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.
807 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:02/22/2024
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.
My bank account is frozen with no notification. I cancelled my bank card because I lost it. SoFi issued a new card. I have reached out to SoFi and no one will help me the phone number they tell you to call just has a phone operator thats says its under investigation but cannot provide me a number to resolve the issue. Im asked for the manager and they all say I dont have one. I have not had access to my back account for 6 days with no help explanation. This is unacceptable I cannot pay my bills and have no access to my money.
Business Response
Date: 03/03/2024
Please reference the attached letter.
Initial Complaint
Date:02/22/2024
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.
In 2023, I opened a SoFi Account and deposited $250. Very shortly after I deposited that money, my account was hacked and my $250 was stolen by the hacker. I reported this to SoFi, thinking that they would help. Instead of helping me, SoFi closed my account and accused me of "violating their Terms of Service."I did not violate any of their Terms of Service. I believe that SoFi just did not want to help, and instead decided to "blame the victim."
Business Response
Date: 03/03/2024
Please reference the attached letter.
Initial Complaint
Date:02/22/2024
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.
SoFi bank rejected my tax return and now I am being charged $30.00 for a return to *** fee. No reason a Federal Tax Return deposit should be rejected by SoFi bank. I also, did not ask for my tax return to be sent back to the *** and should not be responsible for those fees.
Business Response
Date: 03/01/2024
Please see the attached.
Initial Complaint
Date:02/22/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Sofi returned my tax refund to the *** and I am now expected to wait for the *** to mail a check. Was told to reach out to the *** for further information - next to impossible to get someone from the *** on the phone for Sofi's mistake.
Business Response
Date: 03/03/2024
Please reference the attached letter.
Initial Complaint
Date:02/22/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On February 13 I chat with Sofi rep, I explained I would be making 2 transfers of 5,000$ each and 1 deposit of 500$. ******* said there was no problem. On Feb 20 my account was frozen and said it's being investigated due to not following deposit guidelines. I did what ******* said was ok. Nobody will help me when I call, email, or write on social media platforms. They keep saying there is absolutely no way to contact the investigation team. I explained I have proof I talked to a rep and I have proof all accounts are in my name . They keep telling me there is nothing I can do but wait. I also explained that's my only account with money and I have bills to pay. They don't care.
Business Response
Date: 03/03/2024
Please reference the attached letter.
Initial Complaint
Date:02/22/2024
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 February 8th 2024 i had a fraudulent charge on my SO-FI debit card in the amount of $299.00 to a company called ************ Services. I called the merchant and was informed that it was a fraudulent transaction however it could take them up to six weeks to issue a refund. I called SO-FI and issued a dispute, They have been absolutely no help resolving this matter. They are holding $299 of my money with no rhyme or reason and not acting or following through with the dispute.
Business Response
Date: 03/02/2024
Please see the attached document.
Initial Complaint
Date:02/21/2024
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.
There were 5 fraudulent charges on my debit card. I notified the company to make them aware and 3 days later they sent me an email stating:"After conducting a thorough investigation, we have determined that no unauthorized activity has occurred, and as a result, your claim has been denied. Our investigation involved a review of the information provided during the claim submission, as well as an examination of internal account records. Additionally, we collaborated with the merchant, other financial institutions, and our card processing networks as necessary. This claim is now closed.If you would like to obtain copies of the documents used in reaching this final decision or if you have any further inquiries, please contact us using our help center."I clicked the link in the email to ask for the documents they offered me, however the link took me to their Live Chat where an agent informed me they could not help me and that I would need to reply to the email I received. The email I received is from a "no reply" email address. I called the company and asked for the documents and I have not gotten them.In their email to me, they specifically state "we collaborated with the merchant, other financial institutions, and our card processing networks", however, I contacted all the merchants who informed me they were never contacted by the company about any investigation. I want my money back and the proper chargebacks issued to the merchants of the fraudulent charges.I have also contacted the **** as this appears to be a common trend with this company and thousands of other similar complaints against them.
Business Response
Date: 03/02/2024
Please see the attached document.
Customer Answer
Date: 03/03/2024

Complaint: 21325708

I am rejecting this response because:
The busimess did not even respond to you, they sent you a basic form letter with my name filled in stating that they would contct me directly. The name of the file they sent you is even named "Generic Response" with my name filled in so this is the response they send in response to every BBB complaint, and there are many.
*********** the company responded to me ONE time PRIOR to what they sent you, sending me an email containing a link to a letter they claim contains the basis for their determination to deny my claims, however the link goes to an internal site requiring a login and password - I cannot even acces it.
I have since reached out to the company FIVE more times via email and they have not responded.
My original complaint and request stands, the company has done NOTHING to resolve it..

Sincerely,

*********************
Business Response
Date: 03/05/2024
Please reference the attached letter & documents.
Customer Answer
Date: 03/05/2024

Complaint: 21325708

I am rejecting this response because:
The document and files the company sent are merely a printout of the activity on my acocunt. They in no way detail the steps taken to investigate the charges or the information used to make thier decision to deny my claim. This continues to be a complete and utter waste of my time dealing with this inept company. My claim and complaint stands.
ISSUE CHARGEBACKS FOR THE ***** ON MY ACCOUNT AND CREDIT MY ACCOUNT!

Sincerely,

*********************
Business Response
Date: 03/07/2024
We have responded to this complaint previously and no new information has been provided by the consumer.
Customer Answer
Date: 03/07/2024

Complaint: 21325708

I am rejecting this response because:
I have provided all information and the company has provided no new responses, just a printout of the activity on my account.
They continue to ignore my questions, concerns, and complaints.

