This is confirmed. I changed my source account password, initiated a pull into SoFi, and the money was withdrawn from the source account.
You’re right, very weird, this Plaid system is not working properly for me. I’m trying, even finally talked to one of their agents this morning. I entered a bank account with ID & password, link said acceptable but couldn’t complete action. (no way to add information on site) With Agent on line, he couldn’t figure it out either.
So I’m just going the opposite direction with small deposits and see if that works for adding funds to SoFi.
I actually know that I’m doing something wrong because all of you fragile friends are going strong SoFi, without problems.
May have to give up on this one 
…
I think it’s starting to work. Figured out that I need to go to Transfers instead of add money. At least I have added Alliant CU.
Only managed to add the one account. If the small deposits arrive tomorrow I’ll have 2.
1 Like
I’m finding out the hard way that I’m not sure how long I will stay with SoFi banking.
First of all the Alliant CU that I opened with SoFi will only allow $5k a day or $10k a month transfer. And to boot a 3 day hold on those funds.
However I can ACH transfer into SoFi any amount from outside. So I’m now gaining a rate of .70% on my Savings Account.
I’m actually at a loss about the direct deposit part of SoFi banking. I hate Plaid transfer system.
Not worth the stress… 
1 Like
When you say “opened” do you actually mean “linked”?
I don’t know why you have that problem, because I used SoFi to pull $50K/day for 2 days out of an Alliant Savings account. Yes, there’s a multi-day hold, but that’s standard with ACH pulls. You always earn interest on that money.
The pushes out of Alliant are limited to $25K/day, but they post the same business day, which is nice. Not sure if there’s a monthly limit.
1 Like
SoFi Banking does require REAL Direct Deposit to get the 1.25% apy…ACH Push will not do it…I am moving my Pension and Social Security DDs to them…
And their ACH transfer limits are $50,000 a day 100K per month on their system…
You can push in as much as you like…
2 Likes
Plaid is not a transfer system. It’s a verification and linking system. The transfers are done via ACH.
As I mentioned in this post, you need a real direct deposit (i.e., payroll, social security, maybe a payment from Wells Fargo Business account, etc) to go from 0.7% to 1.25%.
1 Like
This 100% works. I can confirm, as Wells Fargo Direct Pay on my WF business checking is what I used and, I received a notification from SoFi when that DD posted that I would be upgraded to the higher rate.
2 Likes
I assume the same is true for pulling from another bank. Correct?
1 Like
That is correct…you can push in or pull out as much as you want from another bank (subject to their transfer limits of course…LOL)
3 Likes
Free checks! Small qty but arrived quickly.
1 Like
To me the most serious drawback is not being able to add Beneficiaries or POD!! Sofi Bank needs to address this on priority or they will be driving potential customers away.
Joint Accounts, per their website, are insured for 500K. Here is the weblink and extract from their website:-
Are my deposits insured?
Yes, your deposits are FDIC insured up to $250,000 per member (joint accounts are insured up to $500,000). For more information on FDIC insurance coverage, please visit www.FDIC.gov.
3 Likes
I thought FDIC insurance was $250K per owner per account type, but for Joint accounts it is indeed per co-owner. I’ll update the wiki.
1 Like
I’ve been going back and forth about rate chasing since SoFi has a good rate, but not the best. But based on my ACH experience, I think I’m going to stick with SoFi.
Yesterday morning I added a new transfer account to my SoFi portal via plaid - a Bank of America Checking (consumer) account. Since it was through plaid, it showed up immediately. So seconds later I submitted a $2,000 transfer from SoFi to that newly added account. Today I logged into Bank of America, and the $2,000 transfer is showing posted with yesterday’s date. So I can confirm that SoFi has same day ACH with Bank of America, which should mean they have it with at least some other banks as well. Not sure how many accounts you can add to SoFi yet. If I get around to adding a bunch and coming across a limit, I’ll post on here.
This is my first experience with adding an account and moving money that same day without using Zelle (which of course isn’t meant for transferring between your own accounts). It seems that SoFi might actually be my first bank account with an institution that has entered the 21st century.
2 Likes
Says who?
Says Zelle. You aren’t supposed to have multiple accounts linked to the same person. If you decide to use the separate email trick, that email you made up has to be the email for that bank. If it is a bank you actually use, it isn’t ideal to have their emails going to a throwaway account.
Is it possible to use for transfers between your own accounts? Yes.
Is that cumbersome? Yes.
Is Zelle’s main goal to facilitate peer to peer transfers? Yes.
1 Like
You made it sound like they explicitly prohibit this. They do not.
Right. Thankfully I’ve always created a unique email address for every online account I’ve ever used. Just because Zelle associates a user’s bank account with an email address and/or a phone number, does not mean that it “isn’t meant for transferring between your own accounts”.
Most people probably only have accounts at one bank anyway 
, so their most important use case may be peer-to-peer. I’m just really glad they don’t have any other restrictions, like requiring a phone number, because that’d make it much more difficult for the likes of me.
correct. they just make it hard for regular joes.
More power to you. Back in the day, I tried this but got burned by a forwarding service and stopped risking it.
Yeah, I remember running into this issue when I first signed up, because zelle wanted you to attach both an email and a phone number (they didn’t tell you you could use either or) to the account. That first time I attached both. Then I tried to do it at another bank and found out that you couldn’t do multiple accounts with the same email/phone. At that point, I had no way of transferring. It took some work, but I was able to detach my phone number from one so then I could transfer from one bank with my email address to another bank with my phone number. Then I added another by using my wife’s number on a joint account. Anyone else’s wife get as annoyed as mine when you say/text, “Honey, you’re about to get texted a code, please read/send it to me.”
1 Like
Only if it goes over once a month.
1 Like
Posting in case it may help someone else…
I just discovered this “vault” concept in sofi banking/checking/whatever.
You can schedule transfers basically but it is “smarter”. ie paycheck hits do this and then do that, etc.
I had wanted something like this previously but had only found “astra” which was overkill for me.
I am not sure what else Sofi is hiding from me 
Maybe these tech bros know something after all!
NOTE: “Vault” and “auto pilot” is what I am referring to. I forgot the second term they use.
1 Like