Transitioning banks can seem like a daunting task, but with a clear plan, it can be a smooth and rewarding experience, especially when moving to a digital-first platform like SoFi. If you're currently with Wells Fargo and considering the switch, you're in the right place! SoFi offers competitive APYs, no monthly fees, and a user-friendly mobile experience, which can be a significant upgrade for many.
Let's dive into a comprehensive, step-by-step guide to make your move from Wells Fargo to SoFi as seamless as possible.
Step 1: Get Excited About Your New Financial Home!
Before you even start, take a moment to understand why you're making this move. Are you looking for higher interest rates on your savings? Fewer fees? A more modern banking experience with robust mobile features? Understanding your motivations will keep you engaged and motivated throughout the process. SoFi aims to be a one-stop shop for your financial needs, from banking to investing and even loans, all accessible through their intuitive app. Imagine managing your entire financial life from the palm of your hand!
Step 2: Open Your New SoFi Account
This is where the magic begins! Opening a SoFi account is generally a quick and straightforward process.
Sub-heading 2.1: Gather Your Information
Before you begin the online application, have the following readily available:
- Government-issued photo ID: (e.g., driver's license, passport)
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Your primary address
- Employment information (employer's name and address)
Sub-heading 2.2: The Application Process
- Visit the SoFi website or download the SoFi app. Look for the "Banking" section to open a SoFi Checking and Savings account.
- Select "Get Started" and choose between an Individual or Joint account.
- Enter your personal details such as your Date of Birth, citizenship status, and primary address.
- Provide your SSN or ITIN and employment status.
- Verify your phone number via a one-time code sent to your device.
- Review the legal disclaimers, check the box, and submit your application.
You'll typically receive instant approval or a quick decision. Once approved, SoFi will automatically open both a Checking and Savings account for you, along with issuing a SoFi Debit Mastercard®.
Step 3: Fund Your New SoFi Account
Now that you have your SoFi account, it's time to start moving your money!
Sub-heading 3.1: Initial Deposit
You can make an initial deposit to your SoFi account through various methods:
- Electronic Funds Transfer (EFT) from your Wells Fargo account: This is often the easiest way. You can typically initiate this from your Wells Fargo online banking by adding your new SoFi account as an external account using its routing and account numbers.
- Mobile check deposit: Use the SoFi app to snap a picture of a check.
- Wire transfer: While possible, this may incur fees from Wells Fargo.
Sub-heading 3.2: Gradual Transfer of Funds
It's crucial not to close your Wells Fargo account immediately. Instead, keep it open for a few weeks or even a month or two while you transition. This allows you to catch any lingering automatic payments or direct deposits. Start by transferring a portion of your funds to SoFi to get comfortable with the platform.
Step 4: Update Your Direct Deposits to SoFi
This is a critical step to ensure your income goes to your new account.
Sub-heading 4.1: Access Your SoFi Account and Routing Numbers
You'll need your SoFi checking account number and routing number. You can easily find these within the SoFi app or on their website in your account details.
Sub-heading 4.2: How to Change Direct Deposit
SoFi provides several convenient ways to do this:
- Use your account and routing number directly: Many employers have an HR portal or a payroll system where you can update your direct deposit information yourself. Simply log in and enter your SoFi details.
- Download, sign, and submit a pre-filled direct deposit form: SoFi offers a pre-filled form that you can download from their website or app. Just sign it and submit it to your employer's payroll department.
- Connect to your SoFi Checking and Savings account online: SoFi's platform allows you to connect directly to many employer payroll systems through their online portal or app, simplifying the process.
Verify with your employer's payroll department that the direct deposit change has been processed. It might take one or two pay cycles for the change to fully take effect.
Step 5: Transfer Automatic Payments and Subscriptions
This step requires careful attention to detail to avoid missed payments.
Sub-heading 5.1: Review Your Wells Fargo Statements
Go through your last few Wells Fargo bank statements (at least 3-6 months) to identify all recurring payments and subscriptions. This includes:
- Utility bills: Electricity, water, gas, internet
- Loan payments: Mortgage, car, student loans
- Credit card payments
- Insurance premiums
- Subscription services: Netflix, Spotify, gym memberships, streaming services, online gaming
- Rent/Mortgage payments
- Any other automated debits or transfers
Create a checklist of all these payments.
Sub-heading 5.2: Update Payment Information with Each Biller
For each item on your checklist, you'll need to:
- Log in to the biller's website or app and navigate to their payment settings.
