I posted not that long ago about SoFi’s speed with an ACH push. Here is an example of an ACH pull.
On 9/26, I tried to connect a bank via their normal means, Plaid, but it didn’t work. So they offered the two small deposits method. Those deposits posted in the other bank the next day, 9/27. Today, 9/28, I confirmed the deposits and the account is now active for transfers. I just did my first ACH pull with SoFi from that new account right after confirming and this is what SoFi is saying about the availability of funds:
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Got an email today with subject line “Thanks for adding $x to your account” and the contents confirming how much I’ll get by 12/14 if I maintain the balance through 11/30. Nice!
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Just a heads up – an email from SoFi indicates that the interest rate will go up to 3% on Thursday (11/3), but only for the Savings and Vault balances. Checking will stay at 2.5%. Until now the rate was the same for both accounts.
I didn’t even notice this in the email that I received (and can’t confirm because deleted), but it is mentioned at DoC and DepositAccounts.
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Most people (including me) are probably keeping the money in checking, since the rates have been the same. It should be safe to move money from checking to savings without risking the 1% bonus.
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I have a habit of keeping nothing in my checking accounts, just in case someone manages to steal the data on my debit card (which I don’t even use). Actually, I don’t think I ever got any cards from SoFi, but the habit persists – “checking” means it’s much easier to withdraw the money.
what 1% bonus?
Any ATM I’ve put my debit card into when I have both a checking and savings at that account has asked me if I want to withdraw from my checking or my savings. I don’t see how it would be harder to steal from a savings account unless it were specifically excluded from debit card access.
Scroll up to Sep 8
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I only have a checking account at the bank that I use for ATM purposes (it helps that the banks with the largest ATM networks have crappy savings accounts). For other banks that have issued me Debit cards, I’ve never used them at ATMs, so I’ve never revealed my PIN.
The Debit card information can be used to make purchases, which drains the Checking account. As long as overdraft features are disabled, any moneys in Savings accounts should be safe.
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Are you sure it’s asking which account, or is it asking what the account type is like when entering a ACH account to link (checking/savings is a standard question at the ATM I use, before even insterting the card)? A few, mostly credit unions, use membership number as the key identifier for the debit card rather than an individual account number, but otherwise any checking accounts I have had have required a second debit card to access the savings account at an ATM. Or at least they sent me multiple debit cards for the multiple accounts.
I honestly dont know, it isnt something I’ve paid much attention to. But now I’m curious.
That’s true. Good point. Lots of thieves don’t go anywhere near ATMs and would rather use them for purchases. I don’t understand why though. It’s super easy to wear a mask at an unattended ATM and you leave with cash versus more difficult and risky going inside a store to buy goods that you later have to fence.
I’ve never received a second card for a savings account if I already had a checking account at that particular bank. I have in the past received an ATM card (not debit card) for banks in which I only had a savings account. But never two cards. I haven’t opened anywhere near as many savings accounts over the years compared to checking accounts (I’m close to 100 checking accounts), but I’m pretty sure anytime I opened both accounts at the same time, they were both available for withdrawal at the ATM with an option to select which one during the transaction.
Just got a call on my cell phone from a number with the caller ID “SOFI.” Foreign call center dude said he was calling from SoFi and asked for me by my name. I said it was me. Dude then asked for my full name and last 4 of my social without saying anything else. I said no. He said, “Ok. Please call SoFi directly if you are more comfortable sharing that information that way.” So I logged in and sure enough, my account was frozen (all funds were there but there was a banner across the top saying the account was frozen and to call them). I guess SoFi was not liking my recent funky activity of high dollar transfers in and out to get money into my Ally Savings Account. They are also claiming I logged in from Puerto Rico. Not sure if my work VPN did that, or if it was actually a fraudulent login attempt. Was on hold for 8 minutes and got it unlocked pretty easily. Just changed my password. Already had 2FA setup, so it was probably the VPN. Just told it to forget all remembered devices. All in all, not a bad experience and considering my recent activity, not a crazy reason to lock my account either. Would have been better if they locked it BEFORE sending the large transfer out though. Not sure how much good it did to lock it after.
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They need a PIN for ATM. The ATM info stealing is a different operation and they do clone the cards, capture the PINs, and take out cash. The PIN is usually captured with a pinhole camera built into a fake ATM cover (details at KrebsOnSecurity), which is easily defeated by covering the PIN pad with your free hand. But there are more sophisticated devices that can capture from the keys directly. This won’t end until the banks get rid of the magnetic strip on all cards.
Are you still able to make purchases at registers without entering a pin for a debit card? I admit I never use a debit card to buy things and only ever use it rarely to get cash out of an ATM. I assumed these days you had to enter a pin at a register just like you do at an ATM.
TBH I’ve never used a bank-issued debit card to buy anything. I thought one could swipe a debit card just like a credit card and sign for it, without providing a PIN. I also don’t know if the debit PIN is the same as the ATM PIN on the cards that provide dual debit+ATM functionality. Cause if it is, that’s just stupid.
Yes, a debit card with the V/MC logo can be used on both the credit and debit networks. Credit without using a PIN, debit network with a PIN. And yes, a debit card has one PIN that is used at ATMs and for POS purchases. An ATM transaction is just a debit transaction, the “dual functionality” is being able to process over both debit and credit networks.
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The bonus posted with yesterday’s date. Woohoo! I didn’t get any emails or notifications this time though.
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FYI the 1099-INT is ready for download.
This bonus was reported as interest, even though it was paid in “SoFi rewards”, and even if it was not redeemed from rewards to CC or banking account in 2022.
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