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

2,315 total complaints in the last 3 years.
805 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:03/02/2024
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.
have banking accounts with Sofi my accounts have been hacked 3 times in February trying to get my accounts closed and they are refusing to help keep saying in review process asked to speak with manager people on phone say there is no manager must be nice go to work get paid and have no boss to answer to took ten days plus to get first issue resolved now they are fighting me from closing when most other banks have this settled in about a day
Business Response
Date: 03/11/2024
Please reference the attached letter.
Initial Complaint
Date:03/02/2024
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.
My name is ************************* I been trying to close my sofi account for three years they will not let me I cant even get a call back I dont know what to do ************************* email on account is *********************** Address on file is ******************************************************************* there is ******* in my account Im still drawing interest on the money I just wanna close my account and get my money
Business Response
Date: 03/10/2024
Please reference the attached letter.
Customer Answer
Date: 03/11/2024

Complaint: 21374693

I am rejecting this response because: That is my money in the account and nothing has ever been said saying that it was something wrong with the transaction no one has filed a complaint saying anything so how can you just take my money and send it back to where it came from when it is my money to begin with. And some of that money had been in there long before yall closed it down so how can you take money and send it back to customers I have done business in the past with and have moved away from the area for me to track down and say hey they are refunding money from years ago how do I know they still even have the same bank accounts this is stupid and unconstitutional I have rights and no one has done any fraudulent cases on my money or towards my account but yall how can you say that the money was this or that when you dont know what going on. I would understand and someone said hey I had money taken from my account and it went into mine but no that did not happen yall are stealing my money and its plain to see

Sincerely,

*************************
Business Response
Date: 03/15/2024
Please reference the attached letter.
Initial Complaint
Date:03/01/2024
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.
Open with dispute, because of a merchant, who promised a refund and never gave me a refund which falls under regulation E of banking act. Regulation specifically states they have 10 days to provisionally credit my account. If my dispute cant be resolved within 10 business days after 10 business days, I contacted bank and they told me my dispute doesnt qualify for provisional credit. Even though regulation is specifically states an error includes a refund not credited to an account. They are violating regulation, bank, and federal laws and violating Mastercard dispute issuer rules regarding disputed and provisional credit. Ive filed complaints with the Office of the Comptroller of the Currency (OCC), the **** because I checked regulation E myself and I am very well versed in banking compliance and a refund not received / credited 100% falls under a regulation E error and even if it didnt it would then fall under Mastercard rules and would still require provisional credit. They are literally breaking banking compliance laws and need bank regulators to check what going on at SoFi since they are activity breaking regulations and federal laws. My dispute is Dispute 16500287/2024-02-16
Business Response
Date: 03/11/2024
Please reference the attached letter.
Customer Answer
Date: 03/11/2024

Complaint: 21374024

I am rejecting this response because: it the letter it states regulation E doesnt cover non receipt of merchandise that isnt what my disputes fall under, they fall under no refund received . Because I was supposed to receive an I was supposed to receive refunds from uphold and they never gave my refunds And regulation E and Mastercard rules provide provisional credit for that.

Sincerely,

*****************************
Business Response
Date: 03/18/2024
Please reference the attached letter.
Initial Complaint
Date:03/01/2024
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 filed a dispute and SoFi instead freezes my account and does not tell me why! They claim my account is under investigation and they cannot explain any further in details. Ive called well over 7 times. Now I check my email and they claim they are closing my account because I violated a deposit aggreement? And they do not want to provide any further information! I want my bank account back!! And the money that I filed a dispute on! It was unauthorized transactions and I tried contacting the ************** but merchant failed to help me! They froze my account right before payday too so now Im late on rent please help!!!
Business Response
Date: 03/09/2024
Please reference the attached letter.
Customer Answer
Date: 03/14/2024

Complaint: 21373433

I am rejecting this response because:

Well, when I called, I told the person behind the phone that I write down my PIN number for my card and I keep it inside of my wallet, due to a medical condition I have a hard time remembering combination numbers. My wallet was stolen when my vehicle got broken into. At the time I didnt notice my car was broken into as I was out for the week at work and was not home. I used my card and when it declined thats when I did some investigating and thats when I realized the worst had happened.

