SoFi - Banking and Investing App Negative ReviewsSocial Finance, Inc

SoFi - Banking And Investing Negative Reviews

4.7
4.77349 star

Total 20 Negative Reviews

SoFi - Banking and Investing App Complaints & User Negative Comments 2024

SoFi - Banking and Investing app received 20 complaints, negative comments and reviews by users. Have you ever had a bad experience using SoFi - Banking and Investing? Can you share your negative thoughts about sofi - banking and investing?

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SoFi - Banking and Investing for Negative User Reviews

Login problemsI downloaded the app to track my loan. The app only offered the option to login with email. It never allowed me to enter my email or password, instead saying there was an error. It gave me the option to call support, but there is no option for app support in the phone tree. I had to talk to a loan person to get technical support, which they couldn’t do. I was transferred to another person, who had me do troubleshooting on their website (never had any problems there). He didn’t see any problems with my access and had to be told repeatedly (5x) that the app wasn’t working to even try checking it. He told me to enter my email address and password, but as I told him previously, there was no place to do so. He had me completely remove the app from my phone, and when I reinstalled the app, I was prompted to enter my email and password, for the first time. One would think things were good? Wrong! As soon as I logged out, it would not allow logging in until I went to the login screen and back to the initial screen before the login screen would work, where it accessed my account with cached settings, plus as I scrolled up and down the screen vibrated as long as I was scrolling. Poor security design. No CISSP developers at that company..Version: 2.132

Super slowI joined SoFi initially because of the high interest available on the savings account. After going I opened up an active investing, and auto investing and a Roth IRA account because it was slick and easy to use. I have since realized it's easy to put money in, not easy to take money out. I decided I wanted more control over my investing so I attempted to liquidate my Auto Investing account and move it into my money account, it initiated a sell of all my positions on February 4th with the money sent to my SoFi savings account. The invest account shows as "completed" finally on the 6th with all my positions sold and gone from that account but they are not in my savings account. That can take an additional 3 days which means this entire process is going to take an entire week with the weekend in the middle. And, to just like on more, the ability to cancel auto deposits to any of your SoFi accounts does not work from the web, clicking the cancel button does nothing, you literally have to use the app or you can't cancel auto deposits. It's obvious SoFi is far to "young" in the financial space and has a long way to go before I could ever recommend them for any service. Oh, and the savings rates have dropped drastically so that account isn't worth keeping open either..Version: 2.4

Can’t verify identity? Account active and open?I opened an account and linked several other banking accounts through the plaid service. Transfer a decent amount to the account and funds settled. Direct Deposits are also coming through the new account. Even my address SoFi has matches my drivers license. I attempt to apply for a credit card through the app and get a message saying that my identity can’t be verified. I have yet to receive an email on how I can resolve the issue and yet there is message on the app that says I can apply at a later date? I thought FDIC rules said your identity must be verified prior to opening an account. Well my account is open and not blocked so what is the issue? I thought fintech companies operate their algorithms better than traditional banks, and yet every time I try to do business it’s always something. Very discouraging I have never had this problem with a traditional bank and if there is a problem they send a secure message or provide clear instructions on how to resolve it. I dare not give y’all call, I been through that horror. Fintech reps ain’t trained in banking like at Capital One or another well known institution they just know basic customer service..Version: 2.131

Terrible Investor platform & customer serviceI am an extremely experienced online investor since E*trade was started. I left them when I only had a few thousands to invest. Why? Customer service was terrible and they began to tie up your money for inexplicable reasons. This led to missed trade opportunities & 5-10 day holds with no interest or recourse. Now, I have a portfolio a thousand time larger after a couple decades and I decided to test the waters to spread out my risk. SOFI failed and failed miserably. This was after they solicited me. They failed to execute a very simple requested trade. Not a huge trade but a test. They failed to execute without explanation other than my request wasn’t considered substantial and/or a priority. I had to hunt someone down via the maze of click deterrent Bots and the limited app capabilities. I don’t recommend this app or it’s other services that request any transfer of funds. Stay with a proven and blue chip firm. The way a company treats whom they believe are the smallest of customers is the ways they will eventually treat the largest of customers. Also in this digital age there is absolutely no reason it takes 3-5 day to get your funds back/transferred when it took less than 24 to take it out of your account..Version: 2.82

