ComplaintsforSoFi

• Initial Complaint

  12/06/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I opened a SoFi Active Invest account and funded it with a deposit from my *********** account on October 5th, 2021. On October 7th I purchased a few etf's and bought some crypto currency. A week later SoFi flags my account as suspicious and sells all my holdings and restricts my account so I cannot make trades or withdraw my funds. I talked with customer service and they told me the restrictions will remain for 60 days and after that the funds will go back to the *********** account they came from. They also told me I can have *********** reverse the deposit and get the money back faster, and once the 60 days are finished, the $1300 in gains I have would go back to the original *********** account. I've provided screenshots of both things customer service said. I went ahead and had the deposit reversed as they told me to, and now SoFi is claiming they never had the deposit in the first place so the gains from the transactions are not valid and mine. I have attached proof of the deposit being posted, and transactions cannot be disputed before the post. I'm not sure if SoFi is purposefully falsifying what happened but or they're just mistaken. They are refusing to give me the gains my money earned and claiming that the reversal of the funds makes them illegitimate, even though they instructed me to do so.

  Business response

  12/15/2021

  Please see the attached document.

• Initial Complaint

  12/06/2021

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  I have been promised a mortgage refi with disclosures and have paid for an appraisal. I have not heard from Sofi in 30 days. I have emailed and called dozens of times with no response . This seems fraudulent.

  Business response

  12/16/2021

  Please see the attached response. 

  Customer response

  12/17/2021

   
  Complaint: 16335817
  
  I am rejecting this response because:
  I have not received any such documents via email. 
  Sincerely,
  
  ***************************

  
  

  Business response

  12/22/2021

  Please see the attached document.

• Initial Complaint

  12/03/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Came into work today (12-3-21) and went into my business banking and found 2 charges from this company that said SoFi Securities (ACH), $950.00 each. Total of $1900.00 coming out of my bank acct today! Called the bank to have them blocked and was charged $30. Called SoFi after looking up several #'s on the web and found someone to answer to refund the $30 I was charged for their mistake. His name was **** and he is an Investment specialist. I explained the situation and all he would say was that he can't help me because he can't disclose any information about their practices in this situation and he would not refund the $30 bank charge. I asked to speak to someone that could help me with this issue and he just kept repeating himself that it would not be refunded and he was sorry. He said there was no way he could find out who did the charge and that he was sorry. Sorry doesn't help me, they made this mistake and should be accountable for the charge. Please let me know what I can do rectify this situation. Thank you, *****. Business name that I work for is ******************************** ****

  Business response

  12/13/2021

  Please review the attached document.

  Customer response

  12/14/2021

  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

  12/03/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  SoFi initiated a hard inquiry into my credit report with Experian on 11/15/21. I called them that day out of concern since I have never done business with the company and was worried there may be fraudulent activity. I was assured there was no record of any account for me when I spoke with their customer service representative. I wanted them to clear the inquiry but they said they could not and referred me to Experian credit dispute. I placed a fraud alert on my credit file. Ultimately, after multiple calls to SoFi they confirmed that in fact someone did fraudulently open an account on the 15th in my name. My last contact with a fraud representative (******) was 11/29/21 and I was given a case number. I was assured I would hear from a fraud investigator in 2-3 days. It has been 5 days so far and they will not return emails or voice mail messages I have left and none of the other representatives will give me any details regarding the case. I want them to inform me of the details of my case and resolve the negative impact to my credit report.

  Business response

  12/13/2021

  December 13th, 2021
  
  
  Better Business Bureau 
  **************************************************************************************
  
  
  RE: Better Business Bureau Case # ********; ***************************
  
  
  To whom it may concern:
  
  We are in receipt of your letter received December 3rd, 2021, 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 Relations
  ********************** 

  Customer response

  12/14/2021

   
  Complaint: 16327398
  
  I am rejecting this response because it is incomplete. I requested two two actions in my complaint with the BBB.

  1. I wanted to be contacted by the business with an update on the status of their investigation

  2. I wanted them to remove the credit inquiry and any fraudulent accounts and related negative impact to my credit report.

   

  I recognize and accept that the business has addressed the first concern. They mailed to me a victim statement which I filled out and returned, but I do not consider the matter closed until they complete their investigation and coordinate with the credit reporting agency(ies) to remove the inquiry and account(s).

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

  Business response

  12/21/2021

  Please see the attached document.

