SoFi Banking

Contemplating the closure of your SoFi Checking and Savings accounts? This guide empowers you to navigate the process efficiently:

Pre-Closure Considerations:

• Resolve Outstanding Issues: Ensure there are no pending transactions or active debit card disputes associated with your accounts. If any exist, you’ll need to address them before proceeding with online closure. Contact SoFi directly for assistance if necessary.
• Transfer Remaining Funds: Decide on the destination for any remaining balance in your SoFi accounts. You can choose to transfer the funds to a linked bank account during the closure process.
• Update Linked Services: Inform your payroll provider and any merchants with recurring payments of the impending account closure to avoid disruptions.
• Download Statements: Download and save essential documents such as account statements for your future reference. These documents will become inaccessible once your accounts are closed.

Initiating Account Closure (Online Eligibility):

1. Access Account Dashboard: Log in to your SoFi account and navigate to your SoFi Checking and Savings accounts homepage.
2. Locate Closure Option: Click on the “More” icon and select “Close account.”
3. System Verification: The system will automatically verify your accounts for any impediments to closure (pending transactions or disputes).
4. Review Information: If eligible for online closure, carefully review the presented information regarding account closure.
5. Confirmation and Details: Accept the disclaimer and reconfirm your desire to close the account by clicking “Close account.”
6. Transfer Funds (if applicable): If you have a remaining balance, select the linked account you wish to transfer the funds to.
7. Unlinked Account Balance: If there’s a remaining balance but no linked account, understand that a check will be mailed to your address on file once all transactions clear and transfers are complete (processing time may take up to 30 days).
8. Questionnaire Completion: Answer the brief questionnaire and click “Continue.”
9. Final Review and Submission: Meticulously review the displayed account details for accuracy. Once satisfied, click “Submit” to finalize the closure request.
10. Confirmation: A confirmation screen will appear. Click “Back to SoFi” to return to your SoFi account homepage.

Alternative Closure Method (No Online Eligibility):

If the system detects impediments to online closure (pending transactions or disputes), you’ll need to contact SoFi directly to initiate the closure process.

Post-Closure Considerations:

• Deactivated Debit Card: Your SoFi debit card will be deactivated upon account closure.
• Canceled Transfers/Payments: All scheduled transfers and bill payments set up through your SoFi accounts will be automatically canceled.
• Incoming Transfers: Your accounts will no longer be able to receive incoming transfers (direct deposit, P2P). Update your payroll provider and any relevant merchants accordingly.

By following these steps and considering the pre-closure measures, you can confidently and efficiently terminate your SoFi Checking and Savings accounts.