ComplaintsforSoFi
Additional Complaint Information
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/
Need to file a complaint?
BBB is here to help. We'll guide you through the process.
Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
12/22/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
There are several transaction dates that are on my Credit Card account. Apparently the problem that I am having started just last night when I tried to pay for my items at my local dollar store. When I called the SoFi Credit Card phone number it went to an automated lady that kept saying the process couldn't be made at this time. So when I talked to someone and the credit card department they told me that there was a hold on my account and gave me an email to email the sofi credit card fraud department because they are the only ones that can take the hold off my account. But the thing is no kind of fraud has been made with my credit card so I don't understand why they cut it off when I still have a credit balance I need to use. Is there any possible way that you can help me, with this issue. Because honestly I'm not going to pay the balance that I owe on my credit card if I can't even use it because that is clearly not right. Thank you for your time and I hope to hear back from you soon.Business response
12/30/2021
December 30, 2021
Better Business Bureau
**************************************************************************************
RE: Better Business Bureau Case #********; *************************
To whom it may concern:
We are in receipt of your letter received December 22, 2021 regarding the above referenced individual. We are reviewing the customers concerns and sending a response directly to the customer with a disclosure consent form. Upon receipt of the signed disclosure consent form from the consumer, we will forward a copy of the response to your office.
Please do not hesitate to contact our office if you have additional questions or concerns.
Thank you.
Customer Relations
**********************Initial Complaint
12/21/2021
- Complaint Type:
- Order Issues
- Status:
- Answered
I received a loan request preproval from SOFI, as a former customer who has 2x paid in full loans, I am requesting to utilize the marketed services once more. My average credit score is 740. They require 680. I have served active duty militray over 18 years, and with a guaranteed promotion coming that will signidicantly imcrease my income beyond what I have disclosed for the loan. I have provided every required document they requested, from financial, to official government proof of employment, etc. They are still giving me the run around. Now i am not sure if this is a problem with my family being multi-ethnic. One agent seems to be unpleased with every official document I sent, stringing us along. They are not honoring their preapproval, they are not accepting official government proof of income and employment as enough. Its insane this process is dragging on after they stated prr-approval. I even requested a military supervisor assist, by having that higher ranking officer emailing SOFI with additional proof of my status, salary, and employment. I've provided everything and now they are changing the original loan request they already pre-approved to substantially less than original. I know for a fact we are not the 1st complaint on their loan process. Seems impossible. Maybe they are not complying with my request since I prepaid off two former loans with them in the past, as a perfect borrower, and they lost $. Should I apologize for paying off two previous loans in full early.....Business response
12/29/2021
December 29, 2021
Better Business Bureau
**************************************************************************************
RE: Better Business Bureau Case #********; ***** Soscia
To whom it may concern:
We are in receipt of your letter received December 21, 2021 regarding the above referenced individual. We are reviewing the customers concerns and sending a response directly to the customer with a disclosure consent form. Upon receipt of the signed disclosure consent form from the consumer, we will forward a copy of the response to your office.
Please do not hesitate to contact our office if you have additional questions or concerns.
Thank you.
Customer Relations
**********************Initial Complaint
12/17/2021
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Resolved
Several months ago, I had referred my brother ***** to consolidate his student loans with SoFi. There was a referral bonus of $310 payable to each of us for opening a SoFi Student Loan account. My brother clicked through the link, completed the steps and consolidate his remaining private student loans with SoFi. Neither of us received the $310 bonus. Instead, over the course of the next several months, we were given the run-around by SoFi. They claimed that we would have to sign W-9 forms before the bonus was paid. These forms were submitted to and received by SoFi in July and again in September. Still, the bonus was not paid. They are now claiming that there is a term, which didn't exist at the time we completed this transaction, that now prevents them from paying out on the referral bonus. They had never communicated this before, and are very clearly stonewalling us in our attempts to get paid for this referral.Business response
12/27/2021
December 27, 2021
Better Business Bureau
**************************************************************************************
RE: Better Business Bureau Case #********; *******************************
To whom it may concern:
We are in receipt of your letter received December 17, 2021, regarding the above referenced individual. We are reviewing the customers concerns and sending a response directly to the customer with a disclosure consent form. Upon receipt of the signed disclosure consent form from the consumer, we will forward a copy of the response to your office.