Has not improved over time.Update: haven’t reviewed this in years but after using app again I found that it’s extremely poorly coded, my phone heats up massively when I open it and absolutely demolishes the battery. Whatever it’s doing it shouldn’t be. Fix the app. Old: Has a lot of issues lately, can’t update my manual relay accounts, gives error messages over and over. Also with their money account I was supposed to get a $75 bonus for doing direct deposit.. never was paid for that. That was the last time I trust their offers as they’ve screwed me over repeatedly not paying what they owe. No other bank has failed to pay out their promised bonuses, but SoFi has done so repeatedly. Also the app interface is pretty lacking as there’s no dark mode and it’s all web-based lazy coding. They haven’t implemented ANY of the suggestions I provided over the months. Update: although I love SoFi, I have to lower my rating because they have completely stopped crediting me for referrals.. they actually owe me over $1000 in successful referrals. I might have to take further action on this. - It doesn’t support all my accounts and I wish it would open right into my Relay view by default, but for the most part I’m really impressed by what I’ve seen. As for suggestions, I wish I could tag multiple transactions at once and have it automatically tag similar items! Doing it manually one by one is time consuming. Also it categorizes incorrectly a lot of transfers as income/expenses..Version: 2.177

Too many steps to transfer moneyThe updated UX to transfer money from one account to another is overly designed and requires too many taps to do a simple task. It takes me at least 9 taps for each transfer! Why so many steps SoFi? I commend the effort on the updated transfer UI but the increased steps add extra friction makes a simple task unnecessarily complex. The UI is also a bit weird because my eye goes straight to selecting the transfer from and to accounts before I enter in the amount, even though the amount sits at the top. Not sure why half of the screen is dedicated to displaying the amount…again, overly designed with little value added. This experience feels like it was form/UI led when it should be function/UX led. Also, the default account that gets selected for “from” is never the one i want to transfer from, so when I tap in to make an edit, I always have to select a different account. And if I do enter in an amount first before choosing which account to transfer from, I get an error telling me I don’t have sufficient funds to transfer that amount. Well yeah, of course I don’t because you preselected an account for me without knowing how much I want to transfer, which is your fault but you’re alerting me that I did something wrong. This creates a negative user experience for me. I hope you’ll consider improving this update, especially the excessive number of taps!.Version: 2.184.2

Caution to potential membersIf you’re thinking about joining just be aware what money you put into the invest account you might not get back. I had some financial strain that i had to sell some securities. The funds settled and ive gone through the withdrawal process. Its been over two weeks and they wont give me the money. Six times they have told me to cancel and redo it with no progress. I had one agent cancel my withdrawal without notifying me after i had told him I didn’t want to. Ive asked to speak to a supervisor probably ten times and still haven’t spoke to one because apparently we have to schedule a call. Well after so many requests i still haven’t received a call. When ive asked their agents why i have to cancel and redo a withdrawal their response was “ i just think its a good idea” when I requested who their SRO is they wouldn’t give me that info either so i had to find it myself. Its pretty sad they knew my financial stress recently and absolutely NO help. They just keep holding my money from me. Also this isnt the only issue be very careful with the money account as well. Whenever i do get my money im closing all accounts here. Which is disappointing cause ill be honest i was super stoked joining the first day. Good luck to new members..Version: 2.68

Cool concept but they won’t verify my accountThis is partially a complaint about the business, but the business and the app seem to be two in one. I like the idea but the app is a little bit laggy and it WILL NOT verify my account. I keep getting emails saying they couldn’t verify it and so I was going to try re-entering my name and info in case something was wrong (and/or they needed a middle name or initial) and it turns out I can’t even change the info I entered in whole unless I call the company. The problem with THAT is that there were practically a hundred people in line ahead of me on the phone and the whole reason I got the app was because I wanted a quick solution, and I don’t have all day. I am sure this app is great when it works, but there is no reason they should be able to verify my personal info and let me use the app. Or at the very least, tell me if you want a middle name or something so I can include that the first time rather than spending an hour trying to fix my account. Also, I was offered ten dollars in free stocks when I got the app, but after re-attempting to make an account, it changed my promo award to five dollars, which is a small detail but it’s annoying nonetheless. As of now, I’m still waiting for my account to be verified, or to find a way to fix my account. They don’t even have a support email, only chat or phone, which is difficult if you don’t have two hours to wait in line..Version: 2.40

