Consumer complaint received 2025-07-06 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Other service problem — 
Company: SOFI TECHNOLOGIES, INC.
State: IN

Complaint narrative:
I am filing this complaint against SoFi Technologies , Inc. ( specifically SoFi XXXX XXXX ) due to a relentless and escalating pattern of predatory fee practices, deceptive conduct, and operational failures that have trapped my funds and severely eroded trust. SoFi has fundamentally betrayed its initial promise as a modern, low-fee digital bank, transforming into an exploitative " hellhole. '' This egregious behavior began in XX/XX/XXXX. On XX/XX/XXXX, SoFi unilaterally announced a new 0.25 % annual advisory fee for my Traditional IRA robo-advisor, effective XX/XX/XXXX. This account was explicitly promoted and opened as a " no fee account '' during the pandemic. SoFi provided a mere 12-day opt-out window ( until XX/XX/XXXXXXXX  ), strategically placed right in the middle of the XXXX and holiday season. This was a willful and concerted effort to push through fee changes when consumers were least likely to respond. To opt out, a " XXXX XXXX' company forced me into a clunky, multi-page XXXX XXXX  to sign, a truly ridiculous and obstructive hurdle. As a XXXX XXXX, I know building an online opt-out form is trivial for a company with SoFi 's resources ; this was not a mistake, but a deliberate effort to hinder consumers. I endured multiple hurdles just to submit this form on XX/XX/XXXX. 
The situation has now escalated dramatically. On XX/XX/XXXX, I attempted to withdraw my investments from SoFi due to their constant lies and fee increases. I planned a 60-day rollover for my Roth IRA to avoid a substantial ACAT fee. However, SoFi has now imposed a new, undisclosed fee to simply close an account, which represents a 500 % overnight increase from what it was just last month. There was zero warning in the app about this exorbitant charge. This means transferring my Roth IRA now costs a significant amount via rollover, or double that via XXXX. For my other investment account, this new closing fee is equally outrageous, costing far more than the account 's actual value. In total, moving both my accounts now requires hundreds of dollars in punitive exit fees. 
Compounding this extortion, SoFi is presenting constant account linking issues, actively preventing the transfer of my funds. My money is effectively trapped within their system. 
SoFi 's actions are a calculated move. They openly rely on 50 % of their revenue to come from fees, a stark contrast to their original " modern, low-fee bank '' promise. Since their IPO payday, they have become one of the scummiest, most terrible companies on the planet. They are making it near impossible to escape their " hellhole, '' forcing customers into a situation where " you can't XXXX without a fee. '' This is the most predatory company I have ever seen in my life. 
I have already filed complaints with the Indiana Attorney General, XXXX, and the SEC. I am now escalating to the CFPB because SoFi 's practices are a clear violation of consumer protection principles.

Company response to consumer: Closed with explanation