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.
810 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:04/12/2023
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.
Sofi has a promotion where you send a link to a friend for a savings account. If they open a checking and savings account with your link you get $50 and the friend gets $25. I sent the link to my friend and she signed up for a checking and savings account with my link infront of me. Now sofi is saying the link was never sent and I am not entitled to the $50 reward. The only reason my friend signed up is because of my refferal.
Business Response
Date: 04/18/2023
Please see the attached document. Thank you.
Initial Complaint
Date:04/12/2023
Type:Billing 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 tried making sofi banking account and I realized my ssn has been used before and therefore I get a non valid ssn and denied application. My name is ****************** muhire my address is **************************************************************************, my ssn is *********
Business Response
Date: 04/19/2023
Please see the attached document.
Customer Answer
Date: 04/19/2023
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is NOT satisfactory to me.

AND NEED THE FORM THAT I NEED TO SEND TO SOFI FOR THEM TO INVESTIGATESincerely,

***********************
Initial Complaint
Date:04/11/2023
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.
This complaint is against sofi bank my checking account number # ************ There were fraudulant unauthorized charges from merchant: ACI credit one bank, n.a.when i notice the transactions i had my debit card ending in **** shut down and replaced to prevent further fraud.i immediately disputed each transaction as unauthorized with case Dispute #******* and case dispute Dispute #******* total unauthorized monetary lost is ******** debited from my debit card.These fraud transactions were debited online not physical.I contacted aci credit one bank fraud department and was advised to dispute each unauthorized transactions and once they recieved sofi dispute they will chargeback each unauthorized transaction.I the consumer followed directions and filed dispute immediately when i notice the unauthorized high amounts debited from my checking account.on april 11, 2023 i recieved email from sofi back office team stating they denied each fraud transaction that i put in dispute as unauthorized. sofi did not even send disputes in question to aci credit one bank as i confirmed.sofi is not in compliance in helping the customer recoop its monetary lost and failed to process and file each unauthorized transaction to recover my funds lost.I also contacted mastercard international who also stated to me that sofi bank was not in compliance in denieing unauthorized transaction. All customers are protected under the **** and mastercard network when it comes to unauthorized transaction.Resolution seeking:I will seek an highly paid attorney to *** for court cost, pain n suffering, mastercard intl violations relating to dispute procedures. if sofi bank do not reopen these fraud unauthorized transactions and send these disputes listed above to aci credit one bank n.a.so they can chargeback so my funds are recovered.I am seeking my provisional credit given by law within 10 buisness days credited back into my account checking account totaling ********
Business Response
Date: 04/18/2023
Please see the attached document. Thank you.
Customer Answer
Date: 04/18/2023

Complaint: 19923137

I am rejecting this response because:
I sent sofi numerious emails to appeal both cases with additional information from the merchant and the merchant stated sofi never sent disputes to them to chargeback
each unauthorized transaction. i requested an appeal on both cases and sofi has not responded back to me. i need confirmation that both dispute cases are re-open and sent to the merchant for resolution.
the merchant is willing to resolved my dispute however the merchant stated sofi needs to be in compliance with dispute procedures and send the merchant the dispute complaint for chargeback.
i really do need my money returned and really do need sofi dispute team to re-open both denied claims so far ive been ignored by sofi with no help and no one to call on this issue.
Business Response
Date: 04/24/2023
Please see the attached document.
Customer Answer
Date: 04/27/2023

Complaint: 19923137

I am rejecting this response because:

4/26/2023

re: sofi checking account # ************
re: account closure check ********

Dear ********************** bank,

This email is to inform you i am still waiting on a official check of funds owed to me of totaling ********
from my sofi checking account that was closed.
As of todays date i still have not recieved funds owed to me.

I do not appreciate corporate office sending me ridiculas letters of my dispute reasons for denial when in fact ********************** bank did not help the consumer retrieve or file normal dispute
process to the merchant for resolution. Instead sofi bank elected to not send dispute to merchant after customer numerious times states the aci credit one bank n.a
were unauthorized, but still sofi elected to say no error occured. For the correction the disputes that sofi denied was an error and unauthorized as merchant
returned 8 credits refunded back to debit card ending in ****
due to my unwanted account closure and unwanted dispute denials and no cooperation from sofi and possible discrimination and possibly sofi violated their own terms and conditions
in assisting consumer dispute right. instead you had the consumer fight with merchant to refund the unauthorized charges back to my checking account.

