SoFi - Banking and Investing Reviews

Very slow

Borstar333

Everything is slow. Deposits take 5 days, only $500 instant deposit and it’s a margin call. There isn’t an instant deposit from the SoFi checking account! They need to step it up.

Bonuses

LordKDog

would be five stars but im still waiting on my bonuses that said they were available but i still dont see them anywhere on the app

I used to love the app but now transferring money between vaults is more difficult and I can’t see how much money is in the vault while I’m transferring. Not sure when this happened specifically but the app has gotten significantly less user friendly. Tried to click app support but it took me to a page that doesn’t exist so I’m not sure where else to send this. Would love to give it 5 stars if I could get the old interface back

Great money options. Bad for stocks.

Jamesdusoleil

I initially got the account for the great deal with SoFi money. Then I decided to get some extra in there and try out SoFi investing. I like the first part, not a fan of the investing. It’s very basic. Like very basic. Your normal stock purchase and selling rules are non-existent. You just tell it to purchase. Not when to purchase. No thresholds. And it will just purchase it for you whenever it’s convenient for the app. My last purchase was in the morning and it didn’t put in my order until about 4pm-ish. The price had jumped since my order was put in and it charges the shelf price for when it purchase the stock. Not when the order was put in. So for me I lost out on money because the delay in the purchase. Do not use this app for day trades or even week trades. It’s only useful for long term investing. A month maybe. Because if you are after buying and selling, cashing in on penny’s...then you gonna have a bad time.

What is that mean?

kala sha

Your account is frozen. We apologize for the inconvenience, we are monitoring your account for your protection. Please email us for more information.

Surprisingly good

jorbitz25

I was hesitant to switch to an online bank with no physical locations for obvious reasons, but I had to do something since my bank (First Citizens) kept ripping me off. Like a lot of physical banks, they started resorting to tricks to get you to overdraft (this is where traditional banks make over a third of their revenue). They would put my mobile banking statement on a lag that they claimed they had no control of so that I never knew my correct balance. They processed payments in an order that maximized overdraft occurrences, etc. In one year alone I paid $450 in overdraft fees. When I would complain about it, they’d play dumb and say they didn’t know what I was talking about, that they can’t control when payments are processed, etc. and then suggest I balance a checkbook to keep track of my debit card purchases. Flash forward a year after switching to SoFi: I have overdrafted only one time in over a year (I made a mistake and it was totally my fault). Keep in mind my ha it’s haven’t changed. Only my bank. My mobile bank statements are updated in real time and my payments are processed ASAP, leaving an accurate and reliable record of my balance at all times (impossible, according to my previous bank.) Since SoFi doesn’t require the overhead that running physical locations requires, they don’t have to nickel and dime their customers like traditional banks do. That alone has been a huge game changer. I also like not having to have a savings account. SoFi also gives you a much better interest rate on your checking account than most traditional banks give in their savings accounts. So that’s awesome. Last but not least, I thought not having access to a physical bank/ atm/ etc was going to be much more of a hassle than it has been. After a year, I’ve found that only to be a problem a few times and even then it wasn’t that bad. I just use cash back at the cash register to get a few 20’s. For the most part, we’ve become a cashless consumer economy. There are very few cash-only businesses left and most things from tipping to parking to vending machines can all be done with a card now. Mobile check deposit is also super easy through the app. So that’s not a problem either. In fact, it’s easier than going to the bank. I don’t normally write reviews, but I thought this one was worth taking the time to do. If you’re considering opening SoFi account, I strongly encourage you to do so. I am happy I did.

SoFi - Banking and Investing Reviews – Page 6

Hello

Very slow

Bonuses

Update?

Great money options. Bad for stocks.

What is that mean?

Surprisingly good

Investing side is poorly executed

Deposits

Chat option