A little wonky.There’s certain things I’m not very happy with, like the fact that I can’t get a virtual temporary card when I am replacing a card. I can’t pay for anything but in cash right now for over a week. That’s ridiculous. I also am not a fan of not being able to track where my replacement card is, and that if I straight up don’t receive it all I can do is order another and wait another 10 business days and don’t have the option to expedite. I switched from chime and they gave me a temporary card and it was super helpful. I got bills to pay man. Sticking with it only for the high interest rate for savings. Additionally the app really isn’t that user friendly because there’s too much offers going on. It makes it difficult to find what I’m looking for. Annnnd lastly it seems like many of the help pages have inaccurate information (as you can see from the many MORE people who don’t find the articles helpful rather than do). I’ve been trying to add my card to my wallet, however instead of a text to verify, I have to call ? However verifying a card doesn’t seem to be an option. If I can’t get that to work, it’s a deal breaker. I’ll find another bank with good interest rates..Version: 2.165

Sofi app crashes all the time.I love how there employees talk over you when they want to get off the call. If they can’t manage to talk over you, they will just simply hang up the call with the excuse of going around in circles. It would not be a circle if when you asked to speak to a manger the employees actually transfer the call. No they sit there and say this that and all the other things, like we are the last point of contact. Managers don't take phone calls. Plus the host of about 10-12 more reasons why the earth is flat or round or whatever banking rules,sofi thinks they can just make up and not follow the OCC can’t freeze people’s accounts all while I can’t pay my bills, buy food, today is day 4 with nothing more than 1 apple or a pickle because I found out my account was frozen Saturday while I was at the store trying to pay for groceries. Cell phone, Wi-Fi, electricity is all getting turned off today because I can’t pay any of my bills and not to mention having NO FOOD until SoFi “reviews” my account, and the employees can’t tell me when that will be completed. Such a big horse crap of a company. I guess i will most likely starve to death before they go. Into my accounts and hit a little button, so I can pay bills and live..Version: 2.186.2

Poor customer serviceNormally, I don’t write reviews. I especially don’t intend on trashing companies just for a few hiccups because everybody makes mistakes. But this is a really bad situation. I have been a member of SoFi for almost a year. Regular banking excellent, trading was marginal, options to purchase. Crypto was pretty decent. All were good until I deposited a personal check. The check was given to me by my mom for final payment on my cruise. That’s where the problem began. My account was frozen and I have no more access to my money. My payroll would continue to go into the account, but I had no access to it. When I called customer service, they would continue to say that someone will get in touch with me. No one ever did. I don’t believe that customer service actually works for Sofi. They say the same thing, but nothing gets resolved. They have no power to make decisions. It’s always someone will get in touch with me. It’s kind a like talking to an operator who has been rerouted from another company. This is a hard lesson to learn. I know that people will still use SoFi because of the benefits. But to me, it’s not worth it! The incident happened in May 2023 it is now August 5, 2023 and I still have no access to my money that is stuck in my account. There’s no one to contact by the way, I had to borrow money from another source, to pay the balance on my cruise. This is not a bank I prefer to deal with. Especially with large amounts of money. To you, good luck!.Version: 2.163

Questionable payment practicesI like the interest rates offered by Sofi. I initially applied for a loan about a year ago and was denied. A month later, I reapplied and my loan was approved. The difference being that the first time I applied, a cash bonus was tied to it. Since they rejected me, they didn’t need to pay it. The second application apparently was approved because I no longer had the cash bonus tied to it. Convenient. 🤨. Since then, there have been payment issues. My most recent issue was that my payment was due on Monday, 4/27. I am enrolled in autopay. They took the money from my bank account on Friday, 4/24. What if I didn’t have enough in my account that day? I would have likely incurred overdraft fees from my bank. Why take money from someone’s bank account a full business day before it is owed? The payment didn’t (show) process in their system is until 4/28. However, they had my money on Friday, so according to their records, the interest accrued through Monday. In actuality, it should have only accrued through Friday because that’s when they took my money. It was not available for me to spend on Friday, so they had it. No other accounts I have follow this practice. Why does SOFI?.Version: 2.15.1