Sincerely,

*********************
Initial Complaint
Date:02/20/2024
Type:Sales and Advertising 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.
12/2023 I get an email stating that my account was charged for merchant that I have never used before Uber as stated to many reps with sofi I have never used this merchant. I start doing more digging, I notice another merchant **** never used by me. I contact customer service to dispute all charges by either one of these merchants. The first rep I spoke to filed the dispute. A month later 01/15/24 I noticed I was getting money back as a resolution for the dispute. It was approved/awarded back to me. However, the amount was significantly low considering all of the charges that were involved. Went back to check only to find that the rep did not include all charges. Even after she advised she included all, she however did not. contact customer service back on 1/15 to advise them, there was a significant number of charges from both of these merchants that were not included even though I clarified when I spoke to the rep and she confirmed. On 1/26/24 a new dispute was filed, it took less than 10 days for them to turn around and do to the amount of this dispute, stated by sofi rep they deny the dispute. When asked what info they used to make this determination, they sent me back an attachment with nothing other than the history of my account. Completely beside myself. I email back demanding that this be appealed with my supporting documentation. (police report that was filed about my information be fraudulently used, and back to the first dispute that was approved which these charges were supposed to be included in that. Now I cannot get one person to email me back about my request to appeal sofi had not supported reason to deny my dispute however now I've been completely disregarded and my multiple emails completely ignored. I am an honest tax paying Texan I don't do bad to people and I always have my ducks in a row I never thought I would be fighting with this company to get my funds back, esp w all of documentation, I have been more than willing and giving.
Business Response
Date: 02/29/2024
Please reference the attached letter.
Customer Answer
Date: 03/01/2024

Complaint: 21321718

I am rejecting this response because I had never advise the company that I had lost or had my card stolen. I advise them that these were unauthorized charges. It was discovered by me that my email had been hacked. Therefore, every time there was an email made showing that there was a deposit into my account. I'm assuming the culprit then was going and charging my account because he had access to my phone and my cards that were all located on my phone etc. I explained this to the representative. I never stated that my card was stolen. I still have my card to this day so that response is irrelevant. I have provided them all of the information including the police report. So their response of just showing my history of my account is unacceptable and I refuse to accept that answer

Sincerely,

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

Complaint: 21321718

I am rejecting this response because:
You guys are refusing to refund me my money stating that I didn't include these charges when I spoke to the representative the first time, even though I in fact did advise the representative that I've never used this merchant. Neither one of these merchants okay regardless if I had the exact dates that is not relevant. When I realize that the additional charges were not included, i called back which in turn led to the second dispute. But nonetheless none of that changes anything. These were still all una authorized. Nothing changes that I never ever have used either one of these merchants. Okay, now I've also submitted the police report to you guys via email a total of a dozen times now and you guys refuse to appeal or even respond that you've even received the police report so I have included it here as well. At the end of the day nothing changes the facts. Okay the facts are this. My information was compromised. Okay that is a fact the fact is I've never used either one of those merchants. That is a fact and I have proof to back up that fact with all of this information that I have provided to you guys. This is more than enough information that would warrant my money being returned back to me. Now the lack of response after I have sent I couldn't tell you how many emails that I have sent over and over. Trying to get a response from you guys and you ignore blatantly ignore because I have been notified that you have opened the email and simply didn't respond. It is so unprofessional. I have given more than enough information showing that this was not me and I should not be penalized for being a victim to identity theft.

Sincerely,

*****************
Initial Complaint
Date:02/20/2024
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 February 20th 2024 multiple fraudulent charges occurred on my debit card. As they were occurring I contacted Sofi customer support. The customer service representative canceled my debit card and ordered a new one. I then noted that the charges were still on my account and I told them I needed to stop those charges and get my money back. I then was told that they could not help me. I demanded to open up a dispute but got the same answer. That they could not do anything for me. I need these charges reversed right now. Not weeks from now. There is a lot on the line when it comes to these charges. Being refused timely assistance is unacceptable for a financial institution. Many aspects of my life will suffer greatly from missing those funds. I no longer trust this company with my money.
Business Response
Date: 02/29/2024
Please see the attached.
Initial Complaint
Date:02/20/2024
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.
On February 9th 2024 My debit card had been lost and then stolen to be used On 02/11/2024 to place 29 transactions for the amount of $10 each totalling $290 in another country. ************ to be exact and did not alert me until later in the evening through text message which I hadn't seen until it was too late. when I went to call the next day I was informed that I would have to wait until the pending charges went through and then call back to dispute and have a new card sent to me. 2/15/2024 I checked my bank and saw that the charges successfully went through, and called Sofi back to dispute the charges upon disputing all ****************************************************************************** the mail and that the charges were going to be looked into. 2/17/2024 Still frequently checking my account and upon waiting for the new card my account has now been frozen. This is the account that my paycheck goes into and that my tax return will be going into that ive been watching my account for and when I called, the woman informed me that no time frame could be given and to just monitor my account. l've never been out of the country once in my life and anyone that could see my transaction history would immidately be able to see ive barely left the state i live in.. and now l'm being told account is frozen and that i cannot have access to my funds in my bank account. After speaking with a couple customer service Representatives the last person I spoke with informed me that he was trying to reach out to the person doing the review of my account and was unable to get in touch with them. But times are extremely difficult right now and the last thing anyone needs is for their account to be frozen. Im already living paycheck to paycheck and i cannot afford this. This is so wrong.Now its the 20th and ive called everyday and recieve the same response.. theyve also asked me the same set of questions twice, If i made the charges in question and if I am currently traveling
Business Response
Date: 02/27/2024
Please see the attached document.

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SoFi is NOT a BBB Accredited Business.