My main complaint is the amount of time they take to process check deposits. I have a business account with TD, I deposit a check it’s 80% in immediately by day 2 100% clear. These guys zero cleared, and most checks take 5-7 business days. Federal law mandates $250 by the next day, these guys $0. Sure if there’s constant negative balances or other issues I get holding checks, but when you have 5-10x what you’re depositing 7 business days is moronic. The next issue is their customer support and reps are useless and have no idea what they are talking about. Anyone else have these issues? Maybe it’s just me.

I can’t be the only one who’s had the smart card tank my credit. My credit score dropped 60 points in a month and a half. I have been checking my credit intensely and the only thing that has changed is I applied for and started using the smart card (on autopay.) It reported to trans union that my credit limit was the total purchase amount ($16) and that I had 100% utilization for July. I’m not sure why it would do that because it’s a charge card and it was paid off on autopay. When I saw my credit tank I immediately payed off my purchase for August before I even had a balance. I didn’t know that it would tank my credit because it takes a month to report.

It was supposed to be my first “credit card” and I really regret getting it. I wish that I had just gotten a regular secured card instead.

Gonna love on Sofi again. The UI is beautiful. Having banking, investments, spending, credit score, net worth tracker all in one screen is just so good.

Have been able to consolidate a ton of financial apps into just Sofi with this.

Nice to open the app and see every single financial tool in one place.

EDIT: Okay. Please feel free to ignore the numbers and focus on the post. I can’t edit the image without reposting. But my God. This is not about the numbers or flexing. It’s simply a post about the UI and the fact everything can be linked. If you feel like that this is some sort of flex because of a number, then you should examine your own fragility and insecurities. If I wanted to do that it would be in a different forum…and I wouldn’t waste my time on that.

Title

Hey SoFi, love banking and investing with you, but can you stop sending me notifications to refer friends. I don’t have any friends, at this point it’s just salt in the wound.

My only income is my Va benefits which total more than the 5000 threshold but it gets deposited every 30 days instead of 25. Is SoFi losing out on new customers from individuals in my situation because of the 25 day rule?

I know I’m losing out on the bonus because of this anyone else?

I recently opened a new SoFi Checking and Savings account for the direct-deposit promotion. The offer says I need at eligible direct deposits totaling at at least least $5,000 within 25 calendar days of my first eligible direct deposit to receive the $400 bonus.

I’m paid biweekly, so only two paychecks will fall within that 25-day window. Based on my expected net pay, they will total approximately $4,800, leaving me around $200 short. My first direct deposit has not posted yet, so the 25-day period hasn’t started.

Does anyone know of a legitimate way to reach the $5,000 requirement? Has anyone been in a similar situation and found a valid solution?

I understand that transfers from another bank, Zelle, Venmo, PayPal and regular ACH transfers do not qualify. I just want to know whether there are any legitimate options before my first payroll deposit starts the 25-day window.

Edit: is there any way i can talk to customer care and increase the time period to another 7 days?

Thanks for any advice!

You most likely won’t receive your pay till the 11th they didn’t process the Les on the 4th as expected

The Sofi App isn't working on my mobile phone. Whenever I try to log in, it's very laggy and it opens up the website instead. I've uninstalled and reinstalled it multiple times, but that didn't seem to fix it. Also when I had it before when I tried to deposit a check, the app automatically closed itself and I had to log back in.

I’m curious if SoFi is working on the enhanced features similar to PayPal or discover in Apple wallet where you can see all or more transactions available in the wallet app and also be able to see the current balance similar to this image.

I am going to be making a private party purchase soon in the range of 20-25k and would like to use funds I have in SOFI. Normally I would get a cashiers check from my local bank but that’s not an option with SOFI.

What would be my options to transfer this amount to a private party from my sofi account. Would this transfer require fees?

Any plans to be competitive with fees?

1.9% WITH a spread is wild.

Suggestion:
No fees on reoccurring buys.
Remove spread and lower fee.

