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Changes with SoFi Money Account. Read this if you have an account or plan on getting a SoFi Account.

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It was nearly a year ago when I heard of SoFi Money Account. This was the account that offered:

– No account fees
– No direct deposit required
– No hard credit check
– No ATM fees worldwide (fees reimbursed)
No fees in ordering checks
No need to keep the account open for a length of time
When I learned about SoFi late last year, they also offered account sign-up bonus offers, along with incentives for referring new customers. SoFi fulfilled its commitment by awarding many of us with bonus and referral offers, and for those who signed up, we also availed of taking advantage of the NO ATM FEES WORLDWIDE (any time I used an ATM anywhere around the world, the fees were reimbursed). I had the privilege of using it in Bali, Singapore, Japan, Taiwan, Philippines, and Costa Rica.
I used an ATM in Bali and the ATM

Since I was quite vocal, raving, praising, and loving my SoFi account, I felt that it was also important for me to inform you about these changes (mostly affecting new SoFi accountholders who opened up an account from June 9th and on).

Major change in ATM Fees Reimbursement

Since it has been awhile that I’ve traveled due to the recent pandemic, I haven’t really paid much attention to the changes with SoFI. However, I read through Doctor of Credit:

They removed the ATM reimbursement program for accountholders who sign up after June 9, 2020 (even Tier 1 members). Those who signed up before June 9th are grandfathered in with free ATM reimbursements.

If you signed up for SoFi Money BEFORE June 9, 2020

For many of my friends, family, and followers who I referred to SoFi PRIOR to June 9, 2020 – this change does NOT affect you. We are grandfathered using the old policy where we still have FREE ATM reimbursements worldwide.

If you signed up for SoFi Money AFTER June 9, 2020

According to SoFi Money:

If you are new to the SoFi Money community, welcome! Enjoy unlimited fee-free ATM withdrawals at over 55,000 AllPoint In-Network ATMs domestically and abroad.

For all Allpoint ATM locations, please use our ATM finder located in the “More” quick action button on the Money tab of the SoFi website and app. Or, go to

Putting the AllPoint ATM Locator to a test

The beauty with getting SoFi prior to June 9, 2020, we do not have to worry about picking and choosing which ATM to use. We are guaranteed to get our fees reimbursed since we opened up our SoFi account prior to June 9th.

But those who applied for a SoFi Money account from June 9th and on, using AllPoint ATMs will be your ticket to get your fees reimbursed.

Where exactly is AllPoint?

Let’s be honest here. Will you really check this website BEFORE deciding to make a withdrawal? If you are out and about traveling and are in dire need of cash, will you really take the time to check a website or an app, travel to the ATM location just to get cash. Not sure many of us will do that.

Finding AllPoint ATMs around the US appear hopeful since most of these ATMs are located in popular retail stores such as Target, Walgreens, CVS, Safeway, Circle K, Kroger, Winn Dixie, and Speedway.

Screen Shot 2020-07-18 at 9.42.39 AM.png
Courtesy of AllPoint

Is AllPoint present around the world?

However, it gets hairy when you look for AllPoint ATMs around the world. I had no luck in finding AllPoint ATMs in Rome, the Philippines, Singapore, Barcelona, Madrid, Athens, Croatia, Tokyo, Seoul. According to the screenshot above, Sydney, Australia. yes, there are AllPoint ATMs there. But the point I’m trying to make is that newer SoFi accountholders (those who opened up an account from June 9th and on, are going to be in for a surprise, a shock even, knowing AllPoint network may not be as present in many parts of the world as expected.

Screen Shot 2020-07-18 at 9.40.56 AM
NYC’s AllPoint ATM locations (Midtown to Lower Manhattan)

 So, what’s the alternative now to SoFi

To those who do not have a SoFi account prior to June 9, 2020, the other alternative is to get a brokerage account with Charles Schwab. I have an account with Charles Schwab, have had it for 3-4 years now. There are:

  • No account fees
  • No monthly account balance minimum requirement
  • No ATM reimbursement fees

The difference with SoFi, and why we switched over to SoFi, applying for a Charles Schwab account will require a hard pull on your credit (a credit inquiry). So if that’s something that you’re concerned with by not having too many credit pulls, you might want to reconsider. But my Schwab account never failed me. Oh, and one more thing, I do not get a referral bonus for referring folks to this account, but if interested, I can get you a referral link, and you earn $100 for signing up.

What’s the takeaway?

If you are an accountholder prior to June 9, 2020 – I say, you and I are still in good shape with using our SoFi account and use the debit card anywhere around the world, any ATM around the world and rest assured that our fees will be reimbursed.

But, for those who applied from June 9, 2020 and forward, I probably would not rely on this card and use it anywhere around world. You would have to specifically come up with a plan of attack PRIOR to your trip and know where these AllPoint ATMs are located. And to me, that defeats the purpose when it comes to carrying a fee-free ATM card. I wouldn’t want to plan my vacation, my trip around the ATM locations.

If you are a cardholder within the US, or who frequently travel to international locations that have AllPoint ATMs, then this might still be a good option for you. But if you are like me, someone who travels or desires to travel to different parts of the planet, I’d be wary in opening up a new account knowing of the many restrictions where you could take avoid ATM fees.

Any regrets referring to SoFi?

No, not at all. No regrets. Why not? Things change. Policies change. The environment changes. The climate changes. We’re currently in a pandemic and that could very well be a contributor to this change as well.

As with many things, when a deal is offered, after you’ve done your extensive research, strike when the deal is still hot. And that’s what happened with many of the folks who struck gold while the SoFi Money Account offer was still hot. We struck gold and are now grandfathered with the old program.

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Editorial Disclosure: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.