SoFi Checking and Savings

SoFi Checking and Savings Reviews

SoFi Checking and Savings Reviews
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Overall Rating
1.5 out of 5
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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.

Pros & Cons


  • Cash bonus with direct deposit
  • Over 55,000 fee-free ATMs
  • Automatic savings features


  • Direct deposit required for many perks

Bottom Line

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.

SoFi Checking and Savings Reviews

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Page 3 Reviews 40 - 240

Reviewed Feb. 25, 2021

So they told me all these perks to get me to sign up, because why wouldn’t you, right! Well come to find out they try to take advantage of you I feel, because they lied. I’ve noticed so far is they said that you will get $50 and the person who referred you will get $50 if you open the account and deposit $500 into the account. I deposited $500 in my account immediately I receive $25.00 a week later after I sent emails asking how the process worked (with no response from anyone). The person who referred me hasn’t received a dime I have contacted them through email and I have gotten no response. I also made sure I used the link my friend sent me to sign up. I’m very disappointed I don’t like when companies do this. What so they were hoping we didn’t notice??‍♀️ Shame.

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Reviewed Aug. 1, 2020

Initially, SoFi was great. I liked that they cover ATM fees, have a great and useful app and good customer service. However, they decided to stop honoring the deposit of checks with a signature on file (in my case my paychecks as an independent contractor) without notice, which really put me in a financial jam and they are not taking any responsibility for the lack of communication on this. Instead, I was told to let my employer know that they need to change how they issue paychecks to me. Since they decided they will not be honoring paychecks from my employer, we are taking our banking elsewhere. Beware of changing policies at a drop of a hat without notice.

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Reviewed July 25, 2020

Very hard to dispute a charge with this company, spoke to many agents sent many documentations and still my claim was declined. Even though the company that took my money failed to provide services the bank said the case is close. All my disputes with Bank of America and Chase was taken care of quickly and to my satisfaction never had I have to send so in many documents proving that my flight was canceled and I still have yet to get my money returned or a voucher for future service. Sofi said, "Oh well the case is closed." I will be sticking to Bank of America and chase and be closing this account in a few months and move all my money out of it.

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Reviewed July 24, 2020

I set up a Sofi Account trying to use the new extended Tax Deadline. Their system showed I was approved for the account and allowed me to schedule a deposit for the MAX contribution. They failed to schedule the deposit and didn't create the account until July 16th. They then refused to fix their error costing me $1400 in tax refund.

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Martin increased rating by 1 star.
After a positive interaction with SoFi Checking and Savings, Martin increased their star rating.

Reviewed April 6, 2020

When I first signed up, it took 4 weeks to get my debit card in the mail, I was already direct depositing my checks into my new account at this time but I couldn't access or spend my money because it took so long to get my card to me. I could forgive this, stuff happens and I understand delays, but it didn't set our relationship off to a promising start. That is fo-sho. I wanted to like SoFi, I really did. Crypto Investments? Whoa! Check. Stock market investing via mobile app? Awesome! No ATM fees or overdraft fees? Bonus points. Direct deposit and Mobile check cashing? Ok well, everyone offers that now, but still cool right?

What I didn't expect were the vast amounts of caveats that come with any of these features and the fact that they secretly discriminate against each customer and limit their abilities without full disclosure to the consumer based on many "factors" that they are not at liberty to discuss. Talk about lack of transparency am I right? I use the word discrimination because that is exactly that. Discriminating based on credit and or other factors such as net-worth. That is financial or "social status" discrimination based on numbers -- which they obviously use to valuate their clientele. I get that this is still a financial institution and this needs to be done to an extent - but to leverage privileges and access to features, time restraints on money based on this is downright Orwellian.

Did you know if you have had credit problems in the past it could take up to 7 business days to have access to your funds after depositing a mobile check? Any Credit Union or Bank that I have had the unpleasant experience dealing with at least gave me the antiquated privilege to access to my funds instantly after depositing a check. SoFi? No. This immediately breaks my trust with their service, or should I say, "Wilmington savings fund society" just re-branded with a "hipster tech" name to trick unassuming public with catchy "progressive" marketing strategies. I almost forgot, do not plan on depositing a check over $2500, because they have a limit on the check deposit amount you can cash.

