A financial company called SoFi started offering a Cash Management account with a 2.25% APR. There didn’t seem to be a catch or many unreasonable fees. So we opened a new SoFi Money account with them and moved some money.
Everything was uneventful until the day they decided to freeze access to my funds. I got an email saying they would need almost half a month to complete their investigation. I assumed a call to customer service should sort things out. But I was so wrong. Not only was the frontline customer service clueless as to why the account was frozen, they had no idea how to restore access to my funds. I called them multiple times in a single day and each time the call ended with a promise that someone from the Security team would get back to me before the day ended.
But nothing happened. I still don’t have access to my deposited funds. I emailed the CEO firstname.lastname@example.org but to no avail. No one in the company had any answer to when and how I would get access to my money.
I have had experiences with other cash management accounts and so I know how they work. But SoFi showed that they had no system in place for any sort of customer service. Their security team was AWOL. Not only no one from that team ever called me, their customer service team was itself unable to reach them. And this is a team that should be highly available in case of any security issues with funds or transactions!
I should have read the barely two star reviews for SoFi on BBB before opening the account. But it is too late now. I filed complaints with my state’s ATG, FIDC and FINRA (since funds are actually managed by SoFi Securities LLC) in case I don’t get access to my money. Needless to say, I will be closing my account as soon as my get my money back.
Bottom line is, if you don’t want to lose access to your money, don’t open a SoFi Money account.
UPDATE: 3 days later they closed my account without any explanation or intimation. I am still waiting for my funds.