6 minute read. Cannot transfer in/out, cannot withdraw or deposit, basically can't do anything. She went the extra mile to make my first PPV a memorable one! On the plus side, they cancel accounts and transfer funds out ASAP. I've tried out the instant ATM reimbursement features too. The UI for buying and selling is quick and easy to use. 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. being able to queue up a stock order when the market is closed. Buy and trades stocks and ETFs. Right now, a message appears that the market is closed and doesn't give the user any option to do anything else.). My experience with SoFi has been nothing short of stellar. Fees. A standard “active” investing account. Once SoFi has a little more experience on the investing side I'll look at moving it over to them. How long did transfers take? You cannot choose individual ETFs or stocks, nor can you choose the allocation %. The second type of account is an automated robo investing type of account. Transfer to SoFi Invest? I currently use a combination of Capital One 360 (Checking & Money Market), Fidelity, and M1 Finance. No commissions. However, they need to get our of their own way and provide a support experience that matches their vision. Someone on their support team somehow found me through Twitter, found my account, then proactively called me. card classic compact. Account opening. In this review, we tested the Individual Investment Account called Automated Investing. I know that growth isn't going to continue but I'm pleased so far. There have been some weird UI bugs, such as $GE being shown with pricing and news information from a different stock. Limits? You choose your risk level and deposit money. 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. User account menu. Keep an eye out. ), [SoFi-Invest] The ability to pre-execute trades (e.g. There is clearly still some fine tuning to do, but the nuts and bolts of active investing work and work well. 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. maybe?). I have two Invest accounts, both an automated and active account. The web application seems to be very intuitive. Mid 30s, High Income, Excellent Credit - Exactly the type of consumer SoFi is targeting. QUESTIONS? Let's just say, SoFi is the most inept and unprofessional lender in this aspect ever to enter this space. If you like face to face friendly people find a local credit union. 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 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. This appears to be working, both in high-end hotels as well as nightlife establishments, where the fees can be rather high. Hold times? [SoFi-Banking] Business accounts. No fractional shares. SoFi has an A+ rating on the BBB page. For the ETFs they use pretty much the Sofi select Top 500 and Vanguard ETFs. I also agree on the App and the info that's provided. This is the only thing holding me back from making SoFi my main bank. Enjoying a 10-11% return so far. I’ve used the auto investment account for the last ~12 months, it’s provided me a return of 13% so far. The only transactions I have are direct deposits from my employer, credit card payments, Venmo withdrawals, and maybe a utility bill or something. It’s one of the benefits to banking with a tech focused firm. Interest is paid out right away on the 1st of the month, so that's been really nice as well. 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. Hot New Top Rising. 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 operate a single-member LLC for my real estate investments/property management, and I would love to ditch my brick & mortar. 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. 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. None of which should flag as unusual or illegal. No email response and no call back. SoFi Wealth Review 2021 – A Low-Cost Robo Advisor for Millennials. Opening an account at SoFi Automated Investing is easy, fully digital, and fast. - Called again next day since it was finally a Monday (yay security review finally back at work? What ETF's do they put your money in if you put your goal as buying a house? I was more concerned about actually using the product. Keep up the great work! Those uncompleted loans now show on the Home area of the app, front and center. Updated Jan 7, … 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. Customer Support: (855) 456-7634. 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 ability to hide and rearrange is all that would be required. This site is a free online resource that strives to offer helpful content and comparison features to its visitors. I’ve made it my primary bank. Fees are low, and annual percentage yields tend to be higher than average, even amongst online banks. 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. - 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. SoFi appears to be the complete banking solution that I have been seeking. I guess I need to take another look at the limits for the debit card. I canceled my SoFi Money account. Can't really tell from the SoFi website. The unofficial subreddit of SoFi: Get Your Money Right. I only have one complaint, but it's a huge one for me. I asked for a reason why it was locked in first place. Hot. 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). While I got a lot of customers telling me they have the same issue, Sofi and the CEO never responded. Money - I can agree it took a while, about a week, but otherwise everything has been what I expected. 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 try and keep taxable events as low as possible. 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. I think their CEO has a good vision for the company. This is very similar to the way M1 Finance works, except you do not get to choose the ETFs or their allocation %. 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. Cookies help us deliver our Services. I used to use Sofi automated investing on an aggressive strategy. Same. As mentioned in this review, SoFi is also a P2P lending powerhouse. :), New comments cannot be posted and votes cannot be cast. You can view which ETFs make up each risk level. 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. Member Support. Today, I went to a Walmart and withdrew money in their ATM -- the fees were reimbursed immediately too. Additionally, retrieving the account number and routing numbers for my account has been a breeze. It also offers private student loans for graduate students and undergraduates. We recommend that you review the privacy policy of the site you are entering. A business account (or even if given the ability to add multiple d/b/a's to an individual account would be amazing). 