This company is a joke. I direct deposit my paychecks, from my respectable job, I am a college grad with a not so perfect credit history (it's a work in progress ok? Student loans have not been kind to me) and I can't access funds for 7 days from a Premera reimbursement check for my glasses prescription. It gets worse. Their "Crypto" investments they offer aren't even a service they provide, they outsource this. While you can instantly transfer money to your "invest accounts" the fees are high and the waiting time to send the funds back into your money account take 5-7 business days. This includes stocks too.

Oh and the crypto profile is sad, almost insulting even, you can buy Litecoin, Bitcoin and Ethereum. That's it. Honestly, you are better off signing up with Coinbase account who will allow you to instantly transfer money into your account, buy a diverse number of coins and can have the funds back into your sofi or any other bank account in under 48 hours.

Customer Service is downright rude. I felt discriminated against, like a second class citizen talked down to, putting me on defense with their sarcastic undertones and apathetic behavior towards my account concerns. Overall I recommend a hard pass on this, there are a number of services out there competing for a "new banking option" and SoFi is nothing more than hot old garbage traditional banking (Wilmington savings fund society - lol!) wrapped in tinfoil with new packaging and a hipster name that promises progressive features targeting millennial's.

Now that I got that out of the way let me tell you what I do like and why I plan on keeping them awhile longer to see if they improve. No ATM Fees - This can save your butt if you use the atm a lot. No Overdraft Fees - If you are in college, fresh out of college with a large debt to start paying off after you get your big kid job then this can also save your butt. Shiny new debit card - Their card does look pretty cool A+ on the design choice.

If they can get their act together, remove time constraints towards accessing funds, vastly improve their customer service, get instant transfers of funds from investments and crypto, have a diverse crypto offering (maybe even partner with Coinbase for this because I know there are strict federal regulations surrounding crypto investments within the US and Coinbase is on top of this all, Binance US a close second). And for the love of all things Washington, stop social profiling your customers, offer transparency and lift regulating time constraints, let people have access to their freaking money or you won't have any clients left.

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Reviewed April 3, 2020

Received offer for their CMA - went through the process of filling out the paperwork and despite being a millionaire, they denied me. I’m glad they did too, just look at all the problems people have here. This is such a bad company I’ve decided to buy everyone considering joining SoFi a free pizza from your favorite pizza place. Just HMU, I’ll call it in - up to one 5 topping pizza. Sorry, no breadsticks as my offer is only good for the first 40 million people that refuse to join SoFi and their pyramid scam.

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Reviewed Dec. 30, 2019

** is my email. If you email me, ill provide you an attorney at no cost if you suffered any scams with Sofi. Please no sensitive information, just the basics of the claim, no personal information. As of this update, 191 people emailed me, if you check your email, i replied with several attorneys names and websites for you to choose. Some of sofi’s latest penalties for its fraud:

1)Sofi paid 2.4 MILLION for running loan apps WITHOUT approval.

2)Sofi paid FTC 110,000 for DECEPTIVE Advertising.

3)Sofi paid tax penalties for ILLEGALLY moving everyone into THEIR fund, conflict of interest and fraud.

Sofi has engaged in multiple crimes that the SEC and FINRA is CURRENTLY looking into on top of the prior ones they committed and paid huge fines for. They are doing bait and switch on the referral money. Looking on multiple review sites shows thousands of people complaining Sofi SCAMMED them on the referral money. They charged an ILLEGAL fee charging an incoming acat and blame it on the prior broker who both the prior broker and apex clearing BOTH said Sofi is the one who charged it. Sofi customer service reps lied on numerous recorded calls as in my state of ny, i can record them without them knowing.