More about sales than functionalityI only use the SoFi application for banking in a checking and savings account. I find the Ally application much better and more intuitive, if only Ally could Match the interest rates. The SoFi app puts a lot of quick access menus that I will never use in more prominent positions that the useful functionality that I want to see. For example, at the top of the banking tab, and filling half the screen, I have the following options. 1) Refer your friends. 2) Autopilot 3) Pay in 4 (early access) 4) Shop local. Get Rewards. 5) Buy stocks, ETFs, and more. Below these things I will never use, I finally have two account tabs. These two tabs should be at the top where they are most accessible. In fact i wish I could just remove that whole 1 to 5 section from the display all together! My other main complaint is that when I do a transfer, the default from/to accounts are my Ally accounts. I believe the defaults should be SoFi accounts when in the SoFi app! My home tab feels more likely a Facebook news feed than a banking app. When le the app does have most of the functionality you would want for banking, it’s not well organized..Version: 2.137

Frustrated about the welcome bonus, but I do like the appSo, I was super excited to switch to Sofi. I love that I can organize my savings into vaults, love the apy, and I was excited about the welcome bonus. I would be happy if they would fix my direct deposits showing up but so far, nothing… I’ve called 3 times now about the fact that my direct deposit from my employer isn’t being marked as direct deposit, and because of this, I have not received the promised bonus. I’ve had 4, it will be 5 on Friday, direct deposits that aren’t being counted. This is frustrating because I didn’t get the APY for the direct deposit, until the SECOND time I called they put a temporary 30 day adjustment to the apy. Fine. But then I waited about a month to call again, and all they can tell me is I’ll get a response eventually that either they will fix it, or give me a reason why they can’t?? My other bank marks these deposits as direct deposits automatically so I’m not sure why they wouldn’t be able to do it for this one. Also, the app did just mark a deposit, NOT from my employer, as a direct deposit. Great, I’m sure that won’t help with my welcome bonus. Hoping they fix this, as it’s not fair to advertise a welcome bonus and not follow through. I hope to continue to be a customer but I will definitely file a complaint and switch banks if they don’t get it sorted out..Version: 2.114

Don’t do paperlessIf you have a SoFi student loan this app not is integrated fully. And since your student loan is not integrated and cannot receive notifications from your SoFi student loan, you will not get any indication if your autopayment fails. You cannot rely on SoFi to inform you if there’s a problem at all if you have paperless communication. Therefore I suggest turning off paperless because they WILL send you paper mail, even that that’s way less secure than email. I almost had a 30day late payment after autopay failed and 3 more attempts to pay failed because I had no idea the payments were failing. Also the pay failures were because I updated the routing number for my SoFi bank on my SoFi loan’s autopay, which apparently does not change the same SoFi bank information on the same SoFi student loan. I’ll say that again because it’s absurdly confusing. The autopay bank info and the bank info for the same bank are remembered in two separate locations in the student loan, you have to update it twice. And if you have paperless communication on then they refuse to tell you if payments fail and this app does not communicate digitally. Essentially, they might ruin your credit because of bad communication..Version: 2.117

Once great app has become problematicI was once a huge fan of SoFi and their app, at least for investments. I like the relative easy of executing transactions in this app. I also think they struck a nice balance of information for beginning investors and those with a bit more expensive. While they can be sluggish to update some movement, I was okay with that at first. That said, I’ve recently begun contemplating a move elsewhere. As of the last couple of updates, I no longer receive valuable (literally) push notifications about changes in stock prices. In addition, I had an issue with the photo in my app that made me question whether the app was secure (photo not belonging to me appeared in my profile and I didn’t put it there). After several calls to SoFi, I was assured there was no security issue and that it was an engineering problem. Despite that, I went ahead and opened an account with a larger, more well-known brokerage with much more information and a much better app experience. For now, I have left my current investments with SoFi in my SoFi account as there are tax consequences for liquidation, but I certainly won’t be making any new investments through SoFi and have cancelled my recurring deposits..Version: 2.38

