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:06/21/2024
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.
my account have been frozen sense June 13 2024. i keep calling every day at i keep on getting the same answer. we do not know how long it's going to take to solve this issue. I need to get my money so i can pay my rent so I will get evicted o the 1st. Thanks for your help ***********************
Business Response
Date: 06/29/2024
Please reference the attached letter.

Customer Answer
Date: 06/29/2024

Complaint: 21882339

I am rejecting this response because: i can not get my money back. On Monday i will get evicted if i don't get my money back

Sincerely,

**********************
Business Response
Date: 07/06/2024
Please reference the attached letter.
Customer Answer
Date: 07/31/2024
From: *************** <***************>
Sent: Tuesday, July 30, 2024 11:03 AM
To: ********** <*************************************>
Subject: Re: respond

I have yet to receive an answer back from you or Sofi as to why they have a right to keep the money
Business Response
Date: 08/05/2024
Please reference the attached letter.
Initial Complaint
Date:06/21/2024
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 April 3rd 2024 my Sofi account was frozen, because of a transaction they "could not tell me about". It was frozen for maybe a week. I had called again the next week, and it was under a restriction. I do not remember the exact date that I called receiving that information. I continued to call for at least twice a week sometimes everyday, even though it had said restricted on my account in the app, I still wanted to make sure the status of my account was the same. They told me for about a month and a half that I was just waiting for it to be unrestricted. Then I called around the date of May 20th 2024 and they said that they were my closing my account and returning it back to the sender which is the **** I have called since then to try to get a tracking number, an email sent to me, any type of information claiming this is what is being done. They will not give me any information. They also went back and said that my account was not yet closed, that it was still restricted, but they had a request to close my account in place. ********************** has been holding my money for 81 days without any information being sent to me to back up thier reasoning, or when they will be transferring my money back to the **** I would prefer a check in the mail in my name at this point so I do not have to deal with the *** again, and waste more of my ***. At this point I am a single mother of four, this money was supposed to help me, and Sofi has caused me more stress and anxiety... Not knowing when I will get my money that they are holding without reason....? I am extremely upset I feel like I should have gotten my money back a long time ago. I have called at least 30 times from April 3rd of 2024 to June 21th 2024.
Business Response
Date: 06/29/2024
Please reference the attached letter.
Initial Complaint
Date:06/21/2024
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 June 4, 2024 I mailed out 3 **** money orders:Serial Number: *********** ************ ****** Amount: $1,000 Serial Number: *********** ************ ****** Amount: $1,000 Serial Number: *********** ************ ****** Amount: $570 You could call **** or go on their website for confirmation that each money order was cashed on June 12, 2024 and on the same day (1) $1,000.00 and (1) $570.00 payment was credited to my account in which (1) $1,000 payment is missing.I called on June 16th, June 17th and June 19th and Im still waiting for an update. All 3 money orders were in the same envelope and were cashed on the same day. Its one thing when its an error and its resolved in a timely manner and its another thing not to get an update or answers to a missing $1,000 payment thats already been cashed. At this point this money has been stolen and kept by Sofi or by a Sofi employee.Account Number: **********
Business Response
Date: 06/29/2024
Please reference the attached letter.
Customer Answer
Date: 06/30/2024
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. I also want to note that this complaint and issue was resolved on 6/27/24 in which this missing payment was credited to my account.

