About SoFi Checking and Savings
SoFi offers online banking solutions through SoFi Checking and Savings. Members get both checking and savings accounts with no monthly fees. Signing up for direct deposit unlocks access to numerous benefits, such as a cash bonus up to $300, early access to your paycheck, no-fee overdraft coverage and 1.25% annual percentage yield (APY). You also get up to 15% cash back when you use the SoFi Mastercard debit card at local retailers.
Overall Satisfaction Rating
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- Cash bonus with direct deposit
- Over 55,000 fee-free ATMs
- Automatic savings features
- Direct deposit required for many perks
SoFi Checking and Savings offers online banking with no-fee, no-minimum-balance checking and savings accounts. Members who set up direct deposit enjoy early paychecks, higher APY and no-fee overdraft coverage.
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Opened an account with them and everything was going fine until I tried to connect another account to fund this one. They denied the link. Which makes no sense at all. How are you going to give someone an account then not let someone fund it. Company has several predatory issues as well.
I opened a sofi investment account. They send me $25 bonus right away after I opened my account as they promoted. Then I opened a Sofi Money account as I liked their %2.25 APY plus they had a bonus $100 after opening and transferring my first $100. And they also send me that $100 two days after I transferred the money. They have a referral program to invite friends and you both earn $50. I sent a link to a friend of mine the day she opened her account they put $50 in my and her account. I had questions couple of times and they responded right away. So far I am happy..
SoFi sent me an email offering their new SoFi Money savings account with a 2.25% APY and $100 bonus for signing up. I have done some investing in their SoFi Invest platform in the past so they have my info. I started to apply for the SoFi Money account but they said I would have to unfreeze my Experian credit file to complete the application. I unfroze it (my FICO score ranges between 760 and 800). I continued the application only to receive an error message saying that they couldn't verify some of my information. I then tried corresponding with 3 separate customer service representatives and the only answer I ever received was, "There's nothing we can do." Seems to me that a company that already hosts a brokerage account for me and sends me a targeted email offer for a product should reconsider providing their customers no service and non-answers. Lukas.
I'm new to stock trading. Fraud their system is screwed, very poor customer service. Messed up my account after a reverse split. Lost $ due to their system issue. After split shares highest value ever was $11+ and average cost for buying per share is $13.5+. Multiple times tried to contact them, they are always busy. Decided to try some other platform for trading. Start withdrawing money as much as I can from SoFi. DO NOT TRUST THEM. TRY OTHER PLATFORMS LIKE WEBUL OR ROBINHOOD.
I signed up for a Money account but they will not let me link my Chase checking account to transfer money over. They sent me some vague form response regarding their 3rd party reporting service. I emailed them multiple times in response and it's clear they don't care about me as a customer nor are they willing to make any effort to fix my problem. If they care that little about me as a person I don't want to trust them with my money.
I placed $100,000 into an account expecting to accrue the advertised 2.25% interest. My money was placed into an investment account. When I called to transfer the money into the correct account, I was placed on hold for a very long time then told there were no funds in the account. I was then told to contact the investment department (all departments have the same number). I tried that and the department was closed. Finally, I decided to close out the account and transfer the money back into my bank account. I'm now told it will take 4-6 days to do this. I am staying with the trusted banks I already use, Ally and Barclays which already pay a high interest rate. If you want a bank where it is impossible to reach someone to discuss your account then SoFi is your bank.
Oh no! That must have been a very frustrating situation. We'd like to connect with you to make sure everything has been remedied. Can you send us a private response with the email address used to create your account, please?
I sign up for a SoFi Money account. All went well, until they decided to close my account and never gave an actual reason. I have a credit score around 800. I actually hadn't done any transactions yet, so not sure what was the problem. I reached out to their "customer service" to try understanding the issue, but I just get BS boilerplate answers. I don't care if they rejected my application, but accepting it and then kicking you out shows how unprofessional this bunch of amateur banker wannabes is.
