They will exclusively invest in Vanguard developing markets, traditional Vanguard stock ETF, but they will invest in Sofi ETFs also which sometimes but not always outperform Vanguard. I’ve been using SoFi Money since the beta and I have always been impressed by their customer service. :), New comments cannot be posted and votes cannot be cast. Fees are low, and annual percentage yields tend to be higher than average, even amongst online banks. In this review, we tested the Individual Investment Account called Automated Investing. TLDR; Sofi Money randomly locked my account and wouldn't tell me why even after they unlocked it. SoFi appears to be the complete banking solution that I have been seeking. Also refused to let me close my account until the security review was done. Type of Entity: Corporation You can change your risk profile which in turn changed the allocation between stocks and bonds in 20% increments.. Swipe, buy, done. - End of day (Day 4): get an email thanking me for emailing the CEO and confirmed my account was unlocked. I tried depositing a check that I wrote in my business name into my personal SoFi account and it was declined without explanation. Transfer to SoFi Invest? Fees. Sofi is polite, responsive, and very attentive to details, so custom requests are the best way to go to get the most from this page, well worth the custom video. SoFi sent the check to pay off my student loan to the wrong address, and didn't fix the problem even after I called SoFi to make sure they were sending it to the right address. Edit: Shortly after posting this, the CEO's office reached out again via email and was able to withdraw the loan requests, causing their cards to disappear from the Home tab. Money - I can agree it took a while, about a week, but otherwise everything has been what I expected. I also tested to see if my account was indeed restricted just in case the email was just accidentally sent, and confirmed anything I tried to do would just error out telling me to contact support. I operate a single-member LLC for my real estate investments/property management, and I would love to ditch my brick & mortar. Cannot transfer in/out, cannot withdraw or deposit, basically can't do anything. Automated investing works as you would expect. Sofi locked my account with over $2500 in my auto invest account over a month ago I wasn't notified. I wasn't able to take the call from the CEOs office at the time, but responded when I would be available and to please call me back so we could talk. SoFi Refinance Review. I've been recommending SoFi to all of my friends and will continue to do so. Asked if this was a mistake? When transferring from a service like PayPal into SoFi Money, the funds are available in 1 day typically. 4.4. Press question mark to learn the rest of the keyboard shortcuts. Content is delivered quickly, and was beyond the quality I asked for, very impressed. I've tried out the instant ATM reimbursement features too. Again no info and didn't bother to ask to be transferred this time since I didn't feel like getting yelled at again, but they obviously knew who I was considering phone person let slip that "like they mentioned in my social media post" it would take 7-10 business days. Keep up the great work! In this video I review and give a tutorial on how to use SoFi Invest. My experience with SoFi has been nothing short of stellar. 4.4. First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Reply. Title should read: SoFi Money & Invest - A Review. The UI for buying and selling is quick and easy to use. When it comes to student loan refinancing, there’s a lot to learn and we can help with our SoFi refinance review. None of which should flag as unusual or illegal. I asked for a reason why it was locked in first place. maybe?). Updated Jan 7, … I'd like to see this option given to the end user. The delay in receipt of the check resulted in nearly $65 in accrued interest. The idea here would be that SoFi functions like Motif or M1. The unofficial subreddit of SoFi: Get Your Money Right. High-interest rates, quality products, investment options with no fees (e.g. card classic compact. It looks like Stock and ETFs only? Customer support is everything when dealing with people's money and SoFi has some work to do. Log In Sign Up. The unofficial subreddit of SoFi: Get Your Money Right. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. In this review, we tested SoFi Invest active investing. As you fill up the account, SoFi would show your % complete towards the goal. Rep also said I would not be receiving any sort of compensation or apology after my account was unlocked. This appears to be working, both in high-end hotels as well as nightlife establishments, where the fees can be rather high. Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. Call it whatever you'd like, but a loan application was never submitted. I have a credit union with my alma mater that has more traditional services such as weekly bill pay to fill in the SoFi gaps when needed. The second type of account is an automated robo investing type of account. - (about a week later) Get an email saying account is locked for review for 7-10 business days. I sent an email to my "loan officer" that was listed on one of the loans I walked through to have him close it thinking that may take it off the Home screen. - Made Twitter post complaining about check deposit, before I hard reset it. Sofi review; Back To List. I recently ordered a set of checks (I know, call me old school, but I like to keep a few on hand in the event of an emergency), so we'll see how long those take to arrive (they're free). I'm an existing SoFi Customer, faithfully paying my Personal Loan payments for 2 1/2 years now. On the plus side, they cancel accounts and transfer funds out ASAP. SoFi aims to help customers get control of their finances. Mon-Thu 5:00 AM - 7:00 PM PT; Fri-Sun 5:00 AM - 5:00 PM PT; Home Loans General Support: (844) 763-4466. It's nice enough. card. I believe it has to do with the transferring of money to their partner banks that adds the extra time. User account menu. Accredited Since: SoFi is not BBB accredited. This internet-based company only has six branch locations. Every time SoFi decides to rebalance, you're going to create a taxable event. Buy and trades stocks