Please do not hesitate to contact our office if you have additional questions or concerns.
Thank you.
Customer Relations
**********************Customer response
01/02/2022
Better Business Bureau:
I have reviewed the response made by the business in reference tocomplaint ID ********, and find that this resolution is satisfactory to me.
Sincerely,
*******************************Initial Complaint
12/16/2021
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
Their were 4 fraudulent charges that So Fi allowed to go through. These charges were made in ********* in the amount of $145.70, $122.74, $86.84, $50.35 ($405.63 total) on December 15th, 2021. I have attempted to call them several times and am told that I need to leave a message for their fraud department, which I did and am still waiting to hear. I call back and ask for a supervisor and am told I need to wait for 48 hours for a supervisor to call me. In the meantime, my account is drained and I have no funds to do anything, i.e. get gas, food, etc. Sofi is completely inadequate to handle people's financial needs. Yet, you have to leave messages for departments that you need dire help from and wait for days to call you back. Overall, I have called 6 times in the last day and chatted through their online service with the same script, I will receive a call back. I am then told that I will have to wait for 90 days to see a resolution to this fraudulent activity AND wait till the transactions post from pending and that this can take up to 5 days, this is completely unacceptable. Sofi is completely incompetent to be in the financial business.They allowed this to happen, their fraud department obviously is not flagging international transactions and allowing this to happen. I have emailed, called and chatted with this business with zero help.Business response
12/22/2021
December 22, 2021
Better Business Bureau
**************************************************************************************
RE: Better Business Bureau Case #********; *************************
To whom it may concern:
We are in receipt of your letter received December 16, 2021 regarding the above referenced individual. We are reviewing the customers concerns and sending a response directly to the customer with a disclosure consent form. Upon receipt of the signed disclosure consent form from the consumer, we will forward a copy of the response to your office.
Please do not hesitate to contact our office if you have additional questions or concerns.
Thank you.
Customer Relations
**********************Initial Complaint
12/15/2021
- Complaint Type:
- Product Issues
- Status:
- Answered
On Sunday, October 17, 2021, I became aware that my SOFI account had been hacked. The hacker sold my stocks and bitcoin and transferred the money to their own bank account, a total of $740.00. On October 18th, I called SOFI to try to get help with restoring my stocks or getting my money back. After a long hold, I was told that my issue would be turned over to the fraud department. At that time, restrictions were placed on the account and I have not able to gain access to the remaining money that I have left in the account. I have called several times, but the phone connects to the fraud department and I have to leave a message. I called Money customer service in November to get an update, and the representative did not have information. Since that time, no one from Sofi has contacted me regarding my account.Business response
12/23/2021
Please reference the attached document.Initial Complaint
12/15/2021
- Complaint Type:
- Product Issues
- Status:
- Answered
This company opened an account (SoFi money card) without my consent. I applied for a personal loan to be direct deposited to my bank account. I applied for this loan to cover my relocation expenses across country. When they funded this card it was sent to my old address where I can't access it. I needed this money urgently to afford a place to rent/sleep. I have been sleeping out of my car as a result of not having the funds. I have called and asked for them to transfer the money to my bank account where it was supposed to go and they claim they cannot and I have to do it through bank linking, which takes 2 or more days. If the account had been funded correctly the first time without opening a product that I hadn't asked for (the money card) none of this would be a problem.Business response
12/21/2021
December 21, 2021
Better Business Bureau
**************************************************************************************
RE: Better Business Bureau Case # ********; *************************
To whom it may concern:
We are in receipt of your letter received December 15th, 2021, regarding the above-referenced individual. We are reviewing the customers concerns and sending a response directly to the customer with a disclosure consent form. Upon receipt of the signed disclosure consent form from the consumer, we will forward a copy of the response to your office.
Please do not hesitate to contact our office if you have additional questions or concerns.
Thank you.
