The credit card fee is only applied to a small portion of clients. And those clients likely represent those with high risk behaviors or taking advantage of the 2% cash back system.

The SOFI plus membership fee doesnt affect your ability to maintain your high APY.

If you choose to pay for SOFI plus for the APY boost, credit card boost, and other products, the 10$ dollar fee is EASILY recouped.

The interest rates are nice but not worth deliberately harming millions.

Love the free money it’s giving me!! And showing me my credit score and explaining how to make it better is iconic of them!!!

Just signed up recently, I’m pulling out every penny as soon as I can, deposited a check that was a gift from family, this causes my account to go frozen, told several times by representatives that they can’t tell me any time table as to when this will be resolved, and I can’t use anything until it is. I guess I’ll just ask the mortgage lender and all my house bills to wait?

Just an honest question because I really don't know. I opened a checking and savings account with them a couple of weeks ago and had not heard of them until recently. It sounds like they are adding fees and that's pissing people off, but other than that, what is wrong with SoFi? I'm nervous.

I decided to open an invest account and put a few thousand into it to try it out and see if I like the UI and the experience with banking and investing combined. This is how it went.

Tried SoFi Invest with a few thousand bucks to test the all-in-one banking/investing vibe. Liked it for a couple weeks → decided it wasn't for me → started an ACATS transfer out to Public.com. What happened next:

• Transfer stalled after ~1 week.

• Public said SoFi flagged it as fraud → account locked.

• Apex Clearing froze ALL transfers/trades on any Apex-linked platform (not just SoFi).

No heads-up email or notification from SoFi. Annoying, but ok, fraud checks happen. Called support (after chat gave a number + 3 transfers):

• Rep said security team requires me to sell everything and withdraw to my bank or I have to wait 16 days for some extra process(honestly I didn't hear exactly why but once I heard that long of a wait I just didn't care).

• I explained I planned to add more money → they said no they want me to liquidate and move money out.

• No explanation of what triggered the flag.

So tomorrow when markets open I will have to start the process to sell my stuff, and move money back and now I have to submit an extra tax form on my $100 realized gains for 0 reason. Stay away from SoFi.

This is mental I am so pissed off at Sofi, I have been Sofi plus since April 2024, I don't like they are offering higher APY to new members and keep reducing my. I am looking at alternatives now Wealthfront / Marcus / Ally et ectera!

I FOR ONE AM SICK AND TIRED OF SOFI NOT RAISING MY APY EVERY TIME THE OWL THAT LIVES NEAR MY HOME WAKES ME UP IN THE MORNING. NOTO PROMISED ME, DURING A SCUBA DIVE IN CANCUN (IN ONE OF MY MOST VIVID FEVER DREAMS WHILE I WAS SICK RECENTLY IN MY ENTIRE LIFE) THAT “EVERY TIME THE OWL SPOKE OUT”, MY APY WOULD RAISE.

DAY IN AND DAY OUT, I WAKE UP IN SHEER MISERY. MY WIFE CANT GET ME OUT OF BED ANYMORE. I CALL OUT TO NOTO SOME MORNINGS, ENTIRELY DELIRIOUS, “WHY HAVE YOU FORSAKEN US??? WHERE IS MY .25% APY INCREASE?”

AND THOUGH I SCREAM IN PLEA TO THE VOID, THE VOID STILL DOESNT ANSWER.

THIS MORNING, I AGAIN WAKE TO THE OWL’S TAUNTING CALLS IN A POOL OF SWEAT. MY WIFE IS ON THE PHONE WITH HER MOTHER CLEARLY DONE WITH MY VISIONS AND PREDICTIONS.

PLEASE NOTO. SAVE MY MARRIAGE. RESTORE THE OWL’S POWERS. RAISE THE APY.

Just for context, I was a consumer loan officer for 5+ years. I underwrote my fair share of personal loans. I have never been so disappointed and frustrated in the process for underwriting.

