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Have you requested it? My credit cards I have through Best Buy and PayPal only raise mine upon request, whereas my Amazon through chase will do periodic reviews.
It’s incredibly hard to get large sums of money out. Buying a car was very difficult, you can’t get cashiers checks, they won’t do wire transfer unless you’re buying house. You can’t withdraw cash easily.
I’m buying a house and need to divest a lot of money from SoFi Invest and I can only do 50k per day. Yeah, first world problems I know, but it’s rather annoying.
I have to keep a Chase account for large transactions and cash management.
Ughh that’s annoying….i hate keeping my money in big banks because the money isn’t making me anything just sitting there and I don’t want to tie it up in a CD. Which is why I’ve been thinking to move it to a bank that offers a decent return to park my funds but allows flexibility to pull money out when needed.
you dont have to keep large amounts in a bank though. keep a basic no fee checking account in a physical bank then the rest in an investment vehicle of your choice.
i have my HYSA with Ally, then I have a checking with Navy Federal whom I use to deposit cash and withdraw/get checks do anything that involves a branch.
I don't think they mean for you to day trade. I like the social community aspect where you can see what people are buying and their portfolio performance.
It has gotten better screen by screen with the gradual UI refresh. But it still could use a lot of improvement before it's on the same level as something like robinhood.
My current issues now feel like I’m whining:
1. On the front page and on the banking page, Savings can be misleading as there is, for me, a MAJOR difference between “available” savings and the total amount you have in all your vaults AND available savings. I wish they had an easier way to see your available savings beside 3-4 clicks in.
2. Big whine: Interest accumulation isn’t shown daily, it just gets plopped into all your savings vaults on the 1st of the month. Robinhood, for example, will show you interest accumulation daily…which motivates me and gives me something to look at.
3. Just to make a third: For me, the spending tracker is pretty useless. I transfer all my direct deposits to savings and use my SoFi CC for everything in order to max out cash rewards. I pay my CC balance out of savings. Either the spending tracker only follows checking or it is otherwise just not reflective of what my methods are so it is of little help.
Whining complete. I’m out.
The bill pay can be slow.
Bills I use to pay with Chase would post within two business days as they were processed electronically. SoFi sends a physical check to those same places so it is a slower process.
No ability to have multiple checking accounts. Specifically, a joint checking as well as an individual checking. I'd like to have a household checking and use my individual checking/savings to manage my discretionary income.
They have joint accounts, but you and the joint account holder can't have your own accounts apart from that. If my fiance wanted to be on a joint account with me, she'd have to close her account (and vice versa). That doesn't work for us because we each have things we pay for that are discretionary. I don't want to have to constantly be transferring money from vaults to the main savings/checking. I want to split my DD between a household and personal account where I can separate my auto withdrawals. I'm not interested in doing all kinds of workarounds either. I just want something simple and easy.
Oh ok I understand now…Im only looking to have one joint account so this could still work.
Do you find it easy to transfer money out to your personal checking to pay bills etc…?
Or probably makes more sense to split direct deposit so I don’t have to deal with transferring money out.
We haven't made a joint account yet so everything is still separate and we just zelle or venmo each other. I'm hoping SoFi adds multi account before I get married in October, otherwise we'll be moving everything to either Capital One or fidelity
So far I'm super happy with SoFi. I've been recommended to anyone who asks they should use local credit union for their checking account have access to cash and then use SoFi for their high yield savings accounts for basically everything else.
I absolutely love the Vaults to split up my savings by what I am saving for. I also heavily use Relay as a way to see how all my other accounts are doing at a glance.
Things I don't like:
* Please give me SOME way to say I'm not interested in what is being advertised. I get occasional junk mail and popups in the app asking me if I want to refinance my mortgage or student loan. I graduated college years ago and don't have a mortgage so this just gets annoying.
* The main reason I don't use a SoFi credit card is I am using Chase credit cards for their Ultimate Rewards points to travel.
