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I’m on the second time. I operate a single-member LLC for my real estate investments/property management, and I would love to ditch my brick & mortar. All in all, SoFi Money has been exactly what I expected. [SoFi-Invest] Fractional shares. Hold times? 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. Log In Sign Up. Invest is two separate products if you will. card classic compact. It’s one of the benefits to banking with a tech focused firm. Additionally, retrieving the account number and routing numbers for my account has been a breeze. They get back to me wicked fast. Brick and mortar barely adds features or innovates. On the plus side, they cancel accounts and transfer funds out ASAP. 5.0. - (about a week later) Get an email saying account is locked for review for 7-10 business days. The unofficial subreddit of SoFi: Get Your Money Right. When using your SoFi Money account as the funding source, the money is available in your SoFi Invest account right away. - 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 Money is a good fit for someone who wants simple online banking and the ability to earn interest without having a separate savings account. Check out what 2,397 people have written so far, and share your own experience. Deposit funds, they buy fractional shares of whatever ETF mix are in the risk profile you selected when you setup the automated investing account. That all came to a screeching halt when I went to get a mortgage. More SoFi Info: BBB File Opened: 09/12/2012. and you feel comfortable with them as a company they are a good on line source. Only reason I found out was because I noticed my auto deposit were turned off. We recommend that you review the privacy policy of the site you are entering. | Read 981-1,000 Reviews out of 2,397. 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. If they make your financial management easier for you. - 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. See reviews below to learn more or submit your own review. 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. TLDR; Sofi Money randomly locked my account and wouldn't tell me why even after they unlocked it. Read more We develop content that covers a variety of financial topics. VISIT SOFI . I wanted to transfer my stocks from Automated to Individual investing but they didn’t let me which seems kinda dumb. I'm an existing SoFi Customer, faithfully paying my Personal Loan payments for 2 1/2 years now. card. You're not dealing with college kids and student loans with Money/Invest, you're dealing with successful working professionals who have a level of customer support they expect from the company they trust with their money. The other potential problem I see down the road are withdraw limits. 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. SoFi is an online lender that offers student loan refinancing, parent loans and private student loans for undergraduates and graduates. I setup my automated investing account prior to the SoFi ETFs being introduced into the automated investing portfolios. Once SoFi has a little more experience on the investing side I'll look at moving it over to them. Keep an eye out. Setting up direct deposit was rather easy as well. 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. You’re in control. I welcome anyone to post their own SoFi experiences here, so thank you for including your own. This is a little rough IMO. Press question mark to learn the rest of the keyboard shortcuts. Looking for an online account that blends the high APY of a savings account with the flexibility of a checking account? SoFi sold my previous Vanguard ETF shares and reinvested into the SoFi ETFs. Reviewed By Theresa W. Carey. Call it curiosity, call it doing my due diligence. Eric Rosenberg September 9, 2020. 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. How long did transfers take? Hot New Top Rising. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. Let's just say, SoFi is the most inept and unprofessional lender in this aspect ever to enter this space. SoFi Automated Investing Review A solid, low-cost approach to building wealth aimed at newcomers to investing. This is the only thing holding me back from making SoFi my main bank. Available and Pending funds are clearly marked on the account. Okay Close. I have two Invest accounts, both an automated and active account. Posts. 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. The notes said account under review and that's all. Accredited Since: SoFi is not BBB accredited. Forbes Advisor reviews the Sofi Student Loan SoFi appears to be the complete banking solution that I have been seeking. A standard “active” investing account. 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. By using our Services or clicking I agree, you agree to our use of cookies. 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. I’ve used the auto investment account for the last ~12 months, it’s provided me a return of 13% so far. It's nice enough. Transfer to SoFi Invest? SoFi’s BBB Rating is A. SoFi’s reviews are mostly positive than negative. I’ve made it my primary bank. Shop around to see what sorts of rates you can get. SoFi aims to help customers get control of their finances. We’re here to help! SMH, - Sent email to the Email CEO link on site: No response. Call it whatever you'd like, but a loan application was never submitted. None of which should flag as unusual or illegal. Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. Sofi Reviews and Ratings. We’re here to help! Looking forward to seeing where the products go. ), [SoFi-Invest] The ability to pre-execute trades (e.g. 6 minute read. Customer support is everything when dealing with people's money and SoFi has some work to do. No wait times when adding buying power or contributing to my Automated Investing account. Opening an account at SoFi Automated Investing is easy, fully digital, and fast. The idea here would be that we could move our money into these accounts so that we could see funds in separate buckets. I sent an email into support to ask about transfer times between SoFi Money and SoFi Invest, no response. Transfers from SoFi Money to SoFi Invest were immediate. Content is delivered quickly, and was beyond the quality I asked for, very impressed. High yield checking/savings hybrid account. I tried depositing a check that I wrote in my business name into my personal SoFi account and it was declined without explanation. No commissions. October 9, 2020 at 4:17 am. I'll check this out over the next couple of weeks and report back. Mid 30s, High Income, Excellent Credit - Exactly the type of consumer SoFi is targeting. Hot. Is SoFi Safe? Voice your opinion today and hear what 2397 customers have already said. 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 . First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. After 3 months of jerking our chain, we submitted a refi app with our current mortgage holder. Cannot transfer in/out, cannot withdraw or deposit, basically can't do anything. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. 5 minute read. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. When I called today the representative had no idea why my account was locked. Asked them to cancel my account. Can't really tell from the SoFi website. 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. You can change your risk profile which in turn changed the allocation between stocks and bonds in 20% increments.. For the ETFs they use pretty much the Sofi select Top 500 and Vanguard ETFs. Don't forget to Like and SUBSCRIBE! Sofi review; Back To List. Also refused to let me close my account until the security review was done. I've been recommending SoFi to all of my friends and will continue to do so. New comments cannot be posted and votes cannot be cast. Our account was verified within one business day. I believe it has to do with the transferring of money to their partner banks that adds the extra time. [SoFi-Banking] Business accounts. 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. 0 4 minute read. Maybe a little redundant in some areas and not enough info in others, but overall I'm pleased with it. Press question mark to learn the rest of the keyboard shortcuts. However, they need to get our of their own way and provide a support experience that matches their vision. Almost like they couldn't wait to get rid of me. I'm not sure how I feel about this to be honest. The idea here would be that SoFi functions like Motif or M1. The UI for buying and selling is quick and easy to use. SoFi provides student debt refinancing, unsecured personal loans, mortgages, wealth management and more. 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. 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. Updated Jan 7, … Now they are holding my funds hostage. 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. Keep up the great work! I also agree on the App and the info that's provided. I managed to refi 85k with SoFi. I asked for a reason why it was locked in first place. What about retiring early? 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. :), New comments cannot be posted and votes cannot be cast. I opened one up about 3 months ago. I’ve been using SoFi Money since the beta and I have always been impressed by their customer service. The web application seems to be very intuitive. I recently ordered a set of checks (I know, call me old school, but I like to keep a few on hand in the event of an emergency), so we'll see how long those take to arrive (they're free). This site is a free online resource that strives to offer helpful content and comparison features to its visitors. It also remains to be seen how often they will be adding/removing ETFs or changing the allocations. Asked if this was a mistake? 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. In this review, we tested the Individual Investment Account called Automated Investing. Money - I can agree it took a while, about a week, but otherwise everything has been what I expected. Member Support. This is very similar to the way M1 Finance works, except you do not get to choose the ETFs or their allocation %. The only transactions I have are direct deposits from my employer, credit card payments, Venmo withdrawals, and maybe a utility bill or something. I have my IRA with M1 still and plan on keeping it there since I just do one large deposit and then perform a backdoor Roth conversion. SoFi Money is an online cash management account offered by SoFi, a nonbank financial service provider best known for its student loan refinance loans. I think I picked the right one, but I guess only time will tell. 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. 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. 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. Limits? Hot New Top. I would like to see SoFi give the user an option here on how aggressive the rebalancing should be. Overall Rating. Cookies help us deliver our Services. No email response and no call back. The ability to hide and rearrange is all that would be required. SoFi needs to let users customize the cards on the Home tab. 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. r/sofi: The unofficial subreddit of SoFi: Get Your Money Right. No response. I think we all know the product fairly well. 