Thank you for sharing your concerns with us regarding the restriction placed on your SoFi Money account. Upon account opening, SoFi reviewed the account to ensure it met the Membership Standards outlined at the beginning of the process. The result of the review was to close your SoFi Money account and any funds that were in your account have been withdrawn and a check has been sent to you for the full balance that was in your account. We sincerely regret the frustration this may have caused.
Don't waste your time with this company. They are clearly experiencing growing pains with the SoFi Money product and they do not have the time to appropriately and timely handle issues. Keep your money for over two weeks, refused to give it back. Screw them, boycott this company, they will run your credit without your permission. And lied to you, they run your credit so they can offer you loans if your credit is too low, they will closed the money. And you have to be fighting them to get your money back. Screw this company. Its marketing schemes They offer the money account as a front so they can run your credit to see if you Qualify for the loan. BOYCOTT Sofi. Scams.
Hey William, we'd like to look into what happened here. Can you send us a private message with the email address used to create your account? We're here to help.
I saw the ad for SoFi money on Facebook sounds like a great alternative to a regular bank right! Well signed up. Had a card within a week. Everything seems great. Started going through the app and learning how to invest my money. I added a few companies to my watch list trying to see how everything works. So I got on to my account about a week ago and it says I don't have a money account. So after having it linked to my other account still this is surprising. But when I sent an email asking why my account was gone I was told to look at the email that was sent.
So apparently my FICO score was not good enough for a money account. And this is after having an account with them for about 3 months. And not 1 time during the sign up do they say anything about a credit check which they did on Feb 14. So it takes them to May 1 to close my account without any notice. And with the reviews I've seen here I'm sure they are selling our information. I have never heard of anyone getting an account and closing it almost 3 months later because of FICO score. And I have been all over the app and website and the only requirements are 18 years old US citizen and social security number. Nowhere does it say credit check. But that's my experience.
Hey Brandon, thanks for sharing your feedback. We regret we are unable to offer a SoFi Money account at this time. As part of the Terms & Conditions agreed to when opening the account, we do disclose that account holders must meet our minimum credit requirements. We hope you'll reconsider SoFi in the future.
Tried to open an IRA to have some tax deduction but ended up paying tax penalty instead. They are totally incompetent and understaffed. They cannot keep any deadline and if you want to get anything done, you'd better be on phone every single day. Otherwise, they will just keep promising and doing nothing. In nutshell, I applied for an IRA account on 4/9/2019 and after 5 chat/call with their support, I learnt today (5/3/2019) that they screwed it and cannot fix it. My deposit did not go thru for 2018. Needless to say that means a tax return correction, more tax and penalty to me while they just say sorry and walk away. I have never seen such incompetence at a financial institution. No way I can trust them with my IRA.
I started my relationship with SoFi to refinance my mortgage from 30 to 15 years at a better rate. Everything went smoothly, every promise was kept, and as a happy customer, I reviewed their portfolio. Next on my list? Consolidate and refinance a personal loan. Everything went smoothly, every promise was kept, and as a happy customer, I saw the benefits of consolidating my other business with them. A hybrid account that pays interest with no fees? Sign me up!
This is where we ran into trouble, SoFi Money is hugely popular and some people fall into cracks, I was one of them. While the roundabout of identity verification went on, I continued my plans, knowing eventually all things will pass. Invest, check. Total breeze! Relay, check. Total breeze! Back to Money, still in limbo. After about 6 weeks I finally buckled in and sent my dissatisfaction email. The same day, everything was resolved! Several people worked together, took ownership, and made me whole on a Friday night! I am a happy SoFi customer and am inspired by the people that are there to look out for me. Things go wrong everywhere, I trust the team at SoFi to work hard on my behalf to make it right. All in all I look forward to having a long relationship with SoFi and have trusted them with the lion's share of my financial portfolio. I recommend that you do too.
Hi Barry, thanks so much for continuing to be a supporting member of the SoFi Community! We appreciate your patience was we work out some of the kinks in our new Money accounts and are glad to hear you were taken care of.
I originally deposited money in SoFi’s money account as their interest rate was better than the institution I was currently using. Their service during this period was acceptable as they quickly provided an ATM card and interest against my principal. This is where the good service ended. I transferred money from the money account to the investor account as I wanted to make some equity purchases. The transfer was recorded on April 16th, which completely debited the funds from the money account, only a small portion was provided in the investment account for usage.
