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

2,320 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:08/08/2024
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.
My name is ***************************, and I have been a customer of ********************** Bank for nearly three years.One month ago, I received an email from SoFi customer service informing me that my account has been frozen, and both incoming and outgoing transfers are currently unavailable. I immediately attempted to contact SoFi customer service to resolve this issue, but unfortunately, their customer service has been highly unsatisfactory, and I have not been able to get any clear answers or assistance. This situation is causing significant disruption to my business operations and is unacceptable.I am filing this complaint with the BBB to request the following actions be taken immediately:Unfreeze my SoFi Bank account.Transfer the entire balance of my SoFi Bank account to my linked ********** account.Close my ********************** Bank account as I no longer wish to conduct business with SoFi due to this poor customer service experience.This matter is urgent as it directly impacts the operations and financial stability of my business. I trust that the BBB will assist in expediting this process and help facilitate a prompt resolution.Thank you for your attention to this matter.Sincerely,
Business Response
Date: 08/16/2024
Please see the attached document.

Customer Answer
Date: 08/16/2024

Complaint: 22110321

I am rejecting this response because:
I have several concerns about this situation that I would like to address:
You stated that my account was restricted due to a third-party deposit that violates your terms and conditions. However, upon careful review of my account activities, I found that the last deposit made to my account was on November 30, in the amount of $32. The freeze on my account was not placed until March 25, nearly four months later. This significant time gap raises questions about the connection between the deposit and the restriction.
Your explanation did not provide any specific details about the deposit in question. Could you please provide the exact date and amount of the third-party deposit that allegedly violated your terms?
Terms and Conditions: I would appreciate if you could point out the specific clause in your Terms and Conditions that was violated by the deposit in question. This will help me understand the situation better.
As of now, I have $4,300 in my checking account that I cannot access due to this freeze.

Given these points, I am requesting one of the following actions:
a) Immediately unfreeze my account, as I believe this restriction may have been placed in error.
b) If you are unable to unfreeze the account, please transfer all funds ($4,300) to my linked external bank account.

I value my relationship with SoFi Bank and hope we can resolve this matter quickly and amicably. If you need any additional information from me to facilitate this process, please let me know.

I look forward to your prompt response addressing these concerns and resolving this situation.
Sincerely,

***************************
Business Response
Date: 08/23/2024
Please reference the attached letter.
Customer Answer
Date: 08/28/2024

Complaint: 22110321

I am rejecting this response because:

I didn't see any mail from sofi yet, please share your company's response here

Sincerely,

***************************
Business Response
Date: 09/04/2024
Please reference the attached letter.
Initial Complaint
Date:08/07/2024
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 June 17th 2024 an approved loan deposit was made to my bank, ******* federal credit union from SoFi financial for $7520.00. Several business days went by and I never received the funds deposited into my bank account. I contacted ********************** financial several times about this and they stated just to wait longer. Once I kept contacting them they then stated that because so much time had passed and I did not receive the funds this meant that my bank rejected the deposit and I would have to wait for SoFi to receive the funds back this went on for another 2 to 3 weeks. I went to my local ******* Federal branch and the branch manager was able to find the issue that the bank account number ********************** financial sent the funds to was not the correct number as stated on my application or my voided check they received, unfortunately this account number is an accurate ******* Federal credit union account number so those funds were deposited into someones account just not mine. I am still liable for the loan but have yet to receive the funds sofi financial cannot seem to give me a resolution every time I call, they say that my bank has rejected the funds and they have to wait for them to come back. This is untrue. The funds were accepted, but they sent to the wrong bank account. They will not acknowledge this and I have provided a transcript from my bank showing the wrong account number. There are two numbers swapped , they have called me every day for collections saying account collections however I have not received the funds. They have open several references and tickets for this every time I call in a new ticket is open and no one ever follows up. I finally was able to get an agent to follow up, explained every step of the issue, and she also came back and said that my bank must have rejected the funds letting me know she did not listen to the issue and I even sent her the proof from my bank showing the deposit went into the wrong account and they will not acknowledged it.
Business Response
Date: 08/16/2024
Please reference the attached letter.
Initial Complaint
Date:08/06/2024
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 loan payment is $294.65 and due 25th of the month. My Junes payment was made late on 7/24 but I was placed on a reduced payment plan as of 7/3. Because this new payment plan went into effect before I made the payment it is causing my June payment to still owe ******. I also made Julys payment for ****** on 8/5. I should not have another payment due until 8/25. I have spoken to various people. No wsy can help me. My account is stating Im 30 days past due but technically I am not. I need this matter resolved and I need to make sure this does not get reported to credit bureaus for late payment. Please help me fix this
Business Response
Date: 08/16/2024
Please see the attached document.

