Complaints

This profile includes complaints for SoFi's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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• 

  SoFi

  San Francisco, CA 94105-2624

• 

  SoFi

  SoFI Mailroom Operations 2750 East Cottonwood Pkwy, Suite 300 Cottonwood Heights, UT 84121

• 

  SoFi Finance Inc.

  860 Washington St Fl 2 New York, NY 10014-1308

• 

  SoFi

  2750 E Cottonwood Pkwy Ste 300 Salt Lake City, UT 84121-7285

• 

  SoFi

  2750 E Cottonwood Pkwy Ste 300 Holladay Cottonwood, UT 84121-7285

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:02/15/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Summary of the problems: 1) I am a SoFi customer with multiple financial accounts that was unable to pass verification and was never contacted by SoFi's security team after applying for a personal loan, twice. (To this day 2/15, not contacted)2) The 2nd application for a personal loan was rescinded 15 days prior to the adverse action notice. Why did SoFi proceed with the 2nd application after I specifically requested to have it rescinded? And it was confirmed rescinded. Details:On 1/23/2023 I applied for a personal loan with SoFi. On 1/27/2023, that application was rejected with the reason being: unable to verify identity. That was strange because I, at the time, had several financial accounts at SoFi (Checking/Savings, credit card, crypto/investments) that were open for several years, so the thought of SoFi not being able to verify me was extremely concerning. I contacted SoFi to try and remedy the situation. After speaking to over 8 customer service reps, the resolution was: I needed to wait for a special "security" department to call me. That department is not reachable directly apparently. I was also advised in the meantime to submit a new application for the loan as this will help speed up the process and I shouldn't incur another inquiry (that part seems true).On 2/1/2023, I called SoFi again to rescind my loan application. This was because I was tired of waiting and tried to get a new loan from another bank which was approved and disbursed by the next day. The SoFi rep I spoke with confirmed they were able to rescind the application. On 2/15/2023 I get a letter/document from SoFi dated the same day saying that my loan was again rejected because they were unable to verify my identity.

  Business Response

  Date: 02/21/2023

  Please see attached. 

  Customer Answer

  Date: 02/27/2023

   
  Complaint: 19413573
  
  I am rejecting this response because SoFi did not address my concern as to why my identity could not be verified although I have other active financial accounts with them that have been open for years. They also did not address why their "security team" never got in touch with me regarding said identity verification concern. I simply got a: try again if you want to, sorry for the inconvenience. 

  
  

  This behavior is concerning if not alarming for all SoFi customers and is not how a financial institution should conduct themselves. I have already taken the necessary steps to shield myself from my own financial exposure to SoFi. I hope that these concerns can be properly addressed so that I can trust SoFi with my business, again in the future. 
  
  Sincerely,
  
  ***********************

  Business Response

  Date: 03/08/2023

  Please see the attached document.

• Initial Complaint

  Date:02/15/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Ok so sometime in January, I was notified by SoFi that my account was restricted, and was being closed due to suspicious activity (even though I told them my account was compromised). Well anyways, at the time I had funds in my SoFi investment account, and my savings/checking account. I had attempted to withdraw, but due to the restrictions, I could not. I called them and one of the representative told me that the remaining funds would be sent to me either via check, or transferred to one of my external accounts. Well, that never happened as its been five weeks and counting, and no response from them thus far. I would like my remaining funds sent to me ASAP!

  Business Response

  Date: 02/21/2023

  Please see attached. 

• Initial Complaint

  Date:02/15/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My husband and I have been locked out of our joint account since February 1st, 2023. We were not notified of being locked out until I tried to log into our account. We have called the fraud department daily trying to get an update and all they say is they have no information and will have someone look into it. I've asked to be connected to a superior and they end the call. I am unable to move money out and am getting returned payments for my bills which SoFi said they will not reimburse me for when it comes to those fees.