I submitted an email request to their customer service on April 18th requesting an update as this was an account-to-account transfer and my money was not available. (As of this writing, I have received no response in either junk, spam, or regular email). Therefore I contacted them on the 19th through phone and their CSR said it takes 1-3 business days to process. Even though banks were open on the 19th, they said it was a holiday. I checked my account again on April 22 and still no funds available. This company is long on promise and short on delivery. Don’t believe their marketing schemes and stick with institutions that deliver.
I wish I read reviews here prior to signing up. Just like many others here, my account has been restricted with no notice, warning or communication. I found out after a payment I initiated from my credit card company bounced - I had more than enough funds in the account's "Available Balance". When I called to figure out what was going on, I was told my account was restricted on March 28th and would need 7-10 business days to resolve. During this time they sent me a push notification to setup my direct deposit to them? (Why would I send more money to be held hostage? I'm so thankful I didn't deposit more initially!)
The 7-10 business days have passed, it is not April 17th and the customer service department still has no update for me. Any requests to be escalated to a manager or this internal review department have been denied. This feels like being robbed! I have bills to pay and surely can't tell the creditors that Sofi has stolen my money without any explanation. I have their debit card, checks in hand and a ton of emails, but no access to my money. Very disappointed. Not a pleasant start with a new financial service.
I opened my account in January, only to have my account restricted in March, with an email saying my account is under review, and should be resolved in 7-10 business days. This was March 22, today is April 15 and my account is still restricted.
I honestly, have just had issues with logging in to set up a direct deposit. Something told me that this could be a sign and to read the reviews and BOY am I glad that I did. DO NOT put your MONEY in this institution until they start earning better reviews and providing different experiences. Cutting up my card and sticking with my current institution.
Updated on 04/16/2019: Here it is April 16th 2019. The company Sofi is still give me the run-around about getting my money. They still have my account frozen. I need help? Somebody help me? I don't know what to do anymore so if somebody is out there that had the same problem and finally got the money tell me how they did it.
Original Review: March 19th 2019 I had a deposit sent to SoFi. By March 22nd they tell me my account is restricted and here it is now April 8th and my account is still restricted. They keep giving me the same rehearsed speech about inconsistencies. Nobody really knows why they got my account Frozen and to this day I still have not got my money back and I'm fixing to sue them too for stress, causing a hardship on me. So my advice to anyone do you not go to SoFi.
Ok so, I had to do more research about SoFi, because for whatever reason, they froze my account without any type of explanation. The day they did it, 2 days ago, I sent them an email, letting them know, that if it was because I was transferring my money to different accounts, I have my reasons to do this, is some type of strategy that I learned to create relationships with other financial institutions, but at the same time, I wasn’t going to close my account with them, and they didn’t answer. Today I’m extra mega pissed, for obvious reasons, I NEED MY MONEY!!! And still haven’t received a ** email back.
If I don’t received an answer from them tomorrow morning, at noon I’ll be heading to get a lawyer and will proceed to sue this people for mental stressful damages on illegally restricting and freezing my money without an actual explanation. This situation makes no sense at all. Their communication is very poor, or non-existent. Once this issue gets resolve, I will NOW definitely closing the account with them.
If there was a zero that's what I would give them. I got my first deposit and they restricted my account just like they've done everyone else's. They said they were checking transactions but I have made no transactions other than the deposit. I have filed a complaint with the Better Business Bureau and I have also contacted my attorney. I have sent them emails telling them to close the account immediately and transfer my money back into the account I transferred it from. This is definitely some kind of scam. Buyer beware. Don't ever open any kind of account with this place. They suck you in with all of their good benefits as they call them and then freeze your account. My lawyer is prepared to seek legal action if necessary so I hope it's monetarily worth it to them over the amount that's in my account.
