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October 19, 2023

On the wires

March 22, 2023

On the web

SoFi Checking and Savings to Offer Access Up To $2 Million in FDIC Insurance


"SoFi members – we are thrilled to announce that we will be offering the opportunity to get FDIC insurance up to $2 million on all bank balances¹, through the new SoFi FDIC Insurance Network, increasing from the industry standard $250,000 per account, over the coming days. This increased coverage is provided by allowing SoFi to seamlessly place members deposits beyond the standard insurance coverage with specifically identified FDIC insured partner banks. As always, there are zero account fees for SoFi Checking and Savings², and no fees to increase FDIC insurance coverage. All SoFi Checking and Savings members will receive emails notifying them they are now able to sign up over the coming days."

July 13, 2020

On the web

Student Lender SoFi Applies for a Bank Charter


“Student lender Social Finance Inc has applied for a national bank charter with the U.S. Office of the Comptroller of the Currency, the company said on Thursday. A banking license would enable the company to hold customer deposits and make loans, without having to rely on a bank partner as it currently does. “We firmly believe that by pursuing a national bank charter, we will be able to help even more people get their money right with enhanced value and more products and services,” said SoFi Chief Executive Anthony Noto. The application for “SoFi Bank, National Association”, will be reviewed by the OCC, the Federal Reserve and the Federal Deposit Insurance Corporation, a spokeswoman said in a statement.”

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