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Beware of SoFi Banking

1 10 April 11, 2025 at 06:14 PM
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Don't leave your money with SoFi if you ever have to report fraud they will CLOSE YOUR ACCOUNT IN ONE DAY and GIVE YOU NO ACCESS or PRIOR NOTICE. I had a checking account with SoFi for several years and after reporting Fraud they closed my account with no prior notice and NO ACCESS TO MY FUNDS. This meant my direct deposit for ALL of my income revenues were bounced back and because some of them were government issued, I now have to wait months for any income. This has ruined the lives of my family who depended on the money being available. Such that we had no food, couldn't pay rent nor revolving bills. This happened to a single mother on disability who takes care of my 81 year old father. SoFi never disclosed this policy nor have I ever had an account closed due to two reports of fraud. GENUINE REPORTS OF FRAUD. I contacted the police and reported the debit card theft but when I went to access the report the investigation was still active. None the less, the act was closed before I could even send the police report in. The man answering the suspended account phone number was unapologetic, and told me I had to wait for them to close the account and then wait 30 days for the funds in my account to be mailed as a check. I submitted a BBB complaint, consumer fraud and to state. They still closed the account BEFORE I could even give them the police report. I am of the understanding, that these issues get reported to a Federal Bank online data base which documents accounts that are suspicious, the man at SoFi basically told me it was my problem and I have to now deal with the government. He told me that they reported it as "internal fraud" and sent a letter giving me a suicide hotline number.
This is to make everyone aware of SoFi's fine print. They WILL NOT NOTIFY YOU BEFORE THEY RESTRICT YOUR ACCOUNT AND YOU WILL HAVE NO ACCESS TO ANY OF *YOUR* MONEY ! People need to know that their money is NOT in good hands with SoFi
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Joined Apr 2025 L1: Learner
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Joined Jun 2011
L6: Expert
> bubble2 1,318 Posts
291 Reputation
randonomous
04-14-2025 at 08:28 AM.
04-14-2025 at 08:28 AM.
Terrible to read about what you've experienced. Have you considered posting about it on Reddit? I'm wondering if you might get some traction from SoFi over there?
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Joined Sep 2009
L10: Grand Master
> bubble2 7,044 Posts
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zzyzzx
04-25-2025 at 05:27 AM.
04-25-2025 at 05:27 AM.
Their interest rates aren't better than Ally or Discover right now.
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