The agreement incorporates SoFi's Privacy Policy by reference and states that users consent to data collection, use, and sharing as described in that separate document by using the services.
This analysis describes what SoFi's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision establishes that data collection, use, and sharing practices are governed by a separately published Privacy Policy that is legally incorporated into the Terms of Use, meaning the full scope of SoFi's data practices requires review of both documents together.
Interpretive note: The full scope of SoFi's data practices requires review of the separately published Privacy Policy, which is incorporated by reference but not reproduced in the Terms of Use document; this analysis is limited to what the Terms of Use itself discloses.
The updated terms establish a new holding structure for the SoFi Plus 1% investment match benefit. Previously, members needed to maintain SoFi Plus membership for one continuous year from each deposit settlement to retain the match; the updated terms now require deposits to remain in the investment account for five years to retain the full match amount. The promotional period for this benefit restarted on August 18, 2026 and now runs through an unspecified termination date set by SoFi. Early withdrawal or account closure within the five-year period will result in loss of the match amount, though SoFi removed the explicit cancellation fee language in favor of forfeiture through the holding requirement. A limited-time 1% Deposit Match Offer available August 18-31, 2026 can now be combined with the main benefit if qualifying deposits and holding periods are independently satisfied for each offer.
View change record →The updated terms establish new conditions for SoFi's referral promotion that became effective on August 5, 2026. New account holders must now deposit $500 or more (rather than $50) within 21 days to qualify for the $50 Standard Bonus. For those subscribing to SoFi Plus, the terms now explicitly require that the $10/month payment be processed and validated by SoFi within the same 21-day window. Under the revised promotion period running through September 30, 2026, these higher activation thresholds apply to all new referrals.
View change record →The updated terms accelerate the referral promotion deadline to August 4, 2026, and impose tighter timing requirements on eligible recipients: accounts must open before the promotion ends, and deposits must settle within 21 days of both opening the link and registering or logging in as a SoFi user. This creates a more compressed eligibility window than the previous 21-day window measured from clicking the link alone. For SoFi Plus members, the updated terms now state that SoFi will automatically enable Overdraft Protection linking individual checking accounts to individual savings accounts (and joint accounts to joint accounts), allowing available savings to cover checking overdrafts without fees. You can disable Overdraft Protection at any time through the SoFi app or website, and funds applied to overdraft protection are limited to savings deposits not allocated to a Vault.
View change record →Under this clause, acceptance of the Terms of Use also constitutes consent to data practices described in the Privacy Policy, including sharing of personal and financial data with affiliates and third-party service providers as disclosed in that document.
How other platforms handle this
We will also provide an individual opt-out choice, or opt-in for sensitive data, before we share your data with third parties other than our agents, or before we use it for a purpose other than which it was originally collected.
to request that your data be transferred to a third party (data portability)
Your organization may allow you to access and export your data in order to back it up or transfer it to a service outside of Google.
"Your use of the Services is also subject to SoFi's Privacy Policy, which is incorporated into these Terms of Use by reference. By using the Services, you consent to the collection, use, and sharing of your information as described in the Privacy Policy.Excerpt from SoFi's Terms of Service
(1) REGULATORY LANDSCAPE: Data collection and sharing for financial services customers is governed by the GLBA Privacy Rule, which requires annual privacy notices and opt-out rights for certain information sharing with non-affiliated third parties.
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
Ad personalization controls removed. Contact scanning added. Advertiser data partnerships quietly dropped. A timeline of every change.
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This provision establishes that data collection, use, and sharing practices are governed by a separately published Privacy Policy that is legally incorporated into the Terms of Use, meaning the full scope of SoFi's data practices requires review of both documents together.
Under this clause, acceptance of the Terms of Use also constitutes consent to data practices described in the Privacy Policy, including sharing of personal and financial data with affiliates and third-party service providers as disclosed in that document.
ConductAtlas has identified this type of provision across 290 platforms. See the full comparison.
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