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.
771 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:02/12/2025
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 2/5/25 i recieved a wire transfer to my SoFi bank account, which was my portion of the proceeds from the sale of my property. I requested a transfer to an external account, which appeared to post without any issues. Shortly thereafter i received an email stating the transfer was cancelled, followed by another informing me that the account was restricted. I reached out to the SoFi Security Team per the request in the email, and verified the source of the wire transfer and my personal information. I was then advised that the restriction would be lifted within 1 - 2 hours. I waited and then tried to make a purchase at my local *******. My card was declined so I called again. Then the agent said the account was still restricted, pending a review. I was denied the opportunity to speak directly with anyone reviewing my account, and also denied the chance to escalate the matter with a supervisor or a manager. The agent has refused to provide any estimated time frame for the completion of said review. This has continued over the last 7 days, as I have called daily, sometimes multiple times a day. No clear path to resolution, no access to any higher authority, no clear reason for the restriction, no *** for completion. The "internal review team" do not speak directly with customers they are reviewing, do not have any way to contact them aside from a messaging system phone agents, and apparently have no names, either. I have answered the same set of questions 3 times now, and provided contact info for the source of the incoming wire transfer, which has not been utilized. This is a new account with only one transaction, and it remains unclear what could possibly be left to investigate. This bank, from my perspective, is holding my funds hostage for reasons that have yet to be made clear, and its lack of transparency is causing unnecessary distress for myself and my loved ones, who are awaiting financial support for an unforeseen emergency situation.
Business Response
Date: 02/21/2025
Please reference the attached letter.
Customer Answer
Date: 02/23/2025

Complaint: 22933342

I am rejecting this response because:

Complaint: 22933342

I am rejecting this response because:

This is the same unsatisfying response given by the company leading up to the complaint, which basically boils down to "we are reviewing, and we'll be in touch whenever we feel like it". It's just in a different format. The file for the document attached by Sofi in response is literally titled "Generic Response" (see attached screenshot).
Since filing the complaint, SoFi's security department has reached out. They spoke with my joint account holder and power of attorney, due to the fact that I suffer from phonation difficulties (my voice box does not allow me to speak audibly), and verbal communication is strenuous for someone of my age. They would not allow her to speak in on my behalf, nor would they even discuss allowing her to submit the notorized POA agreement to do so.
They have since come to a decision to close the account, and return the wired funds back to the sender. This would be more than suitable; however, we are now having the issue of getting a clear answer on the timeframe which this process will be completed. SoFi said they are waiting for a response from the sender, but the sender had not been notified of this. If not for us reaching out, they still would not know. When the sender reached out, the bank insisted that once again, the case is being handled by the almighty top-secret "backend security team", who has no direct line for anyone to reach them at. So now, back to square one.

Sincerely,

**** ******
Sincerely,

**** ******
Business Response
Date: 03/03/2025
Please see attached document
Initial Complaint
Date:02/11/2025
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.
On 01/22/2025 SOFI BANk restricted my account with no explanation. I call everyday regarding my accounts and have yet to get a straight answer into when and why my account was restricted and when I will get my funds back. This has been going on for approximately 4 weeks with no access to my bank account. If this isnt settled immediately I will take legal action. SOFI has no right to hold my funds hostage.
Business Response
Date: 02/21/2025
Please reference the attached letter.
Initial Complaint
Date:02/11/2025
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.
Hello my name is ******* *****. I am reaching out trying to get help. I have been reaching out to this company for the pass months and years. They constantly give me the run around. They are holding my money hostage and wont unrestricted my account nor will reply to my emails or reply back to me. I had a ppp loan deposited into this back for the amount of $20,833.00 on May 18, 2021 from FOUNTAINHEAD SBF. They have not closed my account nor issued a check. They are just keeping the money for no reason. As of today my account balance is $14,839.56. I can provide all the necessary information. I am really in need of this money and have been trying to get it for a long time and they will never reply for me to verify my identity
Business Response
Date: 02/21/2025
Please see the attached document.
Customer Answer
Date: 02/24/2025

Complaint: 22927385

I am rejecting this response because: they are constantly telling me they have no date of when my account will be closed. They are also stating they dont owe me any funds? The account is under my name and my ssn, my money was deposited into the account and they are saying they dont owe me any funds? How is that possible and it was never any chargeback or anything reversing the money over the pass 4 years.

