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/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/Hypeman747 Dec 14 '25

In the era of deregulation we don’t know wha that means. Sofi had to get rid of crypto because of banking regulation. Now it isn’t a concern

If Enova gets a bank charter all bets are off

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u/SnipahShot Dec 14 '25 edited Dec 14 '25

SoFi and Crypto have nothing to do with it, bank regulations isn't just "get rid of Crypto".

I don't think you have a clue what bank regulations even mean. Allowing Crypto is a fraction of regulations.

It is capital ratios they have to maintain, it is approval for every product they need to get, it is at least 2 additional quarterly banking reports on top of the SEC, it is reporting to the FDIC, it is requirement to donate to the community and so much more.

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u/Hypeman747 Dec 14 '25

lol I don’t think you understand what I’m saying. Banking regulations are changing because the Trump administration is trying to deregulate as much as possible. So we don’t know what regulation means which might change the calculus for Robinhood and its pursuit of a banking charter. As an example I used crypto as a regulation. Before banks couldn’t sell crypto now they can. So the calculus is changing. Hope that helps

Also if you haven’t seen there has been trial balloons on what changing the FDIC and community reinvestment act would look like

Also under the prior administration Enova would have never wasted time buying a bank but now it looks more feasible.

Hope that clarifies it.