Tired of getting screwed, any banks out there still honest?Switched to SOFI because I was getting screwed from other banking institutions. Now I feel like they don’t even use lube. From the start I have had money get taken out because of “fees” from same accounts using same funding source. Called immediately and was apologized to by someone and fees were reversed. I think they do that just to placate because not even hour after call the fees were charged again not once but twice. Call back and it’s same circus go round, we’re sorry let me take that off for you. Only to get recharged. What, no you’ll have to call our investor service department that’s a different service. Back and forth, all to scam as much money out of people as possible and to keep that money coming in daily. Here’s another, yes sir I see the 2 deposits on the same day from the same funding account but only 1 funds available. We have to hold the other for up to 7 days or something. How is that right? Both deposits are gone from other bank. I can’t get that money back. But I can only access the 1? So if anyone knows any other banking institution that is better, post it. Use it instead, it’s not worth the switch. Really, they’ll get it out of you $$$.Version: 2.173

But beware of unwarranted inconvenient frozen fundsUnfortunately, I don’t like to give out bad reviews, but this one takes the cake I had just received my disbursement from my college and using SoFi as my main banking system, I was abruptly Bankrupt by Sofi with a frozen account taking every last dollar that I had and giving me only 20 minutes to upload a photo of my identification while I was on transit which made it nearly impossible. In fact, I was able to get the things that I need to get that night because they made sure that there was no way that I could use my money in SoFi. I think this is a great app to use. Your face is very easy to use and it does allow you to invest in companies and have a social social platform.I was really happy with this app in company until this unfortunate series of events occurred, whichWhich I notified the representative initially, who showed no concern of my situation, and put the timer with the link to upload my Identification.I am all for security,But securing somebody out of their own funds, just doesn’t sit well with me. The situation gave me an immense amount of anxiety, and I hope that this review will help change some of their guidelines and procedures to make sure that things are secure, but also making sure that someone like myself does not get put in a vulnerable situation when the ‘frozen account status’ occurs by changing some simple personal information on the application.Version: 2.186.2

Hard to navigate AppWhile trying to check rates for a parent plus consolidation loan yesterday was denied. I was following the sequence of application process and only allowed “ annual income” to be entered which is a part time job. OTHER sources of income are not specified!! Didn’t ask for other income such as pension and other sources of income stream. Instead you get a pop up box that says “hey are you sure you want to proceed “ “ Do you have someone to co-sign” lol, didn’t realize SoFi was for kids. Also you can’t delete a started application when you link to a federal student loan servicer. On this App while completing an application you don’t get ANY error messages if you forget something ,it just will not allow you to proceed. So today I opened the App and could not find my recent application from yesterdayand proceeded to check my rates with no problem. Interest rates were higher than my parent plus loan. I think SoFi does a soft pull when checking your credit so it should not affect your credit rating. Maybe have a pop up box that says “ hey dude are you sure you want a loan?? “😂 Very confusing app. Even Netflix has “ continue watching”you don’t have to search all over the page!! to pick up where you left off!!!!! NOT HAPPY Dude!😂.Version: 2.188

Slow and ChoppyWhen making a payment to a statement balance that is less than 2k the payment posts quickly, updates limit, and interest charge at 0%. Recently made a large transaction and made balance payment before it was due but had to wait over a week from the time payment drafted from my bank account to post to my available credit on the app. Now when I view my Home Screen it still shows available credit limit prior to payment but when I tap the credit card icon the information seems correct but scrolling up and down to view specifics is very choppy and the display jumps up and down. Not experiencing this with any other applications on my phone, isolated experience to the SoFi app. The format of the app is excellent and ease of investing also very convenient. Love the available rewards as well but, possibility of being declined at the register for system delay issues creates hesitation to utilize the SoFi card. Please address this issue and you will have an outstanding product that users can be proud to share..Version: 2.105


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