  Customer response

  12/23/2021

   
  Complaint: 16327398
  
  I am rejecting this response because: SoFi has not completed their investigation and made the requested corrections to my credit report. The business provided to me on 12/10/21 an Identity Theft Victim's Complaint and Affidavit which I completed, had notarized and returned on 12/11/21. I received an email from them on 12/21/21 stating that they had not received it as of 12/20/21 so I emailed a copy of the notarized affidavit which they stated was required to complete their investigation. I requested that they complete their investigation expeditiously and remove the hard inquiry and any fraudulent accounts on my credit report.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  12/03/2021

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I opened a SoFi investment account May 2020. I have been a small investor since. I recently changed jobs May 2021, and my pay schedule was affected. As a result, I had 2 or 3 margin calls occur. This resulted in my account being frozen at the beginning of September 2021. I contacted SoFi and a representative explained that I needed to submit my account statement from my bank to resolve the issue. I submitted my statement online. It has been nearly two months and I have called repeatedly about the status of my account. I have funds sitting that I am unable to withdraw, and I am repeatedly told an investigation is occurIng by their fraud department. I am beyond frustrated at this point with this company and I want to withdraw my money so I can close this account and terminate my account with company.

  Business response

  12/08/2021

  Please reference the attached document.

  Customer response

  12/09/2021

  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

  12/02/2021

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  I purchased three orders from SoFi Financial LLS, for shares of Quantum Scape on September 3rd, at which two of the orders were filled and one was cancelled. Order one was ******, 15 shares, at *****, September 3rd 4:05pm- FILLED. Order two was ******, 15 shares, at *****, September 3rd 4:05 pm- FILLED. Order three was ******, 15 shares, at ***** September 3rd- Cancelled. I was trying to cost average the stock price, because I was quite negative and wanted to get out of this stock. I had noticed when I went over how many shares I bought in total- I was 15 negative on the overall shares owned amount. They are showing 49. ***** at a cost average of *****, where it is actually 64.***** of shares bought. Order Buy QuantumScape Individual - 2FL74181 Closed Apr. 6, 2021 1:45 PM Market $49.52 20 $990.40 QuantumScape Individual - 2FL74181 Closed Jun. 9, 2021 9:30 AM Market Order on Open $31.73 5 $158.65 Individual - 2FL74181 Closed Aug. 25, 2021 9:30 AM Fractional $20.57 ******* $200.00 Individual - 2FL74181 Closed Sep. 3, 2021 2:44 PM $***** 15 $****** Individual - 2FL74181 Closed Sep. 3, 2021 2:44 PM $***** 15 $****** This adds upto ********, and they once again are only showing me for 4*******. I have emailed, and called many many times, at which the first two representatives agreed and were helping me, but the last lady, was going to email me the confirmation for the order change and never did. The third gentleman I spoke to, an investment advisor refused to comprehend this error, said he would look into it and get back to me, never has. No one is rectifying this error ON THEIR END. I had a chance to sell when I was up and couldnt because I would have sold 15 shares down, and now the stock is WAY NEGATIVE AGAIN. The order was separated into two seperate account statements , 9/03/21, showing 15 shares bought. On September 7th, showing 15 shares bought and 15 shares bought but the second was cancelled.

  Business response

  12/09/2021

  Please see the attached documents.

• Initial Complaint

  12/01/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I Opened a money account and had 3 deposits 2 from friends and 1 I made directly from a checking account where I get my social Security benefits direct deposited...and they froze my account on like the first day and now it's been more than 30 days.....without response of any kind....how is this legal....? What can I do....

  Business response

  12/07/2021

  December 7, 2021

  
  Better Business Bureau
  ********************************************************************************

   

  
  RE: Better Business Bureau Case #********; *******************

  
  To whom it may concern:
  We are in receipt of your letter received December 1, 2021 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