  Business Response

  Date: 02/21/2023

  Please see the attached document

• Initial Complaint

  Date:02/15/2023

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My account has been frozen due to an issue on SOFI's end. I've called 20+ times left voicemails with the investigations department and emailed every email I could find for this company. No one knows when my account will be unfrozen; I keep getting told to just be patient. Doesnt really work like that though, I have children that need diapers and formula. I also have bills to pay and had to take the day off work because I couldn't put gas in my car due to my account being frozen. The customer service rep even said this was a mistake and shouldn't have happened.

  Business Response

  Date: 02/23/2023

  Please reference the attached document.

• Initial Complaint

  Date:02/15/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have a restriction on my account. I reached out to resolve the restriction and completed an identity verification, where I uploaded pictures of my driver's license and my own face. They asked me a few questions and I answered them to the customer service rep's satisfaction. I had changed my address and cashed a check of $646.13 that they flagged as suspicious and rejected. They asked to contact my employer, so I gave them my employer's phone number and they said they would get in contact the next day. This contact never occurred. Since then, I have been calling every day to try to get the restriction resolved. My bank account currently holds $1680 (roughly) and I need that money for important bills and tuition. I called and I was forwarded to a voicemail where I could inquire about my account. I called again and the rep I talked to said he sent an email to the **************** ********** to ask that they get in touch with me. Since then, no one has gotten in contact with me or explained why I can't access my funds even though I verified my identity and answered the questions to their satisfaction. I would like to unrestrict my account and completely withdraw from SoFi bank.

  Business Response

  Date: 02/21/2023

  February 21, 2023
  
  Better Business Bureau 
  1805 *****************************, Suite 100 
  ******, ** 78754
  
  RE: BBB Case # ********; *************************
  
  To whom it may concern:

  
  We are in receipt of your letter received February 15, 2023  regarding the above referenced individual. We are reviewing the customers concerns and sending a response directly to the customer with a disclosure consent form. Upon receipt of the signed disclosure consent form from the consumer, we will forward a copy of the response to your office. Please do not hesitate to contact our office if you have additional questions or concerns.
  

  Thank you,

  
  Customer ***************************************** N.A.
  

  
  

• Initial Complaint

  Date:02/14/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I bank with SoFi and believe their banking practices are extremely deceptive and possibly fraudulent. The brief version of my story is that I was sent a fairly casual (for the content) email (attached) Thursday, Feb 2, explaining that I'd been locked out of my checking account. Fast forward to today and while I call customer service daily, the agent always repeats that there's no one else I can speak with (they don't "have an escalation team" at SoFi), no email, no alternate number. The investigation team can be reached by leaving a voicemail via connection, so you can't dial the number yourself. No one has contacted me since that date. I am unable to withdraw available funds from my SoFi investments "due to technical error", although they said nothing about that account being locked. I find it extremely unsettling that there's no one else I can email or contact at SoFi, and that there's no case number or time frame, They won't even tell me what they're investigating, as no funds have gone missing from my account. A quick search of their ******** page shows that they do this frequently to their customers. I've filed a complaint with the *** but haven't heard a result yet. I know SoFi was flagged by the *** a few years ago for fraudulent advertising in regards to their student loans. There has to be something nefarious going on.

  Business Response

  Date: 02/21/2023

  Please see attached. 

• Initial Complaint

  Date:02/14/2023

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My wife and I applied for a "pre-approved" personal loan for a home improvement project on 2/9/23. We have substantial income, significant home equity and an excellent 800+ credit score. Because our income is derived from self-employment we had to submit substantial additional personal information (2 years K-1s, Schedule Cs, etc.). This is normal and not new to us when applying for a loan as a self-employed person. However what WAS unique was that our application was denied a day later based on very vague "identification issues" and all of our attempts to call for clarification from SoFi on what the identification issue was have not been returned. We have many other lines of credit based on this same information, we've never had any "identification issues." Usually in this case a loan adjuster will reach out to clarify discrepancies in a loan application, we did not receive anything other than denial letter. I believe it is unethical (not to mention potentially illegal) to request a substantial amount of private financial documents from an applicant, run a hard credit check, and then reject the application out of hand without any serious explanation. Especially after it was advertised as "pre-approved" to get us to apply. I'm left to wonder if the application was even seriously considered, if SoFi perhaps prefers lower credit scores to charge higher interest rates, or if they're simply harvesting applicants personal financial information. Since I've received no concrete answer from SoFi I'm only left to think the worst.

