Business Profile

Loans

SoFi

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Important information

Customer Complaint:
BBB’s business profile for SoFi was created in September 2012. A review of SoFi complaints was completed in June 2025.

Consumers are encouraged to review the following links for information on terms of service and security.

SoFi Terms of Use Agreement
SoFi FAQ

Complaints

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

Customer Complaints Summary

2,304 total complaints in the last 3 years.
763 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

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:10/24/2022
Type:Product Issues
Status:
ResolvedMore 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 October 9, 2022, I received an email stating that my checking/savings account has been closed and charged-off due to it being in the negative (-$48.49) for 60 days (and it hasn't been a full 60 days). I only received one prior email about my account being in the negatives on September 4th that stated that I would lose my overdraft protection privilege if I dont pay it back in the next two weeks. I was transitioning jobs and was going to pay it back the following month until I received the October 9th email stated before. I was surprised because I didnt receive any emails telling me that my account would be closed and charged-off. I contacted several representatives non-stop for over 2 weeks about this issue, and have received different information from each one and was transferred to different departments that did not help me at all. I was told that I would be receiving an email and callback about the charged-off account, but I never received anything. Then, I was told that Sofi sent me emails warning me that my account would be closed and charged-off but I never received anything besides the overdraft protection being removed. I was also informed that they dont have a system in place to be able to payback the negative balance and it may take months for them to have a system, so I would have to wait. I do not understand this and have been told conflicting information. This is so disappointing and frustrating. I will never use Sofi again.
Business Response
Date: 11/01/2022
Please see attached.
Customer Answer
Date: 11/07/2022
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. I will be awaiting a direct response from SoFi.

Sincerely,

Sierra *********
Initial Complaint
Date:10/24/2022
Type:Sales and Advertising Issues
Status:
ResolvedMore 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 went through a dispute process for the first time with SoFi bank for a Charge Back against a Merchant who currently has an F rating on the BBB and has had MULTIPLE lawsuits filed against them for fraudulent claims, and false advertisements made to customers. Unfortunately, I did not research this merchant properly until I already made a purchase with them. That was an erroneous move on my part. What made this process even worse is the customer service that I received from the ********************** Bank ********************************** It was the worst process that I have ever gone through with a bank. I have tried multiple times to submit evidence in support of my claim. After having my dispute denied without any notification as to why, and a series of follow-up emails, I finally had a rep helpful enough to re-open my claim to allow for my evidence submission. After submitting a plethora of supportive documentation to include: phone call history with the merchant, return attempts, merchant guarantee policies that were not followed, and merchant item descriptions that were innacurate, SoFi has still refused to issued a validate reason as to why my claim was denied. It seem as though ***************************, the representative that has been working on the dispute the entire time, doesn't even read the emails before submitting an automated response. This review is about SoFi's poor consumer relations. Terrible experience and terrible customer service. A sub-par experience for a bank overall. I will be removing all the rest of my funds and closing my account. If you're considering opening an account, I would think twice about banking with them. Purchase protection is not something you expect to use everyday, but it's a last resort option that you should be able to use accordingly to terms and conditions when needed.
Business Response
Date: 10/28/2022
Please see attached.
Customer Answer
Date: 10/29/2022

Complaint: 18303202

I am rejecting this response because, I have yet to receive a viable response from the business. Currently awaiting their official response.

Sincerely,

*****************************
Business Response
Date: 11/03/2022
Please see the attached document.
Customer Answer
Date: 11/09/2022

Complaint: 18303202

I am rejecting this response because: The Business has yet to send a response directly to me, the customer, with a disclose consent form as per their former response. The business has also not provided a response to BBB. They have made no further outreach. The same problem still persists. There has been no proposal for a resolution.

Sincerely,

*****************************
Business Response
Date: 11/17/2022
We have responded to this complaint previously and no new information has been provided by the consumer.
Customer Answer
Date: 11/19/2022

Complaint: 18303202

I am rejecting this response because: I deny the accuracy and validity of the information provided by the business. As evidence by documentation submitted in my appeal, the item was not as described, and the Merchant prohibited a return from taking place. As evidenced by my appeal documentation, I did not decline the a refund upon returning said Merchandise, but rather the merchant would not accept the return. I reject this response on the basis that inaccurate information was provided by SoFi. Because no further solution has been proposed, I will be closing my account and may have to seek the aid of legal counsel. I have returned the enclosed consent to Disclosure gf Non-Public Personal Information as requested by SoFi.