Customer Answer
Date: 08/16/2024

Complaint: 22104330

I am rejecting this response because:

how can I be reported past due when I made payments in the appropriate time frame. I will not stop until this matter is resolved. Your representative should not have allowed me to set up a payment plan if this past due balance was going to cause this many issues! This is on your people that set this up for me! I expect this to be corrected and my credit profile to be corrected. I will be making a payment for $164.12 but this will be for August. SoFi needs to fix this.

Sincerely,

***************************
Business Response
Date: 08/23/2024
Please reference the attached letter.
Initial Complaint
Date:08/06/2024
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 July 20th I disputed amount 744.24$. It has been 13 business days with out a resolution, I was denied provisional credit although I was told the dispute would take as long as 45 days, if not more. I had requested to speak to a manager regarding provisional credit and was denied, I have emailed and was only told, they are " waiting on a response from merchant". And once again denied any provisional credit. I have been a long time good customer and this is terrible service. Banks should provide provisional credit with in 10days.
Business Response
Date: 08/16/2024
Please see the attached document.
Customer Answer
Date: 08/16/2024

Complaint: 22104090

I am rejecting this response because:

Sincerely,

*************************
Customer Answer
Date: 08/19/2024
I reject this because there was no remedy. I only received a standard email saying to call customer service. Upon calling customer service, I was told the same information that I was told over a month ago. Today has been over a month of no rectification for this dispute.
Business Response
Date: 08/23/2024
Please reference the attached letter.
Initial Complaint
Date:08/06/2024
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 July 20th, I applied for a personal loan from SoFi ****. As part of the process, I was required to upload a picture of a voided check through their secure file upload system to verify my bank account for the loan disbursement. This check had my name, routing number, and account number, and was marked void with a black marker. The loan was approved, and the funds were deposited into my ***** bank account without issue.On August 5th, I discovered a fraudulent $5,000 check charge to the same ***** ******** When I contacted ***** **** to report the fraud, they confirmed that the check number used for this fraudulent charge matched the voided check I provided to SoFi. This indicates a serious security breach at SoFi, as my bank information was compromised. It is important to note that the physical check has remained in my possession and has been securely stored in a safe. No other individuals have had access to it, and the digital photo of the check was deleted immediately after it was uploaded to SoFis system. There is no other possible way that this information could have leaked, confirming that SoFi is the source of the breach.I immediately called SoFi **** to report the situation. During my first call, the representative did not seem to understand the gravity of the situation and failed to file an official complaint. I was put on hold for over 30 minutes, waiting to be transferred to a manager, but no one responded. I called again, and the second representative also did not take the issue seriously or file a report. Despite these calls, no action was taken by SoFi to address the security breach.On August 6th, I received an email from SoFi titled Acknowledgement of Your Experience, with a complaint reference number. The email was completely blank, providing no information about the complaint, next steps, or acknowledgment of the severity of the security leak. It did not mention that anyone would be reaching out to me.
Business Response
Date: 08/16/2024
Please see the attached document.
Initial Complaint
Date:08/06/2024
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 card was stolen, while at work. I did my weekly check of my account, and almost ***** dollars were taken out my a trading platform called eToro. I did not do this, I filed a dispute thinking that would be enough.boy was I wrong. The dispute was found nothing accord I called and asked for the documents used to prove this. I WAS LEGIT TOLD ALL THEY DO IS CALL AND ASK IF ITS VAILD. I then looked into eToro on the phone its worse then Robinhood ( if you know you know) they have no form of verification so how do they know it was me like they say. I am disabled and need my money back, so I can move to anther bank.
Business Response
Date: 08/16/2024
Please see the attached document.
Customer Answer
Date: 08/16/2024

Complaint: 22100068

I am rejecting this response because:
I need my 1 thousand dollars back
Sincerely,