Sofi then VIOLATED its OWN terms and conditions, since i filed arbitration in finra, and they admitted they made serious illegal actions, they VIOLATED their mandatory arbitration and filed a frivolous suit in my local supreme court with the intent to get an inexperienced judge, not finra who prosecutes these crimes daily to try and silence me. Sofi then hired an attorney who then harassed my family by serving the lawsuit on 4am 5am and 6am on christmas eve, which is illegal serving on top of a frivolous suit. They been begging me and threatening me to stop writing my FACTUAL reviews with EVIDENCE and continue to abuse the law. I encourage all victims to contact FINRA and SEC, and depending on your finances, you may get a fee waiver and sue for free to recoup any scammed funds from sofi.

Also apparently they illegally used my social to apply for a loan with them AFTER i was suing them so know i am suing them in finra Arbitration as well as federal court for FCRA Violations. They keep violating my first amendment by removing my FACTUAL review FRAUDULENTLY claiming it's false, fraud, i wasnt a customer and other lies. Luckily i am well financed with 99% assets in a cooks island trust, completely protected from frivolous suits and criminals like sofi. I am going in this for the long run and will post all public records as it moves forward unless they settle out of court. Also now im suing them for censorship for violating my first amendment by constantly fraudulently removing reviews. So they being sued for:

Violating my first amendment with censorship
FCRA Violations by applying for loans randomly without consent
Breach of their own contract, terms and conditions
Frivolous suit

Bait and switch

I now have 4 attorneys who took this on, and they will help anyone who needs help with this criminal enterprise. Each time Sofi removes my FACTUAL review, ill pay for the first 10 people who email me full cost of attorneys to sue in finra arbitration.

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Reviewed Dec. 17, 2019

I signed up for SoFi Money under the $50 bonus offer. I complied with ALL requirements. I even sent them print screens of the offer I responded to and of my transactions with the account--at their request. But they still would not honor their advertised offer. Since they only have a 2 Star rating here, apparently I'm not the only one having problems with them. There are other companies offering better rates and probably less drama. From my experience don't trust their advertised offers.

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SoFi Checking and Savings
Response from SoFi Checking and Savings

Hey J, thanks for the feedback. In reviewing your information it looks like our account specialist team has been trying to reach you and aren't having much luck. We have also sent emails requesting information to confirm your bonus and haven't heard back. Can you please give us a call at your earliest convenience?

Reviewed Dec. 3, 2019

How can you get your money right when you hold Cash Deposits for 4 Days? That is WRONG!!!! Not Right. Banks take no more than 2 days and my Credit Union allows cash to be made available immediately. No Waiting whatsoever. WHY are you holding out MONEY for 4 DAYS? IT IS JUST NOT RIGHT!

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SoFi Checking and Savings
Response from SoFi Checking and Savings

Hey Jeffrey, at this time SoFi does not accept cash deposits, as we do not have any physical locations to receive deposits. Can you send us a direct message with your email address to confirm any issues there may be with your SoFi account? We'd like to make sure you're taken care of.

Reviewed Nov. 28, 2019

Take your money easily but on day 5 of trying to withdraw over 8 hours on phone countless emails and nothing to satisfy them. Voided check from my bank account. Wasn't good enough then they made me delete my account and re-add it to try that and that didn't work and after three hours of being on the phone today he pretty much let me go cuz we couldn't figure it out. They're just safes.

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SoFi Checking and Savings
Response from SoFi Checking and Savings

Hey Ryan - we're sorry to hear about your experience. We're digging deeper into what happened with this situation, and suggest initiating a transfer from your external account to receive funds. Hope this helps!

Reviewed Nov. 25, 2019

Ughhh! If I could leave 0 stars, I would! I signed up solely because their advertising offer that theyll give you $50 when you do sign up. So I started an account almost 2 months ago & when I never saw the $50 they promised (surprise, surprise) I sent them an email asking about it... no reply. Sent another email a week later, still nothing! All in all, I've sent like 4 or 5 emails over these 2 months and NOTHING. No automatic reply, nothing. So that shows plenty on how they don't care about their customers. Their severe lack of customer service, because they can't even reply to a simple email. But the main thing being how they lie just to get people to sign up! I thought the look of the card was different and kind of cool, but the fact they're liars and can't even reply, don't waste your time with them!