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. No automated investing. - Called next day to see if they have more info and was told no since the team that does the reviews is off. 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. 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 personal loan rates can be competitive for borrowers with good to excellent credit. 0 4 minute read. I was surprised to learn that for my IRA I cannot use Active Invest, only Automated. Transfers from SoFi Money to SoFi Invest were immediate. It looks like Stock and ETFs only? Rep also said I would not be receiving any sort of compensation or apology after my account was unlocked. 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. Eric Rosenberg September 9, 2020. [SoFi-Invest] Fractional shares. They also have 162 customer reviews with an average of 2/5 stars. When it comes to student loan refinancing, there’s a lot to learn and we can help with our SoFi refinance review. Visit SoFi Invest Now. No response. You can change your risk profile which in turn changed the allocation between stocks and bonds in 20% increments.. In this video I review and give a tutorial on how to use SoFi Invest. Sofi locked my account with over $2500 in my auto invest account over a month ago I wasn't notified. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. 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. Nope, they confirmed it may happen again. Now they are holding my funds hostage. If they want customers to switch, a high interest rate and some low fund ETFs aren't going to be enough. - End of day (Day 4): get an email thanking me for emailing the CEO and confirmed my account was unlocked. 11 months ago. Press question mark to learn the rest of the keyboard shortcuts. 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. Nope, won't tell me. I have yet to test out the SoFi invest product. I am starting to put more and more cash in here, since the High yield savings account interest rates are dropping so low. Don't forget to Like and SUBSCRIBE! I opened one up about 3 months ago. The delay in receipt of the check resulted in nearly $65 in accrued interest. 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 New Top. Check out what 2,397 people have written so far, and share your own experience. Content is delivered quickly, and was beyond the quality I asked for, very impressed. and you feel comfortable with them as a company they are a good on line source. It was a handful of private loans, all with crazy high variable rates sitting between 10-13%. I managed to refi 85k with SoFi. card. Our account was verified within one business day. SoFi’s BBB Rating is A. SoFi’s reviews are mostly positive than negative. This internet-based company only has six branch locations. | Read 981-1,000 Reviews out of 2,397. Only reason I found out was because I noticed my auto deposit were turned off. Good news my at that point, 4-day Twitter war was at least on their radar. Read more We develop content that covers a variety of financial topics. 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. SoFi has updates coming out all the time. - Made Twitter post complaining about check deposit, before I hard reset it. Almost like they couldn't wait to get rid of me. Overall Rating. How to open an account. Deposit funds, they buy fractional shares of whatever ETF mix are in the risk profile you selected when you setup the automated investing 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 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. It's quick and laid out very well. 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. I didn't mind that, and said they could call me any time 8am to 4pm EST. I also started the process to move the RJ stock account over. TLDR; Sofi Money randomly locked my account and wouldn't tell me why even after they unlocked it. 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'm an existing SoFi Customer, faithfully paying my Personal Loan payments for 2 1/2 years now. Reply. The idea here would be that we could move our money into these accounts so that we could see funds in separate buckets. Read more We develop content that covers a variety of financial topics. First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Join. 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. Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. Sofi review; Back To List. (I need to find a cleaning service that takes credit cards...). 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. The notes said account under review and that's all. 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. They will tell you to email or call only. 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 also wanted to invest in REITs which automated doesn’t let you do. We’re here to help! Charts not loading correctly, etc.. 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. They called me at 5:50pm EST right as I was driving in heavy traffic... Kind of annoyed about that. - Try to livechat on Sofi.com but livechat does not support Money accounts, only Invest and Loans. 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. 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. Business Incorporated: 6/17/2011 in CA. "Holiday Spending", "Vacation", etc.). I setup my automated investing account prior to the SoFi ETFs being introduced into the automated investing portfolios. 5 minute read. 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. 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 believe it has to do with the transferring of money to their partner banks that adds the extra time. You’re in control. October 9, 2020 at 4:17 am. Brick and mortar barely adds features or innovates. I'm not sure how I feel about this to be honest. All buy and sell orders are currently market orders, no support for limit orders yet. 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. Deposit and withdrawal. If they make your financial management easier for you. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. 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. High-interest rates, quality products, investment options with no fees (e.g. 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. 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. Every time I log in, every time I open the app, BOOM...complete these loans! VISIT SOFI . Thank you so much for posting such a in-depth post and sharing your experience. I knew that already but was still hoping they got more info. 