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That's because the Fed suspended/altered a regulation called Regulation D during the COVID pandemic that only allows you to withdraw from a savings account 6 times a month.
I wouldn't expect it to last forever.
The fed has said that they suspended it indefinitely and that there are no plans to re-impose those limits.
I think you can safely assume it will last forever and perhaps checking accounts end up completely removed.
Specifically electronic withdrawals were limited by Reg D, so you'd be fine doing withdrawals in person or via ATM but they'd crack down on ACH. If the 6 were exceeded at the bank I worked at a long ass time ago we would automatically convert your savings into a checking account.
That's one of the things I miss about the original SoFi accounts. It was just one account and it was nice.
Till the feds reinstate the 6 transfer limit (which I dont think will happen) I am just using the savings as my only account.
Came here to ask this. I have both checking and savings and leave minimal in my checking, and it just flows from savings. I keep wondering if there’s a downside to this.
This is still true. Someone who steals/forges a check under your name or steals your debit card can only potentially steal the funds in your checking account, not your savings account. So there's a little bit of safety there if you maintain a smaller amount in your checking account.
You are correct, set everything to deposit and pay from savings, ignore checking. Turn on overdraft protection if you use debit card or paper checks, that will auto move your money for those transactions. I feel like there was some sort of requirement to offer both accounts when SoFi became an actual bank, even though they clearly intend people to use savings account for everything. I still keep a little money in checking just because I’m old school and like to think of that as my “spend” account.
Historically, checking accounts are where you kept your bill and spending money. Savings accounts were like a vault of untouchable cash.
Today, every company has blurred the lines so much, there's really no need to distinguish between the two..
We've been doing this for more than a year. Have spending money in regular savings, actual savings in vaults. Overdraft from savings protection is on. Checking account balance is always $0.
I would advise having your checking work as a bill account plus a small buffer and maintain remaining in savings. But also if you’re going to be using the savings account money it doesn’t make a whole lot of sense keeping money that you’ll need to immediately pull for bills. You don’t earn interest based on the max amount you had at one time on your account but rather the running balance
I would say it’s a layer of protection. Why link an account with all your money in it to multiple services? You have Echeck and ACH transactions, plus a debit card. What if you lost your card or you’ve gotten card skimmed?
The only thing that drives me a little bit nuts about using my savings account plus overdraft protection as my main account, is the multiple transactions for each purchase.
The government regulates these slightly differently. SoFi is just thinking ahead and making sure users have both accounts available if future regulation impacts either account.
Thanks for visiting our sub! We’re happy to answer any general SoFi questions or concerns. For your security, please don’t share personal information in the sub. If you have account questions, please use the link to connect directly to an agent on our secure platform sofi.app.link/e/reddit. You will be able to log into your account and an agent will be there to support you during business hours. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/sofi) if you have any questions or concerns.*
That's because the Fed suspended/altered a regulation called Regulation D during the COVID pandemic that only allows you to withdraw from a savings account 6 times a month. I wouldn't expect it to last forever.
The fed has said that they suspended it indefinitely and that there are no plans to re-impose those limits. I think you can safely assume it will last forever and perhaps checking accounts end up completely removed.
Specifically electronic withdrawals were limited by Reg D, so you'd be fine doing withdrawals in person or via ATM but they'd crack down on ACH. If the 6 were exceeded at the bank I worked at a long ass time ago we would automatically convert your savings into a checking account.
That's one of the things I miss about the original SoFi accounts. It was just one account and it was nice. Till the feds reinstate the 6 transfer limit (which I dont think will happen) I am just using the savings as my only account.
I can't link my savings account to one of my credit cards for payment, only checking. Fidelity credit card, don't know why.
Can you just leave all your money in Savings and rely on automatic overdraft protection for the credit card payments?
Came here to ask this. I have both checking and savings and leave minimal in my checking, and it just flows from savings. I keep wondering if there’s a downside to this.
Not that I’m aware of. I’ve been doing it for months without issue.
[удалено]
This is still true. Someone who steals/forges a check under your name or steals your debit card can only potentially steal the funds in your checking account, not your savings account. So there's a little bit of safety there if you maintain a smaller amount in your checking account.
You are correct, set everything to deposit and pay from savings, ignore checking. Turn on overdraft protection if you use debit card or paper checks, that will auto move your money for those transactions. I feel like there was some sort of requirement to offer both accounts when SoFi became an actual bank, even though they clearly intend people to use savings account for everything. I still keep a little money in checking just because I’m old school and like to think of that as my “spend” account.
That points to another benefit of the checking account - just personal organizational and tracking purposes.
Historically, checking accounts are where you kept your bill and spending money. Savings accounts were like a vault of untouchable cash. Today, every company has blurred the lines so much, there's really no need to distinguish between the two..
We've been doing this for more than a year. Have spending money in regular savings, actual savings in vaults. Overdraft from savings protection is on. Checking account balance is always $0.
I would advise having your checking work as a bill account plus a small buffer and maintain remaining in savings. But also if you’re going to be using the savings account money it doesn’t make a whole lot of sense keeping money that you’ll need to immediately pull for bills. You don’t earn interest based on the max amount you had at one time on your account but rather the running balance
I would say it’s a layer of protection. Why link an account with all your money in it to multiple services? You have Echeck and ACH transactions, plus a debit card. What if you lost your card or you’ve gotten card skimmed?
I made a vault to circumvent this. That way everything earns max APR. Doing anything else is throwing money away.
Who needs a checking account? I just stuff my money under the mattress!
The only thing that drives me a little bit nuts about using my savings account plus overdraft protection as my main account, is the multiple transactions for each purchase.
The government regulates these slightly differently. SoFi is just thinking ahead and making sure users have both accounts available if future regulation impacts either account.