Business Profile

Loans

SoFi

Headquarters

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Important information

Customer Complaint:
BBB’s business profile for SoFi was created in September 2012. A review of SoFi complaints was completed in June 2024.

Consumers are encouraged to review the following links for information on terms of service and security.

https://www.sofi.com/terms-of-use/
https://www.sofi.com/faq/

Complaints

This profile includes complaints for SoFi's headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

2,317 total complaints in the last 3 years.
807 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

Initial Complaint
Date:01/07/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
1/6/23- After noticing a declined transaction with my account for an ATM withdrawal, 4 times I contacted the stated bank to explained why is it that my account transaction was not approved. After calling in 2 times the agents began to mislead the situation stating non-factor transactions and state things such as card being locked. The agents ended the calls without having my permission once I asked to speak with a supervisor. This is an ongoing issue with this bank. With false actions and hanging up the calls.
Business Response
Date: 01/12/2024
Please reference the attached letter.
Initial Complaint
Date:01/07/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
September 19th 2023 I got paid direct deposit from my job. The same day *********************************** was paid I think bill pay I'm not sure my whole paycheck and then some. I immediately contacted my bank to let them know I did not authorize no charges of $160 and $745 I did not make these purchases I was then told that it was a bill pay I did not authorize this bill pay either how's this possible give me the name and the information you have for this bill pay I was not provided with any of that information they said they would investigate and reach out to me through email I couldn't talk to nobody else other than the customer service rep on the 21st I got a reply saying they made a final determination about the claim I made on the 19th they're investigation said they did not find an error and no funds will be credited to my account this is not okay I I'm looking all through that website trying to find some loophole something that can help me they said that they would that I can request the information documents that was used to make their decision so I I sent them a request for what documents they used to come to the conclusion they were not going to pay me I requested maybe four or five disputes later now I'm looking throughout my whole account and I'm seeing all these disputes I've made in the past with my with Amazon I've been having problems with them and Amazon for a long time where money was supposed to be credited to my account but never got credited to my account I was told by customer service credits were made but they lied credits were not made and because the number of disputes I've had with Amazon they I guess started to ignore my cries for help with the Amazon that was being used my account I also found that they had old I changed my address in my phone number with them and they had an old phone number from years ago that they wanted to use with two-factor Authentication I was told my account will be closed and that was that my account is still open we are in **** now
Business Response
Date: 01/16/2024
Please reference the attached letter.
Initial Complaint
Date:01/07/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I signed up for sofi banking and had my check direct deposited into my checking account. A couple days after signing up I got a text saying someone is trying to change the phone number associated with your account if this isn't you give us a call. So I called the number and they froze my account and said they would have to do an investigation. It said I would receive a call back within 24 to 48 hours. 3 weeks later and I still did not receive a call. I kept calling back several times and they said they were still investigating. Eventually they said I would need to do an identification verification by sending in a photo of my drivers license and myself. So I sent in the required information. I have still not received any resolution. I am not able to access my money in my checking account and my direct deposit was not allowed to go into my account. This has been detrimental not being able to access my money. I want access to what is mine so I can close the account immediately. I was also hung up on from several members of the sofi staff when I called. They are very unprofessional.
Business Response
Date: 01/12/2024
Please reference the attached letter.
Initial Complaint
Date:01/05/2024
Type:Product Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On January 5, ****, I was logged into the app. Now I cant see anything. I cant see if the dispute has been resolved and if the money they stole has been returned. I want my money back. I think they did that to the app because they knew I wouldnt be able to get the money back if I couldnt get into the app anymore. Im referring to the $50 Shipt order. Thats ok. I will be closing my account with them. They can just send me a check for the amount in the account.
Business Response
Date: 01/12/2024
We have responded to this complaint previously and no new information has been provided by the consumer.
Please reference to BBB Case # 21056185
Customer Answer
Date: 01/16/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