Sincerely,

******* *****
Business Response
Date: 03/03/2025
Please see the attached document.
Initial Complaint
Date:02/11/2025
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.
Since reporting Sofi’s discriminatory practices, they have retaliated against my accounts with lengthily holds. SoFi is foreign institution and has little accountability in the USA. In order to get justice, one has to go to BBB or their states Chief banking oversight. Now, on 1/7/25 I received a refund check from **** ***** for $50.00 and I deposited it. It was placed on a hold through 1/12/25. With nothing clearing but the whole check remains in hold. If you call their call centers though they are in Western Europe, the service centers are either in the Philippines or Latin America. This is no place to bank for anything serious, especially for people of color.
Business Response
Date: 02/20/2025
Please reference the attached response.
Initial Complaint
Date:02/11/2025
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.
Transaction date was 1/12/2025 Amount was $300 A acquaintance's ******** account had been hacked, and the hacker/scammer had posted a sales post featuring a multitude of items, one of which being an Peloton exercise bike. I inquired about the bike, and they responded with a request for a deposit payment of $300 to hold the bike for me. I mistakenly sent the money without thinking to confirm with the individual. Not long after sending the money, the ******** profile was deleted along with the sale's post. I sent the money through ***** Cash using by debit card through my bank, SoFi - another mistake I will not seen make again. I have filed 2 disputes with them, providing screenshot evidence of my conversation with the scammer, yet they continue to refuse my request. $300 is a lot of money, and I really need that money back. It was a mistake but to deny me my own money back because of a mistake is unacceptable. No other bank would do this.
Business Response
Date: 02/20/2025
Please see attached letter
Customer Answer
Date: 02/21/2025

Complaint: 22925193

I am rejecting this response because:

I do not need a response by mail, which could take over a week to be delivered. I NEED a refund of my $300.

Sincerely,

******** ******
Business Response
Date: 03/03/2025
Please see attached response
Customer Answer
Date: 03/03/2025

Complaint: 22925193

I am rejecting this response because:
The recipient of the funds is and was, once again, a scammer. I have no method or means of contacting them to remedy this. This is a fraudulent transaction, and I just need my money back. Again, the recipient of the funds has deleted the social media profile, and I have no way of knowing who the scammer was or is. Please, this is month 3 of back and forth. $300 is a lot of money, and I have bills to pay. As a loyal member of Sofi for almost 3 years, this experience has been shocking and appalling.

******** ******
Initial Complaint
Date:02/10/2025
Type:Service or Repair 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.
My joint account with my wife was randomly restricted on 02/05. I was in the hospital having a newborn that day so didn’t notice until 02/06. I have called daily with every customer service rep saying they are escalating it but I can never talk to a supervisor and never get a call back. I have asked numerous times for the reason they have restricted my account but cannot give me a single answer. What kind of bank cannot let you speak to a supervisor or give you a reason why your money is not assessable? I have a newborn and cannot buy food cannot buy diapers. Also, my bills are getting rejected and I’m getting penalized for that now. Not sure what else I can do but they are the worst bank I have ever dealt with and will not be using them anymore once their investigation process is complete. Hopefully before the end of February at this pace.
Business Response
Date: 02/19/2025
Please reference the attached letter.
Customer Answer
Date: 02/19/2025
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,

