Consumer complaint received 2022-06-22
Company: Social Finance, Inc.
State: IL
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
I opened a SOFI checking account on XX/XX/22 to take advantage of the {$300.00} account opening bonus for completing a direct deposit of $ XXXX. The first $ XXXX direct deposit occurred on XX/XX/22 and per the terms and conditions the {$300.00} bonus would be paid out within 14 business days or XX/XX/22. As of XX/XX/22, the bonus had yet to be paid out. Additionally, SOFI was having a subsequent account referral bonus promotion occurring where if a family member or friend opened a SOFI checking account and deposited at least {$10.00} within 5 days, they would receive a {$25.00} bonus and the person who referred the new account owner would receive {$50.00} within 10 business days. I emailed my wife my referral link on XX/XX/22 and she opened her account the same day using my referral link and deposited {$10.00} into the new account. As of XX/XX/22, no referral bonuses have been received by the account holders. On XX/XX/22, I emailed SOFI customer service to inquire about all 3 bonuses and I received a response stating the {$300.00} bonus would be paid within 2 weeks and there was no record of a referral link being used. I responded to SOFI 's response but never received a response. I sent a follow-up email to SOFI on XX/XX/22 and as of XX/XX/22 have not received a response. I called SOFI customer service on XX/XX/22 to check the status of all 3 bonuses at XXXX XXXX CT, and an exception request was submitted for the {$300.00} bonus after the customer service agent stated that sometimes SOFI 's waits 30 days to send the bonus even though their Terms and Conditions state it will be paid within 14 business days. After rectifying the {$300.00} bonus, I inquired about the referral bonus status. I was again told there is no record of my referral link being used even though I have a record of emailing my link to my wife and watching her open the account with my referral link. After I explained this to the SOFI customer service representative, she stated that SOFI recently went through a system update to fix a " glitch or a bug '' in the system so the referral links would now work and their systems would recognize when the referral links are being used. She also stated it is likely the known bug existed when I sent the referral link to my wife and other customers experienced this issue. When I explained my UDAAP concerns and asked to open a formal complaint, I requested my call be escalated to a manager. I was transferred to a XXXX XXXX who stated this was a known issue and he received similar complaints from customers, but there was nothing he could do per the Terms and Conditions. I asked to escalate to another manager, but he said there was no one else to escalate to. I finished my call at XXXX XXXX  CT after explaining I would file a complaint with the CFPB. My concern is that this is a known issue with SOFI and their are using deceptive acts to have customers open accounts and are not meeting the terms of the referral bonus because of a bug in their systems. Their Terms and Conditions should be considered null and void after I met the conditions of the referral bonus but their system glitch prevents SOFI from recognizing the referral link was used. I look forward to a resolution or participation in any class action lawsuit.

Company response to consumer: Closed with explanation