Consumer complaint received 2024-04-17
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: SOFI TECHNOLOGIES, INC. (AZ)

In XXXX of this year, I participated in a limited-time {$300.00} bonus offer from SoFi Bank . The offer 's terms required SoFi to receive at least one ( 1 ) Direct Deposit of at least {$5000.00} during the Bonus Period. The terms go on to define " Direct Deposit '' as follows : <br><br> " Direct Deposits are defined as deposits of {$1000.00} or greater from an enrolled members employer, payroll, benefits provider, or government agency via ACH deposit. '' XXXX As per the terms, I made a {$5000.00} ACH deposit from TreasuryDirect.gov ( confirmed as a Government Agency at https : //www.usa.gov/agency-index/t # T ). I received confirmation from SoFi that the ACH was received by them on XX/XX/year>. According to the terms of the offer, the bonus should have been credited to my account on or before XX/XX/XXXX ( or, within 32 days of receipt of the depositwithin 7 days of the 25 day Bonus Period ). 
XXXX When I did not receive the bonus as per the terms, I contacted SoFi by online chat on XX/XX/XXXX. I was told that the bonus didn't post because, " ... it has been sent with incorrect coding. Therefore our system has not fully recognized this transaction as a direct deposit. '' The representative therefore created a " coding issue '' ticket, and told me I would be contacted " in the next business days ''. 
XXXX XXXX days later on XX/XX/XXXX, I contacted them again by chat as I had not received any response. I was told the issue was still under review and could take two statement cycles to be resolved. I therefore followed this up with a phone call on XX/XX/XXXX, but was again told it was still under review and that I should get a response by XX/XX/XXXX. Again, I received no response by the XXXX, and called again on XX/XX/XXXX when I was told that the bonus was denied. I asked why, and the representative said he didn't know as the back-office did not provide that information. 
XXXX I called SoFi again the next day ( XX/XX/XXXX ) and spoke with an Account Manager. After once again describing my issue, she asked if the deposit was from a pension or payroll. I told her no, the deposit was from a government agency. I then directed her to the Direct Deposit definition ( above ) and she was initially in agreement with me, saying, " Yeah, you are correct ... '' and " Yeah ... I do see here what you are talking about ... '' I then was placed on hold multiple times as the Account Manager consulted with others at SoFi. She eventually returned to the call and gave a very meek response : " The Treasury, it doesn't fall under, like, the government entity per see... it just comes in like a regular deposit ''. I explained to her that what she described was a coding issue that SoFi needs to address ; however, the fact remains that Treasury Direct is undeniably a government agency, and irrespective of SoFi 's coding issues, I had met all terms of the bonus. 
XXXX In addition to unjustifiably denying the bonus, SoFi refused ( after multiple requests by me ) to provide their reasoning for the denial in writing. 
XXXX -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - Attachments : ( XXXX ) Bonus terms and conditions ; ( XXXX ) Treasury Direct ACH confirmation to SoFi Bank XXXX ( Note that the quotes provided above are from audio recordings I made with the SoFi representatives and can be made available as necessary. )