SoFi Checking and Savings

What it is

An online checking and savings account from SoFi Bank, a national bank. It has no account or maintenance fees, no opening deposit, a free checkbook and fee-free overdraft coverage of up to $50 if you qualify. The deposit agreement lets SoFi pull consumer and credit reports when deciding whether to open an account, so it isn't positioned as a second-chance product.^2,3

Does SoFi use ChexSystems?

SoFi's account terms say it may pull consumer reports when you apply. Those can include banking-history reports like ChexSystems. The deposit agreement (effective June 23, 2026) lets SoFi Bank obtain your consumer and credit reports, including to evaluate whether to open, close or restrict your account. It doesn't name ChexSystems specifically.¹

Fees and overdraft

Monthly fee

$0. The SoFi Bank fee sheet (effective May 18, 2026) lists $0 for monthly maintenance, minimum balance, overdraft, returned items and check orders. Fees apply to outgoing wires ($30), outgoing instant transfers (0.75%, $1 minimum, $30 maximum) and global remittances. Retail partners may charge up to $4.95 per cash deposit.^2,3,4

Minimum to open

$0

Overdraft

Overdraft Coverage covers up to $50 of negative balance on SoFi debit card purchases only. It's offered automatically to members with at least $1,000 of eligible direct deposits in a rolling 31-day period, and you can opt out. Members with past unpaid negative balances don't qualify. It has no fees or interest and doesn't cover ATM withdrawals, P2P transfers, bill pay or checks. The fee sheet lists $0 overdraft and returned-item fees, and items may be returned when funds are short.

ATMs

No SoFi fee at Allpoint ATMs (55,000+). SoFi charges no fee at other ATMs, but the operator may.

Early direct deposit

Yes

Who can open it

Online and app only. Open to U.S. citizens, permanent residents and non-permanent residents 18 or older with a valid SSN or ITIN and a U.S. street address or military address (no P.O. boxes), in the 50 states and DC. Opening is subject to approval.

Deposit insurance: SoFi Bank, N.A., Member FDIC. SoFi Bank itself provides up to $250,000 of FDIC insurance per depositor per ownership category. Through the SoFi Insured Deposit Program, which spreads deposits across participating program banks, coverage can reach up to $3 million.

If you've been denied before

• If a bank or credit union turns you down because of a checking account report, it must send you an "adverse action" notice with the name and contact information of the reporting company it used.^6,7
• By law, you can get a free copy of your checking account report once every 12 months, and you are also entitled to a free copy if a bank turns you down because of it.^8,9
• If your checking account report has an error, you have the right to dispute it with the reporting company and with the bank or credit union that supplied the information. Under the FCRA, companies must investigate disputes free of charge.^8,9,10
• The Office of the Comptroller of the Currency (OCC) says negative information generally stays on ChexSystems and Early Warning Services reports for five years.¹¹

ChexSystems, explained