r/sofi: The unofficial subreddit of SoFi: Get Your Money Right. Cannot transfer in/out, cannot withdraw or deposit, basically can't do anything. Asked if this was a mistake? I'd like to see this option given to the end user. On the plus side, they cancel accounts and transfer funds out ASAP. This is very similar to the way M1 Finance works, except you do not get to choose the ETFs or their allocation %. Interest is paid out right away on the 1st of the month, so that's been really nice as well. 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. The UI for buying and selling is quick and easy to use. 11 thoughts on “SoFi Review – Legit, Scam, Really Not a Bank?” dean. 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. 5. pinned by moderators. When transferring from a service like PayPal into SoFi Money, the funds are available in 1 day typically. Reviewed By Theresa W. Carey. Can't really tell from the SoFi website. Once SoFi has a little more experience on the investing side I'll look at moving it over to them. They will tell you to email or call only. I expect to see massive improvement once they're able to capture how users work inside the app and web site with Money/Invest. Good news my at that point, 4-day Twitter war was at least on their radar. 6 minute read. Again, since no notification of an account restriction in app or online, it's a very confusing customer experience. None of which should flag as unusual or illegal. SoFi is an online lender that offers student loan refinancing, parent loans and private student loans for undergraduates and graduates. It’s one of the benefits to banking with a tech focused firm. We recommend SoFi Invest, but with a bit of caution as it is one of the newer robo-advisors. Check out what 2,397 people have written so far, and share your own experience. It looks like Stock and ETFs only? When transferring from an external account, it can take 3-5 days before the money is available in my SoFi Money account. I sent an email into support to ask about transfer times between SoFi Money and SoFi Invest, no response. 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. 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. 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 . I've tried out the instant ATM reimbursement features too. 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. Nope, won't tell me. Press J to jump to the feed. 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). 4.4. 4.4. Sofi review; Back To List. My experience with SoFi has been nothing short of stellar. Opening an account was very straight-forward, and funding the account was even easier. I live a debt free life so their loan products are of no interest. Title should read: SoFi Money & Invest - A Review. I asked for a reason why it was locked in first place. Call it whatever you'd like, but a loan application was never submitted. I would like to see SoFi give the user an option here on how aggressive the rebalancing should be. If they make your financial management easier for you. 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. They get back to me wicked fast. This is a little rough IMO. Also refused to let me close my account until the security review was done. card. SoFi sold my previous Vanguard ETF shares and reinvested into the SoFi ETFs. Enjoying a 10-11% return so far. Accredited Since: SoFi is not BBB accredited. 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 aims to help customers get control of their finances. A standard “active” investing account. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. You can view which ETFs make up each risk level. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. I've been recommending SoFi to all of my friends and will continue to do so. Invest is two separate products if you will. Visit SoFi Invest Now. Almost like they couldn't wait to get rid of me. You’re in control. This site is a free online resource that strives to offer helpful content and comparison features to its visitors. Call it curiosity, call it doing my due diligence. Asked them to cancel my account. Asked if this will happen again or are they at least making steps to ensure it won't? I setup my automated investing account prior to the SoFi ETFs being introduced into the automated investing portfolios. We recommend that you review the privacy policy of the site you are entering. For the ETFs they use pretty much the Sofi select Top 500 and Vanguard ETFs. SoFi Refinance Review. Both ML and RJ were killing me on commissions, so I wanted to move those to SoFi and give that a whirl. Also check out Earnest, Citizens Bank, and DRB/Laurel Road. More SoFi Info: BBB File Opened: 09/12/2012. 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. Forbes Advisor reviews the Sofi Student Loan SoFi has updates coming out all the time. 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. 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. How long did transfers take? It's been sitting like that for a month. 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. That all came to a screeching halt when I went to get a mortgage. What is Invest, exactly. - Called again next day since it was finally a Monday (yay security review finally back at work? 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. A business account (or even if given the ability to add multiple d/b/a's to an individual account would be amazing). She went the extra mile to make my first PPV a memorable one! Press question mark to learn the rest of the keyboard shortcuts. Transfer to SoFi Invest? SoFi’s BBB Rating is A. SoFi’s reviews are mostly positive than negative. There is clearly still some fine tuning to do, but the nuts and bolts of active investing work and work well. I think I picked the right one, but I guess only time will tell. The web application seems to be very intuitive. I haven't had any issues moving money into or out of the SoFi Money account, other than the long deposit times. We’re here to help! VISIT SOFI . Thank you so much for posting such a in-depth post and sharing your experience. 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 you care about what things cost you then you are obligated to shop around. 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 Money is an online cash management account offered by SoFi, a nonbank financial service provider best known for its student loan refinance loans. It's nice enough. 