Common use of Account Closing Considerations Clause in Contracts

Account Closing Considerations. Please note that you may not immediately close your Account under certain circumstances. For example: ● If your Account has a negative balance; ● If your Account is subject to a hold, lien, or other restriction; or ● If SoFi Bank has reason to believe that the Account is being closed to evade an investigation or legal process (for example in connection with a disputed transaction or third‐party claim). If you attempt to close your account while we are conducting an investigation, we may hold your funds for up to 180 days to protect SoFi Bank or a third‐party against the risk of reversals, chargebacks, claims, fees, fines, penalties and other liability. You will remain liable for all obligations related to your account even after the Account is closed.

Account Closing Considerations. Please note that you may not immediately close your Account under certain circumstances. For example: ● • If your Account has a negative balance; ● • If your Account is subject to a hold, lien, or other restriction; or ● • If SoFi Bank has reason to believe that the Account is being closed to evade an investigation or legal process (for example in connection with a disputed transaction or third‐party claim). If you attempt to close your account while we are conducting an investigation, we may hold your funds for up to 180 days to protect SoFi Bank or a third‐party against the risk of reversals, chargebacks, claims, fees, fines, penalties and other liability. You will remain liable for all obligations related to your account even after the Account is closed.