Sincerely,

*****************************
Business Response
Date: 12/05/2022
Please see the attached document.
Customer Answer
Date: 12/07/2022
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. The Matter has been addressed outside of the BBB. A Full refund has been issued.

Sincerely,

*****************************
Initial Complaint
Date:10/21/2022
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.
All the transactions date is incorrect and its repost . Money is missing . Balance is incorrect. Money is stolen by sofi
Business Response
Date: 10/27/2022
Please reference the attached document.
Initial Complaint
Date:10/20/2022
Type:Billing 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 am growing extremely tired of being unable to transfer funds to and from my sofi money account without the interface automatically changing the account selection i've made. it has now caused me to make transfers several times from accounts that I have not wanted to transfer funds from.I want to be refunded for the $25 NSF my other bank has charged me because I NEVER APPROVED A TRANSFER FROM THAT ACCOUNT.Fix the website! the transfer function is totally broken!
Business Response
Date: 10/27/2022
Please see the attached document.
Initial Complaint
Date:10/20/2022
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.
SoFI has mishandled my funds and fraud claim. On 10/07/2022 My card was stolen. I promptly froze the card and reported this through their app as stolen. SoFi still allowed a transaction to go through for a company called Everi in the amount of $844.99 on the same day the card was stolen. This says Merchant name ATM:***** and says transaction date 10/07/2022. I filed the claim as soon as I learned of the transaction the following morning on 10/08/2022. SoFI then sent a letter advising that they have begun an investigation and within 10 business days they would credit my account provisionally or resolve the claim. On 10/18/2022 SOFI Sent me another letter saying "Correction" This time they said they would need "20 business days to provisionally credit me or resolve my claim" again Sofi's initial letter said 10 business days. So not only did Sofi lie in their initial letter. Sofi then responds on 10/20/2022. Stating no error occurred and they have completed their investigation. This is false and my liability is limited to no more than $50 for fraud claims unless Sofi can prove I provided authorization and or signed a receipt of some form. Sofi can't provide that proof because the Pin was not kept on the card, and it was not kept near the card. This transaction was not authorized. On the same day 10/07/2022 there was another fraud transaction for **** in the amount of $43.01 Which SoFi stated no error occurred on also. Even though again nothing was authorized and the card was stolen on this date. Previous to this there was a transaction that occurred on 10/10 for an Everi(Same merchant as above) ****************** $390.60 Sofi deemed this fraud a few days later and refunded this purchase. However denied the claim on the purchase on the day the card was stolen? Sofi does not care to respond. They also tried sending an email to me telling me I misused the debit card and they would have to close it. Even though nothing has been misused. This is abuse of consumer.
Business Response
Date: 10/25/2022
Please see the attached document.
Customer Answer
Date: 10/26/2022

Complaint: 18252188

I am rejecting this response because: SoFI did not address my concerns or questions from my complaint in their response. They sent back a generic response which is what it says in the attachment. SoFi refuses to provide a refund for fraudulent charges. These occurred the day the card was stolen yet two days later another two transactions occurred which SoFi let go through and then later told me those charges were refunded to me. Yet SoFi refuses to refund the $844.00 Everi Charge atm withdrawal I did not make. They did not read my complaint, and they did not provide an accurate response.

Sincerely,

*****************************
Business Response
Date: 11/08/2022
See attached
Customer Answer
Date: 11/09/2022

Complaint: 18252188

I am rejecting this response because: SoFi didnt respond. I believe SoFi is falsely accusing me of non factual evidence. There were two fraud claims and SoFi is attempting to address it as one. Secondly SoFi sent their terms stating I violated their terms or misused the account. I did not condone fraudulent activity and I do not accept their false accusations. This has not been resolved and they did not address my complaint. I am rejecting their response.

