Good Funds Model. The SoFi Bank Accounts operate on a “good funds” model. Except as provided under ‘Overdraft Coverage”, you may only spend, withdraw, transfer, or otherwise use funds in your Account to the extent that there are cleared funds available in the Account for such transactions. This means that, unless overdraft coverage applies, SoFi Bank will not process any transaction you initiate or schedule if there are insufficient funds in your Account to complete the transaction at the time the funds are to be deducted from your Account. If you attempt to make an electronic transaction (e.g., ATM withdrawals, SoFi Bank Debit Card purchases, P2P Transfers, etc.), and have insufficient funds in your Account, the transaction will be declined. If you schedule a Bill Pay Payment, P2P Transfer or other payment to be processed at a future date, you must ensure that there are sufficient funds in the Account on the date the money will be withdrawn from your Account, or it will not be processed. Similarly, checks you have written that are presented for payment against insufficient funds will be returned unpaid. As there is often a delay between the date a check is written and when it is presented for payment, remember to maintain sufficient funds in your Account to satisfy all outstanding checks that you have written. SoFi Bank reserves the right to charge a fee for a declined payment or a returned check, or Bill Pay Payment or P2P Transfer for which there are insufficient funds. SoFi Bank will deduct from your Account any costs, fees or charges we incur in processing any returned check or declined payment. If there are insufficient funds in your Account, the amount of any costs, fees or charges will be deducted from any account that you hold with SoFi or its affiliates. In addition, third parties may assess you a fee or other charge (such as penalty interest) for dishonored or late payments, which fees and charges are solely your responsibility. SoFi Bank will not be responsible for any costs or losses you may incur (including fees, costs, charges, attorneys’ fees, investment losses, claims, demands, or liability resulting from any litigation or other actions) as a result of its decision to decline any Bill Pay Payment, P2P Transfer, ATM withdrawal, etc., or its decision to not honor a check presented for payment or other transaction because your Account has insufficient funds.