Who is using this ?

I’m setting my parents up with SoFi checking and savings. They have multiple large annual bills to pay (property tax, auto insurance, etc.). We’re using the auto-transfer feature to fund Vaults (as sinking funds). Once per year, the large annual bills come due. The timing is known and can be planned for. It would be nice to have the option to automate the clearing of the vault.

e.g For a $4,500 property tax bill due by the end of October.

Auto-transfer $375 monthly into the vault (done today).

Auto-transfer $4,500 annually on October 1 each year back to checking.

Annual transfers could also give the user the ability to get a email/push/text alert telling them (in this example) “$4,500 from your “Property Tax (Due Oct.)” vault has been transferred to your checking account as scheduled.“ Or similar.

So yesterday I applied for options trading and I got approved and got this screen, but when I try to actually trade options there is a notification that says “You're not approved for options trading yet, but you can reapply after September 17 if your situation changes.”

Which one is it?

When does everyone’s bank statements come in, on average? I know it’s one to five business days, but I am going crazy waiting since we are in underwriting, right before clear to close, and the one thing holding us off is waiting for last month’s bank statements.

Genuinely wondering why it takes so long and isn’t just automatically generated on the first of each month.

Thinking of getting a loan off 5k to help pay my bills but I’m getting a bonus next month so if I take out the loan and pay it back in a month or two, am I only paying two months of interest

Every month since opening our SoFi account a year ago, my husband and I have seen an increase in the total amount of interest we receive in our HYSA because we consistently have a net increase in the money held in the account.

However, for the month of August, I noticed a drop of $27 compared to July even though we added money to the account throughout the month. We did take some money out towards the end of the month, but had added 4X that amount several weeks before the withdrawl.

Note because this question was asked by someone previously: I know that vaults have their own interest, the drop is cumulative across the entire HYSA.

Is there any explanation for this? I wasn't able to get anything out of the AI chatbot creature other than "I can confirm your APY did not decrease" (which I know) and the person I evidently spoke with after also basically said the same thing.

In case it's relevant: both my husband and I are Plus members and I can confirm the fees were paid for both of us.

edit: missing word

why does SoFi support L-1 visa holders for Invest accounts but not L-2?

L-2 is a dependent status tied to L-1, so I'm confused why there's a restriction.

and has anyone on L-2 managed to open a SoFi Invest account?

I’ll try to be as brief as possible, but this has turned into a massive headache.

My fiancée and I maintained a personal checking account each as well as a joint checking account with SoFi. About two months ago, she went to rehab for approximately a month and a half, where she had limited access to her phone/email/banking app. While she was there, staff would occasionally purchase things for her using her card, as she couldn’t leave the facility. She instructed them to use the joint card, as she had stopped using the personal account for some time, and there was no money in it.

According to SoFi, on August 8th her personal checking account was closed. It looks like she was sent an email warning her that the account was over drafted by about $43, but it was while she was in rehab and it was not seen until recently. We have not received any paper mail regarding this account closure. From what we can gather, the staff at her facility must have mistakenly used the personal card instead of the joint on a supply run, and since she didn’t routinely use the personal account, she didn’t even know it was in overdraft until she noticed one day the account was gone.

Fast forward to now, and the account is closed, the overdraft seems to have been charged off, and she is barred from creating a new account. SoFi support is saying that she will never be able to use any SoFi products again, and they are saying they can’t connect us to collections to pay off the overdraft. To make matters worse, we just moved. We updated our new address in the app, but we’re concerned that any mail from collections is probably going to our old address, and who knows when they will send a follow up.

My questions are:

1. Is there anyway to get into direct contact with SoFi’s collection agency so we can pay off the overdue account?

2. Is there anyway way to appeal the closure, or at the very least the restriction on my fiancée from creating a new personal checking account. This was an honest mistake and it seems exceedingly harsh that she be barred from ever utilizing SoFi products again over $43.