*************************
Initial Complaint
Date:01/05/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
December 12, 2023 on December 12 or 13, the *** accidentally sent my monthly social security payment to the wrong account at **********************. From talking to agents of SoFi over and over again, I learned that the account to which the payment was sent does not exist. In such a case, SoFi has the responsibility to immediately return the funds to the ******************** but they did not. In fact, SoFi cannot find the funds!They told me that the folks at the *** can call them directly to talk to the "back office" but only if the *** would sign a hold harmless agreement and a waiver of liability. This is not something the *** is inclined to do.in the meanwhile, I have had no income in December and have been totally broke. SoFi should have immediately returned the funds to the ******************** I can't recoup my December payment until the funds are returned to the treasury.
Business Response
Date: 01/12/2024
Please reference the attached letter.
Initial Complaint
Date:01/05/2024
Type:Product Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I am writing to express my deep concern and dissatisfaction regarding the handling of my recent dispute case with SoFi bank. I believe in transparent and efficient communication, and unfortunately, my experience has fallen short of these expectations. On 01/02/2024, I contacted the SoFi bank back office team to inquire about the status of my dispute case and to obtain further information on my eligibility to receive provisional credit during the investigation period. I am willing to comply with any process in place, but the lack of response and information has left me feeling unfairly treated and frustrated. Transaction Date: 12/14/2023, Total Amount: $295.01, Disputed Amount: $295.01. As a valued customer, I expected a timely and courteous response. Unfortunately, despite my efforts to seek clarification, I have not received any communication regarding the details of my dispute case or the status of my eligibility for provisional credit. During my initial conversation with your phone support team on 12/18/2023, I was informed that I should expect to receive provisional credit within 10 business days after filing the dispute. Regrettably, this timeline has not been adhered to, and the absence of communication has further compounded my dissatisfaction. I understand that issues may arise, but the lack of transparency and communication has left me in the dark, unsure of the progress of my case and the reasons for the delay. I am more than willing to cooperate and address any concerns, but I request a clear and timely response to my queries.I kindly ask that you investigate this matter promptly and provide me with a detailed explanation of the current status of my dispute case, as well as clarification on my eligibility for provisional credit. If I am ineligible, I would appreciate an explanation of the reasons behind this decision.
Business Response
Date: 01/12/2024
Please reference the attached letter.
Customer Answer
Date: 01/13/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

Hongxin Sun
Initial Complaint
Date:01/05/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I am writing to file a formal complaint against SoFi regarding a significant issue I have encountered with a fraud dispute. I recently experienced a distressing situation where my wallet was stolen, and unauthorized transactions amounting to nearly $1500.00 were made using my SoFi card. Despite promptly reporting the theft with both SoFi and law enforcement, providing all necessary documentation, and disputing the transactions, my dispute has been repeatedly denied, and to my astonishment, my account was closed due to "dispute abuse." This has resulted in a substantial financial setback for me and my family, particularly during the holiday season.I am deeply disappointed by the way SoFi has handled this matter, as they do not answer the phone, and have nobody I can speak with that can help. I am reaching out to seek assistance and guidance in resolving this issue. Furthermore, I would like to express my interest in connecting with a responsible party at SoFi to address this situation.
Business Response
Date: 01/11/2024
Please reference the attached letter.
Customer Answer
Date: 01/12/2024

Complaint: 21105087

I am rejecting this response because: the documents they provided that caused the disputes to be rejected were inaccurate, as they stated I did not report the card loss within 48 hours when I did the same day on 12/7/2023, and they claimed the pin was used when it was probably not. I replied to them refuting this and they still denied my appeal. I also gave them a police report to prove my wallet was stolen, along with security footage I received from one of the merchants showing someone else was using my card fraudulently. They did not properly assess my claim and I did everything required by federal regulations. They then closed my accounts for no reason, and are accusing me of lying about the dispute and told me my legitimate fraud claim was dispute abuse even though I should have zero liability according to Mastercards zero liability promise that they claim to follow. Regulation E states that if I report my card lost within 48 hours and provide what they ask, which I did, I should not be liable for more than $50.00. I have been a member with SoFi for years and have never done anything to overdraft, or cause issues in my accounts.