  Customer response

  12/10/2021

   
  Complaint: 16194769
  
  I am rejecting this response because: Because I don't understand how 2 of their customers can voluntarily deposit or transfer funds

  from their account to my account violates the terms and conditions even if it was some kind of bonuses or rewards, as one of their

  phone rep's explained to me on a phone call (SoFi's fraud ***** will not speak to me directly or return my messages or calls) are 

  these not funds for their customers to use as they choose ? And if not, then still how did I personally violate any terms I didn't  

  make these transfers or deposits....so why am I being punished and my account closed ?? And why has it taken over 2 months and 

  a complaint to the BBB to even get to this point...? Is this why my account was closed even though I did nothing to violate anything

  because I filed a complaint ? Further since It was my account that was frozen I provided payment else where to these folks... so

  now the funds are being returned those accounts I lose twice and they get to keep their accounts even though if there was any said

  violations it would be on A.) the other two account holders, or B.) on SoFi itself who should not have allowed the transactions to

  occur in the first place if it violated any of  their policies... or perhaps it's some kind of discrimination because I don't have an 

  income bracket suitable to play in their club because I'm poor and on Social Security Disability either way who's violating who here

  ??????  

   

  Respectfully,

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

  Business response

  12/21/2021

  Please see the attached document.

• Initial Complaint

  11/30/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  They posted a loan advertisement on my app fed for a loan. I checked my rate. Adjusted the amount and terms etc. Agreed to the loan. Day after I get email that they nearly doubled the interest rate. My credit score has only changed by 2 points. Appears to be a classic bait and switch.

  Business response

  12/07/2021

  December 7, 2021
  
  Better Business Bureau 
  **************************************************************************************
  
  RE: Better Business Bureau Case #********; ***************************
  
  
  To whom it may concern:
  We are in receipt of your letter received November 30, 2021, 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 Relations
  **********************
  

  
  

  Customer response

  12/10/2021

   
  Complaint: 16193874
  
  I am rejecting this response because:
  
  Sincerely,
  
  ***************************

  After this complaint was filed I received an email from SoFi customer support.   I responded with I just want to be left alone.  Nothing they can say will cause me to do business with this company again.  They responded they would remove me from all correspondence.  Since then I am getting phone calls every day from them with automated messages to call them. EVERY DAY.  I got 3 letters in the mail from them just yesterday with bogus address changes etc that I did not initiate.  At this point I have had it.  I want them to go away they are treading close to a harassment lawsuit.  Please tell this business to leave me alone.

  Business response

  12/21/2021

  December 21, 2021
  
  Better Business Bureau 
  **************************************************************************************
  
  RE: Better Business Bureau Case #********; ***************************
  
  
  To whom it may concern:
  We are in receipt of your letter received December14, 2021 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 Relations
  **********************

• Initial Complaint

  11/29/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I requested an investigation of Sofi on my credit file because I felt the item was not being reported legally and lawfully. I received a letter stating that the investigation was complete. I would like Experian and Equifax to explain to me how they conducted their investigation? I contacted Sofi and they have NO proof I initiated such account and inquiry, nor written authorization and have failed to provide any permissible purpose. Since, they do not have my authorization, written nor verbal I ask that Sofi DELETE the unauthorized inquiry from my credit report immediately as there is no evidence of any authorization, nor any permissible purpose. According to Section 604 of the Fair Credit Reporting Act Permissible Purposes of Consumer Reports 15 U.S. Code ****b In general. Subject to subsection (e), any consumer reporting agency may furnish a consumer report under the following circumstances and no other: (F) otherwise has a legitimate business need for the information (i) in connection with a business transaction that is initiated by the consumer. Under 15 U.S. Code ****i, Paragraph (5) Treatment of Inaccurate or Unverifiable. RE: Sofi Violated the United States Code Law 15 U.S.C. ****(c)(1)(A)(B)(i)(3) FURNISHING reports in connection with credit transactions that are not initiated by consumer. Under FCRA 15 U.S. Code ****n(b) (B) in the case of liability of a natural person for obtaining a consumer report under false pretenses or knowingly without a permissible purpose, actual damages sustained by the consumer as a result of the failure or $1,000, whichever is greater (2)such number of punitive damages as the court may allow. I did not initiate any of these inquires furthermore if you feel like I did please send me copies of my written signature giving consent to this matter please. The items below should all be removed from my consumer report under 15 US Code ****(c)(1)(A)(B)(i)(3). Please Remove/delete Sofi inquiry immediately before I file a lawsuit!

  Business response

  12/06/2021

  Please see the attached file.

• Initial Complaint

  11/27/2021

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I was emailed several times about a promotional offer for 20$ just for signing up for a money account. The rules say no funding is required and it should appear within five business days. I only signed up because of the offer and didn't wanna give my information or go through the process to not get the offer. I have the offer in my email still. I'd like my 20$ bonus.

*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. ↩