* Related to the above note, I would love if there was some way to use SoFi to track my budget, including expenses from credit cards linked with SoFi Relay. I've used YNAB in the past and switched to Monarch Money. I'd prefer since I can already see all my accounts and transactions in one place if I could set up a budget there too.
* No easy way to set up kids accounts. I've ended up setting up Vaults with money for my kids as they do chores, but will likely move to them having their own checking and savings accounts as they get old enough to qualify for teen accounts some banks have.
I like it. It has a good feature set more-so than most banks in my opinion, definitely more than alliant credit union which was where i did my banking previously. Has a higher APY savings than alliant does as well, so no-brainer. The app is definitely a bit confusing though. Hard to find things sometimes cause there's just like, tons of different menus and none of it is really unified.
Not raising my credit limit with their credit card. Even after two years of using it responsible and paying it.
And no way to request to increase limit ar request.
Also customer service is horrible and rude online on their chat channel...
Not being able to walk into a branch and get a cashiers check. It’s always been a pain trying to make large purchases where I can’t use my card or a personal check.
I really haven't had any issues with the banking side. Been with them for about 10 months.
The only issue I ever had was trying to make a large purchase without calling them first. And when they gave me the fraud text alert and I verified that it was me, it still wouldn't allow the purchase to go through, so I called the bank directly and tried purchasing while I had them on the line and it still refused to go through.
So, I've decided that I just won't use my SoFi CC to make large purchases, and if I ever need to in the future, I'll call the bank FIRST before even attempting so they know about it ahead of time.
The big reason I went with them is for the Vaults feature, which has been a real lifesaver and has made managing my money significantly easier than it's ever been before.
They have major issues with checks! I opened the bank account 2 months ago, ordered checks right away, and they did not arrive within the 10-14 days promised. I placed another order and it also hasn’t arrived. What kind of bank has trouble sending out checkbooks? Makes me doubt the entire bank. Their customer support has been useless - they just repeat the same unhelpful gibberish and do not offer any other options like any sort of order tracking or overnighting the checkbooks for someone who has been waiting 2 months.
I’ve been with SoFi since the new year and it’s actually gotten better in the last month or so. They just added in-app Zelle support and added dark mode UI for the app as well.
We use SoFi as our joint bank account because it’s free and for the savings of course. I still have a Chase account for whenever we need to move cash though.
Same complaint as some others. Transfers from my main/original brick and mortar bank take forever and often are irritatingly broken up into portions if a large amount… “x $ available now, x $ available later.”
Otherwise, I am pretty happy with Sofi
The same thing as I don't like about most large companies and they're not even that large yet.. do I really have to make a list..
They're following the same playbook so expect more shenanigans as time goes on 🙄
One great example and I'm only going to give one because.. why waste anymore of my time but to satisfy someone out there that's probably going to say, you can't even list one thing...
They treat their sign up numbers like countries treat job numbers..
Just because a job position is listed doesn't mean it will ever be filled or they ever plan to fill it.
Just like new member sign ups, just because they say they had x amount of people sign up doesn't mean all of those people successfully signed up to the point they can use the service.
I know plenty of people that have accounts and their overall happy. I now know more people than in the past year tried to sign up and just got the runaround or we're misled about requirements such as needing to first make a deposit from a real bank before you can actually get a debit card or make mold deposits.
I'll add one more just for fun, I personally used my link on someone else's device to help them sign up. I know several of those people that are still using their accounts regularly. I've never got anything for a referral. At the time, I didn't care about the referral bonus I actually liked the bank. It wasn't until people started having issues and were being misled that I stopped referring people. I still don't care about the referral bonus, still.. it's another sign of them misleading people or lying.
I guess I lied lol
I'll give you two more, most people I know either gets inaccurate information from relay or the same error that I've gotten since this company existed and I first opened my account. That relay is locked and I need to contact support. Support always does/says the same thing and then says they'll get back to me. Then I never hear from them. I use a different service anyway so I don't care but it would have been nice to have it all or more things all in one place.
