ComplaintsforSoFi

Loans

HeadquartersMulti Location Business

Additional Complaint Information

Customer Complaint:

BBB’s business profile for SoFi was created in September 2012. A review of SoFi complaints was completed in June 2024.

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

https://www.sofi.com/terms-of-use/

https://www.sofi.com/faq/

See all additional business information

Need to file a complaint?

BBB is here to help. We'll guide you through the process.

File a Complaint

Initial Complaint
11/05/2024
Complaint Type:
Product Issues
Status:
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.
I called the customer representative on Oct 28 regarding an unauthorized transfer pull from *****. Was told that it'll take 2 busienss days for them to get the money back, so I decided on that route as that was the easiest option. Called 6 days later, and the representative said it'll take 10 business days actually, which is incredibly horrible since $15k over 2 weeks is a significant amount of interest money lost due to this negligence of the first representative. I'm asking to be compensated back interest since I was lied to by the 1st representative, and had I known of the 10 business days process I would've just waited for the money on ***** to be removed from hold and ACH it back.
Business response
11/14/2024
Please reference the attached letter.
Initial Complaint
11/05/2024
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
There were three consecutive charges placed on my debit card on October 23rd, 2024 all with the same charge of $49.00. The card was brand new and I had just activated it that day. I contacted my bank that I did not authorize those payments and I was told to wait until the charges posted on my account. Once posted, I filed a claim with my bank about said charges. The charge location and timing made it very suspicious to me as to what it could be, even with that my bank denied my claim and have closed the case. This has happened before with SoFi, when I was worried about another transaction hence why I was given a new card.
Business response
11/15/2024
Please reference the attached letter.
Customer response
11/15/2024
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
11/04/2024
Complaint Type:
Product Issues
Status:
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.
I am a current SOFI customer, with a credit score at or near 800. I have been successfully paying on my SOFI personal loan, with no lateness. I was prompted by SOFI to take out additional money, so I applied on 11/04/2024. I was not offered the amount requested, so I went to SOFI chat for an explanation and understanding. I did not receive a satisfactory answer with ******, so I asked for an American manager with decision-making authority to approve of the amount requested. I was told by ****** that there was a manager, but he/she could not change the loan amount. I chatted with ****, the manager, and he/she states the loan is under review, but he or she is not the American officer that I requested. I would like to speak with an American corporate manager. The number always leads to a foreign office, and SOFI is supposed to be an American company. Every time you request an American representative, the foreign representative will deflect, say there is no one, or graze over the request and provide something else.
Business response
11/14/2024
Please see the attached document
Customer response
11/18/2024

Complaint: ********

Please know that SOFI did not address my concerns. The statement that they are reviewing my issue is just a formality.
First, I already have a loan, checking and savings account with SOFI. I have successfully paid down the loan amount to less than half owing over the past year. My credit score fluctuates between 790 and 825, and I received a raise from my employer, so my salary is six figures. My credit score, salary, and debt-to-loan ratio is reasonable enough for the amount that I requested.
Second, SOFI engaged me to apply for additional monies through an automated message. I did not engage them. SOFI offered an additional $5000, but I made a request of an additional $13,000. I made numerous attempts to contact SOFI, but my calls were consistently rerouted overseas. The representatives stated their loan offers are automated, and they cannot offer anything above those automated offers provided. So, I asked for a call-back from an American corporate officer with decision making ability to increase the amount, and instead, they gave me an American representative with no power to do anything.
Yet, they say that they are in process of review. They said no, so what is the review?
I have since engaged another company, and they are in process of giving me all the monies requested with no origination fee. SOFI is going to lose my loan, if they cannot compete with the other company's offer of $42,000.
Sincerely,

Cheryl K*****
Initial Complaint
11/04/2024
Complaint Type:
Billing Issues
Status:
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.
I have had an account with Sophie bank for several years now I got a email and a notification in my app that if I referred someone I would get $25 I forwarded the link that they gave me to someone who created an account with selfie they direct deposited their account into selfie when I contacted selfie they said that they didn't see where the person created an account I told them that they use the link that I gave them and they created account I asked them to research it and to get back to me and they never did they owe me the $79 for the promotion
Business response
11/14/2024
Please reference the attached letter.
Initial Complaint
11/04/2024
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
My disability check is missing and SoFi representative are unable to provide me with any information. I attempted to resolve my issue on Saturday through SoFi’s chat. They told me that they could not see any transaction from ****** ******** ************** *****. They also said that it was the weekend and that most transactions clear on workdays. I waited until the following Monday to see if the issue resolved itself. I called them today 11/4/2024 and they told me that they also don’t see my disability payment. They asked me for a transaction id, but the *** doesn’t provide those. *** assured me that the transaction completed on the 1st and that I needed to contact my bank.
Business response
11/13/2024
Please reference the attached letter.
Customer response
11/13/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is messed up. I don’t understand the how’s or the why’s. What I understand is that allowing me to create an account I can’t use has caused me financial debt without any compensation. As of 11/13/2024 I still don’t have access to those funds that were returned and because of that I am late on rent, medicine, and in debt created solely from this whole ordeal. Why would you allow me to create an account that can’t accept every form of payment? Please make contact with the ****** ******** ************** so no other senior or disabled person has to experience what I’m very much still experiencing. I don’t know if I’m going to continue to bank with SoFi after this issue is resolved with social security.