When i recieved my official check of ******** rightfully owed to me.

When i recieved ******************** from bbb.org and ftc and from merchant ACI credit one bank n.a

I am pursuing to sue ********************** bank because i feel my rights were violated in many ways.

I am demanding a official check immediately sent to my mailing address above for total amount owed to me with 7 buisness days from to date.

Also ACI credit one bank contacted me to inform me that they are refunding the sofi debit card ending in **** for transaction date: 03/20/2023 amount of 1,097.67

this was process and refunded on ***** 25,2023 i am requesting you research to find that additional credit the merchant refunded on my lost & stolen card.

you have record and noted you recieved the other 7 transactions that aci credit bank n.a refunded back i also confirmed that with merchant as well and from esculations of sofi
sent me a ridiculas priority express letter thinking it was my official check instead it was a ridiculus letter i already responded to on ***** 24,2023 to give my concept to respond back to bbb.org

what is not ridiculas is sending me a priority express check for ******** owed to me in my disputes that were denied.

If no error occured as sofi stated the merchant would not have returned any funds rightfully owed to me there youre false statement and conclusions to deny my original dispute
and close my accounts on ***** 19, 2023 stating i may have volated sofi deposit terms is false and bogus and i have proof.

I believe i was stargeted and discriminated against and retailated against for account closed for retaliation for bbb,org and ftc complaints.

A lawyer needs to look into this i have numerious coorepondence from merchant and sofi

i dont appreciate sofi bank contacting aci credit one bank on ***** 19,2023 on my behalf i did not give you permission to do so because you already denied both dispute claims on ***** 11,2023

you only contacted the merchant because of my additional correspondence ive sent you stateing the merchant is refunding the disputed transactions.

its too late thou because the dispute process sofi bank was in violation for the consumer.

once again i am requesting an official check mailed in total of ******** owed in my force closed sofi checking account.

I do have bills to pay and i need my money as soon as possible prioty express from esculation sounds good, like you sent me silly letters in priority i like my check the same way sent.

Business Response
Date: 05/17/2023
Please see the attached document. Thank you.
Business Response
Date: 05/19/2023
Please see attached
Customer Answer
Date: 05/21/2023

Complaint: 19923137

I am rejecting this response because:

sofi is instructed credit one bank to contact aci worldwide because the ******** was credited back to my closed sofi checking account to closed debit card ending in 2355
sofi was also instructed by me in writting and email to open denied appeal disute case with new evidence as of to days date sofi bank has still failed to file a simple debit card unauthorized dispute for
transaction date 3/18/2023 amount ******** merchant name: ACI credit one bank

sofi violated it's own terms in conditions in handling a dispute for the consumer sofi claimed no error occured but i have evidence attached evidence by merchant
sofi is responsible to retrieve the lost funds from my closed checking account a formal dispute must be submited by 60 days
this issue will be forwardered to an attorney if not resolved if sofi legaly dont send me a check for the remaining amount owed to me of ********
weither my sofi account is closed or not it's still sofi bank responsibility to reopen account and post that refund sent back into my debit card

i have also recieved a respnse from aci worldwide they as well instructed sofi to post this credit back into my closed checking account threw their card processer dept.
*****************************
ACI Payments research found that the consumer, *******************, initiated a chargeback on 4/24/2023. In response to the chargeback, ACI Payments debited Credit One the amount of chargeback ($********) on 4/26/2023. The funds were then passed from ACI Payments to the card processor, who in turn credited the issuing bank of ************** debit card. In accordance with Mastercard rules, the issuing bank can hold the funds for a period of time to allow the chargeback to be disputed. In this case, the dispute period ends on 6/4/2023.

At this time, neither ACI Payments nor Credit One are in possession of the funds owed to ************* The funds are with the issuing bank of ************** debit card waiting to be released. ACI Payments has reached out to the card processor in an attempt to expedite the chargeback process. That request is currently pending with the issuing bank of ************** debit card.

Business Response
Date: 05/30/2023
Please reference the attached document.
Customer Answer
Date: 06/03/2023

Complaint: 19923137

I am rejecting this response because:

i have requested sofi bank to appeal dispute charge of 1,097.67 posted 3/20/2023 due to new evidence due to credit not posted.
the merchant aci and credit one bank instructed sofi to follow dispute procedures

enclosed is attachments of new evidence to support my appeal request to dispute charge for credit not posted when merchant returned credit.