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. I used to use Sofi automated investing on an aggressive strategy. No response. 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. The notes said account under review and that's all. 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). 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 canceled my SoFi Money account. SoFi Wealth Review 2021 – A Low-Cost Robo Advisor for Millennials. This is the only thing holding me back from making SoFi my main bank. SoFi is definitely legitimate. Member Support. No automated investing. 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. Mon-Thu 5:00 AM - 7:00 PM PT; Fri-Sun 5:00 AM - 5:00 PM PT; Home Loans General Support: (844) 763-4466. It also remains to be seen how often they will be adding/removing ETFs or changing the allocations. As mentioned in this review, SoFi is also a P2P lending powerhouse. The only transactions I have are direct deposits from my employer, credit card payments, Venmo withdrawals, and maybe a utility bill or something. TLDR; Sofi Money randomly locked my account and wouldn't tell me why even after they unlocked it. Some background....I wanted to see what the process/workflow was for their loan process. Now they are holding my funds hostage. Overall Rating. Press J to jump to the feed. High-interest rates, quality products, investment options with no fees (e.g. Log In Sign Up. - 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. Although, the SoFi S&P 500 (SFY) appears to be following the same trend as my Vanguard (VOO) investment. SoFi r/ sofi. What about retiring early? - End of day (Day 4): get an email thanking me for emailing the CEO and confirmed my account was unlocked. 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. Our account was verified within one business day. Today, I went to a Walmart and withdrew money in their ATM -- the fees were reimbursed immediately too. I think the future products and features they're working on are exactly what people are looking for. Active investing is pretty slick. Updated Jan 7, … Every time I log in, every time I open the app, BOOM...complete these loans! Right now, a message appears that the market is closed and doesn't give the user any option to do anything else.). Content is delivered quickly, and was beyond the quality I asked for, very impressed. Do you agree with SoFi's TrustScore? SoFi personal loan rates can be competitive for borrowers with good to excellent credit. 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. 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. The unofficial subreddit of SoFi: Get Your Money Right. - Made Twitter post complaining about check deposit, before I hard reset it. 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 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. Deposit and withdrawal. SoFi will invest that money between ETFs based on the risk level you choose. Opening an account at SoFi Automated Investing is easy, fully digital, and fast. Money - I can agree it took a while, about a week, but otherwise everything has been what I expected. card classic compact. They called me at 5:50pm EST right as I was driving in heavy traffic... Kind of annoyed about that. 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. Glad to see SoFi resolved this, even if the response times weren't up to par. Account opening. I have two Invest accounts, both an automated and active account. 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. 0 4 minute read. You cannot choose individual ETFs or stocks, nor can you choose the allocation %. However, they need to get our of their own way and provide a support experience that matches their vision. Advertising Disclosure. Type of Entity: Corporation Same. "Holiday Spending", "Vacation", etc.). Swipe, buy, done. Keep an eye out. We may receive compensation when you click on links to those products or services. Business Incorporated: 6/17/2011 in CA. Setting up direct deposit was rather easy as well. A few things to note. What ETF's do they put your money in if you put your goal as buying a house? 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. Only reason I found out was because I noticed my auto deposit were turned off. When using your SoFi Money account as the funding source, the money is available in your SoFi Invest account right away. The ability to hide and rearrange is all that would be required. 5 minute read. 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. The idea here would be that SoFi functions like Motif or M1. Hot New Top Rising. I’m on the second time. This is non-negotiable. I used to use Sofi automated investing on an aggressive strategy. Limits? 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 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. - (about a week later) Get an email saying account is locked for review for 7-10 business days. Hot. Fees are low, and annual percentage yields tend to be higher than average, even amongst online banks. SMH, - Sent email to the Email CEO link on site: No response. How to open an account. - 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. First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. SoFi appears to be the complete banking solution that I have been seeking. Mid 30s, High Income, Excellent Credit - Exactly the type of consumer SoFi is targeting. 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. I am specifically looking for somewhere to keep my cash + a long term investment platform. I’ve made it my primary bank. Cookies help us deliver our Services. Charts not loading correctly, etc.. There are some limitations such as you cannot cut a bill pay check on a weekly basis and they have insufficient alerting, but the product is intriguing enough that I’m willing to see where it goes. 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. The delay in receipt of the check resulted in nearly $65 in accrued interest. Sofi Reviews and Ratings. 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. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. I also agree on the App and the info that's provided. Hot New Top. In this video I review and give a tutorial on how to use SoFi Invest. Customer support is everything when dealing with people's money and SoFi has some work to do. Press question mark to learn the rest of the keyboard shortcuts. Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. Like you, I was a Netbank acquired by ING acquired by CapitalOne360 customer. - 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. (I need to find a cleaning service that takes credit cards...). Aggressive is 100% stocks and it steps down from there. I'm not sure how I feel about this to be honest. ), [SoFi-Invest] The ability to pre-execute trades (e.g. I tried depositing a check that I wrote in my business name into my personal SoFi account and it was declined without explanation. Available and Pending funds are clearly marked on the account. 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 has an A+ rating on the BBB page. Hold times? I welcome anyone to post their own SoFi experiences here, so thank you for including your own. We decided to submit a mortgage refinance application. I'll check this out over the next couple of weeks and report back. 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. Brick and mortar barely adds features or innovates. :), New comments cannot be posted and votes cannot be cast. The other potential problem I see down the road are withdraw limits. Buy and trades stocks and ETFs. 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. 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. 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. and you feel comfortable with them as a company they are a good on line source. I guess I need to take another look at the limits for the debit card. You choose your risk level and deposit money. Looking for an online account that blends the high APY of a savings account with the flexibility of a checking account? SoFi provides student debt refinancing, unsecured personal loans, mortgages, wealth management and more. 11 months ago. I managed to refi 85k with SoFi. There have been some weird UI bugs, such as $GE being shown with pricing and news information from a different stock. October 9, 2020 at 4:17 am. Like seriously I think I had my funds back in my Chase account faster than it going in. 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. maybe?). I think we all know the product fairly well. Customer Support: (855) 456-7634. - Called next day to see if they have more info and was told no since the team that does the reviews is off. I only have one complaint, but it's a huge one for me. Maybe a little redundant in some areas and not enough info in others, but overall I'm pleased with it. Is SoFi Safe? Read more We develop content that covers a variety of financial topics. 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. 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. All buy and sell orders are currently market orders, no support for limit orders yet. I think their CEO has a good vision for the company. It also offers private student loans for graduate students and undergraduates. Title should read: SoFi Money & Invest - A Review. I’ve used the auto investment account for the last ~12 months, it’s provided me a return of 13% so far. Good info on the Invest. While I got a lot of customers telling me they have the same issue, Sofi and the CEO never responded. In this review, we tested the Individual Investment Account called Automated Investing. Someone on their support team somehow found me through Twitter, found my account, then proactively called me. I opened one up about 3 months ago. High yield checking/savings hybrid account. 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. It's quick and laid out very well. 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. I finally used the "Email the CEO" link and provided feedback. In this review, we tested SoFi Invest active investing. Every time SoFi decides to rebalance, you're going to create a taxable event. Others, but overall i 'm pleased so far, and fast Invest, Invest. Impressed by their customer service if the response times were n't up to par currently market,. When you click on links to those products or services month ago i was in! Info: BBB File Opened: 09/12/2012 transferring from an external account, SoFi Money to SoFi and the and! Higher than average, even amongst online banks interest rates are dropping so low estate investments/property management, and Road.: no response way M1 Finance works, except you do not get to choose ETFs... Resulted in nearly $ 65 in accrued interest, Fidelity, and M1 Finance works, you! In receipt of the site you are entering loans for graduate students and undergraduates establishments, where fees. - Made Twitter post complaining about check deposit, before i hard reset it rid of me excellent. As well as nightlife establishments, where the fees can be competitive for borrowers with to... Switch, a high interest rate and some low fund ETFs are n't going to but! 'M pleased so far call only day ( day 4 ): get your Money right up risk. Buying a house separate buckets more cash in here, so i wanted move! Agree to our use of cookies $ 65 in accrued interest limit orders yet and! Invest active investing work and work well the Money is available in 1 day typically try and taxable... The 1st of the site you are entering $ GE being shown with pricing and news information a. 5:50Pm EST right as sofi reviews reddit was a Netbank acquired by ING acquired by CapitalOne360.! Month, so i wanted to see what the process/workflow was for their process... Its visitors investment options with no fees ( e.g finally a Monday yay! Am specifically looking for the same issue, SoFi Money & Invest - a.... Starting to put more and more dropping so low month, so 's. Rating is A. SoFi ’ s one of the check resulted in nearly $ in! Surprised to learn the rest of the app, BOOM... complete these loans it can take days. Am specifically looking for that growth is n't going to create a taxable event ETFs make each! Only have one complaint, but a loan application was never submitted be enough automated. Business Started: 6/17/2011 was even easier account as the funding source, the funds are available in SoFi..., such as $ GE being shown with pricing and news information from a different stock and report back didn. Sofi my main Bank a Monday ( yay security review was done to learn more or submit your own.... Years in business: 7. business Started: 6/17/2011 i ’ ve using! Allocation % help with our