Consumer complaint received 2022-07-13
Company: Social Finance, Inc.
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
On XX/XX/XXXX I opened a checking and savings account with Sofi after seeing several banners for a promotion to receive {$300.00} with a new account. The terms required a direct deposit of {$5000.00}. On XX/XX/XXXX I received a direct deposit of {$5000.00}. I met the terms but have not received the {$300.00} bonys. 


I chatted with a human on XX/XX/XXXX to inquire about the bonus. The representative stated that I did not quailfy for the bonus. I asked where I could send my screenshot of the terms and he said it wasn't possible to email them in. He said he would create a complaint. The rep stated that I am not eligible because I had held a SoFi money account. I did have a money account and I closed it on XX/XX/XXXX. I am attaching a screenshot of my statment and {$0.00} balance from XX/XX/XXXX. I never upgraded my account, I drained the balance to {$0.00} and closed the account. On XX/XX/XXXX I had a promotion on my account to open checking for a {$300.00} bonus. I am attaching the statement showing that it is a new account, with a different account number than my old account. It shows the opening deposit of {$25.00} on XX/XX/XXXX and subsequent deposits. I'm also attaching a screenshot showing all transactions including direct deposit. 


The tems from the promotion when I applied were : The following describes the terms that apply to participation in the SoFi the SoFi Checking and Savings direct deposit program ( Program ) offered by SoFi Bank, XXXX Member FDIC ( SoFi ). Eligible Participants : All new members who open a SoFi Checking and Savings account during the Promotion Period and all existing SoFi Checkings and Savings customers who have not previously set up Direct Deposit transactions ( Direct Deposit ) into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program. Promotion Period : The Program will be available from XX/XX/XXXX XXXX ET to XX/XX/XXXX XXXX ET. Bonus Terms : In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period. Qualifying Direct Deposits are defined as deposits from enrolled members employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer ( such as check deposits ; P2P transfers such as from XXXX or XXXX, etc. ; merchant transactions such as from XXXX, XXXX, XXXX, etc. ; and bank ACH transfers not from employers ) do not qualify for this promotion. The amount of the bonus, if any, is described below. No bonuses shall be paid for qualifying Direct Deposits of less than {$1000.00} during the Evaluation Period ( defined below ). Evaluation Period : The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. The Evaluation Period is defined as 30 days from the date your first Qualifying Direct Deposit is received. For example, if you receive $ XXXX {$1900.00} in Qualifying Direct Deposits in the Evaluation Period, you will receive a cash bonus of {$50.00}. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period. 


I am aware that the bonus SUBSEQUENT to my account opening changed to exclude former money account owners, but at the time of my account opening that was in the terms. I will include the screenshots. I would appreciate SoFi paying the {$300.00} bonus that they targeted me for and for which I have met the terns.

Company response to consumer: Closed with explanation