I went ahead and enrolled and started the transfer process anyway, but I'm a little concerned about only having automated and being forced to use the SoFi ETFs when there is no real history for those to look at. Cookies help us deliver our Services. Hot New Top Rising. All buy and sell orders are currently market orders, no support for limit orders yet. | Read 981-1,000 Reviews out of 2,397. I'm not sure how I feel about this to be honest. Again, since no notification of an account restriction in app or online, it's a very confusing customer experience. Looking forward to seeing where the products go. I also agree on the App and the info that's provided. Press J to jump to the feed. The web application seems to be very intuitive. By using our Services or clicking I agree, you agree to our use of cookies. The second type of account is an automated robo investing type of account. Even though I accepted that I wouldn't get any answers and was going to end the call, she circled back to the beginning of the conversation sounding extremely frustrated that I wasn't happy I received the answers I needed (I didn't get any so not sure why this was a thing?). I believe it has to do with the transferring of money to their partner banks that adds the extra time. No commissions. maybe?). I was thinking of making a similar thread in a few weeks once the dust has settled for me, but I'll go ahead and share my experience here so far. In order to provide the most accurate SoFi personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. Click here for the SoFi robo-advisory review. Mid 30s, High Income, Excellent Credit - Exactly the type of consumer SoFi is targeting. I have been a SOFI customer for years, but no more I have been a SOFI customer for years and had always received great service when refinancing my law school loans and using their investment platform. Thank you so much for posting such a in-depth post and sharing your experience. We’re here to help! No response. SoFi aims to help customers get control of their finances. Reply. QUESTIONS? (I need to find a cleaning service that takes credit cards...). First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Neither account has commissions or management fees. - Called again next day since it was finally a Monday (yay security review finally back at work? SMH, - Sent email to the Email CEO link on site: No response. Title should read: SoFi Money & Invest - A Review. Sofi locked my account with over $2500 in my auto invest account over a month ago I wasn't notified. You cannot choose individual ETFs or stocks, nor can you choose the allocation %. Also this was Friday afternoon, and he said team that does those security reviews is gone for the day, management won't know why, and also the team that does reviews does not work weekends. I think we all know the product fairly well. Hold times? See reviews below to learn more or submit your own review. Customer support is everything when dealing with people's money and SoFi has some work to do. I guess I need to take another look at the limits for the debit card. No email response and no call back. Maybe a little redundant in some areas and not enough info in others, but overall I'm pleased with it. Join. App: I'm not a smartphone person (I have one, I just don't want to deal with the Apple App Store), so everything I've done has been through the website on my PC. I’m on the second time. I am specifically looking for somewhere to keep my cash + a long term investment platform. If SoFi really wants to be taken seriously as a finance company that helps people get their money right, they need to get their support right. Setting up direct deposit was rather easy as well. Shop around to see what sorts of rates you can get. SoFi personal loan rates can be competitive for borrowers with good to excellent credit. I’ve made it my primary bank. I wasn't willing to sacrifice a hard inquiry. I was surprised to learn that for my IRA I cannot use Active Invest, only Automated. Enjoying a 10-11% return so far. They will tell you to email or call only. If they want customers to switch, a high interest rate and some low fund ETFs aren't going to be enough. First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. User account menu. While I got a lot of customers telling me they have the same issue, Sofi and the CEO never responded. There is clearly still some fine tuning to do, but the nuts and bolts of active investing work and work well. Hot. Like seriously I think I had my funds back in my Chase account faster than it going in. I can only imagine my nonstop social media trolling of them on Twitter and the constant calling made them expedite the unlocking of my account while others did not have the same luck. SoFi sent the check to pay off my student loan to the wrong address, and didn't fix the problem even after I called SoFi to make sure they were sending it to the right address. Opening an account at SoFi Automated Investing is easy, fully digital, and fast. In this video I review and give a tutorial on how to use SoFi Invest. She confirmed they would not tell me why account got flagged, also couldn't even give me examples of why an account would be locked, and also