Published · Updated · Christian Costa · Digital banks · 1 min read
What bank is SoFi affiliated with?
SoFi Bank, National Association is a national bank.
SoFi Bank, National Association is a national bank. The Office of the Comptroller of the Currency conditionally approved SoFi Bank, N.A. in January 2022, in connection with the acquisition of Golden Pacific Bank, National Association. Later OCC letters still address SoFi Bank, N.A. by its charter number. An older description said SoFi had no bank charter. That description is out of date.
“Affiliated with what bank?” is therefore answered by the charter itself: for the bank products SoFi Bank, N.A. offers, the bank is SoFi Bank. Some products on a SoFi screen can still be offered by a partner. The account agreement names the entity. Read that line before you assume every balance is a deposit at the national bank.
Confirm the charter in the OCC’s own release, not in a screenshot: OCC news release 2022-4. Deposit insurance is FDIC insurance of the insured bank, up to the standard maximum published at fdic.gov.
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This note is educational. It is not a recommendation to buy, borrow or insure anything, and it promises no return.
- SoFi
- OCC