How to delete your SoFi account
You can close your SoFi account by logging in, navigating to your account settings, and selecting the option to close or deactivate your account. The exact steps depend on which SoFi product you use—checking, savings, investing, or lending. SoFi does not charge a fee to close an account, but you must settle any outstanding balances on loans before closing, and you cannot reverse the deletion once it is complete.
Before you start the deletion process, make sure you have moved any money out of savings or checking accounts, paid off any loans or credit lines, and transferred or liquidated any investments. SoFi will not delete your account if you have an active balance owed or funds sitting in the account.
Key Takeaways
- You must pay off any outstanding loan or credit line balance before SoFi will close your account.
- Move all money out of checking and savings accounts before initiating deletion, since SoFi will not close accounts with remaining balances.
- Closing your account does not affect your credit score, but it may show on your credit report as a closed account.
- Once deleted, your account cannot be reopened—you would need to create a new account and go through verification again.
Steps to close a SoFi checking or savings account
Log into your SoFi app or website using your username and password. Tap or click on your profile icon, usually located in the top left or right corner of the screen. Select "Settings" or "Account Settings" from the menu.
Look for an option labeled "Close Account," "Deactivate Account," or "Account Closure." The exact wording varies by product. Select it and follow the prompts. SoFi will ask you to confirm that you have withdrawn all funds and settled any outstanding balances. You may also be asked to provide a reason for closing the account, though this is optional.
After you confirm, SoFi will send a confirmation email to the address on file. Your account will be closed within a few business days. You will no longer be able to access the account, and any debit card associated with it will stop working.
Closing a SoFi loan or credit product
If you have an active personal loan, student loan, or SoFi credit card, you cannot delete your account until the balance is paid in full. Make your final payment through the app or website, then wait for SoFi to confirm the account is paid off.
Once the balance shows zero and the account is marked as closed or paid in full, you can proceed with deleting your overall SoFi account through the settings menu. If you have multiple SoFi products (for example, both a checking account and a personal loan), you may need to close each product separately before the main account can be deleted.
What happens to your credit report after closing
Closing a SoFi checking or savings account does not affect your credit score. These accounts do not appear on your credit report because they are not credit products. However, closing a SoFi loan or credit card will show on your credit report as a closed account, and it may have a small temporary impact on your score.
The impact is usually minor and temporary. Your credit score may dip slightly because closing an account reduces your total available credit, but the account will remain on your report for seven to ten years as a closed account in good standing (assuming you paid on time). Over time, as you use other credit products, this impact fades.
How to retrieve your data before closing
Before you delete your account, download or export any statements, transaction history, or tax documents you may need later. Log into your account and look for a "Statements" or "Documents" section. Most banks allow you to download statements as PDF files for a set period, usually the last 24 months or longer.
For tax purposes, if you received interest income from a SoFi savings account or had a student loan with SoFi, you may have received a 1099 form. Make sure you have saved copies of these documents before closing. Once your account is deleted, accessing old statements becomes difficult or impossible.
If you cannot close your account online
If the delete option does not appear in your settings, or if you encounter an error message, contact SoFi customer support. You can reach them through the app, by phone, or through their website. Have your account number and the last four digits of your Social Security number ready.
SoFi's support team can help you troubleshoot why the account cannot be closed. Common reasons include an outstanding balance you may have missed, a pending transaction that has not cleared, or an active loan or credit product still attached to your account. Once these are resolved, you can proceed with deletion.
What to do with your SoFi debit card
When you close your SoFi checking account, your debit card will stop working within a few business days. You do not need to do anything special—the card will simply decline at merchants. If you want to destroy the card before it stops working, you can cut it up or shred it.
If you have automatic payments or recurring charges set up with your SoFi debit card, update those merchants with a new payment method before closing your account. This prevents declined transactions and potential late fees on bills or subscriptions.
Frequently Asked Questions
Can I reopen my SoFi account after deleting it?
No. Once you delete your SoFi account, it cannot be reopened. You would need to create a new account from scratch and go through the verification process again. If you are unsure about closing, consider deactivating temporarily instead, if that option is available.
Will closing my SoFi account hurt my credit score?
Closing a checking or savings account has no impact on your credit score. Closing a SoFi loan or credit card may cause a small temporary dip because it reduces your available credit, but the effect is usually minor and fades over time as you use other credit products.
What happens to pending transactions when I close my account?
Pending transactions may still process after you close your account. If a charge is pending when you delete, it could bounce or fail. Before closing, wait for all pending transactions to clear and make sure your account has a zero balance.
Do I need to close my account to stop using SoFi?
No. You can simply stop using your SoFi account without closing it. However, if you want to fully remove your data and end your relationship with SoFi, closing is the way to do it. Closed accounts take up less space in your financial records.
How long does it take for SoFi to fully delete my account?
SoFi typically closes accounts within a few business days of your request. You will receive a confirmation email once the closure is complete. After that, you will no longer be able to log in or access any account information.