SoFi does not accept cash deposits directly, but you can move cash into your account through your bank or an ATM network

SoFi is an online bank without physical branches, so you cannot walk into a location and hand over cash. Instead, you have three main routes: transfer money from another bank account you already have, use an ATM that belongs to the Allpoint network (which SoFi members can access for free), or deposit a check if you have one. The fastest method depends on which option is available to you right now.

If you have cash but no other bank account yet, the ATM route is your best choice. If you already bank somewhere else, a transfer from that account is usually faster and more straightforward. A check deposit works if someone has paid you by check instead of cash.

Key Takeaways

  • SoFi members can withdraw cash free at any Allpoint ATM, which you can find using the SoFi app or the Allpoint website.
  • To move cash into SoFi, deposit it at an Allpoint ATM, transfer it from another bank account you own, or deposit a check through the SoFi mobile app.
  • If you do not have another bank account, opening one at a local bank or credit union lets you deposit cash there, then transfer it to SoFi.
  • Check deposits through the SoFi app usually take one to two business days to appear in your account.
  • SoFi does not charge fees for ATM withdrawals at Allpoint machines, but some other banks may charge you to deposit cash at their ATMs if you are not their customer.

Using an Allpoint ATM to deposit cash

The Allpoint network includes over 55,000 ATMs worldwide, and SoFi members can use them to withdraw cash for free. However, Allpoint ATMs are designed for withdrawals, not deposits. This means you cannot put cash directly into an Allpoint machine and have it credited to your SoFi account.

If you need to deposit cash and have access to another bank account (even one at a different bank), deposit the cash there first, then transfer the money to SoFi. Many banks and credit unions allow non-customers to deposit cash at their ATMs, though some charge a fee. Ask the bank before you deposit.

Transferring money from another bank account to SoFi

This is the most common way to move cash into SoFi if you already have a bank account elsewhere. Deposit your cash at your current bank's ATM or branch, then transfer it to SoFi using your SoFi account number and routing number.

To set up a transfer, open the SoFi app or website and look for "Transfer Money" or "Add Money." You will enter the other bank's name and your account details there. SoFi will ask you to confirm the connection by depositing two small test amounts into that account — this usually takes one to two business days. Once confirmed, you can transfer money whenever you need to.

Transfers between banks typically take one to three business days. If you need the money faster, some banks offer same-day transfers, but this depends on both banks and the time of day you initiate the transfer.

Depositing a check through the SoFi app

If someone has paid you by check, you can deposit it without visiting a bank. Open the SoFi app, find the deposit or check option, take a photo of the front and back of the check, and submit it. SoFi will credit the funds to your account, usually within one to two business days.

Make sure the check is made out to you and that you sign the back before photographing it. The photo must be clear enough to read all the numbers and text. If the image is blurry or incomplete, SoFi may reject it and ask you to resubmit.

Opening a bank account to deposit cash if you do not have one

If you have no other bank account and cannot access an Allpoint ATM near you, opening a basic checking account at a local bank or credit union is a straightforward option. Many banks offer accounts with no monthly fee, and you can deposit cash when ready at their branches or ATMs.

Once your account is open and you have deposited cash, link that account to SoFi and transfer the money over. This takes a few extra steps, but it gives you a backup account and a way to deposit cash whenever you need to. Credit unions often have lower fees and friendlier policies for new customers than large banks do.

What to know about SoFi's deposit limits and timing

SoFi does not publish a daily deposit limit for transfers from other accounts, but most banks have their own limits on how much you can transfer in a single day. Check with your other bank about their rules before you try to move a large amount.

Check deposits through the SoFi app may be subject to a hold, meaning SoFi will not let you spend the money when ready even though it shows in your account. The hold usually lasts one to two business days. Large checks or checks from unfamiliar banks may have longer holds. SoFi will tell you the hold period when you submit the deposit.

Frequently Asked Questions

Can I deposit cash at a store or retailer using SoFi?

SoFi does not partner with retailers like Walmart or CVS for cash deposits the way some other online banks do. Your options are limited to transfers from another bank account, check deposits, or using an ATM at a bank or credit union that accepts deposits from non-customers.

What if I do not have a photo ID to open another bank account?

Most banks require a government-issued ID to open an account. If you do not have one, contact your local credit union or a community bank — some have more flexible policies. You can also look into banks that serve people new to the financial system, as they often have alternative verification methods.

How long does it take to link another bank account to SoFi?

Linking usually takes one to two business days because SoFi deposits two small test amounts and asks you to confirm them. Once confirmed, transfers between the accounts are typically available within one to three business days, depending on both banks.

Can I deposit cash at an ATM that is not Allpoint?

Yes, if the ATM belongs to a bank or credit union that accepts deposits from non-customers. However, they may charge you a fee — sometimes $2 to $5 per transaction. Call the bank first to ask about their policy before you deposit.

What happens if my check deposit is rejected?

SoFi will notify you through the app and explain why — usually because the image was unclear, the check was damaged, or the amount did not match what you entered. You can resubmit a new photo or deposit the check at a bank branch instead.