Business Response
Date: 06/13/2023
Please see the attached document. Thank you.
Customer Answer
Date: 06/13/2023

Complaint: 19923137

I am rejecting this response because:

sofi still owes me ******** and is waiting on a check owed to me due to ( credit not posted ) i cannot closed out this bbb intil this issue is resolved
sofi has proof reciept from merchant i emailed that aci did return credit back to my old debit card linked to my checking account
********************** was to open dispute as merchant requested sofi to follow dispute procedures and they attached proof which i enclosed again
sofi need to file a dispute on my behalf and post credit back into my closed sofi checking account and debit to withdraw and mail me a check owed to me.
Customer Answer
Date: 06/18/2023

Complaint: 19923137

I am rejecting this response because:

sofi contacted me on june 14, 2023 with letterhead saying they are reopeining my ******** dispute with the additional evidence from merchant aci worldwide
and that they will have a resolution about my funds owed to me that was never posted to my checking account. and was disputed as credit not posted
see attachment of evidence and request bbb.org to keep my complaint open since sofi said they will have a resolution by june 22, 2023
i am requesting a cashier check from sofi to my mailing address for the dispute amount owed to .
Business Response
Date: 06/26/2023
Please reference the attached document.
Initial Complaint
Date:04/11/2023
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.
On April 6, 2023 I got a call saying there were fraudulent charges to my SoFi bank account, coming from a number posted on the SoFi customer service website. They said I needed to change my password, I followed the directions, only to find out I was being scammed. The scammer successfully made 3 transactions on my account: $417.00, $4500.00, and $83.00. I immediately called customer service directly and had them freeze the account and dispute the charges. The scammer also attempted to transfer $5000.00 from an external bank account connected and SoFi was able to stop the transaction. On April 7, I received an email saying I had only disputed one of the charges ($4500.00) and they were asking about the other ($83.00). I, again, confirmed that all 3 charges were fraudulent and should not be processed. I have called every day since the incident and keep getting the same answer: "the account is under investigation and we cannot provide a timeline at this time." I find this completely unacceptable as someone who is completely financially independent and has bills to pay. My account is locked and I cannot get an answer.
Business Response
Date: 04/14/2023
Please see attached.
Initial Complaint
Date:04/10/2023
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 March 24th I got a call with the caller ID of my bank at 4:23pm. I pick up the call and a man begins to run through the exact prompts and voice structure that my bank has telling me my credit card has been compromised and begins to run me through some transactions that I didn't recognize. He then runs me through the process to order another credit card. The whole time we are speaking, the emails, and confirmation texts all come through my banks threads/accounts. He then says my account has been compromised and we need to change my password, prompting me to use a password and to change it again once I got my credit card.This call was 12 minutes long. Before I could realize what had happened and that it didn't feel right not long at 4:40pm I receive an email that $5,000 has been sent to a ***********************. I have no idea who this person is nor would I have authorized this transaction. They pulled this money from my debit checking/savings account as I had more money in my savings and the Sofi naturally moved money to pay for this transaction. I immediately call my bank and noticed that the numbers of the regular bank support is close but not the same number as the one that called me. I immediately filed a report of this transaction and they told me they had it filed as urgent and someone will be reaching out soon. I also immediately changed my password again. It was radio silence from my bank and I had to make calls the following week every other day to see the status of this issue. No one was helpful and there were loads of conflicting information when I spoke to several different individuals. I am mostly told they can't connect me directly with the investigation team and I have to wait to be reached out to. It has since been two weeks now and I have not been contacted or received any updates.
Business Response
Date: 04/20/2023
Please see the attached document. Thank you.
Customer Answer
Date: 04/25/2023

Complaint: 19920796

I am rejecting this response because the business has now closed my account without providing specific detail on why and hasn't been communicating or looking out for my better interest as their customer. No physical mailed letter has been received either with further information.