Sincerely,

*****************************
Initial Complaint
Date:10/20/2022
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.
My complaint is against sofi investing. I've contacted them 6 times trying to withdraw $14.83 from my portfolio that I have with them. I'm just wanting to withdraw what money is rightfully mine into an outside bank. They have asked me to provide my banking information which I have done and have went as far as contacting my bank for a pdf to send sofi where everything they have asked me for is written in plain English for them to read. I get the same result. I go online to try and withdraw my funds and there's a message saying I need to upload documents to verify my bank. I'm getting tired of the same thing every time I contact them.
Business Response
Date: 10/24/2022
October 24, 2022

Better Business Bureau
1805 *****************************, Suite 100
******, ** 78754

RE: BBB Case #********; *****************

To whom it may concern:

We are in receipt of your letter received October 20, 2022 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 *********************************** Securities LLC
Initial Complaint
Date:10/19/2022
Type:Product Issues
Status:
ResolvedMore 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 deposited $100,000 into my savings account in mid September based on the promotion described here https://www.sofi.com/banking/balance-offer/. This would give me $1,000 in bonus cash at the end of the promotion. I chatted with SoFi customer service because I had a question regarding the terms of the offer. I was told that I could withdraw the money in my account that was on deposit before I deposited the $100,000 and still qualify for the full $1,000 promotional offer as long as I maintained the balance through the promotion period. It was mentioned that only the balance in the account on September 30th would be used in the calculation on November 30th to determine whether or not I had deposited and maintained the $100,000. However on October 7th I received an email that said I deposited $97,235 and would be receiving a $500 bonus at the end of the promotion period.I immediately called sofi and spoke with a customer service representative who also agreed that the email was likely sent in error and I should receive the full $1,000. He was going to check with supervisors and reply back as soon as he had more details. Two weeks later he still had not responded so I called again. Then I received an email that said the $500 was all they were going to pay me because I didn't meet the terms of the offer. I then escalated to Account Support and spoke with someone named *****. She said that although she sees where chat Representatives misinformed me three times that I definitely qualified for the $1,000 that I really didn't qualify. She apologized for me relying on their misinformation which resulted in me losing $500. She said there's nothing she can do to remedy the situation.Since I asked the question regarding the withdrawal and relied on the answer given by SoFi customer support I feel that I should not be penalized for their mistake. I deposited $100,000 in good faith that I would receive the promised $1,000 bonus. All of this is documented in my SoFi account.
Business Response
Date: 10/28/2022
Please reference the attached document.
Customer Answer
Date: 11/03/2022
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

*********************
Initial Complaint
Date:10/19/2022
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.
Im making extra payments on the loan. They will not process the payments directly to the principal. These payments are in addition to the monthly loan payment.
Business Response
Date: 10/24/2022
Please see the attached document.
Initial Complaint
Date:10/19/2022
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 account on sofi was frozen because of my spending and the daily limit was 6k and they didnt even let me hit that before freezing my account than I call everyday and upload my id still nothing
Business Response
Date: 10/28/2022
Please reference the attached document.
Initial Complaint
Date:10/18/2022
Type:Billing 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.
SoFi is a bank I chose to bank with. I liked them because they have zero fees for anything: checking, saving, credit card, invest, credit score monitoring, loan, insurance, etc. Its a free, one-stop financial platform with a friendly UI. September 2022, I was the victim of a scam. Basically, there was this guy who tricked me into buying expensive stuff for him and sending them overseas. He paid upfront, but after the shipments were done, he REVERSED the payment transactions. I already reported the police about this incident and have a case number. The total lost money amount is close to $4000.As for SoFi, knowing too well about the incident, not only did they not provide me, the victim and their loyal customer who so far havent lost them a single dime, with any help or protection, they decided to permanently deactivate my account because Im a risk. SoFi straight up blocked me from my banking platform. I dont have access to my credit card to pay it off so my credit score tanked. I still have money invested with them, and it is IMPOSSIBLE to access the account to transfer the investments to another platform.Pls use your authority to make them dispute the scam transactions and let me access the account to pay off my credit card and transfer my investment. I have so much more information to prove everything. Pls contact and let me know what you need.
Business Response
Date: 10/27/2022
Please see the attached document.

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SoFi is NOT a BBB Accredited Business.