Check out Varo or T Mobile Money. They have good offers and actually do follow through with what they offer when you sign up! My boyfriend has TMobile money (debit card) and what's awesome about them, is they have 24/7 customer service and you can overdraft up to $50 with no fees! I just switched to Varo and they have a good referal bonus where if you get someone to sign up and they put your name down, you both ACTUALLY RECEIVE $50, it's not just something they lie and say to get customers!

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Reviewed Nov. 15, 2019

Coworker sent a referral link. Initially, the application was simple. It took only a few minutes. I was surprised and concerned it was denied. I have credit score above average and did not read that credit check is done for savings account. I receive prompt stating an email has been sent with further info. The email itself was vague and I called SoFI. I expressed concerns for lack of information after I provided specific info like my SSN. I told them I was married within this year but I legally changed my name and all documents reflected this life event.

This is where all the back and forth started. They wanted me to put account in my maiden name because they couldnt verify my married name. They said they use public infomation to verify customers. When I asked for specifics, they dodged and said that was proprietary. I asked the representative if he would continue this process without thinking it was shady and or messy. This company has limited resources and places the burden on their customer. This some millennial and I am too old school for their nonsense. One star is for how well the customer service representatives answered my questions. I am not a friendly caller, but very direct and blunt. I told them if my coworker tries to refer others, I would raise the red flag.

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SoFi Checking and Savings
Response from SoFi Checking and Savings

We understand how frustrating it can be to not get more specific information regarding a SoFi Money application. Regrettably, we are unable to disclose many details to ensure the security of both SoFi and our members. We appreciate your understanding.

Reviewed Nov. 1, 2019

Some people worry about the money not being secured until it reaches a partner bank, but just know that SoFi has never not let someone withdraw money (unless your account has been flagged for security). I use Sofi as a way to make money with money, This is an account that has APY better than my Wells Fargo account and most other major banks. I can access my money with no problem in the event of an emergency. You can withdraw money from any Visa ATM, this includes all; Wells Fargo, CHASE, and most other major banks ATMs. I love it. I only wish I had a physical bank to visit. But I don't ever go to my branch nowadays. If you use a referral code to sign up you also get $50 after a week of having your bank account with a balance of at least $100. Use my code if you decide to sign up.**/

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Reviewed Oct. 24, 2019

Sofi never pays the referral bonuses, charges illegal fees and unauthorized charges, lies about many aspects of your invest account, and illegally seizes your money if you complain. The SEC, FINRA, Attorney General, FTC all seen my evidence and are opening an investigation. I have a call tomorrow with the FBI, and the media as well. This company uses false advertising and bait and switch to grow its clients and inflate its books without paying the agreed referral fees. They make false statements about your brokerage account and if you call 5 times, you get 5 answers... it should be 1 answer...

They charged an incoming acat fee which even they agree is an illegal, unauthorized charge and yet said it will take 2 weeks to refund the money they stole!!! They holding my thousands hostage and won't let me withdraw. Once they get your money, your referrals info, expect zero customer support, even from their “presidents office”. Expect your money to be used as their piggy bank and good luck trying to withdraw it. Good luck trying to get an honest answer. This company has breached numerous regulations and fiduciary responsibilities, as well as laws. Even do a small search, it's not the first time the FTC is investigating their fraud and won't be the last. You been warned.

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Reviewed Aug. 12, 2019

First, they wouldn't link my bank account so I couldn't send myself money to get the referral fee. Then after I finally get money sent to me the referral money poof never appears. After that, I try to link it to an existing bill and it says this account is not eligible to link with any of my cards. Ok I get it. My credit isn't 700 or above, but if my credit score doesn't make me eligible then why the heck did you approve the account in the first place? I can't even use it, other than to send money back to the person who sent it to me because they have an account. All in all, I don't recommend using this service if you don't have great credit because it's nothing more than a giant waste of time. Also, when I linked the debit card it said Costa Rica?! Seems a little fishy to me.