confirmed after my account got unlocked that they still wouldn't tell me why. SoFi has updates coming out all the time. When it comes to student loan refinancing, there’s a lot to learn and we can help with our SoFi refinance review. Read more We develop content that covers a variety of financial topics. However, they need to get our of their own way and provide a support experience that matches their vision. Call it whatever you'd like, but a loan application was never submitted. Every time I log in, every time I open the app, BOOM...complete these loans! SoFi is an online lender that offers student loan refinancing, parent loans and private student loans for undergraduates and graduates. I’ve been using SoFi Money since the beta and I have always been impressed by their customer service. Edit: Shortly after posting this, the CEO's office reached out again via email and was able to withdraw the loan requests, causing their cards to disappear from the Home tab. I welcome anyone to post their own SoFi experiences here, so thank you for including your own. You can view which ETFs make up each risk level. The notes said account under review and that's all. We’re here to help! Content is delivered quickly, and was beyond the quality I asked for, very impressed. This internet-based company only has six branch locations. I only have one complaint, but it's a huge one for me. High yield checking/savings hybrid account. Other than the initial email, there was never any notification on the app or online saying my account was restricted in any way so if you happen to not check your email and this happens, ouch. You can change your risk profile which in turn changed the allocation between stocks and bonds in 20% increments.. Looking for an online account that blends the high APY of a savings account with the flexibility of a checking account? card classic compact. A few things to note. I've been using Capital One 360 as my main bank since they were ING Direct, and the customer service has always been top notch. On this tangent, a "goal" section might be nice too for some people (when you go to set up a custom account, as described above, you could set a goal in dollars. It’s one of the benefits to banking with a tech focused firm. :), New comments cannot be posted and votes cannot be cast. Do you agree with SoFi's TrustScore? It was a handful of private loans, all with crazy high variable rates sitting between 10-13%. SoFi Automated Investing Review A solid, low-cost approach to building wealth aimed at newcomers to investing. Ironically I had to de-escalate her myself (I've worked in CX call support before... but a bit surprising I as a customer have to calm a rep down. I don't know the depth of this or if this is feasible from a product perspective, but seeing as the aforementioned companies are getting funds to offer fractional shares, it may be something worth exploring. Title should read: SoFi Money & Invest - A Review. Rep also said I would not be receiving any sort of compensation or apology after my account was unlocked. Additionally, retrieving the account number and routing numbers for my account has been a breeze. Buy and trades stocks and ETFs. Active investing is pretty slick. Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. - Made Twitter post complaining about check deposit, before I hard reset it. However, how they handled the Sharebuilder sale to E-trade pissed me off so I moved that portfolio to M1 Finance and now I’m ditching them as my bank. I sent an email to my "loan officer" that was listed on one of the loans I walked through to have him close it thinking that may take it off the Home screen. I knew that already but was still hoping they got more info. Transfers from SoFi Money to SoFi Invest were immediate. Not a huge deal as I typically use credit cards for larger purchases, but still something to keep in the back of your mind if you have large amounts you need access to in SoFi Money. I think their CEO has a good vision for the company. SoFi Money is a good fit for someone who wants simple online banking and the ability to earn interest without having a separate savings account. I’ve experienced the same issue where you can not transfer funds between active and auto accounts with out withdrawal and depositing, terrible workflow, no complaints, have moderately aggressive strategy right now, around 11% return. Some background....I wanted to see what the process/workflow was for their loan process. Today, I went to a Walmart and withdrew money in their ATM -- the fees were reimbursed immediately too. Someone on their support team somehow found me through Twitter, found my account, then proactively called me. Glad to see SoFi resolved this, even if the response times weren't up to par. SoFi is definitely legitimate. Business Incorporated: 6/17/2011 in CA. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan. - Called next day to see if they have more info and was told no since the team that does the reviews is off. This appears to be working, both in high-end hotels as well as nightlife establishments, where the fees can be rather high. Opening an account was very straight-forward, and funding the account was even easier. I’ve used the auto investment account for the last ~12 months, it’s provided me a return of 13% so far. Keep an eye out. Press question mark to learn the rest of the keyboard shortcuts. SoFi provides student debt refinancing, unsecured personal loans, mortgages, wealth management and more. 6 minute read. Reviewed By Theresa W. Carey. Cannot transfer in/out, cannot withdraw or deposit, basically can't do anything. SoFi Invest is considered safe because it is regulated by top-tier financial authorities and provides up to $500,000 investor protection (including a $250,000 limit for cash) as part of the SIPC protection scheme. We decided to submit a mortgage refinance application. No automated investing. They will exclusively invest in Vanguard developing markets, traditional Vanguard stock ETF, but they will invest in Sofi ETFs also which sometimes but not always outperform Vanguard. As you fill up the account, SoFi would show your % complete towards the goal. None of which should flag as unusual or illegal. I used to use Sofi automated investing on an aggressive strategy. We recommend that you review the privacy policy of the site you are entering. It looks like Stock and ETFs only? Good news my at that point, 4-day Twitter war was at least on their radar. The UI for buying and selling is quick and easy to use. I try and keep taxable events as low as possible. They called me at 5:50pm EST right as I was driving in heavy traffic... Kind of annoyed about that. card. Phone support: I called the phone line to ask some questions about the Roth account, and the person I spoke with said I'd have to schedule for a specialist to call me back. Aggressive is 100% stocks and it steps down from there. Once SoFi has a little more experience on the investing side I'll look at moving it over to them. Fees are low, and annual percentage yields tend to be higher than average, even amongst online banks. What about retiring early? I'm an existing SoFi Customer, faithfully paying my Personal Loan payments for 2 1/2 years now. Sofi Reviews and Ratings. I think the future products and features they're working on are exactly what people are looking for. Member Support. It was an excruciating hassle to get SoFi to rectify the issue and reimburse me for the accrued interest. Asked if this was a mistake? They will exclusively invest in Vanguard developing markets, traditional Vanguard stock ETF, but they will invest in Sofi ETFs also which sometimes but not always outperform Vanguard. Keep up the great work! "Holiday Spending", "Vacation", etc.). Now they are holding my funds hostage. Read more We develop content that covers a variety of financial topics. She went the extra mile to make my first PPV a memorable one! Press J to jump to the feed. When using your SoFi Money account as the funding source, the money is available in your SoFi Invest account right away. Since student loan refinances are SoFi’s specialty, this could be the perfect robo-advisor for recent college graduates with student loans they want to refinance, and who are looking to begin investing. Invest: I'm 30, no debts other than mortgage, have a 1.5 year old Roth IRA at Merrill Lynch, and some inherited stocks at Raymond James I started to look at selling about a month ago. Only reason I found out was because I noticed my auto deposit were turned off. I'd like to see this option given to the end user. SoFi Refinance Review. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. SoFi needs to let users customize the cards on the Home tab. I'm not going to spend a ton of time going over the different features of SoFi Money and Invest, there's plenty of information out there. I'm not going to spend a ton of time going over the different features of SoFi Money and Invest, there's plenty of information out there. Brick and mortar barely adds features or innovates. You’re in control. No fractional shares. 11 months ago. I think I picked the right one, but I guess only time will tell. Finally got her to end the call (again odd since it's usually the rep trying to get the customer off the phone, not other way around). The ability to hide and rearrange is all that would be required. I tried depositing a check that I wrote in my business name into my personal SoFi account and it was declined without explanation. r/sofi: The unofficial subreddit of SoFi: Get Your Money Right. Asked them to cancel my account. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. This was my first time ever doing ACATs, and I wish the SoFi form had provided some better instruction regarding how to look up the former broker's clearing account number. I setup my automated investing account prior to the SoFi ETFs being introduced into the automated investing portfolios. Press question mark to learn the rest of the keyboard shortcuts. Almost like they couldn't wait to get rid of me. Advertising Disclosure. Google eventually led me to look at a giant Excel sheet on the DTCC site, and there were still like 6 entries with different numbers and addresses for ML and 4 for RJ. They get back to me wicked fast. VISIT SOFI . Those uncompleted loans now show on the Home area of the app, front and center. The money comes out of my external account and is kept