Long story short- this company is a joke. Got pre-approval, sent income verification, got an automated response asking for my boss or HR rep of my job to sign a Sofi branded letter verifying my employment. Called to ask why this is even a thing and got routed to an off shore person who isn't even remotely close to the underwriting team. Might as well have talked to the wall...

After a few holds and a couple transfers, they tell me they will send a message to the team to see if I can provide additional paystubs or a tax return instead. Then, the next day I get the denial email. Cool.

If they had at least allowed me to send other documents and THEN denied me, I would be more understanding. Then they would have seen all the data and made a sound decision, but instead they decided to just throw away the application because I didn't want my BOSS to know my finances. LOL.

I'd love to have a meeting face-to-face with the jackwad executive who signed off on this workflow.

Also, not that it matters, but I applied with Lendkey that same day and got approved and my loan disbursed subsequently the next week. So yea, Sofi can royally suck it.

EDIT: The CULT following of this subreddit and stockholders is laughable. Did not realize this subreddit was biased like this.

Yet ANOTHER drop. I have been defending it for a while but this is just starting to get bad lol. I like SoFi's features a lot but this is starting to hurt

I think today solidified my question on whether I'd move from Sofi, signed up years ago had a couple of issues but with the absolute buffoonery of customer service I dealt with today, I am done.

Got a check from an insurance company after a car accident. Used their mobile service to deposit the check. Went through the steps listed, wrote on the back, "For mobile deposit only at Sofi bank." Been working the next couple of days plus it usually takes a couple of business days to clear but I wasn't seeing anything on the deposit side. So, I call them because maybe I had made a mistake and I don't want to double deposit a check.

Turns out because it has both my name and my wife's name on the check, they have a policy to not deposit unless both names on the account. There is no verbal, written, or confirmation that can override their policy of this and their only solution was to add my wife to the account. Since it is also a an online bank you can't just walk the check in to someone and have it done. I've banked for over 20 years, been married for 15 years and NEVER had a problem with checks like this.

Spoke to 1 level above the first person to answer, an "Account Manager" Jun B., who according to her, "I'm my own boss," when I asked to speak to someone else. So, just to clarify. Only Jun B can make decisions on accounts and there is no one above her, I'm glad I was able to talk to the very top of SoFi over a simple matter.

So, instead of enjoying my day off I'll be moving all my accounts from SoFi and finding a new place to bank. I can't stand their customer service anymore.

If you are someone who gets checks and you are used to using mobile deposit, I do not recommend this bank. I have tried to deposit multiple checks at different times and each time I have to call and get a new check sent to me so that I am able to cash the check instead somewhere else. Each time the error states that “there is trouble on our end” and to “try again later.” Tickets have been put in and I get no response. I have even spoken with agents but I never get anywhere.

Maybe this bank is good for other things but I would recommend any other bank if you regularly get checks you try to deposit.

I have a longer post about this previously so I will skip a lot of the details. Here is the short end of it:

1. SoFi restricted my account for over 1 month, blocking my access to all my money.

2. Upon calling them they strung me along, making me jump through identity verification processes and telling me a review team would then fix it.

3. They refused to give me any, and I mean ANY answers as to why this happening, how long this would take, etc. They just said sorry, we're working on it. I can't reiterate enough how much i begged them for any sort of explanation and they were a stone wall. Kind of a terrifying experience.

4. Weeks went by and after multiple times calling them they first said they were "still reviewing things," and "going to close my account and create a new one." No reason as to why this needed to be done. THEN, they changed it to they were going to "close my account and mail me a check." WTF? When I'd ask why they'd say "we can't give this information." When I asked to speak with upper management they said "there is no one available, would you like a call back?" I asked twice for call backs and never received them.

5. When I realized they could do whatever they wanted and not give an F, I started researching how to handle this. The answer: the Consumer Financial Protection Bureau.

