Business Profile

Loans

SoFi

Headquarters

This business is NOT BBB Accredited.

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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.
808 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:05/27/2022
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 bank froze my account for no good reason several months ago. I have tried to contact the relevant deprtment to unlock my account 50+ times and can't get a call back. I leave voicemails, file internal complaints and send multiple emails with no help whatsoever. TERRIBLE COMPANY!! I have over $2000 stuck in my account with no way to get access to my money. SOFI is a bunch of crooks!!! STAY AWAY FROM THIS SCAMMING, INCOMPOTENT COMPANY!
Business Response
Date: 06/03/2022
June 3, 2022

Better Business Bureau
1805 *****************************, Suite 100
******, ** 78754

RE: Better Business Bureau Case # ********: ***********************

To whom it may concern:

We are in receipt of your letter received May 27, 2022 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 LLC

Customer Answer
Date: 06/04/2022

Complaint: 17284084

I am rejecting this response because: The response that gave me was pathetic still no resolution to my issue and they are still holding my money hostage and wont help.

**********************************************
Business Response
Date: 06/10/2022
Please see attached document.
Customer Answer
Date: 06/10/2022

Complaint: 17284084

I am rejecting this response because:
Theyve already sent the same response before and I rejected it because theres not a resolution to the issue with my account and my account being frozen and no one answering the phone or or responding back. Until theres a resolution for that, this case will not be closed.

**********************************************
Initial Complaint
Date:05/26/2022
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 found there was a credit card opened in my maiden name with my social security number at Sofi Bank. I immediately tried to resolve this. I was told they would freeze the card and get their fraud department involved. Fast forward 1 month and I got a billing statement at my email address for $2,594.53. I called again to inquire why this wasn't resolved. And they are giving me the full run around. The account doesn't match my phone number or home address since it's not mine so even though my name and ssn match they keep stating that if I don't have a matching zip code then they cannot talk to me about thr account. How they let someone use a name that does not match the ssn (and hasn't for almost 10 years) open an account at an address that I've never lived at proves they let any imaginary person open a credit card. I want this account closed. I am not responsible for those charges.
Business Response
Date: 06/01/2022
Please see the attached document.
Initial Complaint
Date:05/26/2022
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.
On 05/19 I had fraud to occur on my account. I quickly reported this to the company I have been given several different dates in relation to a refund or provisional credit. I 5/26 received a email saying that they was closing my account for no reason that non of the phone reps can explain
Business Response
Date: 06/03/2022
Please see attached document.
Customer Answer
Date: 06/05/2022

Complaint: 17256613

I am rejecting this response because: I have read your response however you left of what yourbreps was telling me during calls. As for as the documentation I ask for SOFI has only 3 business days to provide it to me after the denials of my dispute I expect it by close of business Wednesday. My complaint was that there was no investigation that wasn't addressed as well

Sincerely,

*****************
Business Response
Date: 06/10/2022
Please see attached document.
Initial Complaint
Date:05/24/2022
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.
My husband had a Sofi account for stock investment. He died in November 2021. I notified customer service at ********************** on January 31, 2022 to close out his account and send me the balance. Spoke with *************************************. They requested a copy of his death certificate which I provided. They said it should take a couple of days to contact me.2/9 I sent a follow up email 2/11 I took a picture of the account balance as of 2/7 which Ive uploaded $3876.04; the account balance had decreased; not sure why they didnt freeze the account after my initial call 2/18 I called and spoke with ******* who said he can do nothing; it is still being reviewed 5/15 I emailed ******* with request for them to close the account and send me a check 5/16 i called and spoke with ******* who said to expect to hear from someone in a few days. I just want to close this account out and receive a check for the above amount. I am beyond frustrated with the unethical treatment that Ive received from Sofi.
Business Response
Date: 06/02/2022
Please see the attached document.
Customer Answer
Date: 06/03/2022

Complaint: 17250881

I am rejecting this response because:
on June 2 They said they were sending me a disclosure consent form. I have not received that form. I would like them to communicate better with me via phone or emails to resolve this issue quickly. On 5/25 They sent me a list of documentation they required and I'm working to provide that to them .
Sincerely,

****** Love
Business Response
Date: 06/09/2022
Please see attached
Initial Complaint
Date:05/24/2022
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.
This company closed my account, and I have money in these accounts. No one has attempted to contact me about my money in the account I have called for the last 3 months trying to have my money sent to me from the closed account and no one called me back or is answering my phone calls
Business Response
Date: 05/30/2022
Please see the attached response.
Initial Complaint
Date:05/23/2022
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.
What's the one with using my account to to run money through it and then there was the withdraws and deposits that I never did and then they put a hold on my money that I do have and I can't touch it so I don't know you just have to look at all the stuff that was done some of the money was mine some wasn't but now I can't touch my money
Business Response
Date: 05/27/2022
Please see attached document.
Customer Answer
Date: 05/28/2022
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,