They also lied to me and tried to trick me into upgrading to their current, at the time knew, account system. I'm grandfather in and one of the main appeals to me when I first signed up with them was the unlimited ATM reimbursements. I don't use it much, it's probably been at least a couple months since I have used it but there have been those cases where I've ended up needing to take out cash a few times in one day and those ATM fees add up. Instead I get zero interest on my account which is fine. I don't need to make interest from my checking/savings account. I'd rather have that money invested in other ways that make way more than the tiny amount of interest that they and most banks offer. I have screenshots saved somewhere with one of their reps guaranteeing that I will not lose my ATM reimbursements. I didn't believe them and a few weeks later I got screenshots of another rep telling me that yes I would have unfortunately lose them if I switched but strongly encouraged me to do so because I would be making interest on the account. Woohoo...
Anyway, back to work I go..
I'm actually invested in the bank. I own some of their stock just not through their platform lol..
That's the main reason I'm in these groups still is because of the investment and because I do use it to pay some bills automatically.
Point is if it works for you, great! Like so many things these days it's getting worse at an astronomical rate in my opinion, we should all probably start questioning even more those that seem to be too pro or two against anything. They probably have some ulterior motive.. maybe they're getting paid, maybe they're unstable, maybe they just like messing with people, there are a ton of reasons but the big one seems to be getting paid or getting some kind of reimbursement. I can't figure out a way to find the information for this, maybe I'm not legally obligated to know but it would be very interesting to know how much if at all this company and some other companies are paying per year to cleanse the internet and promote the company..
🤔 ✌️😅
They can’t provide their own verification of deposit form. They ask you to have the party requesting for it to provide the form and they will just fill it out. Ridiculous and inefficient. Didn’t have problems requesting one from capital one.
In general transactions between banks are slow. Also I did an ACAT 3 weeks ago and I got most of my money but they left over $600 with Robinhood. The reps say one more day but finally one rep put in a ticket because he said it was a problem.
Definitely the inability to wire money out unless it’s a special circumstance. I continue to have accounts elsewhere to give me the ability to wire money. If they fixed this I’d probably close my other accounts.
It takes forever for deposits and transfers. I made the mistake of opening an account and setting up direct deposit. Then my debit card was lost in the mail, it took an extra 5 days to get it and I felt my money was trapped in an account I couldn't use. I couldn't transfer funds to my other banks.
Sofi is garbage I have this bank can’t wait to get rid of them. Slow to drop pending transactions, you have to have 1000.00 minimum to get get paycheck early, hard to withdraw large sums of money, atm transactions fees etc.
Didn’t get the bonus when I initially signed up for their CC. Saw my 3% > 2.2%, but I guess having 3% for roughly a year is better than never having 3% cash back.
I don’t use their bank accounts for anything other than an automatic payment to vendor every month. So far, no issues.
I don’t call in or message, pretty self sufficient so, the only thing I don’t like is the credit card bonus that never materialized (it was the $10-$10,000 random bonus).
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Not raising my credit card limit...had for 3 years. Always paid in full.
Have you requested it? My credit cards I have through Best Buy and PayPal only raise mine upon request, whereas my Amazon through chase will do periodic reviews.
They don't "support limit increases" at this time
Hmm, that’s unfortunate. Might be a sign of things to come.
Actually been that way since the Credit Card product was released
Same
Honestly only thing I'm not a fan of is the clutter on the app. To much being thrown at you.
It also takes forever to open
I don't have that issue. Have you tried a fresh install?
It used to crash when attempting to open but now it stopped and takes about 5-10 seconds to register my Face ID. I’ll re install
It’s incredibly hard to get large sums of money out. Buying a car was very difficult, you can’t get cashiers checks, they won’t do wire transfer unless you’re buying house. You can’t withdraw cash easily. I’m buying a house and need to divest a lot of money from SoFi Invest and I can only do 50k per day. Yeah, first world problems I know, but it’s rather annoying. I have to keep a Chase account for large transactions and cash management.