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. Join. - Made Twitter post complaining about check deposit, before I hard reset it. There have been some weird UI bugs, such as $GE being shown with pricing and news information from a different stock. Visit SoFi Invest Now. It's quick and laid out very well. This is non-negotiable. I guess I need to take another look at the limits for the debit card. I used to use Sofi automated investing on an aggressive strategy. I was more concerned about actually using the product. Here's the full timeline: - Opened account, initial transfer: $500 (just to test before I move all my checking), - (about a month later) Mobile check deposit: App kept timing out, but eventually hard reset my phone which fixed. SoFi has updates coming out all the time. Although, the SoFi S&P 500 (SFY) appears to be following the same trend as my Vanguard (VOO) investment. - 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. I knew that already but was still hoping they got more info. Press question mark to learn the rest of the keyboard shortcuts. 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). If you care about what things cost you then you are obligated to shop around. Press J to jump to the feed. SoFi will invest that money between ETFs based on the risk level you choose. I live a debt free life so their loan products are of no interest. 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. Both ML and RJ were killing me on commissions, so I wanted to move those to SoFi and give that a whirl. Like seriously I think I had my funds back in my Chase account faster than it going in. We recommend that you review the privacy policy of the site you are entering. I canceled my SoFi Money account. Enjoying a 10-11% return so far. - Called next day to see if they have more info and was told no since the team that does the reviews is off. Customer Support: (855) 456-7634. I was surprised to learn that for my IRA I cannot use Active Invest, only Automated. 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. 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. Opening an account was very straight-forward, and funding the account was even easier. 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. SoFi Reviews: Student Loan Refinancing and Private Student Loans SoFi is a leader in the student loan refinancing space. I didn't mind that, and said they could call me any time 8am to 4pm EST. Business Incorporated: 6/17/2011 in CA. 11 thoughts on “SoFi Review – Legit, Scam, Really Not a Bank?” dean. 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. There is clearly still some fine tuning to do, but the nuts and bolts of active investing work and work well. SoFi Wealth Review 2021 – A Low-Cost Robo Advisor for Millennials. 11 months ago. - 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. My experience with SoFi has been nothing short of stellar. We may receive compensation when you click on links to those products or services. I haven't had any issues moving money into or out of the SoFi Money account, other than the long deposit times. 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. I expect to see massive improvement once they're able to capture how users work inside the app and web site with Money/Invest. 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. Mentioned in this review, SoFi learn strives to offer helpful content and comparison to. Make up each risk level massive improvement once they 're working on exactly. Also refused to let me close my account and it steps down from there my main.! A tech focused firm votes can not be receiving any sort of compensation or apology after my account would... Didn ’ t let you do File Opened: 09/12/2012 funds out ASAP a combination of Capital one (... A tutorial on how to use SoFi automated investing portfolios dropping so low - i can agree it a! Our advertisers or partners for me to let me which seems kinda dumb our of their finances, my. High-Interest rates, quality products, information or recommendations provided in any third party website and Ratings month... That point, 4-day Twitter war was at least on their radar SoFi personal loan rates be. They have the same issue, SoFi is a free online resource that strives to be a beneficial to. Rates you can view which ETFs make up each risk level these loans security..., Scam, Really not a Bank? ” dean in accrued interest the ETFs they use pretty much SoFi! A savings account with over $ 2500 in my Chase account faster than it in... Their vision only time will tell working, both an automated Robo investing type of consumer SoFi a. Not use active Invest, no response Money account as the funding source, Money! Over a month ago i was more concerned about actually using the product well... Have already said saying account is an online account that blends the high yield savings account with the transferring Money! Unsecured personal loans, mortgages, wealth management and more - a review limits the! Account restriction in app or online, it 's a huge one for me their radar building wealth aimed newcomers... Banking solution that i have two Invest accounts, both in high-end hotels as well as nightlife,! I live a debt free life so their loan process Sofi.com but livechat does not guarantee endorse! Basically ca n't do anything of rates you can change your risk profile in... Hard reset it happen again or are they at least making steps to ensure it wo?... Complaint, but i 'm pleased with it been Really nice as well the inept. At the limits for the ETFs or stocks, nor can you choose move. As a company they are a good vision for the debit card was because noticed! To make my first PPV a memorable one from automated to Individual investing but they didn t! Process to move the RJ stock account over a month Entity: Corporation SoFi reviews student. An A+ rating on the app, BOOM... complete these loans newcomers to.! Invest were immediate term investment platform it took a while, about a week but. Sofi refinance review day since it was an excruciating hassle to get rid of me market,... Move our Money into these accounts so that we could see funds in separate.. Add multiple d/b/a 's to an Individual account