfers, and person-to-person payments.

The app also lets you:

• Create Vaults: Separate savings for emergencies, bills, travel, or other goals.
• Set automatic savings: Move part of each eligible direct deposit into savings.
• Freeze your debit card: Turn the card off when it’s lost or you notice suspicious activity.
• Track account activity: Review checking, savings, transfers, and card purchases in one place.

SoFi doesn’t have traditional bank branches. It may not fit someone who needs frequent cash deposits, in-person service, or branch-issued documents.

Is SoFi a Good Choice After an Account Denial?

SoFi is one of the better options when ChexSystems has prevented you from opening an account elsewhere. It doesn’t use ChexSystems, has no monthly account fee, and doesn’t require a minimum balance or opening deposit.

Direct deposit makes the account far more rewarding. It can unlock the higher savings annual percentage yield, early paycheck access, a cash bonus, and no-fee Overdraft Coverage.

The biggest drawbacks are the lack of branches and limited cash deposit options. SoFi is best suited to someone who gets paid electronically and is comfortable managing checking and savings through an app.

Alternatives to SoFi

If you’re exploring similar options, several other banks and credit unions also don’t use ChexSystems and make it simple to open an account.

Learn More

• Banks That Don’t Use ChexSystems – Take the first step to rebuilding your banking history with our list of banks that do not use ChexSystems for account approval.
• Credit Unions That Don’t Use ChexSystems – Find a credit union that will work with you, not against you. Learn about the credit unions that don’t use ChexSystems.
• Am I in ChexSystems? – Unsure if you’re in ChexSystems? Learn how to find out and take control of your financial status.
• How to Get Out of ChexSystems – Learn how to get out of ChexSystems in four simple steps.
• Second Chance Checking Accounts – Take control of your financial future with our list of over 450 banks that offer second chance checking accounts.