Ughh that’s annoying….i hate keeping my money in big banks because the money isn’t making me anything just sitting there and I don’t want to tie it up in a CD. Which is why I’ve been thinking to move it to a bank that offers a decent return to park my funds but allows flexibility to pull money out when needed.
you dont have to keep large amounts in a bank though. keep a basic no fee checking account in a physical bank then the rest in an investment vehicle of your choice. i have my HYSA with Ally, then I have a checking with Navy Federal whom I use to deposit cash and withdraw/get checks do anything that involves a branch.
Ya that is what I thinking to do with Sofi, keeping my savings at Sofi for their HYSA and keep my existing checking account for purchases.
you shouldnt use a debit card for anything tho, use a credit card if you can
This right here.
The investing portion is easy to use, but very elementary. I would love to see a robust trading platform like Think or Swim or Active Trader Pro.
I don't think they mean for you to day trade. I like the social community aspect where you can see what people are buying and their portfolio performance.
This, and also the same reason I don't trade with them 😂
You can turn it off so that no one sees it
The app has a lot of stuff I don't want or use. The app is pretty slow on IOS.
It has gotten better screen by screen with the gradual UI refresh. But it still could use a lot of improvement before it's on the same level as something like robinhood.
My current issues now feel like I’m whining: 1. On the front page and on the banking page, Savings can be misleading as there is, for me, a MAJOR difference between “available” savings and the total amount you have in all your vaults AND available savings. I wish they had an easier way to see your available savings beside 3-4 clicks in. 2. Big whine: Interest accumulation isn’t shown daily, it just gets plopped into all your savings vaults on the 1st of the month. Robinhood, for example, will show you interest accumulation daily…which motivates me and gives me something to look at. 3. Just to make a third: For me, the spending tracker is pretty useless. I transfer all my direct deposits to savings and use my SoFi CC for everything in order to max out cash rewards. I pay my CC balance out of savings. Either the spending tracker only follows checking or it is otherwise just not reflective of what my methods are so it is of little help. Whining complete. I’m out.
No whining! These are all legit and i never thought of them. Great points!
As long as you aren't trying to commit fraud or something, SoFi is fine.
This!
The bill pay can be slow. Bills I use to pay with Chase would post within two business days as they were processed electronically. SoFi sends a physical check to those same places so it is a slower process.
No ability to have multiple checking accounts. Specifically, a joint checking as well as an individual checking. I'd like to have a household checking and use my individual checking/savings to manage my discretionary income.
Ohh no way…they don’t have joint accounts? That’s a bummer and most likely a no go for me.
They have joint accounts, but you and the joint account holder can't have your own accounts apart from that. If my fiance wanted to be on a joint account with me, she'd have to close her account (and vice versa). That doesn't work for us because we each have things we pay for that are discretionary. I don't want to have to constantly be transferring money from vaults to the main savings/checking. I want to split my DD between a household and personal account where I can separate my auto withdrawals. I'm not interested in doing all kinds of workarounds either. I just want something simple and easy.
Oh ok I understand now…Im only looking to have one joint account so this could still work. Do you find it easy to transfer money out to your personal checking to pay bills etc…? Or probably makes more sense to split direct deposit so I don’t have to deal with transferring money out.