Customer *********************************** Securities, LLCInitial Complaint
12/13/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
My bank account has been locked and I can not get them to unlock it cause the people I need to talk to doesn't answer the phone and I have voice mail after voicemail to not get a call back I have been dealing with this for 14 days since my ssdi check went In to my account I'm starving my kids are straving I can not pay my bills I may end up homeless because of this I have missed important doctors appointments and etc I just need help or if u could tell meof a lawyer that will help me this is the worst bank I have ever seen in the world please helpBusiness response
12/22/2021
Please reference attached document.Initial Complaint
12/11/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
11/30 transferred 50k over from my bank account to sofi Invest account. 6 days later after all clearing and sofi holding policy I was able to invest it all or withdrawal. I tried to invest 10k lost $200 and all together decided I dont want to invest anymore. In that time framed I closed the account I initially funded the account with and opened another account just better interests rate but same ***** Fargo branch. I tried to withdraw $49,851.88 and the status of the withdrawal wouldnt change. I called customer service he told me it will most likely reject due it being a different account funded. I then emailed the ceo proof of account being closed and uploaded a bank statement of the account Im trying to withdrawal too with name and address being the same only to be told all ach transfers has been restricted with me not being able to access or withdrawal $49,848.14 usd of my funds.Business response
12/21/2021
December 20th, 2021
Better Business Bureau
********************************************************************************
RE: Better Business Bureau Case # ********; ***********************************
To whom it may concern:
We are in receipt of your letter received December 11th, 2021, regarding the above-referenced
individual. We are reviewing the customers concerns and sending a response directly to the
customer with a disclosure consent form. Upon receipt of the signed disclosure consent form
from the consumer, we will forward a copy of the response to your office.
Please do not hesitate to contact our office if you have additional questions or concerns.
Thank you.
Customer *********************************** Securities, LLCInitial Complaint
12/10/2021
- Complaint Type:
- Billing Issues
- Status:
- Answered
SoFi money closed my account with ****** and I can't get in touch with no oneBusiness response
12/20/2021
Please see attachedInitial Complaint
12/09/2021
- Complaint Type:
- Billing Issues
- Status:
- Answered
I applied for credit card with Sofi Lending Corp after carefully reading through their terms and conditions. My application came back as "declined" with the reason "unable to verify identity. I have a consumer fraud alert in my credit report just like almost over 40% people, and any person in today's world filled with cyber-fraud would have. All of the banks that I have ever dealt with, the credit bureaus, all of them encourage to have fraud alert with a phone number listed, so that way there is no credit is granted without your consent. Fraud alert basically a statement on the credit report, so when your information is used to apply for credit, no decision should be made before making a decision. However, when I contacted SoFi, I was told that unfortunately they do not have a department that would verify applications with consumer fraud alerts, and it would be automatically declined. When asked if I can re-apply, they told me that I have to wait 30 days, while I needed before the 30 days because my whole intention for credit card with SoFi was to do Christmas shopping. After 30 days, I do not need it. After speaking to a supervisor, I was told that unfortunately, they cannot allow me to re-apply in 30 days, nor they can review and verify applications with credit with fraud alerts. Furthermore, they said that all of the applications get declined for the same reason, and that I would need to remove the fraud alert in order to apply for them. Fraud alert is not a security freeze, so they can access my credit and do phone verification. However, they are wrongfully encouraging people to remove fraud alert to be able to qualify for credit card with them. To me, that also means that they are asking me to make myself an easy target/victim of fraudulent activity. If I had no fraud alert, and someone else applied using my information, they would have approved immediately, and now I am applying with fraud alert they are declining. I need someone to look into it.Business response
12/19/2021
December 19th, 2021
Better Business Bureau
**************************************************************************************
RE: Better Business Bureau Case # ********; ****** Khandoyan
To whom it may concern:
We are in receipt of your letter received December 3rd, 2021, regarding the above-referenced individual. We are reviewing the customers concerns and sending a response directly to the customer with a disclosure consent form. Upon receipt of the signed disclosure consent form from the consumer, we will forward a copy of the response to your office.
Please do not hesitate to contact our office if you have additional questions or concerns.
Thank you.
Customer Relations
**********************
*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. ↩
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.
Customer Reviews are not used in the calculation of BBB Rating
Customer Complaints Summary
2,050 total complaints in the last 3 years.
907 complaints closed in the last 12 months.