Sincerely,

*********************
Business Response
Date: 03/19/2024
Please reference the attached letter.
Initial Complaint
Date:03/01/2024
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.
I sent 2 payments to CIEE via bill pay on Jan 24 amounting to a total around $4600 combined. It was not received by the recipient. I called in several times and chatted with an agent several times trying to fix the issue. They said the issue would be investigated and i would get a response in a day. I have not received any response yet.Every other bank has online images of the check so you can see if it has been deposited. They are not remediating or responding to issues or complaints. Account number ************
Business Response
Date: 03/09/2024
Please reference the attached letter.
Initial Complaint
Date:03/01/2024
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.
February 16th- February 18th I have fraudulent charges on my bank account, I have provided them with all information they would possibly need and they said I will not get provisional credit even thought it is required that after 10 business days if there is no result I will get provisional credit, they said I have to wait till may 27th 2024 to get $1600.00 back from a merchant called MODO GOLD *****. This company has stolen over a thousand dollars from me, and my bank, SOFI bank has refused to give me my money back. They are not helpful. They never even reply to my emails. I really need my money back, Im facing eviction because of this. I have attached some of the charges. As well as the email from the merchant assuring I wouldnt be charged. And this was dated 2/12. I also attached a Reddit forum that shows theyve done this to other people.
Business Response
Date: 03/09/2024
Please reference the attached letter.
Customer Answer
Date: 03/11/2024
From: *********************** <*************************>
Sent: Monday, March 11, 2024 1:16 PM
To: ********** <*************************************>
Subject: ID ******** concern

Hello ****,

I just received the response from SOFI in reference to my complaint filed with BBB.

They are saying I have said I authorized the charges in question, which I have not ever said that.

I stated I signed up for a free trial, and the company stole several hundreds, over a thousand, almost 2 thousand dollars from me.

SoFi bank has lied. I called in to file the complaint on February 18th or 19th 2024.
I spoke with someone who I believe to be in a different country as I could not understand them. The agent filed the dispute for all my transactions instead of the ones I said were fraudulent which were by MODO gold coins.

They denied my claim, because some of those charges appeared to be valid, which they were, the agent just assumed I was referring to all my charges being unauthorized when in actuality I said ONLY Modo gold coins were unauthorized.

I emailed support and let them know that the agent filed my dispute incorrectly, and I only wished to dispute Modo gold coins charges, not the other charges and to please correct that because all other charges were valid, and were bills I paid and I did not want that to negatively effect that. Only the Modo gold coins, were unauthorized. I said in every possible way for them to understand, ONLY DISPUTE MODO GOLD COINS. So they are now saying that I said they were authorized, I never said that. I said the other charges that were not MODO GOLD COINS were authorized.

They keep giving me the run around. Im so behind on my bills because of this and they are in no way trying to help. ************ is so untrustworthy. Your money is not safe with this company.

Im entitled to my provisional credit, under regulation E. These were unauthorized and its almost a month and they are just twiddling their fingers while Im going back and forth trying to get my money back.

Business Response
Date: 03/17/2024
Please reference the attached letter.
Initial Complaint
Date:02/29/2024
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.
Sofi filed a dispute on a wrong charge to my wife *********************** (Sofi charge cashapp ***** $100). Then Sofi took the money out of her account. The next day I received 39 emails stating all my disputes were denied including the cashapp ***** $100. But you can clearly see they took the money have not returned. And to top it off sofi closed my account today because of fraud on my account. ********************** is doing some illegal wrong stuff to their customers. On the web there is so many people having issues with them. I need some one to help me. This is the second complaint I've filed with BBB.
Business Response
Date: 03/07/2024
Please reference the attached document.
Initial Complaint
Date:02/29/2024
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.
SoFi offered a H-Y Checking and Savings Account of 4/60% advertised on their website. SoFi offered $300 if you opened a direct deposit from my **** of American account . The next thing I know, without prior warning. SoFi withdrew $2000 on December 29th from my checking account and exactly one week later on January 5, 2024, took another $1000 out of my checking account. That money was in my checking account to pay my bills. They did not notify me in advance and I did not authorize these deductions to take place when they did. . I immediately went to **** of America and asked the **** Manager to call them and demanded my money be returned to my account and to absolutely close the account. ********************** told the **** Manager they could not return my $2000 since it was paid to ****************** on January 3rd and January4th in two increments of $1000 each. I never heard of this individual and certainly never authorized them use my money to pay someone else.. I have repeatedly demanded my money back, SoFi keeps telling me that after investigation they cannot return my money since no error occurred. The other $1000 transaction went into the same Checking/Savings Account as the $2000 deduction, but this time they were able to return my money.. I have written two separate letters to the *** in **** to no avail. When I researched ***** E-stock, I found it is an iron salvage and waste management company based out of ***********, **. Today " ******", an Investigator at SoFi, said that ***** E-Stock is an individual. I do not know this individual, from ****!!. My husband I live alone, we are 77+ years old and we live solely on our S.S. I never told my husband about this loss of $2000 until recently because I was so ashamed to have fallen for this scam. I'm hoping you will be able to help me get my money returned. I have tried to scan my documents, but I don't really know how.. I have an entire file of documentation. Respectfully, ****************************
Business Response
Date: 03/10/2024
Please reference the attached letter.
Customer Answer
Date: 03/11/2024