I opened a SoFi Money account because I fell for everything they had to offer. After a week of using my debit card and making small local transactions (grocery stores, etc.) they restricted my account and prevented me from using all of my money. I called their customer support multiple times in hopes of an answer as to why I have been the victim of such an inconvenience, and every time they say that they have no control over why it happened, always blaming an "inside team" for the decision. I have asked for the number of this "inside team" to reach out to them directly and instead they insist that they will be calling me.
Still no call after being promised a call yesterday! I have bills to pay and all of my funds are in this SoFi Money account and with no way to lift the restriction until this fake inside team takes 7-10 business days to deal with it, I am hopeless. I have never felt so strongly towards a business to take the time out of my day and write a review, but I am doing this to warn prospective SoFi customers. Do you like being in control of your money? Do you like being able to use your hard earned money whenever you like? DO NOT open a SoFi Money account. Do your research, there are plenty of other banks offering what SoFi has. Wanting to use your own money should not be this hard. I may get my money back at some point, but one thing I will never get back is my time.
The restriction was lifted on my account and I am very happy with that result. I do think how they handled the situation was poor and when a restriction needs to be placed on an account a phone call notifying the individual should take place. Finding out by your card declining only causes panic and confusion. The agents I spoke to besides the team leader were not equipped to handle this situation and this caused unnecessary stress. I understand this is a new product and it’s bound to have some trial and error but I believe the time that SoFi has been around they could have much better customer service than what was displayed. I still expect some follow up and will be in contact as this caused much stress.
I received my paycheck on 3/22/2019, I got my notification from my SoFi Money App around 5:50am EST. I go to work and take my lunch at 12:27pmEST. I get to the Wilmington Market and try to purchase my lunch at which point they tell me my card was declined so I try to use the ATM and again it says "Bank Unavailable". So I call the number on the back of my card and I get this very nice gentleman who reassures me that the restrictions should not have been put on the card and that they should be lifted within the hour (said probably faster but just to be cautious and within the hour). Said I would receive an email about the restriction but that they'll be in contact with me to make sure its off. Okay no problem all is well, my coworker bought me some lunch so okay for now. Around 1:05pm EST I get an email but this email says it would be resolved within 7-10 business days.
Now I am alarmed because that is a long time for someone who does live paycheck to paycheck. My car is in the shop right now and I am supposed to pick it up Saturday but if my funds aren't available how am I supposed to do that? I have my own set of bills, so I call the number on the back of my card once again 855-456-7634 and this agent (Taylor) reiterates that yes there is a restriction on my card which means I cant do anything at all with it and when I asked if there was anyone else I could speak to she says "Well my supervisor is going to tell you the same thing, that theres nothing we can do" which I understand, theres only so much a customer service rep can do but goodness sake at least make me feel somewhat better. This is my livelihood and for her it was just whatever.
The first gentleman was very kind but lied to me, then this girl was just cold. Finally I get ahold of a team lead which isn't quite a supervisor but she was very kind but again informs me that this MORNING an email went out about a list of accounts that were flagged. Why? Why would my account get flagged? No answers, not one answer. Just more "I am so sorry but we cant do anything". I switched to SoFi at the suggestion of someone I trusted and because they work there and HIGHLY recommended SoFi Money but its turned into a huge disappointment. Noone can help me and I feel that once I am able to even get my funds that I will just cancel my card all together. I understand security measures and even told the first agent that I would rather be safe than sorry however 7-10 business days?? That's absolutely absurd and unacceptable. You have my money and can't tell me why I am unable to access it.
I have money on my account and used my card twice and they restricted it. Now I stranded with my 2 yrs son cause I visited VA and I live in NC and can't get gas or a room and they said it's gonna taken 24 to 48 hours to review account. This is the worse.
Hi Teresa, this is very concerning indeed. Can you call us so we can review the details of your account?
Signed up and they deposited my checks then turn around and tell me they need to verify me after the checks been deposited. So now they are holding my money and stalling because they are trying to scam me out of my money. Terrible.
Hey Manuel, we'd like to look into this deeper for you. Can you private message us your email address?
SoFi Checking and Savings Company Information
- Company Name:
- SoFi Checking and Savings
- 2750 East Cottonwood Parkway #300
- Cottonwood Heights
- Postal Code:
- United States