Sincerely,

Nathaniel P**************
Initial Complaint
11/04/2024
Complaint Type:
Product Issues
Status:
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.
I filed a dispute with SoFi to whom has customer service in Asia. There is a clear language barrier for starters. However, I sent the dispute proof several times as according to requested and still I have issues. On top of that I feel they treat customers of color in America unfairly and never investigate properly. I should be given an approval for my dispute but they are no help and shortly I will have to bank elsewhere due to their disregard for customers. I am looking for higher escalation to an American executive office to get refunded on a purchase that was altered and not as described. It’s a very serious matter and would like the courtesy of the executive team investigating it.
Business response
11/18/2024
Please reference the attachment.
Customer response
11/18/2024

Complaint: ********

I am rejecting this response because: this is a lie, the bank does discriminate. Second, over and over again I sent information and the person handling the case was dismissive and said wrong format. Not one dispute does this bank help with and always sides with the business and I don’t like it one bit. Practices are discriminatory and there was no investigation into my case because they would have seen many elements including my discussions with the vendor catching them in a lie.

This bank is not a real bank at all.And I will continue to share with the online community my experiences.

Sincerely,

Christina S****
Business response
11/21/2024
Please reference the attachment.
Customer response
11/21/2024

Complaint: ********

I am rejecting this response because: information was provided again and they keep losing or dismissing it. There is a clear lack of competency with staff. I would like a VP to contact me.

Sincerely,

Christina S****
Initial Complaint
11/04/2024
Complaint Type:
Service or Repair Issues
Status:
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.
Multiple fraudulent transactions for **** over a hundred dollars equaling to $1,000 or more that I did not make or authorize on 10/19/2024 shortly after my paycheck went into my account. The dispute that I put in for was denied. I am in the process of appealing those denials. I had to call numerous times to just finally get an email address to put the appeal in which has taken 2+ weeks of making several phone calls since it seems not all the representative know or were trained very well since I got a lot of conflicting information for over 2 weeks. Also once I appeal the charges if they agree it's fraudulent it's can take up to 10 days to hear and get my money returned to my account which is not very effective or helpful for the consumer. I would like to get my money returned to my account plus any fees I accrue on any of my bills while I waiting for this to be resolved.
Business response
11/13/2024
Please reference the attached letter.
Initial Complaint
11/04/2024
Complaint Type:
Service or Repair Issues
Status:
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.
I was scammed and i reported the issue to my bank due to ****** not helping me with the issue i have contácted the claims department multiple times even with email its been more than 10 buissness days no resolution at all stated to me that now is going to take 90 days and as well denied me a provisional credit no one gives me a resolution at all is the same information over and over again
Business response
11/13/2024
Please reference attachment.
Initial Complaint
11/02/2024
Complaint Type:
Service or Repair Issues
Status:
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.
On 10/10/2024 ******* ****** in round rock Texas billed us for our stay mistakenly. They immediately canceled the transaction. I contacted SoFi customer service right away. Because the hotel sent a pre-authorization for the amount of $391.94 with an expiration date of 11/20/2024, they said they could not do anything until it posts or expires. It is never going to post because it was cancelled. The hotel said that SoFi needs to release it. I have since called SoFi several times and each time I get a different answer. I even had a manager say “she has told me everything she wants to” We didn’t make this error and yet we are paying the price. We just want our money back! There is no reason for SoFi to hold our money.
Business response
11/12/2024
Please see the attached document
Initial Complaint
10/31/2024
Complaint Type:
Product Issues
Status:
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.
On October 30 of 2024 sofi suspended my account without warning, I called them. To verify the transactions so my card could be unlocked. But they told me. I had to receive an text to verify who I was. However i never received the text to be able to verify.And they told me they could only send it once no one helped. Finally on October 31 I got someone to help with the verifications process. I did the verifications of myself and the transaction and instead of reactivating my card there answer is I just have to wait. I explained that I don't have the time to wait as my utility need to be paid or they will be shut off.
Business response
11/08/2024
Please reference the attached letter

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. ↩

BBB Business Profiles may not be reproduced for sales or promotional purposes.

BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.

When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.

BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.

As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

Cookies on BBB.org

ComplaintsforSoFi

Additional Complaint Information

Need to file a complaint?

Complaint Details

Showing all complaints

Business response

Business response

Customer response

Business response

Customer response

Business response

Business response

Customer response

Business response

Customer response

Business response

Customer response

Business response

Business response

Business response

Business response

BBB Rating & Accreditation

Contact Information

Customer Complaints Summary