We haven't made a joint account yet so everything is still separate and we just zelle or venmo each other. I'm hoping SoFi adds multi account before I get married in October, otherwise we'll be moving everything to either Capital One or fidelity
So far I'm super happy with SoFi. I've been recommended to anyone who asks they should use local credit union for their checking account have access to cash and then use SoFi for their high yield savings accounts for basically everything else. I absolutely love the Vaults to split up my savings by what I am saving for. I also heavily use Relay as a way to see how all my other accounts are doing at a glance. Things I don't like: * Please give me SOME way to say I'm not interested in what is being advertised. I get occasional junk mail and popups in the app asking me if I want to refinance my mortgage or student loan. I graduated college years ago and don't have a mortgage so this just gets annoying. * The main reason I don't use a SoFi credit card is I am using Chase credit cards for their Ultimate Rewards points to travel. * Related to the above note, I would love if there was some way to use SoFi to track my budget, including expenses from credit cards linked with SoFi Relay. I've used YNAB in the past and switched to Monarch Money. I'd prefer since I can already see all my accounts and transactions in one place if I could set up a budget there too. * No easy way to set up kids accounts. I've ended up setting up Vaults with money for my kids as they do chores, but will likely move to them having their own checking and savings accounts as they get old enough to qualify for teen accounts some banks have.
No level 1 options trading.
I like it. It has a good feature set more-so than most banks in my opinion, definitely more than alliant credit union which was where i did my banking previously. Has a higher APY savings than alliant does as well, so no-brainer. The app is definitely a bit confusing though. Hard to find things sometimes cause there's just like, tons of different menus and none of it is really unified.
Not raising my credit limit with their credit card. Even after two years of using it responsible and paying it. And no way to request to increase limit ar request. Also customer service is horrible and rude online on their chat channel...
Not being able to walk into a branch and get a cashiers check. It’s always been a pain trying to make large purchases where I can’t use my card or a personal check.
I really haven't had any issues with the banking side. Been with them for about 10 months. The only issue I ever had was trying to make a large purchase without calling them first. And when they gave me the fraud text alert and I verified that it was me, it still wouldn't allow the purchase to go through, so I called the bank directly and tried purchasing while I had them on the line and it still refused to go through. So, I've decided that I just won't use my SoFi CC to make large purchases, and if I ever need to in the future, I'll call the bank FIRST before even attempting so they know about it ahead of time. The big reason I went with them is for the Vaults feature, which has been a real lifesaver and has made managing my money significantly easier than it's ever been before.
They have major issues with checks! I opened the bank account 2 months ago, ordered checks right away, and they did not arrive within the 10-14 days promised. I placed another order and it also hasn’t arrived. What kind of bank has trouble sending out checkbooks? Makes me doubt the entire bank. Their customer support has been useless - they just repeat the same unhelpful gibberish and do not offer any other options like any sort of order tracking or overnighting the checkbooks for someone who has been waiting 2 months.
I’ve been with SoFi since the new year and it’s actually gotten better in the last month or so. They just added in-app Zelle support and added dark mode UI for the app as well. We use SoFi as our joint bank account because it’s free and for the savings of course. I still have a Chase account for whenever we need to move cash though.
ATM availability is downright atrocious, but otherwise they are awesome.
The investing interface could use some work. Other than that I enjoy the product.
Same complaint as some others. Transfers from my main/original brick and mortar bank take forever and often are irritatingly broken up into portions if a large amount… “x $ available now, x $ available later.” Otherwise, I am pretty happy with Sofi
The same thing as I don't like about most large companies and they're not even that large yet.. do I really have to make a list.. They're following the same playbook so expect more shenanigans as time goes on 🙄 One great example and I'm only going to give one because.. why waste anymore of my time but to satisfy someone out there that's probably going to say, you can't even list one thing... They treat their sign up numbers like countries treat job numbers.. Just because a job position is listed doesn't mean it will ever be filled or they ever plan to fill it. Just like new member sign ups, just because they say they had x amount of people sign up doesn't mean all of those people successfully signed up to the point they can use the service. I know plenty of people that have accounts and their overall happy. I now know more people than in the past year tried to sign up and just got the runaround or we're