Sincerely,

*****************************
Initial Complaint
Date:06/20/2024
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 use autopay and have been a customer for 4 years. I recently found out that do to the bank rejection of my ach payment method for a loan payment for over a year now well in may the bank did reject the authorization for payment *** $144.00. I usually have approximately 500$ in my savings and checking. Because this loan was using my savings acct the bank rejected 144$ due to the fact at that exact moment i only had 143.40$ . SAVINGS ACCOUNTS DO NOT HAVE OVERDRAFT PROTECTION. I just learned my payment was 38 days late and i was charged 30$ in late fees. Only checking accts have overdraft protection. Why should they no assume responsibility it was 1 dollar and 2 other accts a second savings and a checking acct.
Business Response
Date: 06/29/2024
Please reference the attached letter.
Initial Complaint
Date:06/20/2024
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 March 14th of 2024, SoFi froze our bank account with them for "security" reasons. Multiple phone calls with them would not reveal any explanation or resolution. We were told that their security team was working on it and we were just to wait. We were treated extremely rudely by their customer service team, and eventually were told, in the month of April, that our account was being closed due to "violations of our service agreement". It is now June 20th of 2024, and SoFi still has our accout frozen. If they are going to close our account, what is taking so long? We just want our money back. We have received no written or e-mail correspondence with any confirmation that our account is being closed, or any justification for doing so. We don't care. We just want our money back.
Business Response
Date: 06/29/2024
Please reference the attached letter.
Initial Complaint
Date:06/19/2024
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.
My checking account with ********************** BANK was debited ******* on 5/7/2024 to be a payment towards my SOFI line of credit. The payment never posted and customer service told me they have no record of receipt. However the money left my checking account so now its been missing for over a month. Ive called multiple times and they keep opening tickets but no resolution. Basically sofi stoke ******* from me at this point.
Business Response
Date: 06/29/2024
No SoFi error has been found.
Initial Complaint
Date:06/19/2024
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.
In August 2023 I took out a personal loan with SoFi bank.In June of 2024 I went to pay off the loan in full for an amount of $18,319.05.I received a payment confirmation email on June 12, 2024 and a payment processed email on June 13, 2024. Both emails are attached.I then called Sofi and requested my account be closed on or shortly after June 13, 2024, in which they proceeded to close the account for me.After approximately a week or so, I noticed the funds for the payoff amount had yet to be withdrawn from my bank account.On June 19, 2024 I called Sofi and discovered the loan had not been payed off due to a error in bank account number information. They explained to me they were unable to contact me to inform me the payment failed due to me closing the account. Because of this, interest for a week continued to accrue on the loan increasing the total amount due. Making the outstanding amount due $18,384.78. I spoke with a manger and requested to have the additional interest accrued waived as I had no intent, purposefully nor maliciously to have the payment fail. I was told this was not something they could do. I then proceeded to pay off the $18,384.78 of the outstanding loan on June 19, 2024 and have the confirmation email attached. The resolution Id like to see is a refund of $65.73 to be returned to me for the unknown and unintended interest being accrued.
Business Response
Date: 06/29/2024
Please reference the attached letter.
Customer Answer
Date: 06/30/2024
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:06/19/2024
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 had a phone, ************************* info), 3 debit cards stolen when I was out with friends at the ******** fiances bike was gone through& my wallet & spare phone that was with my notebook was taken. I made the claims on all of those transactions & gave SoFi Bank full details on the claims. I got emails back stating that there were no signs that they were not authorized. Everything that happened was not done by me nor what I have done in the past few months to the past year. Sofi has denied several transactions when Ive been scammed and now when my card has been stolen!!! With the ELECTRONIC FUNDS TRANSFER ACT we should be completely covered from issues like this thats why the banks are insured & the institutions are supposed to protect their customers money & accounts from issues & situations like scams, theft & fraudulent transaction charges. All I just want back is my sons money that these people stole. They stole from a 6 year old Autistic boy that gets SSI in that account. Every banking institutions need to realize that phones can be completely cloned & it can make it look like the real person is doing everything thats happening even though that account holder is not even aware of the actions that are accruing under there noses.
Business Response
Date: 06/28/2024
Please reference the attached letter.
Customer Answer
Date: 06/29/2024

Complaint: 21870339

I am rejecting this response because:
These disputes should have been charged back let alone flagged for suspicious activity since it was not like my normal transaction history. I called & notified the bank of the theft when I realized my debit cards were stolen and cancelled all accounts affected. The Electronic Funds Transfer Act is in place to protect customers from theft, fraud & scams. Why am I not getting back whats rightfully mine but technically my sons social security check. I just want back what should have not been taken by others.

Sincerely,

*********************************
Business Response
Date: 07/03/2024
Please reference the attached letter.
Customer Answer
Date: 07/03/2024

Complaint: 21870339

I am rejecting this response because:
I never said my personal phone was stolen it was a spare phone with a SIM card secondly I have not used PayPal or CashApp for a while and I do not know the company that PayPal has listed. *** also made other disputes that I was scammed and after doing those I stopped using CashApp and PayPal. My soon to be 7 year old sons SSI checks get deposited into this account & was affected. The ELECTRONIC FUND TRANSFER ACT is in place to protect consumers from situations like this but it seems like your company does not have to comply with this which concerns me about my sons SSI checks even to continue to get deposited with SoFi Bank.
just because someone doesnt make a police report doesnt mean something wasnt stolen also. If you fully read the notes and what I stated and have stated the same exact thing each time you guys would comprehend what I said. But no your company wants to do what you see fit to not cover your customers to protect them and there money. Maybe I should contact my attorney to file a lawsuit against your company since SoFi refuses to comply with the ELECTRONIC FUND TRANSFER ACT.

Sincerely,

*********************************
Initial Complaint
Date:06/18/2024
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.
On 06/17/24 an attempt was made to order a debit card in my name, i called customer service but they could not give me any info as to why. On 06/18/24 an illegal transaction was made on my account in the amount of $1315.00. I informed fraud department that my account was hacked, and they told me i had to call back because their system would not allow me to verify ID.
Business Response
Date: 06/28/2024
Please reference the attached letter.
Customer Answer
Date: 06/28/2024
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:06/18/2024
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 June 14, 2024, I spoke with a representative about my missing $20 withdrawal, which was inexplicably replaced by a posted transaction of $0.25. I clearly stated that I withdrew the money I depositedI did not deposit $0.25, and I am missing the remaining $19.75. The representative assured me they would request a refund of the $20 closing account fee, given that the account was closed shortly after being opened.I was promised an email confirming this information and feedback within 1-2 business days, but I have received nothing. I demand an immediate refund of my $19.75. It hasn't even been 30 days since the account was opened. Charging a $20 closing account fee is outrageous and unacceptable, especially since this process is automated. I expect my money to be refunded without further delay!
Business Response
Date: 06/27/2024
Please see the attachment
Customer Answer
Date: 06/28/2024
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,

Victoria G

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SoFi is NOT a BBB Accredited Business.