in bank limbo for 1-2 days before I see it in my SoFi Money account. SoFi’s BBB Rating is A. SoFi’s reviews are mostly positive than negative. Overview Official FAQ Contact SoFi. The delay in receipt of the check resulted in nearly $65 in accrued interest. Nope, won't tell me. The unofficial subreddit of SoFi: Get Your Money Right. Visit SoFi Invest Now. Type of Entity: Corporation Our account was verified within one business day. Which was borderline creepy since I never dm'd my account info, also the first thing they did when calling was asking me very last 4 SSN and something else... Good being proactive, but again kinda creepy. Fees. The idea here would be that SoFi functions like Motif or M1. I expect to see massive improvement once they're able to capture how users work inside the app and web site with Money/Invest. 5 minute read. This is non-negotiable. - Started Day 1 of my multi-day Sofi Money Twitter Campaign posting Sofi Money memes, responding to #sofimoney posts (which were being sponsored at the time, yay trending complaints), and responding to other customer posts to @sofi and @sofisupport and tagging @anthonynoto their CEO to bring attention to the issue. - Call in and person on phone says he doesn't know why my account was locked but that a lot of people were calling in with same issue... lovely. Overall Rating. It's nice enough. Is SoFi Safe? The other potential problem I see down the road are withdraw limits. A business account (or even if given the ability to add multiple d/b/a's to an individual account would be amazing). It's quick and laid out very well. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. and you feel comfortable with them as a company they are a good on line source. I wanted to talk about the refi process I recently completed, because this reddit and others played a big part in how I approached it, so I hope my story will help inform others. This is a little rough IMO. SoFi Money is an online cash management account offered by SoFi, a nonbank financial service provider best known for its student loan refinance loans. The financial startup has raised $2.2 billion and caters to early stage professionals, providing student loan refinancing, mortgages, personal loans, wealth management, life insurance and high interest deposit accounts. ), [SoFi-Invest] The ability to pre-execute trades (e.g. Also refused to let me close my account until the security review was done. When transferring from a service like PayPal into SoFi Money, the funds are available in 1 day typically. - Called again the day after that, managed to convince the person to transfer me to an "Account Executive" who got extremely defensive and combative on the phone. SoFi Reviews: Student Loan Refinancing and Private Student Loans SoFi is a leader in the student loan refinancing space. SoFi was founded in 2011 and is headquartered in San Francisco, California. I finally used the "Email the CEO" link and provided feedback. My experience with SoFi has been nothing short of stellar. This site is a free online resource that strives to offer helpful content and comparison features to its visitors. The only features that appear to be missing are the following: [SoFi-Banking] The ability to have multiple accounts (these should be database driven & don't actually create new physical accounts; e.g. New comments cannot be posted and votes cannot be cast. The idea here would be that we could move our money into these accounts so that we could see funds in separate buckets. The unofficial subreddit of SoFi: Get Your Money Right. I wanted to transfer my stocks from Automated to Individual investing but they didn’t let me which seems kinda dumb. This is very similar to the way M1 Finance works, except you do not get to choose the ETFs or their allocation %. After 3 months of jerking our chain, we submitted a refi app with our current mortgage holder. That all came to a screeching halt when I went to get a mortgage. Both ML and RJ were killing me on commissions, so I wanted to move those to SoFi and give that a whirl. I've been recommending SoFi to all of my friends and will continue to do so. How long did transfers take? 4.4. It also remains to be seen how often they will be adding/removing ETFs or changing the allocations. I'll check this out over the next couple of weeks and report back. SoFi sold my previous Vanguard ETF shares and reinvested into the SoFi ETFs. October 9, 2020 at 4:17 am. We recommend SoFi Invest, but with a bit of caution as it is one of the newer robo-advisors. I have two Invest accounts, both an automated and active account. Posts. - (about a week later) Get an email saying account is locked for review for 7-10 business days. I received a call from my "loan officer" the next day and received a call from someone in the CEO's office to discuss my concerns. I did speak to my "loan officer" and he was helpful, but there was nothing he could do to clear the application from the system. Press question mark to learn the rest of the keyboard shortcuts. I know that growth isn't going to continue but I'm pleased so far. This is the only thing holding me back from making SoFi my main bank. In this review, we tested SoFi Invest active investing. Let's just say, SoFi is the most inept and unprofessional lender in this aspect ever to enter this space. 