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. Maybe a little redundant in some areas and not enough info in others, but overall I'm pleased with it. In this review, we tested SoFi Invest active investing. Neither account has commissions or management fees. It was an excruciating hassle to get SoFi to rectify the issue and reimburse me for the accrued interest. Nope, won't tell me. Again, since no notification of an account restriction in app or online, it's a very confusing customer experience. Log In Sign Up. I would like to see SoFi give the user an option here on how aggressive the rebalancing should be. I wanted to transfer my stocks from Automated to Individual investing but they didn’t let me which seems kinda dumb. 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. SoFi is definitely legitimate. 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. SoFi needs to let users customize the cards on the Home tab. Glad to see SoFi resolved this, even if the response times weren't up to par. I wasn't willing to sacrifice a hard inquiry. They get back to me wicked fast. I am specifically looking for somewhere to keep my cash + a long term investment platform. We’re here to help! What is Invest, exactly. 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?). SoFi was founded in 2011 and is headquartered in San Francisco, California. SoFi aims to help customers get control of their finances. I've been recommending SoFi to all of my friends and will continue to do so. When I called today the representative had no idea why my account was locked. Call it curiosity, call it doing my due diligence. It's been sitting like that for a month. First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Call it whatever you'd like, but a loan application was never submitted. 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. A few things to note. Like seriously I think I had my funds back in my Chase account faster than it going in. Sofi Reviews and Ratings. When transferring from an external account, it can take 3-5 days before the money is available in my SoFi Money account. If you care about what things cost you then you are obligated to shop around. SoFi will invest that money between ETFs based on the risk level you choose. 4.4. Press J to jump to the feed. Opening an account was very straight-forward, and funding the account was even easier. Years in Business: 7. Business Started: 6/17/2011. r/sofi: The unofficial subreddit of SoFi: Get Your Money Right. 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. Press question mark to learn the rest of the keyboard shortcuts. High yield checking/savings hybrid account. Title should read: SoFi Money & Invest - A Review. Good info on the Invest. Aggressive is 100% stocks and it steps down from there. 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. Although, the SoFi S&P 500 (SFY) appears to be following the same trend as my Vanguard (VOO) investment. 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. Asked if this was a mistake? Some background....I wanted to see what the process/workflow was for their loan process. Do you agree with SoFi's TrustScore? - 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. Also check out Earnest, Citizens Bank, and DRB/Laurel Road. Type of Entity: Corporation SoFi provides student debt refinancing, unsecured personal loans, mortgages, wealth management and more. After 3 months of jerking our chain, we submitted a refi app with our current mortgage holder. More SoFi Info: BBB File Opened: 09/12/2012. 11 thoughts on “SoFi Review – Legit, Scam, Really Not a Bank?” dean. 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. Title should read: SoFi Money & Invest - A Review. Like you, I was a Netbank acquired by ING acquired by CapitalOne360 customer. Press J to jump to the feed. SoFi sold my previous Vanguard ETF shares and reinvested into the SoFi ETFs. Both ML and RJ were killing me on commissions, so I wanted to move those to SoFi and give that a whirl. All in all, SoFi Money has been exactly what I expected. By using our Services or clicking I agree, you agree to our use of cookies. When using your SoFi Money account as the funding source, the money is available in your SoFi Invest account right away. Reviewed By Theresa W. Carey. Okay Close. This is non-negotiable. SMH, - Sent email to the Email CEO link on site: No response. Setting up direct deposit was rather easy as well. Overview Official FAQ Contact SoFi. Shop around to see what sorts of rates you can get. I haven't had any issues moving money into or out of the SoFi Money account, other than the long deposit times. 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. Rising. 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. - 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. Click here for the SoFi robo-advisory review. SoFi Refinance Review. Forbes Advisor reviews the Sofi Student Loan When transferring from a service like PayPal into SoFi Money, the funds are available in 1 day typically. SoFi Reviews: Student Loan Refinancing and Private Student Loans SoFi is a leader in the student loan refinancing space. Invest is two separate products if you will. 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. 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 like to see this option given to the end user. I’ve been using SoFi Money since the beta and I have always been impressed by their customer service. 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. That all came to a screeching halt when I went to get a mortgage. 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). I think we all know the product fairly well. I welcome anyone to post their own SoFi experiences here, so thank you for including your own. The unofficial subreddit of SoFi: Get Your Money Right. The idea here would be that SoFi functions like Motif or M1. As you fill up the account, SoFi would show your % complete towards the goal. 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. Available and Pending funds are clearly marked on the account. Posts. I expect to see massive improvement once they're able to capture how users work inside the app and web site with Money/Invest. It's nice enough. Every time SoFi decides to rebalance, you're going to create a taxable event. 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'll check this out over the next couple of weeks and report back. Asked them to cancel my account. I used to use Sofi automated investing on an aggressive strategy. SoFi r/ sofi. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. I think the future products and features they're working on are exactly what people are looking for. The other potential problem I see down the road are withdraw limits. We may receive compensation when you click on links to those products or services. Press question mark to learn the rest of the keyboard shortcuts. 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. 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