Unimpressed with new SoFi checking Account

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Cheryl R Walker

• August 29, 2022 21:48

#1   I don't understand why a bank to bank transfer of funds takes as long to clear as a paper check.  

#2   SoFi offers to credit my account $100 for setting up direct deposit of paycheck.

I arranged for my Social Security check to be direct deposited into my SoFi checking account but Social Security advised that the change won't be effective until November.   The SoFi offer expires on 9-30-22 so i will not get the $100 credited to my account, according to Customer Service.  SoFi has a record that the direct deposit was done.

I opened this account based on the strength of your high rating.  So far, I'm not impressed.

 

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• Official comment

  

  Victor D

  • August 30, 2022 15:32

  Hi Cheryl -

  Thanks for posting to the forum!

  This article explains how bank to bank transfers work:

  ACH Transfers: What They Are, How They Work ... - NerdWallet

  I'm sorry to hear about your experience with SoFi and can certainly understand your frustration. When NerdWallet's editorial team assesses a financial institution or product, comprehensive scoring formulas are used to assess each financial institution's key features, which are then weighted according to their importance to consumers.

  However, we also understand that hearing directly from consumers is also a vital tool for making informed decisions and appreciate you taking the time to share your experience. I've shared your message with our editorial team for their consideration.

  Thank you again for sharing your comments.

  Best Regards,

  Victor

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  CHRISTOPHER BATTISTA

  • November 02, 2022 17:26

  #1 it takes just as long because the process is exactly the same.

  #2 it sounds like its the Govt you should be unimpressed with, not Sofi.

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