and ETFs. It's quick and laid out very well. SoFi personal loan rates can be competitive for borrowers with good to excellent credit. Invest: I'm 30, no debts other than mortgage, have a 1.5 year old Roth IRA at Merrill Lynch, and some inherited stocks at Raymond James I started to look at selling about a month ago. SoFi r/ sofi. Press question mark to learn the rest of the keyboard shortcuts. and you feel comfortable with them as a company they are a good on line source. Cookies help us deliver our Services. No wait times when adding buying power or contributing to my Automated Investing account. First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. High yield checking/savings hybrid account. Available and Pending funds are clearly marked on the account. Although, the SoFi S&P 500 (SFY) appears to be following the same trend as my Vanguard (VOO) investment. I live a debt free life so their loan products are of no interest. I think the future products and features they're working on are exactly what people are looking for. It’s one of the benefits to banking with a tech focused firm. How to open an account. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. Not a huge deal as I typically use credit cards for larger purchases, but still something to keep in the back of your mind if you have large amounts you need access to in SoFi Money. They will exclusively invest in Vanguard developing markets, traditional Vanguard stock ETF, but they will invest in Sofi ETFs also which sometimes but not always outperform Vanguard. The only features that appear to be missing are the following: [SoFi-Banking] The ability to have multiple accounts (these should be database driven & don't actually create new physical accounts; e.g. SoFi was founded in 2011 and is headquartered in San Francisco, California. Click here for the SoFi robo-advisory review. Some background....I wanted to see what the process/workflow was for their loan process. I have two Invest accounts, both an automated and active account. I am starting to put more and more cash in here, since the High yield savings account interest rates are dropping so low. SoFi needs to let users customize the cards on the Home tab. Someone on their support team somehow found me through Twitter, found my account, then proactively called me. Interest is paid out right away on the 1st of the month, so that's been really nice as well. SoFi Reviews: Student Loan Refinancing and Private Student Loans SoFi is a leader in the student loan refinancing space. Join. Lastly, soon after my own Sofi Money story ended, another customer started retweeting all my Twitter posts and after talking to him he was having the same exact issue, and looking at the Tweets and Replies on @sofi and @sofisupport, I see plenty of other people who have same issue and worst, some are past the 10 business days stated. Both ML and RJ were killing me on commissions, so I wanted to move those to SoFi and give that a whirl. Advertising Disclosure. No response. After 3 months of jerking our chain, we submitted a refi app with our current mortgage holder. Our account was verified within one business day. I received a call from my "loan officer" the next day and received a call from someone in the CEO's office to discuss my concerns. SoFi will invest that money between ETFs based on the risk level you choose. I decided to stop using automated in favor of individualized so I can make decisions on how much I wanted in Vanguard compared to Sofi ETFs. You're not dealing with college kids and student loans with Money/Invest, you're dealing with successful working professionals who have a level of customer support they expect from the company they trust with their money. They will tell you to email or call only. I was surprised to learn that for my IRA I cannot use Active Invest, only Automated. SoFi is an online lender that offers student loan refinancing, parent loans and private student loans for undergraduates and graduates. This is a little rough IMO. The financial startup has raised $2.2 billion and caters to early stage professionals, providing student loan refinancing, mortgages, personal loans, wealth management, life insurance and high interest deposit accounts. Ironically I had to de-escalate her myself (I've worked in CX call support before... but a bit surprising I as a customer have to calm a rep down. We’re here to help! I'd imagine that verification for this would be rather simple too, as I could provide the IRS documentation (they provide business owners an official document) for the business so that the business account could be linked to my account. When using your SoFi Money account as the funding source, the money is available in your SoFi Invest account right away. I wanted to give my input on what's it's been like to use SoFi Money/Invest exclusively for the past month and a half. Check out what 2,397 people have written so far, and share your own experience. They also have 162 customer reviews with an average of 2/5 stars. The idea here would be that we could move our money into these accounts so that we could see funds in separate buckets. Depositing into either your automated or active accounts takes just as long as depositing into your SoFi Money account if you're transferring from an outside bank. SoFi’s BBB Rating is A. SoFi’s reviews are mostly positive than negative. We recommend SoFi Invest, but with a bit of caution as it is one of the newer robo-advisors. Member Support. Limits? same as Robinhood), unlimited ATM reimbursements (the fine print says they can limit or revoke this feature on your account at any time), free movie tickets/event tickets (currently this is not available in my market), and a beautiful UI. Once SoFi has a little more experience on the investing side I'll look at moving it over to them. Solid, low-cost approach to building wealth aimed at newcomers to investing to excellent credit - exactly type... Account has been what i expected stocks and bonds in 20 % increments switch, a high rate... I need to get our of their own SoFi experiences here, since the high APY of a account. All that would be that SoFi functions like Motif or M1 and reimburse me for the debit.... A lot to learn that for a month finally a sofi reviews reddit ( security! 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