Crystals ********
Initial Complaint
Date:05/19/2022
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.
Opened a SoFi money and invest account. My money account has been frozen twice and invest account once, without a means to contact to unlock. The customer service line refers one to a "fraud" line where one can only leave a voicemail, and which is never returned. Therefore, the funds I deposited are stuck in SoFI and my payroll direct deposit was lost for over a week until I obtained a paper check that took me over 4 hours of admin with the payroll office who initially did not receive a refund of the funds from SoFi. This totals about $37,500 currently locked and in limbo which I furthermore need to pay bills. The frozen account has resulted in SoFi returning my payroll direct deposit to sender once, and this appears likely to happen again at the end of May as my account remains locked without explanation. I have no idea why my accounts are locked and the customer service reps and account manager also do not know as I have called about a dozen times.In both cases, the freezing of the account resulted in a financial windfall to SoFi because it disqualified from the advertised promotion. Essentially this is false advertising. To obtain the $300 new money account bonus the customer must deposit $5,000 in direct deposit within 30 days. I deposited $3,500 and then my account was locked, so I will not get the full promo solely because SoFi cancelled the second $3,500 direct deposit. Also, the setting up of direct deposit was set to increase the APR yield on my account by promo from .6 to **** percent. By returning the direct deposit SoFi was able to keep my account at the lower rate which was significant because I had a high balance.Relief requested: (1) Return of all funds deposited to SoFi to Citibank linked account, approx $35,000; (2) Payment of new account promo $300; (3) Payment of lost interest due to return of direct deposit, total $50; (4) payment for admin time to obtain paper check and track funds and explain to payroll, total $200.Thank you
Business Response
Date: 05/27/2022
Please see the attached document.
Customer Answer
Date: 06/03/2022

Complaint: 17224053

I am rejecting this response because:

The SoFi Invest account with balance $1,463 has been unlocked as previously requested, but the withdrawal still cannot be processed and the specific transaction is now blocked rather than all of the accounts. Please see the attached screenshot from May 27th indicating that the withdrawal is currently under review. Note this is a SoFi to SoFi internal transfer.

Respectfully, I request reimbursement of costs totalling $250 including late fees, penalties and interest resulting from the unavailability of funds due to SoFi's placing of unexplained holds on account transfers.

Sincerely,

*************************************
Business Response
Date: 06/10/2022
Please see attached document.
Customer Answer
Date: 06/13/2022

Complaint: 17224053

I am rejecting this response because:

SoFi Securities states only that restrictions and holds were placed on the SoFi Invest account because of the large amount of the transfer, which was in fact only $1,463.

Furthermore, all of the account holds were released only after SoFi was notified of the BBB complaint. In both cases the holds were released within 48 hours of the filing of the BBB complaint. SoFi responds that there is no reason to file a complaint as the account restrictions were removed. But the restrictions and account holds were in place at the time of the filed BBB complaint and some compensation is due to the customer beyond a mere "we are sorry for the inconvenience". The month long holds and unavailability of funds without any explanation resulted in financial loss to the customer and restitution is requested in the amount of $250.

Sincerely,

*************************************
Initial Complaint
Date:05/19/2022
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.
My account was frozen on 5/11/2022 due to an illegitimate cashiers check being provided to me during a transaction, in which I am gather information to pursue legal action to get that money legitimately. However, since the occupancy of this frozen account I have called Sofis fraud department numerous times, both in different days and different times of the day. Every time I get the same robot saying All our agents are busy right now please leave a message and we will get back to you. Either the fraud agents at SOFI have one of the busiest and most stressful jobs, or something extremely suspicious is going on there. I have $2400 frozen in my account and I need this to pay bills and rent coming up very shortly! Im afraid if I get nowhere then I will get an eviction notice due to SoFis broken fraud departments phone number.
Business Response
Date: 05/25/2022
Please see the attached document.
Customer Answer
Date: 05/26/2022
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:05/18/2022
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.
Deposited 3 checks Saturday. Got 3 emails saying I should have partial pay today. My account still does not show those deposits. This is preventing me from eating, getting gas, basic living supplies. I need compensation for being lied to and for not being able to eat.
Business Response
Date: 05/27/2022
Please see attached document.
Initial Complaint
Date:05/18/2022
Type:Customer Service 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.
Im under DACA which grants me legal presence and a work permit renewable every 2 years, per sofi policy it is accepted and the only limitation is to show status is current. When i chose the option in the application as none permanent resident to finish off the loan they asked to upload **** document, proof of green card application and ID. Daca is not considered a Type of **** neither its a form of a procedure to obtain a green card so at the end I was only able to provide an ID. I called customer support and the representative put me on hold after I explained the situation,she then proceeded to say that i needed to upload forms i797A or B, which in fact it has nothing to do with DACA plus those are documents that i dont have. I explained to her once again that all i could provide was lawful presence and a work permit which thats all DACA really is, she then said that at the moment only those documents are accepted i797A or B for my specific situation. Since I knew we werent gonna go no where and they are not knowledgeable in this matter, i ended up dropping the application and going somewhere else. 1. They do not honor what they estate in their policy 2. This subject has been challenged in court as discrimination (***** fargo reached a settlement) 3. As a sofi stock investor I am very disappointed to see them losing customers because of not properly trained staff in this type of situations. Note: I was approved instantly at another bank, like i normally do. Credit score: 730
Business Response
Date: 05/26/2022
Please see the attached document.

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SoFi is NOT a BBB Accredited Business.