It's been sitting like that for a month. Limits? "Holiday Spending", "Vacation", etc.). 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. They called me at 5:50pm EST right as I was driving in heavy traffic... Kind of annoyed about that. - (about a week later) Get an email saying account is locked for review for 7-10 business days. Accredited Since: SoFi is not BBB accredited. SoFi Reviews: Student Loan Refinancing and Private Student Loans SoFi is a leader in the student loan refinancing space. Rep also said I would not be receiving any sort of compensation or apology after my account was unlocked. 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. 4.4. Additionally, retrieving the account number and routing numbers for my account has been a breeze. 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. Let's just say, SoFi is the most inept and unprofessional lender in this aspect ever to enter this space. Like you, I was a Netbank acquired by ING acquired by CapitalOne360 customer. Looking forward to seeing where the products go. QUESTIONS? We’re here to help! There have been some weird UI bugs, such as $GE being shown with pricing and news information from a different stock. The second type of account is an automated robo investing type of account. Overview Official FAQ Contact SoFi. It’s one of the benefits to banking with a tech focused firm. 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. For the ETFs they use pretty much the Sofi select Top 500 and Vanguard ETFs. The only thing I use my brick & mortar for is depositing checks, which is a feature that SoFi has already mastered with their individual account products. Asked if this will happen again or are they at least making steps to ensure it won't? I also agree on the App and the info that's provided. 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. The idea here would be that we could move our money into these accounts so that we could see funds in separate buckets. In this review, we tested SoFi Invest active investing. Press question mark to learn the rest of the keyboard shortcuts. I'll check this out over the next couple of weeks and report back. SoFi is an online lender that offers student loan refinancing, parent loans and private student loans for undergraduates and graduates. Maybe a little redundant in some areas and not enough info in others, but overall I'm pleased with it. New comments cannot be posted and votes cannot be cast. I have yet to test out the SoFi invest product. SoFi has updates coming out all the time. 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. If they make your financial management easier for you. On the plus side, they cancel accounts and transfer funds out ASAP. It also remains to be seen how often they will be adding/removing ETFs or changing the allocations. Mid 30s, High Income, Excellent Credit - Exactly the type of consumer SoFi is targeting. High yield checking/savings hybrid account. Okay Close. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. Also refused to let me close my account until the security review was done. 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. 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. Cannot transfer in/out, cannot withdraw or deposit, basically can't do anything. SoFi was founded in 2011 and is headquartered in San Francisco, California. 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 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. It's quick and laid out very well. I’ve used the auto investment account for the last ~12 months, it’s provided me a return of 13% so far. 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. 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. SMH, - Sent email to the Email CEO link on site: No response. 5. pinned by moderators. 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. As mentioned in this review, SoFi is also a P2P lending powerhouse. 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. 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 live a debt free life so their loan products are of no interest. 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. That all came to a screeching halt when I went to get a mortgage. SoFi sold my previous Vanguard ETF shares and reinvested into the SoFi ETFs. You can change your risk profile which in turn changed the allocation between stocks and bonds in 20% increments.. 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. 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. 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. It also offers private student loans for graduate students and undergraduates. A few things to note. Good info on the Invest. If you like face to face friendly people find a local credit union. 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. Title should read: SoFi Money & Invest - A Review. I am starting to put more and more cash in here, since the High yield savings account interest rates are dropping so low. 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. 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). All buy and sell orders are currently market orders, no support for limit orders yet. This appears to be working, both in high-end hotels as well as nightlife establishments, where the fees can be rather high. 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. I've been recommending SoFi to all of my friends and will continue to do so. 5.0. It was an excruciating hassle to get SoFi to rectify the issue and reimburse me for the accrued interest. SoFi Wealth Review 2021 – A Low-Cost Robo Advisor for Millennials. I didn't mind that, and said they could call me any time 8am to 4pm EST. Those uncompleted loans now show on the Home area of the app, front and center. Sofi review; Back To List. Join. SoFi Money is an online cash management account offered by SoFi, a nonbank financial service provider best known for its student loan refinance loans. Sofi locked my account with over $2500 in my auto invest account over a month ago I wasn't notified. This is very similar to the way M1 Finance works, except you do not get to choose the ETFs or their allocation %. 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 . Good news my at that point, 4-day Twitter war was at least on their radar. Some background....I wanted to see what the process/workflow was for their loan process. Read more We develop content that covers a variety of financial topics. Setting up direct deposit was rather easy as well. Read more We develop content that covers a variety of financial topics. 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 am specifically looking for somewhere to keep my cash + a long term investment platform. 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. Aggressive is 100% stocks and it steps down from there. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. How long did transfers take? You cannot choose individual ETFs or stocks, nor can you choose the allocation %. Charts not loading correctly, etc.. I canceled my SoFi Money account. Voice your opinion today and hear what 2397 customers have already said. Only reason I found out was because I noticed my auto deposit were turned off. 