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

2,313 total complaints in the last 3 years.
773 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:02/25/2025
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 have been a member of sofi bank since MARCH 2022, I opened a new checking and savings account in December 2024 for a new rental property I was renting , as I normally bank with direct express through commerciA Bank through veterans comp and pen and they do not offer a brick and mortar bank , and they also dont offer check books or additional users , so we decided to open a sofi checking standard account that comes with debit card and check book . To open the account we took 40,000$ to transfer from direct express account to ********************** and it was supposed to be deposited right into the new Sofi account for checking purposes. This was done December 4 2024. Ten days later I got my check book in and debit card and activated it just fine , knowing you cant open the account without money in it I assumed all was well with my transfer otherwise they wouldnt have sent my debit card and checks to me. So December 14 2024 I wrote a check for ******* and ******* for rent and security . I get a call December 30 saying it was returned !!!! Which made no Aense since I transferred ********* dollars into the account to open it , so upon investigation they said there was a freeze/ account restriction on my account , I asked why and they couldnt tell me any more info . So now I have no info , no mail , no communication about this so called freeze or restriction and I WAS ARRESTED FOR BAD CHECKS !!!! I had no idea that the account would be closed , they didnt call me or communicate anything and they never mailed me anything confirming this closure , so now Im being charged with a felony for something I STILL HAVE NO ANSWERS ABOUT AND SOFI STILL TO THIS DAY SAYS I HAVE A ACCT OPEN WITJ MY ********************** BUT ACCORDING TO POLICE ITS CLOSED Im stuck with no information , no contact representative and no statements ! They wont confirm or mail me anything for my defense . This is a horrible company and after reading these reviews Im not alone here dealing with this ! They should be shut down
Business Response
Date: 03/06/2025
Please reference the attached letter.
Initial Complaint
Date:02/24/2025
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.
02/24/2025 Randomly had my account restricted, called bank as instructed to do. I was sent a link to update forms of ID. It was verified then asked about two transactions and contract info and person info about the transactions?After all of that, Ive reached out several times on an update on the expedited case and they say they cannot provide me with one and then hang up. I was told this would be expedited but it has not. I cant use my card and I dont have any cash to live. This is very frustrating and hoping this will be resolved very soon. Please
Business Response
Date: 03/05/2025
Please reference the attached letter.
Initial Complaint
Date:02/24/2025
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 have a multiple transactions in my checking account that was used unauthorizedly and SoFi bank denied the disputes and did not give me any provisional credit at least while the investigation happening. It was transactions that are totalling to USD $863.14.00 and they did not even investigate for that long and just denied the claim although I have a supporting document that the card was lost. The police report is attached. I have appealed the claim, and I just got a denial again. I just want to get my money back while the investigation is happening
Business Response
Date: 03/04/2025
Please see the attached document
Customer Answer
Date: 03/04/2025

Complaint: 22983432

I am rejecting this response because:

Sincerely,

**** **** *****
Initial Complaint
Date:02/24/2025
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.
****** closed my checking account that I had with them for no reason and took the funds that was left in my account and wont give it back stating that theres nobody else that I can talk to about it or do anything else about it
Business Response
Date: 03/05/2025
Please reference the attached letter.
Customer Answer
Date: 03/05/2025

Complaint: 22982450

I am rejecting this response because: for one they didnt let me know of any concerns on my account my email, phone or postal mail, And they cant explain why they feel that I committed any fraudulent activity and thats what I expect them to do show me what was fraudulent!! The only activity on my account is transfers from my daughter and son. Which the account allows. I cant get into the account to print any information now which will show I had 66$ in that account. Which they refused to return to or back to my daughter. Who called they and requested that they do.

Sincerely,

******** *****
Business Response
Date: 03/12/2025
Please reference the attached letter.
Customer Answer
Date: 03/15/2025

Complaint: 22982450

I am rejecting this response because:I received a call from a Mr *** that works in the corporate office and he couldnt explain why my account was closed and why I havent received my account balance. He even called the security part. Of the company and didnt get an answer or response. So as of them saying they mailed a letter I havent received anything. Thanks so much.