Sincerely,

*******************************
Business Response
Date: 05/05/2023
Please see the attached document.
Customer Answer
Date: 05/10/2023
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:04/10/2023
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.
There was an account takeover where someone gained access to my account and made transactions to themselves I assume to the amount of $5000 and sofi contacted me before and after the incident on 3/27 it is now 4/10 and multiple calls later but no update are change with the funds being sent back or my account being unfrozen
Business Response
Date: 04/13/2023
Please see the attached document
Initial Complaint
Date:04/10/2023
Type:Product 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 want them to either unfreeze my account or return the **** dollar check that caused them to freeze my account. I have tried talking to them through email and have been told I have to call. When I call nobody answers and then they call back within a 3 hour period and usually when I am home and lack good cellphone service. They refuse to tell me what part of the user agreement that I violated and are holding my money hostage when I really am in need of it and it seems they really don't care and in no way putting in any effort to clear this up. I've never had any check issues in my past and I'm starting to feel like I'm being judged like I'm some kind of criminal because I'm not wealthy.
Business Response
Date: 04/12/2023
Please see attached.
Initial Complaint
Date:04/10/2023
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.
SoFI denied my personal loan application based on not being able to verify identity. They never asked for more information on my identity or that of my wife. When I called for further explanation, the extremely rude customer service lady on the phone just kept reading that line in the letter over and over again. I didnt ask to review again, just for further explanation. She said if I didnt agree with their decision then I could reapply. Why would I reapply with an organization that says they dont believe I exist and have my credit hit twice? I asked if they needed a copy of birth certificate or social security card or FaceTime call to show all documents and she said they had everything they needed and couldnt verify identity.
Business Response
Date: 04/12/2023
Please see attached.
Initial Complaint
Date:04/10/2023
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.
At the end of February as well as the beginning of March, I noticed multiple transactions from ****** Play games that I had not initiated. I reached out to SoFi and they filed disputes on my behalf. After a few days I received credits for multiple charges that they found fraudulent. I ended up having to get three different debit cards at the time because every time I filed a dispute they would give me a new card. They have a feature that allows you to put your card on ****** Pay so you can use it while you wait on your card. I needed to be able to have access to my money so I put it in there. Bad mistake. Every time I did, I would have issues. On Wednesday, I got a notification that my debit card was being closed due to violating some terms of their agreement. I could not figure out why. I called and they refused to give me specifically what I had violated and would not give me access to a new debit card. Shortly afterwards they sent me an email stating that two of my other disputes were denied. They are using information about previous charges that I did not make, that they approved was fraudulent to make their current decision.I am appalled at the way I have been treated. I never made any transactions to the companies in question. I have been dealing with severe medical issues that have caused me to sleep a majority of the time when I am not at work. I want the denied disputes reversed and a debit card to be reissued to my account.
Business Response
Date: 04/17/2023
Please reference the attached document.
Customer Answer
Date: 04/20/2023

Complaint: 19915889

I am rejecting this response because the bank approved all but 4 of the transactions stating they were fraudulent even though the dates coincide with dates they did approve. At this point, the only recourse I want is for the negative balance to be erased and not be held responsible for it due to their insolence and inconsistencies in their investigations. At this time, I want my account closed.

Sincerely,

*************************
Business Response
Date: 04/27/2023
Please see the attached document. Thank you.
Customer Answer
Date: 04/29/2023

Complaint: 19915889

I am rejecting this response because it is a generic response from them. I am again requesting my balance be zeroed out and account closed. This is the only outcome I will accept

Sincerely,

*************************
Initial Complaint
Date:04/08/2023
Type:Service or Repair 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.
This bank approved a chargeback made against our company when the customer was blatantly lying about receiving a device. The customer signed for a package after showing ID (we required direct signature confirmation) and then claims they did not receive it. We provided proof of ****************** to the bank but they still gave the person their money back. This was clearly a case of someone just trying to get a product from a company for free and SoFi let that happen.
Business Response
Date: 04/12/2023
Please see the attached document.
Customer Answer
Date: 04/14/2023

Complaint: 19912698

I am rejecting this response because: it is not an actual response, just a notification of receipt. Since we have made the initial complaint we received confirmation from the customer that they did in fact receive the device. We have proof of this now.

Sincerely,

*****************
Business Response
Date: 04/25/2023
Please reference the attached document.
Customer Answer
Date: 05/03/2023
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********. This complaint is no longer necessary as we were able to get the customer to return the item to us. Please be aware that our mutual customer was indeed attempting to scam both of our companies.
Sincerely,

*****************

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SoFi is NOT a BBB Accredited Business.