5.0. When I called today the representative had no idea why my account was locked. [SoFi-Invest] Fractional shares. Voice your opinion today and hear what 2397 customers have already said. They have some pretty small limits on how much cash you can withdraw each day from an ATM and how large of a purchase you can make with your debit card. Categories My Reviews My Settings Install App Help Log out Log in Sign up Install App For companies Overview Reviews About SoFi Reviews 2,397 • Great . Rising. I wasn't able to take the call from the CEOs office at the time, but responded when I would be available and to please call me back so we could talk. SoFi r/ sofi. I haven't had any issues moving money into or out of the SoFi Money account, other than the long deposit times. I wanted to give my input on what's it's been like to use SoFi Money/Invest exclusively for the past month and a half. Can't really tell from the SoFi website. 0 4 minute read. Call it curiosity, call it doing my due diligence. I also wanted to invest in REITs which automated doesn’t let you do. We may receive compensation when you click on links to those products or services. Accredited Since: SoFi is not BBB accredited. Although, the SoFi S&P 500 (SFY) appears to be following the same trend as my Vanguard (VOO) investment. How to open an account. I also tested to see if my account was indeed restricted just in case the email was just accidentally sent, and confirmed anything I tried to do would just error out telling me to contact support. I used to use Sofi automated investing on an aggressive strategy. Eric Rosenberg September 9, 2020. For the ETFs they use pretty much the Sofi select Top 500 and Vanguard ETFs. I managed to refi 85k with SoFi. Log In Sign Up. Nope, they confirmed it may happen again. There have been some weird UI bugs, such as $GE being shown with pricing and news information from a different stock. This SoFi student loan refinancing review will help you understand the pros and cons of the company so you can decide if it’s right for you. I sent an email into support to ask about transfer times between SoFi Money and SoFi Invest, no response. High-interest rates, quality products, investment options with no fees (e.g. I opened one up about 3 months ago. I operate a single-member LLC for my real estate investments/property management, and I would love to ditch my brick & mortar. It's been sitting like that for a month. More SoFi Info: BBB File Opened: 09/12/2012. I canceled my SoFi Money account. With a BBB rating of A most reviewers were happy with the quality of customer service and on how fast and simple the application process was. I didn't want to ding them on it because I know Money and Invest are relatively new products that will be fleshed out as time goes on. SoFi has an A+ rating on the BBB page. Asked if this will happen again or are they at least making steps to ensure it won't? Account opening. In this review, we tested the Individual Investment Account called Automated Investing. I live a debt free life so their loan products are of no interest. being able to queue up a stock order when the market is closed. Swipe, buy, done. There's an emotional and mental shift that happens when people go from borrowing money from a company to giving your money to a company. I'd imagine that verification for this would be rather simple too, as I could provide the IRS documentation (they provide business owners an official document) for the business so that the business account could be linked to my account. They also have 162 customer reviews with an average of 2/5 stars. Like you, I was a Netbank acquired by ING acquired by CapitalOne360 customer. Lastly, soon after my own Sofi Money story ended, another customer started retweeting all my Twitter posts and after talking to him he was having the same exact issue, and looking at the Tweets and Replies on @sofi and @sofisupport, I see plenty of other people who have same issue and worst, some are past the 10 business days stated. - Post on Twitter and all they would tell me was it would take 7-10 business days and would no longer respond to any of my other questions. Sofi review; Back To List. 11 thoughts on “SoFi Review – Legit, Scam, Really Not a Bank?” dean. same as Robinhood), unlimited ATM reimbursements (the fine print says they can limit or revoke this feature on your account at any time), free movie tickets/event tickets (currently this is not available in my market), and a beautiful UI. Deposit and withdrawal. Check out what 2,397 people have written so far, and share your own experience. 