- Update your payment method to use your new SoFi debit card number or your SoFi checking account and routing number for ACH payments.
- Confirm the change and note down the effective date of the new payment method. Consider setting up new automatic payments a few days before the due date to allow for processing time.
Sub-heading 5.3: Cancel Wells Fargo Bill Pay (if applicable)
If you were using Wells Fargo's online bill pay service to send payments, you'll need to cancel those recurring payments within Wells Fargo's system and set them up again directly with SoFi (if SoFi offers a similar service for your billers) or directly with the biller.
Step 6: Move Remaining Funds and Close Your Wells Fargo Account
Once you're confident that all direct deposits and automatic payments have successfully transitioned to SoFi, it's time for the final step.
Sub-heading 6.1: Transfer Remaining Balance
Ensure your Wells Fargo account balance is zero or close to zero, with no pending transactions. You can transfer any remaining funds to your SoFi account via an electronic transfer.
Sub-heading 6.2: Closing Your Wells Fargo Account
Wells Fargo generally does not allow you to close accounts online. You have a few options:
- Call Wells Fargo Customer Service: This is a common method. Call them at 1-800-TO-WELLS (1-800-869-3557) and inform them you wish to close your checking and/or savings account(s). Be prepared for them to try and retain you as a customer.
- Visit a Wells Fargo branch: If you have a local branch, you can go in person and speak to a banker to close your account. This can sometimes be faster and more direct.
- Mail an Account Closure or Partial Withdrawal Request form: You can download and send this form by mail.
Before closing, ensure all checks you've written have cleared and there are no outstanding debits or credits. You may want to wait a few days after transferring the final balance to be absolutely certain.
Step 7: Monitor Your Accounts
Even after closing your Wells Fargo account, it's a good practice to monitor your SoFi account closely for the next month or two. This helps ensure that all expected deposits are arriving and all payments are being made from your SoFi account without issue.
Congratulations! You've successfully switched from Wells Fargo to SoFi! Enjoy the benefits of your new financial institution.
10 Related FAQ Questions
How to find my SoFi account and routing number?
You can easily find your SoFi Checking and Savings account number and routing number by logging into your SoFi account on the SoFi app or website, usually under your account details or settings.
How to set up direct deposit with SoFi?
You can set up direct deposit with SoFi by providing your employer's payroll department with your SoFi account and routing numbers, submitting a pre-filled direct deposit form provided by SoFi, or by connecting your SoFi account online to your employer's payroll system through the SoFi app or website.
How to transfer money from Wells Fargo to SoFi?
You can transfer money from Wells Fargo to SoFi by initiating an external transfer from your Wells Fargo online banking by adding your SoFi account details, or by using mobile check deposit via the SoFi app if you have a check.
How to close my Wells Fargo account online?
You generally cannot close your Wells Fargo account online. You will typically need to call Wells Fargo customer service at 1-800-TO-WELLS (1-800-869-3557) or visit a physical Wells Fargo branch to close your account.
How to ensure all my automatic payments are transferred?
To ensure all automatic payments are transferred, thoroughly review your Wells Fargo bank statements from the last several months to identify all recurring debits. Then, individually update the payment information with each biller to reflect your new SoFi account details.
How to avoid overdrafts during the transition?
To avoid overdrafts, keep a sufficient balance in your Wells Fargo account during the transition period. Do not close your Wells Fargo account until you are certain all direct deposits and automatic payments have successfully transitioned to SoFi.
How to make cash deposits into my SoFi account?
SoFi is an online-only bank, so you cannot make cash deposits directly at a SoFi branch. You can make cash deposits at participating retail locations through networks like Green Dot, though a fee may apply.
How to know if my direct deposit has switched to SoFi?
You will know your direct deposit has switched when you see your paycheck deposited into your SoFi account. It's advisable to confirm with your employer's payroll department and monitor your SoFi account closely after making the change.
How to manage my Wells Fargo credit cards after switching banks?
If you have Wells Fargo credit cards, they are separate from your checking/savings account. You can continue to manage them as usual, but you'll need to update the payment method for your credit card bills to be paid from your new SoFi account.
How to get help if I encounter issues during the switch?
If you encounter issues, first refer to the online help sections or FAQs of both Wells Fargo and SoFi. For specific account issues, contact their respective customer service lines. SoFi's customer support can assist with setting up direct deposits and understanding their platform.