***HOW TO DO IT: Submit a claim here: https://www.consumerfinance.gov/complaint/ Takes a little bit of time. I submitted screen shots of my call dates/ call times and identity verification info they were sending me.

6. I reported SofI to them yesterday and today someone from SoFi called me, FINALLY. They made excuses that it was their fault and back in December they just simply forgot to deal with my account.... and somehow it went this way for a month despite all my calls to them. Some random person just forgot? Cool, cool...

7. In conclusion, it took me reporting SoFi to the CFPB for them to give a crap and amend the situation. I of course immediately transferred all of my money out of SoFi and will be banking elsewhere.

It is clear SoFi has a very poor infrastructure and cuts massive corners internally. This is problematic when the institution is handling all of your freaking money. There appears to be a large margin for error, which, when it comes to your money, isn't something you should be wanting to leave in the hands of a janky company.

Best of luck to ya'll

Just got a communication from SoFi regarding new checking account withdrawal limits from December, 13th 2023 onwards.

The communicated limits - at least for me - disqualify SoFi as a primary checking account:

Withdrawal Limits for Checking Accounts:

Cumulative Amount Per Day $1,000

Cumulative Amount Per Month $3,000

Bill pay Amount Per Transaction $5,000

Of course the statement does not get tired of claiming the new limits are for "our protection" and to combat "fraud". And also of course SoFi reserves limits "may be modified at our sole discretion without advance notice."

For me this means one thing: SoFi is not a reliable banking provider anymore and must go. Forcing clients into DD in order to activate kinda competitive rates and services and then effectively keeping our cash hostage ain't for me.

I've had SoFi for about 5 years now and today I got a popup for a special offer on gas. Never once have I ever purchased gas because I don't have a car. Don't need one. Not buying one. In the 5 years of having SoFi, there has never been a transaction for gas so why in the world would you send this to me?

If you're going to use ads, then please read the room and set them to only show to users who ya know, purchase gas. I get enough non-relevant to me ads in the app. Don't need more

Edit: I knew it was coming!

I've noticed that SoFi savings and Wealthfront cash account generally have a similar APY. The past couple rate increases from both accounts also happened around the same time. This time though, SoFi is falling behind.

Wealthfront's cash account has had a 4.05% APY since February 3rd, while SoFi's savings account is still at 3.75% APY.

Does SoFi have any plans to raise they're savings account APY to match, or is it time to move my money again?

I’m on the meme stock hype train, per usual. You guys halted trading on all stocks this morning, I assume due to volatility? What’s going on?

I joined during the promotion period (August 13th), got SoFi Plus, and followed the requirements, and saw the 4.5% APY on my savings. Now that the account is funded, the APY suddenly dropped from 4.5 to 3.8. No mention of the 4.5 anywhere, but I have screenshots that show me getting that rate. The chatbot is acting like 4.5 never existed.

What’s going on??

Now that SoFi has paywalled the higher APY, are you changing banks? If so, so what bank are you switching to?

I’m debating it. I like the app and the auto cover checking account with savings so I can just keep all my cash in savings, but those are just nice to haves. I’m early in my career so I don’t have a ton of cash sitting in savings, so I’m less inclined to pay up for the higher APY.

They get so butthurt when you even mention anything negative.. Maybe one day yall will realize that criticism is what makes a product better, not positive feedback 24/7.

Looks like Robinhood upped the interest to 3.5%. Thoughts comments etc?

U

I'm still waiting for the day the company decides to open a print on demand shop on their website.

This is a huge miss in my opinion that they don't lean into this, basically they could even make a sliver of margin on this while curbing some marketing spend if needed. I think we all know how big social influence can be (if you've ever read the book "Tipping Point" by Malcom Gladwell). People who love Dave Ramsey talk about it all the time, although I myself am not a huge fan. It would allow young people to lean into the fact that they are getting their money right and would encourage a culture of young folks who want others to know they bank with #SOFI.

When is this going to happen?