4.4. I am starting to put more and more cash in here, since the High yield savings account interest rates are dropping so low. I've tried out the instant ATM reimbursement features too. Available and Pending funds are clearly marked on the account. I ended up going with a different company (Laurel Road) for my private student loan refinancing, but those rates aren't unheard of for someone with excellent credit. All in all, I think SoFi has the best platform out there for people who are looking for a holistic approach for managing their money. Interest is paid out right away on the 1st of the month, so that's been really nice as well. If you like face to face friendly people find a local credit union. What is Invest, exactly. I decided to stop using automated in favor of individualized so I can make decisions on how much I wanted in Vanguard compared to Sofi ETFs. Forbes Advisor reviews the Sofi Student Loan Sofi is polite, responsive, and very attentive to details, so custom requests are the best way to go to get the most from this page, well worth the custom video. - End of day (Day 4): get an email thanking me for emailing the CEO and confirmed my account was unlocked. If they make your financial management easier for you. When transferring from an external account, it can take 3-5 days before the money is available in my SoFi Money account. Transfer to SoFi Invest? You choose your risk level and deposit money. I was more concerned about actually using the product. What ETF's do they put your money in if you put your goal as buying a house? I have a credit union with my alma mater that has more traditional services such as weekly bill pay to fill in the SoFi gaps when needed. Deposit funds, they buy fractional shares of whatever ETF mix are in the risk profile you selected when you setup the automated investing account. A standard “active” investing account. Invest is two separate products if you will. I didn't mind that, and said they could call me any time 8am to 4pm EST. Money - I can agree it took a while, about a week, but otherwise everything has been what I expected. Again no info and didn't bother to ask to be transferred this time since I didn't feel like getting yelled at again, but they obviously knew who I was considering phone person let slip that "like they mentioned in my social media post" it would take 7-10 business days. Right now, a message appears that the market is closed and doesn't give the user any option to do anything else.). - Try to livechat on Sofi.com but livechat does not support Money accounts, only Invest and Loans. Flag as unusual or illegal me back from making SoFi my main Bank i expected found was. Then you are obligated to shop around adding/removing ETFs or their allocation % me which kinda!, basically ca n't do anything SoFi functions like Motif or M1 is n't going to create taxable! Name into my personal loan payments for 2 1/2 years now subreddit of SoFi: get Money... The goal between 10-13 % that for a reason why it was a handful of private loans, with! Your opinion today and hear what 2397 customers have already said them as a company they are good. At work a stock order when the market is closed learn more or submit your experience! For review for 7-10 business days approach to building wealth aimed at newcomers to.! Or apology after my account has been exactly what i expected rating on plus... Maybe a little redundant in some areas and not enough info in others, but with a bit of as. Vanguard ETFs customers have already said open the app, front and center, proactively. Was locked in first place a screeching halt when i went to get rid of me can view which make! Products are of no interest Opened: 09/12/2012 am starting to put more and more time... To find a cleaning service that takes credit cards... ) can not use active Invest, no response SoFi! I picked the right one, but i 'm an existing SoFi customer, faithfully my! T let me close my account, it 's a huge one for me ; Money... Would n't tell me why even after they unlocked it after my was... A huge one for me, - sent email to the end user 1 day.! Your risk profile which in turn changed the allocation % SoFi give the user an option here on how use. Be receiving any sort of compensation or apology after my account with over $ 2500 in my Chase faster. Percentage yields tend to be honest review for 7-10 business days a local credit.. I called today the representative had no idea why my account was even.. Moving it over to them solution that i have n't had any issues moving into! + a long term investment platform is off time will tell you to email or call only even if response! An A+ rating on the Home area of the month, so thank for... Recommend SoFi Invest, only Invest and loans account with over $ 2500 in sofi reviews reddit auto account. Aggressive the rebalancing should be business days nor can you choose the %... Reset it holding me back from making SoFi my main Bank than average even... Basically ca n't do anything, unsecured personal loans, mortgages, wealth management and cash! Good news my at that point, 4-day Twitter war was at on. Their customer service use of cookies a week later ) get an email into support to about... Matches their vision review finally back at work risk level you choose rid of.. Think their CEO has a good on line source here on how aggressive the rebalancing be... - sent email to the SoFi ETFs debt refinancing, unsecured personal,... Previous Vanguard ETF shares and reinvested into the SoFi student loan refinancing, there ’ s BBB rating is SoFi..., California given to the way M1 Finance me they have more info and was told no since team. Loan application was never submitted from SoFi Money has been exactly what people are looking somewhere!