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. Opening an account was very straight-forward, and funding the account was even easier. Rising. Like seriously I think I had my funds back in my Chase account faster than it going in. - Called again next day since it was finally a Monday (yay security review finally back at work? Is SoFi Safe? I haven't had any issues moving money into or out of the SoFi Money account, other than the long deposit times. Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. No fractional shares. 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. Buy and trades stocks and ETFs. I believe it has to do with the transferring of money to their partner banks that adds the extra time. SoFi will invest that money between ETFs based on the risk level you choose. Today, I went to a Walmart and withdrew money in their ATM -- the fees were reimbursed immediately too. - 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. I’ve made it my primary bank. Hold times? I guess I need to take another look at the limits for the debit card. We recommend SoFi Invest, but with a bit of caution as it is one of the newer robo-advisors. None of which should flag as unusual or illegal. maybe?). We decided to submit a mortgage refinance application. This site is a free online resource that strives to offer helpful content and comparison features to its visitors. Both ML and RJ were killing me on commissions, so I wanted to move those to SoFi and give that a whirl. 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. Asked them to cancel my account. I was surprised to learn that for my IRA I cannot use Active Invest, only Automated. High-interest rates, quality products, investment options with no fees (e.g. 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. I knew that already but was still hoping they got more info. I think the future products and features they're working on are exactly what people are looking for. (I need to find a cleaning service that takes credit cards...). being able to queue up a stock order when the market is closed. Automated investing works as you would expect. Shop around to see what sorts of rates you can get. :), New comments cannot be posted and votes cannot be cast. I'm an existing SoFi Customer, faithfully paying my Personal Loan payments for 2 1/2 years now. 0 4 minute read. SoFi Refinance Review. I asked for a reason why it was locked in first place. More SoFi Info: BBB File Opened: 09/12/2012. 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. How to open an account. Almost like they couldn't wait to get rid of me. However, they need to get our of their own way and provide a support experience that matches their vision. - Called next day to see if they have more info and was told no since the team that does the reviews is off. I wanted to transfer my stocks from Automated to Individual investing but they didn’t let me which seems kinda dumb. I also started the process to move the RJ stock account over. Reply. We may receive compensation when you click on links to those products or services. What is Invest, exactly. I used to use Sofi automated investing on an aggressive strategy. Keep up the great work! Every time SoFi decides to rebalance, you're going to create a taxable event. Opening an account at SoFi Automated Investing is easy, fully digital, and fast. Depositing into either your automated or active accounts takes just as long as depositing into your SoFi Money account if you're transferring from an outside bank. SoFi provides student debt refinancing, unsecured personal loans, mortgages, wealth management and more. Our account was verified within one business day. They also have 162 customer reviews with an average of 2/5 stars. I opened one up about 3 months ago. Right now, a message appears that the market is closed and doesn't give the user any option to do anything else.). You’re in control. 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. - Made Twitter post complaining about check deposit, before I hard reset it. 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. VISIT SOFI . Invest is two separate products if you will. I’m on the second time. When using your SoFi Money account as the funding source, the money is available in your SoFi Invest account right away. Cookies help us deliver our Services. I try and keep taxable events as low as possible. Years in Business: 7. Business Started: 6/17/2011. SoFi’s BBB Rating is A. SoFi’s reviews are mostly positive than negative. As you fill up the account, SoFi would show your % complete towards the goal. I used to use Sofi automated investing on an aggressive strategy. No response. 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. User account menu. 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. 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. - 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. I think their CEO has a good vision for the company. When transferring from a service like PayPal into SoFi Money, the funds are available in 1 day typically. 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. SoFi r/ sofi. card classic compact. Updated Jan 7, … I'd like to see this option given to the end user. 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. Deposit and withdrawal. What about retiring early? Can't really tell from the SoFi website. Deposit funds, they buy fractional shares of whatever ETF mix are in the risk profile you selected when you setup the automated investing account. Hot New Top Rising. Call it whatever you'd like, but a loan application was never submitted. The idea here would be that SoFi functions like Motif or M1. Hot. card. If they want customers to switch, a high interest rate and some low fund ETFs aren't going to be enough. Call it curiosity, call it doing my due diligence. First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. 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. 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. After 3 months of jerking our chain, we submitted a refi app with our current mortgage holder. I also wanted to invest in REITs which automated doesn’t let you do. [SoFi-Invest] Fractional shares. 11 thoughts on “SoFi Review – Legit, Scam, Really Not a Bank?” dean. 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. Customer Support: (855) 456-7634. They will tell you to email or call only. The only transactions I have are direct deposits from my employer, credit card payments, Venmo withdrawals, and maybe a utility bill or something. No automated investing. 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. Keep an eye out. 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. Nope, they confirmed it may happen again. 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. Nope, won't tell me. 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. 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. But they didn ’ t let you do sofi reviews reddit get to choose the allocation between and. My previous Vanguard ETF shares and reinvested into the SoFi Invest, only Invest loans... Aspect ever to enter this space products are of no interest based on plus! Money accounts, both in high-end hotels as well they are a good vision for the debit card main.! Some fine tuning to do, but with a bit of caution as it is one sofi reviews reddit the shortcuts. Good on line source ability to add multiple d/b/a 's to an Individual account would that... 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