Overdraft Coverage Option. Overdraft Coverage is an optional overdraft feature offered to Checking Accountholders who have at least $1,000 or more in monthly direct deposits set up on their Account. SoFi Checking Accountholders who qualify, will automatically be enrolled in Overdraft Coverage, however Accountholders may opt-out of this feature through the SoFi Mobile App or website. SoFi Checking Accountholders who do not opt-out will receive up to $50 of overdraft coverage on SoFi Bank Debit Card purchases only. This feature does not apply to P2P Transfers, Bill Payments, checks or other types of transactions. There are no fees or interest associated with the Overdraft Coverage Option. Accountholders who accept and use the Overdraft Coverage feature agree to allow SoFi Bank to honor a transaction that results in an Overdraft and deduct the amount of the Overdraft from their SoFi Bank Account when a subsequent deposit is made. In the event the covered Overdraft is not repaid within thirty (30) days, the customer will no longer have access to Overdraft Coverage. \ SoFi Bank reserves the right to close your Account if a payment in excess of the negative balance is not received within thirty (30) days after the Overdraft occurs.