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Reviewed Aug. 9, 2019

SoFi has a competitive high APR and moving money between my "brick and mortar banking accounts" and my SoFi account is a breeze...and without fees. I have given up on my credit union for any decent return.

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Reviewed Aug. 1, 2019

I would consider them average although I haven't dealt with lots of pure online banks to be fair. As with any company nowadays being on hold is becoming standard. The agent was friendly and did know the answer to my question.

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Bryan increased rating by 4 stars.
After a positive interaction with SoFi Checking and Savings, Bryan increased their star rating.

Reviewed July 31, 2019

So I opened an account and fund it, I started to refer some of my friends to get the bonus 50x50x50. I checked my account today and my bank account disappeared without notice. So unprofessional! I would stay away from these kind of "new banking" companies. Well established banks would never do something like this, I had to email them today to figure it out what happened. Do they need to verify my information? Is it my credit score? Regardless of the reasons, I think they should be more transparent about their processes and they should get their process together. You can't just open accounts and close them as you wish.

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Reviewed July 30, 2019

I've been banking with SoFi for about 2 months and so far I'm really glad I opened up the SoFi Money account. I was getting 2.25% apr until the feds just dropped the interest rate, however it's still a respectable 2.00%which is 99% more than my Wells Fargo savings account pays out...ever. Setting up the account took about 30 seconds and was incredibly easy. I've had no issues transferring money into my account. My favorite part is being able to use an ATM card with $0 ATM fees and it's one of the biggest reasons I decided to go with SoFi. In fact they have $0 fees for virtually everything concerning their money management account.

My only issue is that when you transfer your money from one bank account into your SoFi bank account it's not actually insured while in transit and that can take a couple of days. So if something were to happen, say SoFi went bankrupt and your money didn't actually land in the bank yet, you will lose everything in the transfer. That's one reason I won't set up direct deposit and also because it takes 3 to 4 days until you can gain access to your money and who has that much time to wait to get money from their paycheck? So right now I'm in the process of slowly transferring my money from my savings account with WF into my SoFi account. With that being said, I'm happy so far with my decision to go with SoFi.

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Reviewed July 8, 2019

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.

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Reviewed July 6, 2019

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..

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Reviewed July 5, 2019

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.

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Reviewed June 28, 2019

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.

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Reviewed June 27, 2019

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.

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Reviewed June 5, 2019

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.

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SoFi Checking and Savings
Response from SoFi Checking and Savings

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?

Reviewed May 31, 2019

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.

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Response from SoFi Checking and Savings

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.

Reviewed May 13, 2019

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.

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Response from SoFi Checking and Savings

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.

Reviewed May 8, 2019

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.

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SoFi Checking and Savings
Response from SoFi Checking and Savings

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.

Reviewed May 4, 2019

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.

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Reviewed April 28, 2019

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.

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SoFi Checking and Savings
Response from SoFi Checking and Savings

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.

Reviewed April 22, 2019

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.

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Reviewed April 17, 2019

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.

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Amazn increased rating by 3 stars.
After a positive interaction with SoFi Checking and Savings, Amazn increased their star rating.

Reviewed April 15, 2019

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.

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Reviewed April 11, 2019

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.

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Reviewed April 9, 2019

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.

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Reviewed March 28, 2019

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.

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Reviewed March 26, 2019

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.

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Reviewed March 23, 2019

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.

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Karen increased rating by 1 star.
After a positive interaction with SoFi Checking and Savings, Karen increased their star rating on March 23, 2019.

Updated review: March 23, 2019

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.

Original Review: March 22, 2019

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.

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Reviewed March 22, 2019

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.

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SoFi Checking and Savings
Response from SoFi Checking and Savings

Hi Teresa, this is very concerning indeed. Can you call us so we can review the details of your account?

Reviewed March 16, 2019

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.

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SoFi Checking and Savings
Response from SoFi Checking and Savings

Hey Manuel, we'd like to look into this deeper for you. Can you private message us your email address?

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SoFi Checking and Savings Company Information

Company Name:
SoFi Checking and Savings
2750 East Cottonwood Parkway #300
Cottonwood Heights
Postal Code:
United States