Complaint: 21366754

I am rejecting this response because: I've talked to so many people and managers at SoFi and there have been some who tried to tell me I told them to withdraw $2,000 from my checking account and send it to "***********************" in two increments of $1,000 each on Jan. 3rd and 4th, 2024 which is a lot of bull____.. I don't know this person from **** and SoFi is trying to cover their tracts as to why they used my money to pay this person. I found a lot of info on him from checking on the internet. This is a 28 year old individual who supposedly lives in ************, *******, and runs a scrap metal business with his relative (or father) ********** E-stock, located in ***********, **. with offices around the country. I don't know him from **** and someone made a huge mistake at SoFi by paying this individual with my money. SoFi is trying desperately to blame me,, but I never spoke to them at all before they took out another $1000. Then I went to my **** of America and the manager called SoFi and demanded they cancel this account and give me back my money. SoFi said they couldn't close the account because the $2000 was being investigated as fraud. and it would take about 90 days to solve this. I only was interested in SoFi because they advertised on their website that money earrns up to 4.60% interest.. SoFi is trying to cover their tracts by blaming me when the very next week they took another $1000 out of my account , but this time they put it in a checking/savings account, and I was able to get my money returned. Why didn't they put the $2000 in the same account? Please help me get some positive answers about getting my money back.

Sincerely,

*************************
Business Response
Date: 03/16/2024
Please reference the attached letter.
Customer Answer
Date: 03/19/2024

Complaint: 21366754

I am rejecting this response because: I have sent them another letter with all the attachments and I am requesting legitimate proof that I requested SoFi to "send my money to a friend" , to a person I never even heard of before.. Until they can send me the paperwork showing that I initiated this request, or action, I will never accept their statement that no fraud or error was found. I have also sent the same paperwork to you at BBB at ***********, **, that I have sent to SoFi today. It should arrive around Thursday or Friday of this week. Thank you for your followup.

Sincerely,

*************************
Business Response
Date: 03/25/2024
Please reference the attached letter.
Customer Answer
Date: 03/27/2024

Complaint: 21366754

I am rejecting this response because: SoFi has not answered my request for legitimate documentation of my request to "PAY A FRIEND" with my hard earned money. If they say I told them to "PAY A FRIEND", then they need to provide that proof. I never verbally spoke to anyone at SoFI asking them to "PAY A FRIEND". .SoFi needs to tell me who made the decision to pay this man, ***** E-Stock when I never heard of this person ever in my life. SoFi will not tell me any information about this man named ***********************, what is his address and phone number is, and what he does for a living. (If he was an actual friend, I should know this information). f I had this information, I would definitely call or write this person to request he pay back the money SOFI sent to him.. I have sent you and SoFi all the paperwork I have, but I have yet to see their documentation that I told them to "PAY A FRIEND"!. This is a total Scam and I reject every thing they are trying to tell me that no error had occurred. I am demanding my money be paid back to me by SOFI.
Siny,

*************************
Initial Complaint
Date:02/29/2024
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 transferred money to a SoFi checking account and then they said the account was locked. I called to get more information and the lady hung up on my multiple times. I cannot access my funds now for almost a week and I have two kids to feed!!!!! They say there is an internal review that has been escalated but there is no end date in sight. Disgusting.
Business Response
Date: 03/09/2024
Please reference the attached letter.
Initial Complaint
Date:02/28/2024
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.
Dispute
Business Response
Date: 03/07/2024
Please reference the attached letter.
Customer Answer
Date: 03/08/2024
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,

Dorinasia ********

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SoFi is NOT a BBB Accredited Business.