*****************************
Business Response
Date: 08/20/2024
Please reference the attached letter.
Initial Complaint
Date:08/05/2024
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 regularly sends out email marketing and notifications within their account dashboard offering cash bonuses to current customers in exchange for referring others to sign up for new checking and investment accounts (so-called "Invest"). They state $75 for one and $50 for the other respectively, plus a bonus for the new customer. I have submitted several referral bonuses and often either they would not honor the bonus or only offered a partial one. In one situation, a new client used my account referral link to apply but was rejected. Some time later, they used another link from my same account and successfully signed up for a checking account. No bonus appeared for either of us. When contacted, Sofi support said the new client was already a customer since they had already applied the first time; they were never at any time a customer until I had referred them. After wrangling back and forth, they offered a fraction of the promised bonus. On another occasion, I referred a different person using my account link to a checking and Invest account for the bonuses adding up to $125. However, I had moved money out of my own Invest account and they said it was then "restricted," notwithstanding the fact nothing was indicated to that effect when sending out a link from my account. And the Invest account still said "open" in my dashboard. The refused to give any bonus for either the checking or Invest accounts. There have been around $150 or more of bonuses not paid to me that were promised by this company. They appear to look for any reason not to honor their marketing claims, whether in their fine print or not. And they waste your time having to chase down why they haven't kept their agreement through endless online chat or phone calls. Reviewing other posts around the internet, this appears to be standard operating procedure for Sofi. If they are dishonest in such simple matters, how can they be trusted to keep other commitments?
Business Response
Date: 08/15/2024
Please see the attached document.

Customer Answer
Date: 08/20/2024

Complaint: 22097612

I am rejecting this response because:
The first instance where the bonus was not paid and the referral ultimately became a Sofi customer was not addressed, except to say ****** didn't initially fit their profile. But she later did meet it and used a referral link both times she applied. The bonus was not paid and the Sofi response didn't provide a reasonable explanation, only a reference to the ambiguous and open-ended "policy."
Secondly, I was told by the very **** Invest chat representative, ****, that the bonus would not be paid for ***** no matter if I set up another account or not, contrary to the information provided here. I am in the process of attempting to follow the steps outlined at the end of the Sofi letter. However, it is very unfortunate one must go through this process to achieve a result one would expect, given the marketing claims, without the hassle. No explanation was given for the discrepancy between the information the agent previously provided and policy cited in the Sofi letter.

Sincerely,

***************************
Business Response
Date: 08/27/2024
Please reference the attached letter.
Initial Complaint
Date:08/05/2024
Type:Customer Service 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.
At first I absolutely loved sofi, especially how you can do everything in the app from investing to creating savings vaults. However my opinion has greatly changed since my account was restricted a week ago. Money can come into my account but not out. I've called every day since for an update but they won't give me answers due to it being under review by their "internal review team". I have been unable to access my funds at all and I'm about to default on some bills, thank good I have a good relationship with my father who is helping me for the time being. I'm extremely frustrated that they will not give me any answers on how to resolve this or even why it was restricted in the first place.
Business Response
Date: 08/14/2024
Please see attachment
Customer Answer
Date: 08/14/2024
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:08/05/2024
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 closed my account and now I have no access to my bank statements and I need to print them all out since I have disability insurance and Need to prove purchases. I have called in a few times but the methods they describe for me to view and print these doesn't work. I would like to receive paper statements or emailed with attachments so i can print out .I have tried ot ask multiple times but get nowhere and time is of the essence.I was a bank member for a few years and this shouldn't be such a difficult request.
Business Response
Date: 08/14/2024
Please see the attached document.

Customer Answer
Date: 08/14/2024

Complaint: 22092296

I am rejecting this response because:

they reference attachments but I don't see any in the document. Can they please send again?
Sincerely,

*************************
Business Response
Date: 08/21/2024
Please see the attached document.

Customer Answer
Date: 01/14/2025
Can we reopen that original complaint since they didnt do what they said, please?
Business Response
Date: 01/17/2025
Please reference the attached letter.
Initial Complaint
Date:08/04/2024
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 opened a Sofi account under a Rakuten listed promotion for $300.00 for a direct deposit of over $5,000. Rakuten offered $125.00 in bonus cash, as well.I have yet to see my bonus, and upon chatting last week with an agent, named "Kisses", which is attached, I was told I had no direct deposits. My statement with the last 4 of my account clearly exhibits a direct deposit from an employer.I was told by MS. ******* the back office would review it, and contact me in 48 hours.No reply.I would presume their system would recognize, and credit my account promptly, as it was not a person to person transaction, like Zelle, or Venmo.I also presume this is a scam of some sort, yet I get spam galore from Sofi for cd's, etc.3-4 daily.
Business Response
Date: 08/14/2024
Please see the attached document.

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SoFi is NOT a BBB Accredited Business.