Sincerely,

*********************
Business Response
Date: 01/16/2024
Please reference the attached document.
Customer Answer
Date: 01/16/2024

Complaint: 21105087

I am rejecting this response because: Please read previous response. I have responded to SoFi with more than enough proof. I have refuted their claims that the card was not cancelled the same day, and did not commit negligence regarding the pin. I was a victim of a crime. I have provided them with a police report, and security footage of the fraudster. I cant imagine what else I can provide. I am reiterating what I said previously below just in case they did not read it just as they have not with all of my previous emails. I have also attached my proof.:
I am writing to file a formal complaint against SoFi regarding a significant issue I have encountered with a fraud dispute. I recently experienced a distressing situation where my wallet was stolen, and unauthorized transactions amounting to nearly $1500.00 were made using my SoFi card. Despite promptly reporting the theft with both SoFi and law enforcement, providing all necessary documentation, and disputing the transactions, my dispute has been repeatedly denied, and to my astonishment, my account was closed due to "dispute abuse." This has resulted in a substantial financial setback for me and my family, particularly during the holiday season. I am deeply disappointed by the way SoFi has handled this matter, as they do not answer the phone, and have nobody I can speak with that can help. I am reaching out to seek assistance and guidance in resolving this issue. Furthermore, I would like to express my interest in connecting with a responsible party at SoFi to address this situation

Sincerely,

*********************
Business Response
Date: 01/18/2024
*********************
********************************************************

RE: BBB Rejection Case: #********

We have responded to this complaint previously and no new information has been provided by the consumer.

Customer Answer
Date: 01/18/2024

Complaint: 21105087

I am rejecting this response because: I provided all necessary documentation. The business response was not sufficient. They have done nothing to resolve the issue, all they did was provide dates of previous communication. They did not provide documentation as to why the dispute was rejected. They stated I did not cancel the card within 48 hours per policy, and I provided evidence that I did. They stated that I needed to provide a police report, which I did. I also provided security footage of someone else using my card. This is a cut and dry case of fraud and they are refusing to work it properly and are violating regulation E, which I will prove in arbitration if need be.

Sincerely,

*********************
Business Response
Date: 01/22/2024
We have responded to this complaint previously and no new information has been provided by the consumer.
Initial Complaint
Date:01/05/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On 1/5/24 at 143pm I tried to make a cash app payment to my other cash app account.It was cancelled due to unusual activity.I call customer support they explain the same thing to me that it was unusual.I ask what was unusual about it she say she can't give me any more information.I ask to speak to a manager.she tells me there is no more information they can give to **** ask so I can not speak to a manager she say have a nice day and hangs up on me All I want to no was what was unusual about me trying to send money to my own account
Business Response
Date: 01/10/2024
Please reference the attached letter.
Initial Complaint
Date:01/05/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
24 Nov 2023 - I opened and funded an account with ********************** bank after seeing their advertisement about them offering 4.6% on their savings account. My initial (and only) deposit was $500.6 Dec 2023 - I noticed a transaction from my account for the amount of $500. This transaction was labeled as "Pay a Friend" to an individual named *************************. This transaction was not initiated by me, and I am the only person with access to the account.6 Dec 2023 - I immediately notified the back, who proceeded to freeze the account while they investigated. They never communicated with me until they reached their decision.4 Jan **** - I received an email from SoFi explaining that they found no error on the transaction and they would not be refunding my funds. I was also told I could appeal their findings, which I did.5 Jan **** - I was asked to provide more information to support my case, otherwise the case would remain closed.It is a brand new account. I didnt even have the debit cards when the transaction happened. The transaction in question is one of those pay a friend transactions, where you transfer money from your account to someone elses. It even shows the name of the person that received the payment, but I have no idea who it is. I just have no way to prove that. Its scary that there is no protection against it. The bank found no errors on the transaction, so thats it. Ive gotten no information from them about how the transaction happened or what criteria they used to validate it.I don't have any supporting documents to upload because I didn't initiate the transaction. There are no documents that prove I didn't make that payment.
Business Response
Date: 01/10/2024
Please reference the attached letter.
Initial Complaint
Date:01/04/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
They have froze my account for no reason and denied me access to my money.
Business Response
Date: 01/10/2024
Please reference the attached letter.
Customer Answer
Date: 01/11/2024

Complaint: 21100263

I am rejecting this response because
They froze my account for 4 days which I had no access to my money for a simple date issue that wasn't an issue they finished the review on the 5th but yet still kept the freeze on for three additional days. I received no notice that they were going to freeze my account they just froze it I had to decline transaction is how I found out this is not appropriate communication they should have called me and we could have cleared it up on the phone very unethical. I called to try and work it out on the phone but was not able to talk to anyone to resolve seems this is an automated system that is very out of touch with customer service.

Sincerely,

*****************************
Business Response
Date: 01/15/2024
Please reference the attached document.

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SoFi is NOT a BBB Accredited Business.