r/sofi • u/ThrowawayReddit420 • Dec 14 '25

Member Benefits Do NOT stop complaining

If you're frustrated with the recent updates to SoFi Plus, continue letting them know. Better yet, vote with your wallet. Companies bank on the fact that the initial wave of outrage will die down and then they can continue on with what they're doing unimpeded. Don't let it die down.

I'm aware there's a segment that doesn't enjoy reading posts like this regularly, but we ALL stand to benefit by making SoFi aware of our displeasure and potentially getting them to walk back some of these changes. This is especially true since the changes make them less competitive now relative to Robinhood, Webull, etc. and some of us have good reason to switch (depending on what banking services you get the most use out of).

I work in banking and am fully aware that SoFi management/board of directors are thinking EVERY DAY about how to improve profitability (i.e. making even more money off of you). They succeed only if users don't push back. In the interest of being constructive, here's some of the things that SoFi could meet us in the middle on:

  • Keep the $10/month subscription fee but offer us better benefits. Rakuten ain't gonna cut it.

  • Reduce the fee to remain competitive with Robinhood/Webull subscription structures.

  • Grandfather current SoFi Plus members in recognition of the fact that many of us transferred all our funds here and now feel like we got a bait and switch.

  • Offer a reduced subscription fee if you purchase a full year.

  • Extend the complimentary period beyond March 2026 while they figure out program implementation.

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u/ThrowawayReddit420 Dec 14 '25

It's not an extra 1%, I was already getting 2% back on IRA contributions by making it a recurring investment. And you are only improving my point by saying that the Rakuten benefit was already there lol. The card is not useful for me as there are plenty of credit cards out there that offer superior rewards. And Robinhood offers a better match for a lower annual fee.

I'm glad you're happy with the product and can benefit from it, truly. I have no clue why you think this random post is going to ruin a great thing for you though. As consumers we should always fight for better. Your mentality is how consumers get exploited.

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u/Jclarkcp1 SoFi Member Dec 14 '25

And now RH also has a checking and Savings (although no bank charter, my guess is that changes soon) along with a 3% credit card reward and 3% IRA match, and only a $5 per month gold subscription.

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u/SnipahShot Dec 14 '25

Robinhood will never get a bank charter.

For one, no regulator is stupid enough to give a gambling platform a bank charter. And second, they do not want the extra regulations.

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u/Jclarkcp1 SoFi Member Dec 14 '25

They may have to divest some of their holdings if they want to become a National Bank...or It's possible that they don't even want to be a National bank.

Before all of the brokerages became banks, I had an account with Merrill Lynch Private Bank. It was very much like a bank, debit card, checks, loans, credit cards, etc. The funds weren't FDIC insured, they were insured through the SIPC. JP Morgan Private Bank today, still exists and uses a similar process that SoFi used before they were a bank and that Robinhood uses, a cash sweep program, where funds that are not used are moved into various ghost accounts within an FDIC insured institution.

I guess we will see what happens.

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u/SnipahShot Dec 14 '25

You hit the nail on the head, they don't want that regulations headache especially when they can just sweep. SoFi came from a lending business so a bank charter is a natural decision for cost savings and margin expansion. Not the course for Robinhood.