Sincerely,

******** *****
Initial Complaint
Date:02/24/2025
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 BANK, N.A Amount:$31708Date:9/26/2021 Acct#**************** According to 15 U.S.C 1681s-2(a)(1)(A) and (B)to report inaccurate informationPlease DELETE this information from my credit report, pursuant to section 611 of the Fair Credit Reporting Act, 15 U.S.C. 1681i, and send the required notifications to all furnishers of this information.Section FCRA 611(a)(6)(B)(iii) and (7) of the Fair Credit Reporting Act, 15 U.S.C. 1681i, and send the required notifications to all furnishers of this information. Fair Credit Reporting Act, 15 U.S.C. 1681s-2 Section 623(a)(8)(D) Section 603(p), must notify consumers in writing if they may furnish or have furnished negative information to a CRA. Section 623(a)(7).According to 15 USC 168i(15) the credit bureaus have to modify or Delete fraud Account that are not reporting accurately. According to 15 USC 1681b(1) the credit bureaus dont have no written permission. According to 15 *** 1681 have the right to privacy According to 15 *** 168s- 2 A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate . (B) Reporting information after notice and confirmation of errors According to 15 *** 1681 I have the right to privacy According to 15 *** 1681s-2 A person shall not furnish any information relating to a consumer to any any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. (B) Reporting Information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency (i) The person has been notified by the consumer, at the address specified by the person for such Notices, that specifies information inaccurate, and (ii) the information is, in, fact, inaccurate. Inaccurate Information on my credit report is causing me financial distress
Business Response
Date: 03/05/2025
Please reference the attached response.
Initial Complaint
Date:02/24/2025
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.
I have been calling SoFi bank since September about a variety of issues (September - February). 1st they kept blocking transactions for lack of funds Sep-Oct Even though the funds were clearly there and they would do it 2-3 times even after I had called them not to do it. Example Volaris/************* in September. Next I called to believe there was fraud with my ****** account they told me it looked fine in October. Now I found out my Debit Card was provisioned in late October followed by possible fraud on *****. I called them they had no clue. December -February was locked out of my account/I called them 8 times before I was able to get back in! They constantly made me wait by purposely messing up my email when id chAnge it or by saying I went over the 20 min mark to make changes to my account. This bank is doing illegal things or knows that my accounts were hacked and don't want to have to repay me. Lastly In December I asked for a detailed report of my expenditures I have yet to receive one!
Business Response
Date: 03/05/2025
Please reference the attached letter.
Customer Answer
Date: 03/12/2025

Complaint: 22981190

I am rejecting this response because:
Thank you for following up with me. I have received a letter response from SoFi as of 3/10/25 which is a good start from the bank. However, they deny that I have made calls with regards to security concerns and only reference a few random calls that I made. I can attest that as of September I have called SoFi at least 15 times and on at least three occasions expressed my security concerns. The Zelle payments came out of my account on 10/9/25, 10/10 and 10/28 of an account ending in 4 numbers I have no clue about since it does not match my checking or savings accounts with **********************. In addition I called 2 times in September expressing my concerns with ****** orders - they dismissed those concerns. They have however made available some Data which I was able to pull up on a spreadsheet. So far I have found 2 instances of orders that I cancelled from Amazon which SoFi charged but failed to refund. With regards to the times that SoFi took action to block my card they did it with charges to Volaris, Marriot, and Best Buy - all well established businesses. I will be formulating a letter response to SoFi within the next few days and will share with the BBB.