  Business Response

  Date: 02/17/2023

  Please see attached. 

• Initial Complaint

  Date:02/14/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I signed up with Sofi Checking/Savings and investment account. Within 24 hours there was a "Pay to friend" for all "available" funds. I called in to tell them I didn't do it and they told me to wait 3 days to process and in the meantime my account was on hold. I have emailed and called multiple times trying to find out the status and I get hung up on and told investigation wasn't complete and I need to wait. Most CSR are out of country and rude. Today I was told I needed to upload my drivers license and they would continue to talk to me. The company they used "intellicheck" seemed legit so I tried to do that. It failed the scan process. So I am back to emailing and calling and dealing with a bank that has A LOT of money on hold and I can't pay my bills.

  Business Response

  Date: 02/24/2023

  Please see the attached document. Thank you.

  Customer Answer

  Date: 02/26/2023

   
  Complaint: 19403173
  
  I am rejecting this response because:  This is typical of SoFi.  Evasive and not acceptable.  All they said was they were going to send me a letter for me to send back saying I have a formal complaint.  As of today they have held my money for NINETEEN days.  Nothing is getting resolved.  
  
  Sincerely,
  
  *********************************

  Business Response

  Date: 03/06/2023

  Please reference the attached document.

  Customer Answer

  Date: 03/14/2023

   
  Complaint: 19403173
  
  I am rejecting this response because:  All they did was told details of my calls.  AND not all of them.  They made it seem like they listened, and they didn't.  They didn't tell of not being kept in touch with, being hung up on, being told by customer service reps that they didn't have a status and that they had other calls to answer.  Not having a resolution to their ONLY means of me identifying myself.  I truly believe that me contacting BBB and Consumer Affairs is why it is even resolved.  I spent SIXTEEN days with no update on why Sofi had all my money tied up.  When I finally got someone to listen and release the accounts, they immediately were put back on hold because they failed to transfer the money into a new uncompromised account.  I hda to call again to let them know the NEW problem and finally 20 days later and $15,000 everything was accessible.  And the whole time the funds were on hold I didn't receive the interest I was promised and owed.
  
  Sincerely,
  
  *********************************

• Initial Complaint

  Date:02/13/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Good evening,I got a late fee added to my investment account, and I am not sure what it is for, but I need it removed. Also, I can't seem to do weekly investments due to some Sofi has blocked or messed up on my account due to earlier issues. Please fix this, so I can do weekly investments. Thank you.Best,

  Business Response

  Date: 02/17/2023

  Please see attached. 

• Initial Complaint

  Date:02/13/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On February 4, I talked with a representative from SoFi to by my bill over the phone and inquired about why the I received a returned check fee. The agent claimed it was a problem with my bank not accepting the request. However, the representative was able to pay the using information I have on file with the organization because I have another account with them. However, the payment was rejected again a few weeks later and I received another return check fee. Based on that experience, I called my bank today (February 11, 2023) to inquire as to why they will not pay SoFi and I have sufficient funds in the bank. The **** representative could not find any request or denial from SoFi at all. So I could SoFi again today (February 11) and was basically told the same thing, that it is my banks error. I request relief and a refund from paying the returned check fees totaling $50. Also, I request a hard copy of final bill sent to my address on file with SoFi and relief from any additional charges related to their inability to draw the money from my bank account.

  Business Response

  Date: 02/21/2023

  Please see attached.