SoFi doesn't accept cash deposits directly, but you have three working routes

SoFi is an online bank with no physical branches, so you cannot walk into a location and hand over cash. Instead, you move money into your SoFi checking account through a third-party ATM network, a transfer from another bank account you own, or a mobile check deposit. The fastest method depends on whether you have access to an ATM in the SoFi network and whether the cash is already sitting in front of you or needs to come from somewhere else.

SoFi members get access to the Allpoint ATM network, which includes over 55,000 ATMs worldwide. You can deposit cash at any of these machines without a fee. If you don't have an Allpoint ATM nearby, you can deposit cash into a checking or savings account at another bank you own, then transfer that money to SoFi electronically. A third option is to use a mobile check deposit if someone gives you a check instead of cash.

Key Takeaways

  • SoFi members can deposit cash at any Allpoint ATM without paying a fee, and the Allpoint network includes over 55,000 machines in the US and abroad.
  • You can find nearby Allpoint ATMs using the SoFi mobile app or the Allpoint ATM locator on their website.
  • If no Allpoint ATM is convenient, deposit cash into another bank account you control, then transfer the funds to SoFi using online banking or ACH.
  • Cash deposits at Allpoint ATMs typically post to your SoFi account within one business day.

Using an Allpoint ATM to deposit cash

This is the most direct route. Open the SoFi mobile app, tap the menu, and select "Find ATMs" to see Allpoint locations near you. You can also visit allpointnetwork.com and search by address or zip code. The map shows which machines offer deposits and which only allow withdrawals.

At the ATM, insert your SoFi debit card and enter your PIN. Select the deposit option, choose checking or savings, and follow the prompts to insert your cash. The machine will count the bills and confirm the amount before the transaction completes. Most Allpoint ATMs accept deposits of up to $5,000 per transaction, though some machines have lower limits. Check the screen or the machine's label if you're depositing a large amount.

The cash typically posts to your SoFi account within one business day. Weekend and holiday deposits may take longer to show up, but the money is yours once the ATM accepts it. If a deposit fails or the machine rejects your cash, the ATM will return it when ready.

Transferring cash from another bank account

If no Allpoint ATM is within reach, deposit the cash into a checking or savings account at another bank you own—a traditional bank, credit union, or another online bank. Once the cash is in that account, transfer it to SoFi using online banking or ACH (Automated Clearing House).

Log into your other bank's website or app and look for "Transfer Money" or "Send Money" in the menu. Select SoFi as the receiving bank and enter your SoFi account number and routing number (SoFi's routing number is 121000248). Name the transfer, enter the amount, and schedule it for the same day or a future date. Most transfers between banks take one to three business days.

Alternatively, you can add your other bank account to SoFi and initiate the transfer from the SoFi app. Go to "Money" or "Transfers," select "Add External Account," and follow the steps to link your other bank. Once linked, you can transfer money from that account into SoFi whenever you need to.

Mobile check deposit if you receive a check instead

If someone gives you a check rather than cash, you can deposit it without visiting a bank or ATM. Open the SoFi app, go to "Deposit a Check" (usually under the Money or Transfers section), and take a photo of the front and back of the check. The app will read the check number, amount, and routing information automatically.

Review the details to make sure they match the check, then submit. SoFi will hold the check for a set period—usually five to seven business days—before the funds become fully available. You can use the money right away in most cases, but the hold protects SoFi if the check bounces.

What happens if you need to deposit a large amount of cash

If you're depositing more than $5,000, you may need to split it across multiple Allpoint ATM transactions or multiple days. Some Allpoint machines have daily deposit limits as well as per-transaction limits, so check the machine's screen or contact SoFi support to confirm the limits at your nearest ATM.

For very large cash deposits, consider depositing into another bank account first, then transferring to SoFi. This avoids the hassle of multiple ATM visits and gives you a clear record of where the money came from. Banks are required to report cash deposits over $10,000 to the IRS, so be prepared to provide identification and answer questions about the source of the funds if you're depositing that amount.

Timing and when the money shows up

Allpoint ATM deposits usually post within one business day. A deposit made on a Monday morning might show up by Tuesday morning. Weekend deposits (Saturday or Sunday) typically post by Monday or Tuesday, depending on when SoFi processes the batch.

Transfers from another bank take longer—usually one to three business days. ACH transfers are slower than wire transfers, but SoFi does not charge a fee for ACH transfers, while wire transfers may cost money at your other bank. Check deposit holds last five to seven business days before the funds are fully available, though you can usually spend the money before the hold lifts.

Frequently Asked Questions

Can I deposit cash at a regular bank ATM if it's not Allpoint?

No. SoFi only partners with Allpoint, so deposits at other ATM networks will not work. You can withdraw cash from non-Allpoint ATMs, but deposits must go through Allpoint. If you need to deposit at a non-Allpoint ATM, deposit the cash into another bank account you own, then transfer it to SoFi.

Is there a fee to deposit cash at an Allpoint ATM?

No. SoFi members can deposit cash at Allpoint ATMs without paying a fee. Some ATM networks charge for deposits, but Allpoint does not charge SoFi customers.

What if the Allpoint ATM rejects my cash?

The machine will return your cash when ready. This usually happens if bills are torn, heavily marked, or too worn for the machine to read. Try a different Allpoint ATM, or deposit the cash into another bank account and transfer it to SoFi instead.

How do I find my SoFi account number and routing number for transfers?

Open the SoFi app, go to your account settings or account details, and look for "Account Information" or "Routing Number." Both numbers are displayed there. You can also find them on any check you order from SoFi, or contact SoFi support to confirm the numbers before you initiate a transfer.

Can I deposit cash into a SoFi savings account instead of checking?

Yes. At the Allpoint ATM, after you insert your card and enter your PIN, you can choose whether to deposit into checking or savings. The process is the same for both account types.