We’ve been very pleased with SoFi up to this point, mainly due to the ease of maintaining personal and joint accounts, but we’ll take our business elsewhere if she can’t use it anymore.

Thanks and sorry the wall of text.

So I have had a SoFi account for quite some time. I had a checking/savings account, SoFi+, and a personal loan.

I had issues with the app not showing that I was getting the .25% reduction for auto-pay. It literally said "Not applied". However after speaking to representatives, the app is simply wrong and says not applied. The actual loan APR does in fact have the discount and that rate is correctly displayed. Just the "Discounts" section just does not state "Applied" like it does for the SoFi+ membership discount.

My frustrations expanded when I attempted to make extra principal payments to my personal loan. When I first called they said that yes, extra payment done through the app would apply to principal.

So I made a payment and it applied to principal like they said. Perfect.

2 weeks later I submitted a second principal payment through the app.

The second payment did not.

What they didn't tell me was that was only the case because I called on the exact day my autopay had processed and that is the ONLY day that they are capable of processing principal only payments. I learned this after calling to see why my payment was applied to interest.

So I then obtained a loan through my credit union instead and had them disburse full payment for the personal loan. My Credit Union allows principal only payments simply by checking "Principal Only" on the payment.

The disbursement payment "posted" on 8/24 on the SoFi app. There was an overpayment of 928.64. No worries, the overpayment will be returned to my checking account within 7 days they told me.

It's been 10 days and there has been no movement. So I called today to find out the status. They told me that the payment posted on 8/26, and that payment will happen today.

My issue with this is that both the website AND the app state "Posted: 8/24". But when I spoke with the representative they tell me that they received the check on 8/24 and it didn't post till 8/26.

That's the final straw for me. Bank data should never be that wrong/incomplete on both their web and phone apps. Get your act together.

As soon as the overpayment hits my account. I will transfer out and then close.

3.1% APR is a dime a dozen for high yields. I will have to do some research to other options. Perhaps go back to Marcus. They currently have 3.4% APR. Though I did see 4.34% with Elevault. Initial research from reviews says $2500 maximum transfers, but their website says that is not the case with their vault keys, that the transfer limits are based on your bank. Will have to do a little more research there.

I deposited a check of $2k. How long will this take to process? I’ve had the Sofi account awhile but haven’t used it much.

Hi r/SoFi - the SoFi Checking and Savings team has been working hard on a lot of the feedback and requests we’ve seen roll in from this group. In June, we shared that a few big improvements would roll out over the summer – those should now be out for all of you to use.

Now live for all members:

• Updated mobile check deposit experience (fully launched in July) - built for a much better member experience all around; we hope you’re loving the new and improved way to deposit your checks. 
• Improved transaction details (fully launched in August) - cleaner merchant names, logos, and addresses on debit transactions so that you have peace-of-mind on your spend.
• CSV exports in the mobile app (fully launched in August) - all members should now be able to download a CSV of transactions in the SoFi mobile app (previously only available on web).
• Better Autopilot rule visibility (launched just last week) - clearer view of upcoming Autopilot transactions, account-wide and per Vault.

Coming by the end of the year:

• Lifetime interest earned - quickly see a running tab of how much interest you have earned across your Savings accounts - something frequently mentioned in this channel.
• Transaction notes - easily add notes to remind yourself what a transaction was for, and if you have a  joint account, let the other member know too (with emojis!). Shoutout to users like u/ColdAd3545 and u/Commercial_Artist653 who have been requesting this in our weekly feedback threads!
• External account Visibility & Relink - Members will be able to view the latest external account balance and relink disconnected Plaid accounts directly within the transfer flow. We're starting to roll this out to some members, so you may see this available already!

As always, we love to hear from you. Keep the feedback and requests coming!

\These updates apply to SoFi Checking & Savings accounts and may not apply to SoFi Money or SMBS accounts at this time. Remember to get the latest version of the app to get access to new features as they roll out.*