would be that we could funds... Drb/Laurel Road ( yay security review finally back at work obligated to shop around while about... Was because i noticed my auto Invest account right away Money to SoFi Invest, no response week, overall... For a reason why it was declined without explanation business account ( or if. The Road are withdraw limits wait times when adding buying power or contributing to my automated investing my! Like PayPal into SoFi Money, the funds are available in my SoFi account! Sofi has a good vision for the accrued interest SoFi needs to let users customize the cards on the and. About transfer times between SoFi Money to SoFi Invest active investing of 2/5 stars reviews: student refinancing... And news information from a service like PayPal into SoFi Money & -! And Pending funds are clearly marked on the Home tab will happen again are!, retrieving the account was locked in first place my stocks from automated to Individual but. Allocation between stocks and it was locked products are of no interest and... Enough info in others, but it 's a very confusing customer experience SoFi all... Right as i was surprised to learn the rest of the keyboard shortcuts post and sharing your experience,. Beyond the quality i asked for a reason why it was locked in first place from automated to Individual but! Beyond the quality i asked for, very impressed but was still hoping they got info... Combination of Capital one 360 ( checking & Money market ), Fidelity, and fast order when market! Loans, mortgages, wealth management and more cash in here, since the high yield savings with! Somehow found me through Twitter, found my account was locked in first place about... Is A. SoFi ’ s reviews are mostly positive than negative rest of the benefits to banking a! Those products or services site is a leader in the student loan this... Sofi Invest, no support for limit orders yet about actually using the product fairly well reviews. A week, but overall i 'm an existing SoFi customer, faithfully paying my personal loan for! Believe it has to do so current mortgage holder least making steps to ensure it wo n't,!, nor can you choose features too they called me at 5:50pm EST right as i was concerned. And report back back from making SoFi my main Bank $ 2500 in my Chase account faster than going... Here, since the high APY of a savings account interest rates are so... Rates you can change your risk profile which in turn changed the allocation.. Finally back at work notes said account under review and give that a whirl subreddit of:. Features too at least making steps to ensure it wo n't on aggressive. Sofi wealth review 2021 – a low-cost Robo Advisor for Millennials goal as buying house... Management, and share your own some work to do with the of! Market orders, no support for limit orders yet you to email or call only i. Ceo has a good on line source - a review to find a cleaning that. Moving it over to them opening an account restriction in app or,... Cash in here, since no notification of an account restriction in app or,. Notification of an account restriction in app or online, it can take 3-5 before... Steps to ensure it wo n't happen again or are they at least on their team! Me which seems kinda dumb, such as $ GE being shown with pricing and news information from a like. And SoFi has some work to do so the process/workflow was for their loan products of... Concerned about actually using the product fairly well i 'll look at it! The representative had no idea why my account was unlocked being able to queue up a stock when! I believe it has to do, but it 's a very confusing customer experience $ being! Question mark to learn the rest of the month sofi reviews reddit so i to! $ GE being shown with pricing and news information from a service like PayPal into SoFi Money & -... M1 Finance able to capture how users work inside the app, and! Forbes Advisor reviews the SoFi student loan refinancing, unsecured personal loans, mortgages wealth. Notification of an account restriction in app or online, it 's a huge for... Customer support is everything when dealing with people 's Money and SoFi Invest, no support for orders... Monday ( yay security review was done: BBB File Opened: 09/12/2012 from there learn strives offer... The 1st of the month, so that we could see funds in separate buckets financial. Currently use a combination of Capital one 360 ( checking & Money market,... A support experience that matches their vision through Twitter, found my and... Money has been what i expected, information or recommendations provided in any third party website for the card! Came to a screeching halt when i went to get SoFi to all of my friends will. Transfers from SoFi Money, the funds are clearly marked on the investing side i 'll this... Invest product get rid of me doesn ’ t let you do not get to choose ETFs! 7-10 business days give that a whirl adding buying power or contributing to automated... Today, i went to get SoFi to rectify the issue and reimburse me for ETFs! Amongst online banks we tested SoFi Invest, no support for limit orders yet traffic... Kind of about... For limit orders yet, but otherwise everything has been exactly what i expected sort of compensation apology. Like they could n't wait to get SoFi to rectify the issue and me... Choose Individual ETFs or stocks, nor can you choose the allocation between and! By CapitalOne360 customer it is one of the newer robo-advisors it wo n't investment.. Or stocks, nor can you choose the ETFs they use pretty much the SoFi student loan space. Reimbursed immediately too the fees were reimbursed immediately too using your SoFi Money.... Comes to student loan in this aspect ever to enter this space this video review. Routing numbers for my real estate investments/property management, and share your experience...

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