Consumer complaint received 2026-03-23 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: SOFI TECHNOLOGIES, INC.
State: NY

Complaint narrative:
CONSUMER BEWARE!!! I have been banking with Sofi for over XXXX XXXX now and am completely unsatisfied for reasons listed below. 1. Consumers should know that it is not a completely free checking account as one is made to believe. - If you want to deposit cash ; you need to do it through a 3rd party retailer ; I.e. XXXXXXXX XXXX XXXX {$6.00} to DEPOSIT money into your account every time. 2. If your employer is not big enough to offer direct deposit ; you will need to deposit via photos through the app. - 0 % of the check is made available upon deposit. - They state it may take XXXX business days for funds to be available. They will " hold '' your funds. You will see the funds in your account in the full balance but the " hold '' prevents it from being in the available balance. I confirmed through my employer that funds were deducted from his account from Sofi. Sofi kept my funds in hold for XXXX hours which they claimed was a fraud prevention measure. -- -- Seems more along the lines of fraud for profit that Sofi is dancing on. If Sofi " held '' {$500.00} from XXXX people ; that would be {$50.00} XXXX dollars in " holding '' for XXXX hours ; they would earn {>= $1,000,000} in interest in just a simply basic savings account in XXXX hours that is theirs and no one else can claim. - My paycheck ; from the same employer ; from the same business bank account was deposited first thing this morning on XX/XX/XXXX and will not be available until XX/XX/XXXX in an account that is seasoned over a year and multiple checks have been received and cleared from the same source already. 3. If you want to speak to a live human ; good luck and hope you don't go on the " wild goose chase '' for hours. 4. The atm 's you must use are not atm 's within banks. You must use the portable atm 's at XXXX, retailers, etc.. The ones that pose the most risk of encountering card readers that record your information for the purpose of identity theft as these atm 's are not watched ; usually placed towards the back of store ; and easily accessible for would-be identity thieves to install card reading equipment. I thought Sofi was suppose to be a technologically advanced company. So you would think they would be ahead of the curve on mobile depositing. The major banks like XXXX, XXXX XXXX, XXXX, and XXXX XXXX are years ahead of SoFi in this category. Needing a full week to clear a paycheck in an account that has been open for an extended period of time is unacceptable. Especially when this is no where near the the first paycheck from the same source. Save yourself the aggravation that I am going through and stick to traditional banking. One where you can walk into a brick and mortar building and speak to a human. Sofi needs to Stop playing with people 's money. Unless an account has just been recently opened or it is the first time depositing a check from any one source ; Do Not use " fraud prevention '' as a cover excuse to hold peoples money so you can collect interest and make money at their expense. Once Sofi has deducted and received funds from the source of a check ; funds should be made available immediately and not kept in holding for up to 7 days ( including weekend ) ; especially being that no percentage of the check is made available upon the initial deposit.

Company response to consumer: Closed with explanation