Consumer complaint received 2024-07-30
Product: Checking or savings account — Checking account
Issue: Opening an account — Didn't receive terms that were advertised
Company: SOFI TECHNOLOGIES, INC. (WI)

On XX/XX/XXXX, I opened an account to take advantage of the SoFi promotion offering a {$300.00} bank account bonus in exchange for setting up direct deposit. SoFi never paid the bonus. 

When I contacted chat customer service on XX/XX/XXXX, the reason XXXX gave for refusing payment was : " Based on the requirements it supposed to be Direct deposit. What you instructed them is to deposit funds for specific time. And i think you receive your real direct deposit using your external bank. '' The above response is unintelligible. The timing or amount of a deposit does not impact whether it is a direct deposit or not. The direct deposits made were real, not fake. SoFi has not taken any steps to freeze my account or retract deposits because of fraudulent activity. I requested a supervisor and the agent replied that there is no chat supervisor. 

At the time I registered for the account, I saved SoFi 's complete terms and conditions to receive the bonus. Below, I will explain in bullet point format how I have met the numerous requirements. 

* '' XXXX up direct deposit. Many employers allow you to personally change your direct deposit settings by inputting your account and routing numbers in their HR portal '' : I set the XXXX account up for direct deposit with my employer. 

* '' Eligible direct deposits are the electronic deposits of your paycheck, pension or government payments ( e.g., Social Security ) from your employer, benefits provider, or the government '' : The direct deposits were electronic deposits of paycheck payments from my employer. 

* '' Wait for your direct deposit to hit your account '' : The direct deposits were credited to the account. 

* '' The Direct Deposit Promotion will begin on XX/XX/XXXX at XXXX ET and end on XX/XX/XXXX at XXXX XXXX. In order to qualify for eligibility for a bonus, SoFi must receive at least XXXX Direct Deposit ( as defined below ) from an Eligible Participant, the first of which must be before the end of the Promotion Period '' : SoFi received at least XXXX direct deposit as defined from an eligible participant. Both direct deposits were within the promotion period. 

* '' Direct Deposit means a recurring deposit of regular income to an account holders SoFi Checking or Savings account, including payroll, pension, or government benefit payments ( e.g., Social Security ), made by the account holders employer, payroll or benefits provider or government agency ( Direct Deposit ) via the XXXX XXXX House ( ACH ) Network '' : The direct deposits received by XXXX were recurring, were regular income, were payroll payments, were made by an employer, and were made by a payroll service through the XXXX network. 

* '' Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers ( e.g., transfers from XXXX, XXXX, XXXX. ), merchant transactions ( e.g., transactions from XXXX, XXXX, XXXX, etc. ), and bank XXXX funds transfers and wire transfers from external accounts, or are non-recurring in nature ( e.g. IRS tax refunds ), do not constitute XXXX XXXX activity '' : The XXXX direct deposits were from an employer and did not involve check deposits, XXXX transfers XXXX merchant transactions, external bank fund/wire transfers, or non-recurring transactions. 

* '' The amount of the bonus, if any, will be calculated during the XXXX XXXX Bonus Period as described and defined below. 
{$1.00} - {$990.00} {$0.00} {$1000.00} - {$4900.00} {$50.00} {$5000.00} or more {$300.00} '' : Total direct deposits were {$5000.00}, corresponding with the {$300.00} bonus amount. 

* '' Youll receive your payout within XXXX business days following the XXXX period '' : I never received the payout, which should have been received no later than XX/XX/XXXX. 

I reached out to SoFi in a friendly manner regarding this issue, but the customer service response I received was factually incorrect and rude. If I am unable to satisfactorily resolve this complaint through CFPB, my subsequent steps will be to file a complaint under the Wisconsin XXXX XXXX with the Wisconsin Department XXXX XXXX XXXX, and if still necessary, pursue additional regulatory and legal action. 

Lastly, I would like to note that my case is not isolated. This is not the first time SoFi has either failed completely to pay a direct deposit bonus or strung customers along for an inordinate amount of time through customer service trouble tickets and supervisors before finally depositing bonuses well outside the agreed upon timeframe. SoFi is demonstrating a repeated pattern of misbehavior. The following social media links are representative : " SoFi does not give the direct deposit bonus after all requirements are met '' : https : XXXX " This bank is not promising '' : https : XXXX " Watch out for this to get your {$250.00} Direct Deposit Bonus '' : https : XXXX " Cant Get {$250.00} Direct Deposit Bonus '' : https : XXXX " Bonus not paid '' : https : XXXX