How To Set Up Direct Deposit With SoFi: A Step-by-Step Guide
Written by
Kristopher Kane
Edited by
Lindsey Kloosterman
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Direct deposit is an excellent way for people to receive their salaries, benefits and other funds directly from their employers or other organizations that might send them money regularly. Rather than dealing with inconvenient and time-consuming trips to your bank to deposit physical checks, direct deposit allows funds to go straight into your bank account. It eliminates the potential risk of losing or damaging paper checks and ensures your money is accessible faster and easier.
SoFi® is an increasingly popular banking platform, and if you have recently opened a bank account with SoFi, you might be wondering if you can set up direct deposit. Keep reading for the information you’ll need and the steps to set up direct deposit, including initial setup and troubleshooting any issues you might have.
Does SoFi Offer Direct Deposit?
If you have a SoFi Checking and Savings account, Member FDIC, you’ll be glad to know that SoFi offers direct deposit to its customers. You can have your paychecks, government benefits and other regular payments deposited directly into your SoFi account. The direct deposit feature is designed to get your money to you faster, often up to two days early.
How To Set Up Direct Deposit With SoFi
Setting up direct deposit with SoFi is an easy, straightforward process. It only takes a few steps.
- Find your SoFi account number and routing number: You’ll be able to find both your routing and account numbers by logging in to your SoFi account.
- Fill out a direct deposit form from your employer or other payer: Your employer or other payer will likely have a direct deposit form available. Fill out the necessary details, including your personal information and the SoFi account and routing numbers you found in the first step; in many cases, you may even be able to do this online.
- Submit your form: Return the completed form to your employer’s payroll department, in person or online. If you receive government benefits, you can ask the specific agency how to submit a direct deposit form to them. Once your employer or other payer processes the form, future regular payments should appear automatically in your SoFi account.
Some employers or other payers might ask for a voided check.
About SoFi
SoFi is an online personal finance company that’s been providing a broad range of financial services to its customers since 2011. In addition to providing checking and savings accounts, SoFi offers personal loans, student loans, home loans and even investment opportunities.
SoFi is an online-only financial institution and has no physical locations. It’s a nationally chartered bank insured by the Federal Deposit Insurance Corp.
Even though it has no physical branches, Sofi ensures its customers can access more than 55,000 ATMs nationwide.
What Exactly Is Direct Deposit?
Direct deposit is a convenient automated way of electronically transferring funds from an employer or government agency. Funds are transferred directly from the payer’s account to the recipient’s. It’s a good option for eliminating the inconvenience of paper checks and the sometimes long wait for checks to clear. With direct deposit, any funds sent to your account will be immediately accessible.
It’s a great way to get faster, hassle-free salary and wage payments and can also be used for unemployment, disability and Social Security benefits.
Why Is My Direct Deposit Not Showing Up in My SoFi Account?
Sometimes, you may find that your deposit isn’t appearing in your SoFi account as quickly as expected. Here are a few reasons this could happen.
- Processing time: When you first set up direct deposit, it may take one or two pay cycles for the changes to take effect. This time allows your employer or other payers and SoFi to coordinate the details of transferring your payment.
- Incorrect account information: Make sure that the account and routing numbers you provided to your employer or other payer are accurate and complete. Any errors in this information can cause the transfer to fail or be delayed.
- Holidays and weekends: SoFi doesn’t process payments over holidays or weekends. If your payment date coincides with a federal holiday or happens over a weekend, the deposit might get postponed to the next business day.
If your direct deposit hasn’t shown up after a reasonable time, contact your employer’s payroll department or get in touch with SoFi’s customer service.
How Much Do You Have To Direct Deposit to SoFi?
SoFi doesn’t currently have any set minimum amount for direct deposits. To make it even more convenient, SoFi account holders have the added flexibility of having some or all of their payments transferred directly to their accounts. You may be able to select the percentage or the amount of money to be directly deposited into your SoFi account from your payroll each month, depending on your employer’s policies.
Using SoFi for Direct Deposit: Quick, Easy, Convenient
Setting up direct deposit with your SoFi account is an efficient way to access your income or benefits faster. It offers added convenience, safety and greater flexibility to help you better manage your finances. Make sure to provide accurate account information to avoid any interruptions or delays, and if you notice any discrepancies, don’t hesitate to get in touch with your employer or SoFi’s customer care.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