Nicholas V****
Initial Complaint
Date:02/10/2025
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.
After renting a vehicle from **** they hard posted the charges of my final bill but Sofi has not removed the pending causing my account to still be holding pending transactions after they stated they would be removed, the final transactions have already posted to the account but they are continuing holding my money pending as well. Final bill was provided to Sofi and still no resolution. Pending charges still on the account: 01/05/25 - **** $927.83 01/11/25 - **** $43.87 01/12/25 - **** $43.87 Posted charge for same transactions were: 02/04/25 - **** $1191.04 02/04/25 - **** $37.25 The final was posted but the pending has not been removed causing me to not have funds available of over $1000 causing hardship to my family. This is causing the funds to be unavailable even after being posted to my account.
Business Response
Date: 02/19/2025
Please reference the attached letter.
Initial Complaint
Date:02/08/2025
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.
******* ***** *************************************** ************************ ************ February ****** Better Business Bureau Subject: Complaint Against SoFi Regarding Denial of Disputes Dear Better Business Bureau,I am writing to formally lodge a complaint against SoFi regarding their unjust denial of disputes related to fraudulent transactions on my account. Despite my efforts to provide sufficient evidence, including a police report, SoFi has refused to refund the unauthorized charges.On January ******, I noticed unauthorized transactions on my account. I promptly contacted SoFi to dispute these charges and followed all necessary procedures, including submitting a formal dispute and a police report. However, despite this clear evidence of fraud, SoFi denied my claim, not citing the Banks Reason for Denial.I believe this decision is unfair and in violation of consumer protection laws, as banks are responsible for ensuring their customers are protected from fraudulent activity. Under the *************** Transfer Act (EFTA) and *********************** institutions are required to investigate and resolve disputes in a fair and timely manner.I respectfully request the Better Business Bureaus assistance in resolving this matter. I am seeking a full refund of the disputed charges, as well as an explanation from SoFi regarding their failure to honor my dispute despite clear evidence of fraud.Please find attached copies of my dispute request, the police report, and any relevant correspondence with SoFi for your review. I appreciate your prompt attention to this matter and look forward to your assistance in resolving this issue.Sincerely,******* *****
Business Response
Date: 02/14/2025
Please see the attached document.
Initial Complaint
Date:02/07/2025
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.
Had almost this whole form filed and your system *********** December I called SOFI to cancel my card because it had been stolen. In my experience with this bank when a card is cancelled a 'stop subscription' order is also put in meaning that any and all online subscriptions on this card while not be occurring any longer. The manager that I was finally able to speak with after being on the phone with an agent who did not respond to my concerns for an hour confirmed this. Fast forward over a month. New year, February 7 when I write this. I was informed by client services when I called to check to see WHY my card had not arrived yet (weeks later) that actually there was no stop subscription put in (the agent did not say this it took the manager either to figure it out or explain it.) The agent also insisted on cancelling the card - meaning i would wait another two weeks to have a working debit card - before they knew that there were still fraudulent charges occurring and before understanding the situation. This is just bad customer service completely destroying any trust in this institution that I did have. Incompetence as they clearly did not understand the situation. The manager finally realized that there was no stop order put on the last call meaning that all kinds of fraudulent charges were occurring since my card has been stolen resulting in hundreds of dollars of charges that I did not authorize. The agent also has not stated that the institution will be responsible for those despite the fact that several hundred dollars worth of charges have been made on my card with my hard earned funds because of a mistake on the agent/company's part. I am not responsible for your failure to either a) communicate your change in action and/or policy or b) train your agents. As it stands I consider SOFI to have stolen my funds as they are covering their mistakes with my dollars, the opposite of what banking is supposed to be about.
Business Response
Date: 02/14/2025
Please see attached letter
Customer Answer
Date: 02/18/2025
To the company SOFI that says they will send "snail" mail, I would prefer email. The funds lost to the agents mistake have not been returned and I have not received any communication with them, there are several ends that remain unresolved at this time.

I hope this answers your question. You may reach out at this email with further correspondence.

Cordially,

******** *******

****************************************************************************
Business Response
Date: 02/24/2025
Please referenced attached letter
Customer Answer
Date: 02/25/2025

Complaint: 22913887

I am rejecting this response because:
Sofi did not do the research required into the accusations, which are valid. Their whole argument is indolent as they dont have their records straight. They are missing pieces and contradicting themselves. Additionally, I have not heard anything from them. Lastly, for the record, it is a serious lack on something extremely basic as client services that I need to reach out to BBB just to receive basic client services, all other options being exhausted from using their chat as well as hours on the phone and nobody has been able to assist. This is months later. It is exhausting having to explain it over and over again let alone when they make you fight just to get someone who isn't a bot.

Sincerely,

******** *******
Initial Complaint
Date:02/07/2025
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 recently closed my accounts with my old bank and planned to use Sofi for my checking and savings. I already had an account with ********************** with a small balance. After closing my old bank I was issued a check with all of my money that I immediately deposited into my SoFi account via mobile check deposit. The deposit appeared to be accepted and then my account became "restricted" and now I don't have access to any of my funds (previous balance and check). I called customer service and the first representative did not provide any information and stated to just check my email. When I called back I was told that I deposited a bad check. This is not a bad check, it's all my cash requested from my previous bank. The customer service agent only said to keep checking my app and would not provide any update to what is going on behind the scenes or when I can get access to my account again. I have bills due and SoFi is not providing any information on the restricted account.
Business Response
Date: 02/14/2025
Please see the attached letter.
Customer Answer
Date: 02/14/2025
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution states accurate information. I still stand by my remarks that the lack of information that customer service provided is not appropriate and consistent with other banks I've dealt with. The customer service could not provide any details as to the timeline of the investigation or explain anything further than that I deposited a bad check. I was locked out of my account for an indefinite period. I was told to check my app and eventually the restriction would be lifted. I continued to check, and the restriction remained until a called back 4 days later. When I called back the restriction was removed. If I didnt call back and listened to customer service and kept checking my app like I was told,the hold would have remained.

Sincerely,

***** ******

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SoFi is NOT a BBB Accredited Business.