Consumer complaint received 2024-10-05 00:00:00
Product: Checking or savings account — Checking account
Issue: Opening an account — Didn't receive terms that were advertised
Company: SOFI TECHNOLOGIES, INC.
State: NY

Complaint narrative:
Request for getting a correct amount of Bonus Offer on Checking Account. I am writing to address an issue regarding the bonus offer associated with my application for a checking account at Sofi Bank. On XX/XX/XXXX, I successfully had an application approved for a new XXXX Sofi XXXX account ( account ending in XXXX ). Adhering meticulously to the bonus offer requirements outlined by Sofi bank, including fulfillment the condition of having direct deposits ( I received total of XXXX $ in payroll payments within 25 days qualification period XX/XX/XXXX to XX/XX/XXXX ), I eagerly anticipated the promised bonus offer of {$300.00}. However, despite my adherence to these stipulations, the bonus offer was not disbursed to me by XX/XX/year>. In an attempt to resolve this matter, I contacted the Sofi bank customer support service. I was informed that I was deemed ineligible due to the circumstances surrounding the qualification period that started from the date of receiving first deposit from wealthfront bank, which posted on XX/XX/XXXX. 
XXXX is my external individual checking account. I requested an initial deposit of XXXX $ at the time of my application for new Sofi account.

It is specified in the Sofi 's Terms and Conditions that qualification period will start from the first direct deposit. 

// Direct Deposit Bonus Period : The Direct Deposit Bonus Period begins when SoFi receives a Direct Deposit of {$1.00} or more within the Promotion Period and ends XXXX calendar days later ( the Direct Deposit Bonus Period ). // It also says that bank to bank transfer are not considered to be a direct deposit. 

//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 Automated Clearing House ( ACH ) 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 Direct Deposit activity. // Thus starting my qualification period on XX/XX/XXXX ( the day my initial deposit of XXXX $ from external bank ) is a violation of Sofi 's Terms and Conditions. 

I met requirements according to Sofi. I received first direct deposit on XX/XX/XXXX and then deposited XXXX $ within 25 days by XX/XX/XXXX. 

It also contradicts to common sense. Because how could I possibly initiate direct deposit to myself in the amount of XXXX $ during my application process on the Sofi app? Direct deposit is something that only employer or government agent can set in their system. 

The Sofi agent opened the investigation and confirmed that XXXX $ initial deposit came from an external bank. It was coded incorrectly. 

Sofi support team agents have been many times confirming that it was an error to start my qualification period from the date of external deposit instead of starting it from a first payroll payment. 

After Sofi admitted the fact that coding was erroneous I finally could see sofi posted direct deposit bonus dated XX/XX/XXXX. However the amount of bonus was XXXX $ instead of promised XXXX XXXX 

I once again made attempts to resolve a new issue of posting wrong amount of bonus with Sofi support team. All attempts was unsuccessful. 

Sofi had many times confirmed that my qualification period must start from first payroll payment and they are also confirming that receiving XXXX $ within 25 days qualify me for XXXX $ amount of bonus, not XXXX XXXX They are also admitting that starting my qualification period from the date of external bank to bank transfer was processed is contradictory to Sofi 's Terms and Conditions and it only happened due to erroneous coding of the transaction. 
Yet, I still have not received expected XXXX $ bonus. 

I requested Sofi many times to please investigate why this has happened and if the correct amount of bonus can be issued to me. But despite my earnest efforts, subsequent attempts to speak to customer representatives yielded no resolution, as I was unable to meet with a higher representative who could address my concerns. In light of the aforementioned circumstances, I kindly request a thorough review of my eligibility for the bonus offer associated with my checking account. 

Attached for your reference are the bonus offer requirements as outlined on the Sofi 's Bank website. 

Attached my Sofi bank statement that shows the first direct deposit received on XX/XX/XXXX and subsequent payroll payments totalling in XXXX $ within 25 days qualification period, that ended on XX/XX/XXXX.

Company response to consumer: Closed with explanation