Wow where do I even start! I've been with SoFi a little over a month and I thought highly enough to recommend them to a couple of family members. I started investing I started to have direct deposit and I thought Sophie was starting to be better than Capital One which I think that for 31 years. The other day I dropped my phone in the ocean as I am traveling on my sailboat and I had to cut the bank to have them switch to phone number to my wife's phone so I can have access to my account that was done and everything was running smooth.
3 hours ago for no reason whatsoever at the store at the register trying to pay for groceries my debit card was declined twice. I went to look at my phone and it said my account was restricted because I may or may not have violated their terms. What the hell does that mean may or may not? That means, "Maybe you did maybe you didn't. I don't care. Either way we're going to restrict your account." I called them and informed them that all my money was in their account and I cannot have my account restricted as I am $2,553 Mi away from home on an island and the only access of cash that I have is on their debit card. I am with my wife my daughter and my 7-month-old grandbaby. The customer service rep didn't care and told me I just had to wait and she couldn't give me a date to when it would be resolved.
I said, "A date? No no you don't understand! You need to tell me you don't have a time as in how many hours is it going to take to correct this problem." Again she really said, "You're just going to have to wait, We can't give you a date," I replied, "I don't think you understand. If you restrict my account my family which is a family of four is going hungry tonight because we have no way to buy food. Tomorrow we will have no housing 2500 miles away from home and I can't even get back because my money is in that bank." The lady still responded, "Well I can't help you. We're just going to have to wait. Just log on your account every now and then and see when the restriction has been removed." I said, "Do you have children? Because why not let me have access to your account so that I can restrict it so your children can go hungry tonight. I don't think you understand what you are doing to my family. You are putting a homeless and hungry."
Needless to say they didn't give a crap. Once again said, "You just going to have to wait. Too bad," and hung up the phone. Now I'm in panic mode because I have a 7-month-old who has enough formula to last until morning. We have enough food on the sailboat to last 2 days and we have to leave the marina tomorrow because we can no longer pay to stay.
Thank you Sofi. As soon as you restrict this account I'm immediately pulling all of my money all of my stocks out of there as I've already set up my direct deposit back to Capital One and my wife is now trying to figure out how to pull all her money out of the account on them in the middle of Washington State exactly 2,553 Mi away from home. Good job!! I will be looking for a lawyer in the morning and I'm going to see if I can sue these Crooks who have hijacked my money for $10,000 a day that my family goes hungry.
FAQs
SoFi has a TrustPilot rating of 4.7 stars, based on more than 7,000 reviews. Satisfied customers note that the application and funding process is quick and easy.
What is the SoFi bank controversy? ›
In October 2018, SoFi settled Federal Trade Commission (FTC) charges, agreeing to stop making false claims about savings from student loan refinancing. The FTC alleged that SoFi had been making such false claims since April 2016.
What are the cons of SoFi? ›
Cons No branches: As an online-only bank, SoFi doesn't provide in-person banking access. No out-of-network ATM reimbursem*nts: Unlike some online banks, SoFi doesn't reimburse ATM fees for out-of-network ATMs.
Is SoFi a legitimate business? ›
Yes, SoFi is a legitimate lending company that offers various financial products, including loans, investing, credit cards and more. It was founded in 2011 as Social Finance Inc.
Is SoFi Bank safe from collapse? ›
SoFi takes your security very seriously. Upon depositing funds into your SoFi checking and, or savings accounts (including vaults), the balance is FDIC insured up to $250,000 per account holder across all deposit accounts. Joint accounts will be insured up to $500,000.
Is SoFi Bank trustworthy? ›
On Trustpilot, SoFi has 4.6 stars with over 7,500 reviews, and many customers appreciate how easy it is to open an account with the bank. However, many don't like how hard it is to deposit cash—or that the process comes with a $4.95 fee.
Is my money safe at SoFi? ›
FDIC insured: Your deposits are secure with the Sofi Checking and Savings account. Deposits are FDIC insured for up to $250,000 per individual — $500,000 for joint accounts — and you can add FDIC insurance up to $2 million.
Who is SoFi backed by? ›
Upon a detailed examination of institutional ownership, Vanguard emerges as the top shareholder of SOFI stock, holding a stake of approximately 7.69%. Following closely is Vanguard Index Funds, with a notable ownership stake of 7.26% in the company.
How do I get rid of SoFi? ›
From your SoFi Checking and Savings homepage click on the 'More' icon. Select 'Close account. '
Why can't I withdraw money from SoFi? ›
Any new deposit made into a SoFi Invest account is placed on a five-business-day hold. The sixth business day is when your funds are available to be withdrawn. You are still able to make purchases and place trades during this holding period.
SoFi is the clear winner when it comes to fees. SoFi's account doesn't charge any monthly maintenance, overdraft fees or out-of-network ATM fees. Chase charges a monthly fee on just about all of its personal and business accounts, ranging from $4.95 to $35 per month.
Is SoFi a safe platform? ›
SoFi takes the privacy and security of its members' financial and personal information very seriously. We maintain industry-standard administrative, technical, and physical safeguards designed to protect your information's confidentiality and integrity.
Is SoFi a Chinese company? ›
Respondent SoFi Lending Corp., also doing business as SoFi, is a California corporation with its principal office or place of business at 375 Healdsburg Avenue, Suite 280, Healdsburg, CA 95448. SoFi Lending Corp. is a wholly owned subsidiary of Respondent Social Finance, Inc.
Do people actually use SoFi? ›
SoFi Bank is a part of SoFi Technologies, an online personal finance company that provides a number of products including bank accounts, mortgages, student loans, auto financing, personal loan, mortgages and more. SoFi had $24.1 billion in assets as of Dec. 31, 2023, and the company has more than 6.9 million customers.
Why does SoFi freeze accounts? ›
Bank accounts may be frozen due to suspected fraud, such as unusual large transactions or activities in unfamiliar locations. Unpaid debts like taxes, student loans, or child support can lead to account freezes without a court judgment.
Is it safe to invest through SoFi? ›
Among the few negatives, publicly available financial information about SoFi Invest is quite limited compared to other brokers. However, being a US-regulated broker and offering a high amount of investor protection are still all great signs for SoFi Invest's safety.
Is it safe to open a SoFi account? ›
Is SoFi Bank safe? Yes. SoFi is FDIC-insured, meaning you have standard coverage up to $250000 per customer, per account. Increased FDIC coverage of up to $2 million is also available with SoFi. Yes. SoFi is FDIC-insured, meaning you have standard coverage up to $250000 per customer, per account.
Is SoFi safe with SSN? ›
Our systems and security controls are reviewed by third parties against security standards such as SSAE18 SOC2 and PCI DSS, and rigorous third-party penetration testing is done at least annually.