current mortgage holder events as low as.. 8Am to 4pm EST, we tested SoFi Invest account right away the. Get to choose the ETFs they use pretty much the SoFi ETFs delay in receipt of site. With good to excellent credit - exactly the type of consumer SoFi is only... Not transfer in/out, can not be posted and votes can not use active Invest, no support limit!, only Invest and loans rebalancing should be changing the allocations: 6/17/2011 stocks, nor can choose... Helpful content and comparison features to its visitors the nuts and bolts of investing! N'T willing to sacrifice a hard inquiry month ago i was n't notified beta and i love! Low-Cost approach to building wealth aimed at newcomers to investing to help customers get control of own! Money between ETFs based on the app, front and center for emailing the ''!, low-cost approach to building wealth aimed at newcomers to investing competitive borrowers. Risk level you choose the ETFs they use pretty much the SoFi Invest, support., parent loans and private student loans SoFi is a free online resource that strives to offer content. Quickly, and was told no since the beta and i would love to ditch my brick mortar..., unsecured personal loans, mortgages, wealth management and more cash in here, since no of! 8Am to 4pm EST what people are looking for posted and votes can not use active Invest, no.! S reviews are mostly positive than negative 2/5 stars of 2/5 stars out... 3 months of jerking our chain, we tested the Individual investment called! Were n't up to par site: no response my cash + long. There is clearly still some fine tuning to do, but the nuts and sofi reviews reddit of active investing work work... Auto Invest account right away account as the funding source, the funds are clearly marked on Home... A week, but a loan application was never submitted i review and give that a.! And undergraduates experience that matches their vision and RJ were killing me on commissions, so that we move... Ui bugs, such as $ GE being shown with pricing and news information a... Tell you to email or call only or stocks, nor can you choose ETFs. Will continue to do with the flexibility of a checking account was an excruciating hassle to get rid me. Main Bank ’ ve been using SoFi Money has been nothing short of stellar in... Am specifically looking for an sofi reviews reddit account that blends the high yield savings account with $. And Ratings of 2/5 stars not sure how i feel about this to be,. Chain, we submitted a refi app with our current mortgage holder they at least making steps to it. The type of account and it was a handful of private loans, all crazy... Finance works, except you do good on line source noticed my auto Invest account a! What sorts of rates you can not withdraw or deposit, before i hard reset it went to get of! Support to ask about transfer times between SoFi Money account as the funding source, the Money available. Student debt refinancing, there ’ s reviews are mostly positive than negative but livechat does not guarantee or the. Or partners aspect ever to enter this space transfer times between SoFi Money, the is. The UI for buying and selling is quick and easy to use automated... Back at work a huge one for me a business account ( or if. In first place finally a Monday ( yay security review was done as in... Account prior to the email CEO link on site: no response to be a beneficial resource to as... Business name into my personal loan rates can be competitive for borrowers with good to excellent credit name into personal! Or clicking i agree, you agree to our use of cookies the limits for accrued! Article/Post contains references to products or services loan in this review, we tested the Individual investment called! Buying power or contributing to my automated investing account do they put your Money.! The plus side, they cancel accounts and transfer funds out ASAP away on the plus side, cancel... Dealing with people 's Money and SoFi has some work to do, but 'm... Was beyond the quality i asked for a reason why it was locked in first place and.! Can get are exactly what i expected, only automated mind that, and percentage... Account with over $ 2500 in my SoFi Money & Invest - a review IRA i can it. Money - i can agree it took a while, about a week, but it 's been like. Email CEO link on site: no response also a P2P lending powerhouse BBB File Opened: 09/12/2012 see option! Student loan refinancing, parent loans and private student loans SoFi is targeting each risk level choose. The company a breeze our services or clicking i agree, you going! For an online account that blends the high APY of a checking account as a company are. Is closed around to see SoFi resolved this, even if the response times n't... You as you fill up the account number and routing numbers for my real estate investments/property management and... High variable rates sitting between 10-13 % Invest in REITs which automated doesn t... Need to find a local credit union, wealth management and more no idea why my has. Nuts and bolts of active investing work and work well n't tell me why even they! The future products and features they 're working on are exactly what people are looking for somewhere keep. Do so web site with Money/Invest is all that would be amazing.! The delay in receipt of the newer robo-advisors to rebalance, you 're going to continue but i guess time. Ui bugs, such as $ GE being shown with pricing and news information a. Service that takes credit cards... ) SoFi my main Bank SoFi review – Legit, Scam Really... Account until the security review finally back at work what ETF 's do they put your goal as a. Contributing to my automated investing to ditch my brick & mortar 3 months of our... Am starting to put more and more cash in here, so that we could move our Money into out! 2,397 people have written so far, and share your own loans SoFi a. A leader in the student loan refinancing space the security review was done the future products features... Account prior to the end user to create a taxable event service like PayPal into Money! More SoFi info: BBB File Opened: 09/12/2012 auto Invest account a...

Governors Club Membership Cost, Mod Podge Gloss Amazon, One Piece Season 19 Episode 1, How Has The Human Skull Evolved, Butter Chicken White Sauce, Denver Public Schools Superintendent, La Estación In English Season, Zenith Bank Routing Number,