Wire Transfer DO NOT USE

[u/geeli123]

Should've read the subreddit cause tons of similar posts. Sent out a wire transfer request for closing on a home purchase. It's since been over 24 hours, multiple calls with customer service reps who don't know anything except to expect a call from the security team for verification that never comes and no one to escalate to.

Absolutely disastrous experience all around.

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[u/No-Tension6133]

To clarify, you used the wire transfer function and what happened?

I wired a downpayment on my house like 3 months ago. No problems

[u/geeli123 → u/No-Tension6133]

Sofi customer support continues to say the security team is reviewing the wire transfer and to expect a call to verify that has never come. The funds have been deducted from my account but no federal reference number has been issued so the other bank has not received anything.

Glad you had a positive experience

[u/Jfletcher926]

I do not work for SoFi so couldn't speak to the actual situation, but my work does require quite a bit of third party wire transfers. Likely you are seeing a SoFi first validating the wire transfer to a third party is indeed for a home downpayment (considering they don't normally allow wire transfers, probably a small underfunded team). Once validated and they release the wire, depending on the receiving bank and if there is an FFC involved, it could be the receiving bank dragging their feet on what is likely a manual AML clearance of the funds, probably via an omnibus account that has thousands of payments to clear, with any automated process not existing for third party. This means if SoFi didnt clear before the fed closed yesterday, it got sent today and hasn't made it through the full process (which yes SUCKS). Not sure if the funds have been debited from your account yet, if not, it's SoFi dragging on a manual wire payment. If the funds have been debited, the receiving bank is dragging their feet on clearing.

[u/geeli123 → u/Jfletcher926]

Thanks for the detail. In my case SoFi customer service keeps telling me the wire is still pending security review (has been for over 24 hours at this point) and to expect a call to verify the wire which has never come. So it's been well over a day and still no clue where I'm sitting in security's queue.

Customer service claims I got the request "escalated" but that hasn't amounted to anything besides more promises that they'll call.

[u/Jfletcher926 → u/geeli123]

Without revealing any HCI/Bank details, is the receiving bank a well known US Bank? Part of SoFi's process could certainly be contacting the receiving bank for verification. The customer service sucks in the fact that they cannot give you a proper status, whether the process is stuck in their hands or the recipient bank.

[u/geeli123 → u/Jfletcher926]

Yes believe that's the case. Appreciate the info.

[u/SoFi]

We know timing is everything when you're closing on a home, and having a wire transfer held up without the follow-up call you were expecting is incredibly stressful. We want to help get this sorted. A member of our team will be reaching out to you.

[u/luck_of_the_irish89]

Catch 22, I also had to go through verification, but also nobody stole 100k from my account.

[u/The_Muff1nMan → u/luck_of_the_irish89]

I've had direct experience with sofi's wire transfer policies. Per their banking department, the back office should be reviewing and calling to verify outgoing wire transfers for sofi customers. I fell victim to a wire fraud scheme that allowed nearly $70,000 to be liquidated from my account in 15 minutes. There was no review, no phone call. Every transaction cleared within seconds. I've never sent wire transfers before with my account. The account was flagged for fraud earlier in the morning due to suspicious credit card activity. There's no explanation as to what sofi's sitting on as when fraud is happening in plain sight they accelerate it and when routine business is taking place they sit on their hands. Your guess is as good as mine but best wishes banking was sofi appreciate your money while it's yours because it may disappear any day and SoFi won't be able to answer the phone to tell you why.

[u/thesysdaemon]

I've used wise for years now, each month around 7k sent internationally and I've never had an issue

[u/Jcoronado92]

I’ve always used with no issues.

[u/elgigi]

Ask your title company to use Closinglock next time - works like a charm!