Sincerely,

****** *****
Business Response
Date: 03/19/2025
Please reference the attached letter.
Initial Complaint
Date:02/23/2025
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 filing this complaint regarding the actions of SOFI which has unlawfully restricted access to my checking account under the assertion of a fraudulent investigation. I believe this action to be unfair and unreasonable, causing undue inconvenience and hardship.On February 16, 2025, I was notified by SOFI by email that my checking account had been restricted due to a "fraudulent investigation." Since then, I have been unable to access my funds, make transactions, or receive any updates or clarity about the nature of the investigation. No illegally, criminal, or fraudulent activities were done. The issuance of a check to a friend seems to have been the trigger of the restrictions on my checking and saving accounts I have made multiple attempts to contact the bank to inquire about the status of the investigation, but I have not received satisfactory responses. Additionally, I have not been provided with clear reasons for why my account was flagged or a time frame for resolution.This restriction has caused significant harassment, disruption to my financial stability, and mental distress. Furthermore, I believe that SOFI is failing to provide a fair process for addressing the situation. It is my belief that the restriction of my access to funds is unjustified, lacking transparency, unreasonably lengthy, and contrary to my rights as an account holder in breach of the term of SoFi Bank Deposit Account Agreement
Business Response
Date: 03/03/2025
Please reference the attached letter.
Initial Complaint
Date:02/22/2025
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 complaint is for the sum of $4,000 that was in my sofi banking account in which I had a cash app linked to that belonged to my girlfriend Sierra ******** But there's a small funny detail in which when I go and search the cash app which is now closed I don't see the transaction. So therefore that is the reason that they gave as to why they shut the account down.They were very rude and would not let me speak to a manager or no one higher up that could tell me where is my money. All they would say is that the money had been refunded back to its original sender. I know that can't be possible because if it was going back to the cash app you cannot send money back to a closed cash app. So therefore then they told me another time when I called said that the account is closed and there's nothing else we can do that is our final decision and they wouldn't talk to me they wouldn't tell me anything and so I would like to know where is my $4,000 because they lied and said they've refunded it back to the sender which they didn't receive anything. So if you could please assist I will greatly appreciate it I've probably been having Sofi above for about two years. I did not get a message or a phone call telling me that they were closing my account.
Business Response
Date: 03/03/2025
Please reference the attached response.
Initial Complaint
Date:02/20/2025
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.
On multiple occasions, I have attempted to get SoFi/Mohela to comply with my bankruptcy discharge order, but they continue to dodge all my writing and mailing tempts. I did not do any of this communication over the phone as I wanted a paper/written trail of the communication. 12/12/2024 - Since my private student loan far exceeds the cost of attendance for my school (this is after the amount of federal debt I also took out). I provided a letter to SoFi/Mohela which included 3 specific case laws where my situation matches the outcome of those cases and their private debt was discharged. I also provided a table of evidence showing that my private debt exceeded cost of attendance. This letter gave them 30 days to comply with the discharge and I had a ***** receipt email saying the letter and other supporting documentation was received by *.****** on 12/19/2024. Letter attached and no response from the lender. 12/4/2024 Discharge order issued 12/4/2024 letter from SoFi/Mohela stating they received my discharge order but payments will resume soon. This was despite the fact that my attorney and the relevant case law suggested that my loan is dischargeable. 12/18/2024 Letter from SoFi/****** sends a letter stating that servicing of loans is changing and provided new contact information. By Feb. 2025 they have changed servicing and account number which seem like they are avoiding this. 1/7/2024 Sent another email to SoFi/Mohela ************************ with all supporting documentation. No response. 1/9/2024 Sent another email SoFi/Mohela **************** with supporting documentation. No response. Can provide addtional evidence if necessary. Also filed complaints with Colorado Attorney General and the ****. They now claim they need more time to investigate but the case law is clear that my loan should be discharged.
Business Response
Date: 02/28/2025
Please reference the attached letter.

Customer Answer
Date: 03/05/2025

Complaint: 22966513

I am rejecting this response because:
The communication sent via mail doesn't address the discharge from bankruptcy and potential fraud they have committed by transferring the loan right after my bankruptcy. They I received within the 5 business day window was late payment notifications.

Sincerely,

***** ********
Business Response
Date: 03/11/2025
Please reference the attached letter.
Customer Answer
Date: 03/11/2025

Complaint: 22966513

I am rejecting this response because:
I need this case to stay open until they response by the posted 3/22/2025 date stated in their letter.
Sincerely,

***** ********
Business Response
Date: 03/24/2025
Please reference the attached letter.
Customer Answer
Date: 03/25/2025

Complaint: 22966513

I am rejecting this response because they do not address the loan exceeding my cost of attendance with disqualifies a private student loan from being a qualified education loan. I'm seeking further legal action on this matter.

Sincerely,

***** ********
Initial Complaint
Date:02/20/2025
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 had a check deposited on February 3rd, I immediately got a notice in app that my account was restricted. I called, and they asked for my employers number. Which I promptly gave. A few days later and I still didnt hear anything back so I called. I was informed that my account was pending closure I have since called at least 3 times a day and I get the same thing we have no further information, our back office review team will reach out to you or some version of that. I was given no indication of what policy was broken, or of a timeframe as to when Ill get my money. I have launched complaints with the ****, and the ****, I have also spoken to my attorney. If SoFi does not have my money accessible in 48 hours I will be proceeding with a lawsuit. This is completely shady, bad business, and has caused me to default on bills, and nearly cost me my place to live. This needs to be fixed SoFi, its been almost 3 weeks.
Business Response
Date: 02/28/2025
Please reference the attached letter.

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SoFi is NOT a BBB Accredited Business.