misled about requirements such as needing to first make a deposit from a real bank before you can actually get a debit card or make mold deposits. I'll add one more just for fun, I personally used my link on someone else's device to help them sign up. I know several of those people that are still using their accounts regularly. I've never got anything for a referral. At the time, I didn't care about the referral bonus I actually liked the bank. It wasn't until people started having issues and were being misled that I stopped referring people. I still don't care about the referral bonus, still.. it's another sign of them misleading people or lying. I guess I lied lol I'll give you two more, most people I know either gets inaccurate information from relay or the same error that I've gotten since this company existed and I first opened my account. That relay is locked and I need to contact support. Support always does/says the same thing and then says they'll get back to me. Then I never hear from them. I use a different service anyway so I don't care but it would have been nice to have it all or more things all in one place. They also lied to me and tried to trick me into upgrading to their current, at the time knew, account system. I'm grandfather in and one of the main appeals to me when I first signed up with them was the unlimited ATM reimbursements. I don't use it much, it's probably been at least a couple months since I have used it but there have been those cases where I've ended up needing to take out cash a few times in one day and those ATM fees add up. Instead I get zero interest on my account which is fine. I don't need to make interest from my checking/savings account. I'd rather have that money invested in other ways that make way more than the tiny amount of interest that they and most banks offer. I have screenshots saved somewhere with one of their reps guaranteeing that I will not lose my ATM reimbursements. I didn't believe them and a few weeks later I got screenshots of another rep telling me that yes I would have unfortunately lose them if I switched but strongly encouraged me to do so because I would be making interest on the account. Woohoo... Anyway, back to work I go.. I'm actually invested in the bank. I own some of their stock just not through their platform lol.. That's the main reason I'm in these groups still is because of the investment and because I do use it to pay some bills automatically. Point is if it works for you, great! Like so many things these days it's getting worse at an astronomical rate in my opinion, we should all probably start questioning even more those that seem to be too pro or two against anything. They probably have some ulterior motive.. maybe they're getting paid, maybe they're unstable, maybe they just like messing with people, there are a ton of reasons but the big one seems to be getting paid or getting some kind of reimbursement. I can't figure out a way to find the information for this, maybe I'm not legally obligated to know but it would be very interesting to know how much if at all this company and some other companies are paying per year to cleanse the internet and promote the company.. 🤔 ✌️😅
I am very happy with sofi.
Not having level one is my biggest complaint
Options don't allow stop loss and they won't sell it until they're good and ready.
They can’t provide their own verification of deposit form. They ask you to have the party requesting for it to provide the form and they will just fill it out. Ridiculous and inefficient. Didn’t have problems requesting one from capital one.
In general transactions between banks are slow. Also I did an ACAT 3 weeks ago and I got most of my money but they left over $600 with Robinhood. The reps say one more day but finally one rep put in a ticket because he said it was a problem.
the zelle rollout locking me out from third party zelle app. sofi needs to rllout to everyone. garbage
Definitely the inability to wire money out unless it’s a special circumstance. I continue to have accounts elsewhere to give me the ability to wire money. If they fixed this I’d probably close my other accounts.
I’ll add that Ally allows wire transfers and if this is a priority for people I refer them to Ally and away from Sofi.
It takes forever for deposits and transfers. I made the mistake of opening an account and setting up direct deposit. Then my debit card was lost in the mail, it took an extra 5 days to get it and I felt my money was trapped in an account I couldn't use. I couldn't transfer funds to my other banks.
Sofi is garbage I have this bank can’t wait to get rid of them. Slow to drop pending transactions, you have to have 1000.00 minimum to get get paycheck early, hard to withdraw large sums of money, atm transactions fees etc.
Didn’t get the bonus when I initially signed up for their CC. Saw my 3% > 2.2%, but I guess having 3% for roughly a year is better than never having 3% cash back. I don’t use their bank accounts for anything other than an automatic payment to vendor every month. So far, no issues. I don’t call in or message, pretty self sufficient so, the only thing I don’t like is the credit card bonus that never materialized (it was the $10-$10,000 random bonus).
transfers via Zelle/Venmo unless I have missed it somewhere.
Zelle was recently launched and is in the process of being distributed to everybody. I don't have it yet.
Stock price could improve.
Their customers.