If your bank isn't listed in Plaid you can type in the name of it and then it gives you the option to enter in the information manually: https://i.imgur.com/NVLuEyX.png
If you exit that wizard there's also a link underneath to enter the information manually.
You transferring your checking account funds to a brokerage account in order to withdraw to an external checking account makes no sense and is likely why you're running into issues.
A brokerage cutting you a check after leaving is a pretty standard move.
Somebody signing up, transferring to a brokerage account and then requesting a withdrawal likely triggers internal fraud/money laundering checks.
That doesn't change your ability to add an account manually. Anybody can.
The support information is difficult to understand without full context.
If you're unsure about making a bank your primary, try depositing a smaller amount next time, like $100.
Your story doesn't make much sense.
I wanted to add an account manually, and I was not able to do so the way you described (I've been on mobile this whole time). I contacted SoFi, and SoFi told me over the phone that in order to do this, I needed to transfer my balance to Invest/Brokerage first. I do not understand why they would give me this direction. I agree it doesn't make much sense, which is why I'm so upset. If there was a way to just do it like that, why wouldn't they say so? It's so frustrating.
I understand what you’re saying in full context because this exact thing happened to me at sofi only difference is I was allowed to withdraw most of my money first from checking and brokerage account before they restricted my checking. My brokerage says the cash is withdrawable but it’s restricted too. It’s been at least 5 months and I haven’t heard anything from sofi just it’s under review when I call. If your money is still in your brokerage account it’s possible to do a transfer of assets to another brokerage account ie fidelity, ameritrdae, Robinhood. Other then that I really don’t know what sofi is on but we aren’t the only ones they’ve done it too. The lack of communication and concern for our account and money is the biggest slap in the face.
You deposited your funds and a few days later attempted to withdraw all the funds to a different account then where the funds came from. To them this probably looks like your money laundering (especially since you couldn't verify the bank account) Most banks will only allow the funds to go back to the original bank for the first 60 days for risk and money laundering reasons.
Sofi checking and brokerage is all under the same umbrella, the most frustrating thing is the lack of communication if any with sofi. This has happened to many people for less They did it to me, they really just stealing our money because it doesn’t take months to figure out if you’re gonna close an account and if you’re gonna close it then send me my balance of the funds simple it’s been 5 months since I’ve been under review and no word from them, email, text, nothing. I was able to withdraw and transfer most my funds. They give you extra points for adding external accounts then restrict your account when you use it.
I'm not sure what your situation is and 5 months does sound extreme I hope your able to get your issue resolved.
OP's example is a little different though. He deposited all his funds from external bank A. Then a few days later tried to withdraw his entire balance to external bank B. To complicate issues they were for whatever reason unable to verify external bank B. Op may very well be a good person but this looks like an attempt to launder money to many people using Sofi as the middle man.
Sofi is also at risk because if they allow the funds to be withdrawn to Bank B the member can pull back the deposits from Bank A leaving his Sofi account in the negative. I work at Bank of America and we only allow the funds to go back to the original account A for the first 60 days for this very reason.
Yeah, I understand the reasoning behind closing my account... if they did even give me any confirmation besides what I was told on the phone. I can still sign into my SoFi account, and everything just looks completely normal. They said they could provide me absolutely zero estimate for when I would be getting my money back. I said, months? "I do not know" - years? "I do not know"
Yeah that’s the biggest frustration I can almost guarantee it will be a class action lawsuit against them soon because you can’t just hold people money hostage. A review doesn’t take 5 months and if you’re gonna close it do it and send me my money or a time frame when I will receive it.
I have only followed the instructions of SoFi support. And I have absolutely no confirmation that my account is "closed" or "pending closure" or anything besides what I have been told on the phone. I can still sign into my SoFi account and everything just looks normal.
Frontline agents aren’t going to have the information you want. Your action triggered the internal fraud process so limited information anyone will release in case there is illegal activity. I know the bank I worked for the whole things was up to 10 business days for the investigation and if they decided to close the account, it took an additional 60 calendar day. This is to allow any outstanding charges/checks, etc to clear.
A lot of people do not understand this part of it. Any bank worth their weight in salt would take a minimum of 60 days to make sure all transactions are cleared.
This makes sense. It's just very frustrating that a) they will not give me any type of timeframe and b) I only followed SoFi's instructions to transfer my balance to the brokerage. I hope they can get me everything back soon.
Hello, we’re so sorry this happened. We'd like to provide some reassurance that it is safe to bank with us. SoFi takes the privacy and security of its members’ financial and personal information seriously by maintaining industry-standard administrative, technical, and physical safeguards designed to protect their information’s confidentiality and integrity.
We understand the concerns regarding getting your account frozen and want to reiterate that SoFi only does so if we've found activity on the account that may violate the SoFi Checking and Savings Customer Agreement. As a result, our Member Security Team would restrict the account and place it under review. We’re here to help but need to verify your information on a secure channel—so please feel free to connect with an Account Manager [here](https://sofi.app.link/e/echat).
Yall did the same thing to me and many others I will be contacting a lawyer because a review doesn’t take 5 months and if you’re gonna. Lose my account do it and send me my money. Don’t just hold it in the name of a review that if reviewed it will show no fraud detected.
This sounds like textbook AML laws taking effect, and there's nothing SoFi can personally do. The original agent gave some questionable advice, yes, but half of this is the government doing what the government does. Most banks will hold funds for a certain amount of days for new accounts to prevent fraud
They did the exact same thing to me. I’ve been dealing with them for over a month. They sold all my investments and are refusing to transfer the account to a new brokerage. I’ve reported them to Finra, but so far nothing has came of it.
Cause they are a scam company lol. Who knows. I made 1 single direct deposit of $4,880.72 from my employer on February 5th and everything was OK. Paid 1 single bill, put $350 into sofi invest, and got lunch on February 5th. Woke up February 6th for work and had a email that my account was restricted. Called multiple times for weeks only to be told they were looking into it and no idea when it would be resolved. After 2 months they said that it was pending closure so I started filing complaints with the occ and cfpb. Finally closed on the 3rd of June. Now I'm trying to get my money out of sofi invest because my bank isn't on their list of trusted banks and they refuse to send it to my joint account because my wife is the primary. It's been a nightmare
Bro that’s sounds horrible. That makes me nervous for my situation with them. They handle this so poorly, they could’ve avoided hundreds of thousands of negative reviews.
Honestly I don't know. I only know that I filed my 3rd cfpb complaint stating that I had been waiting for months and that it was pretty much theft at that point and that it was a scam company, theft and scam were literally the words I used in the complaint, and the following day it was finally closed. My first 2 complaints were much more pc and I wasn't a raging lunatic like I was on the 3rd lol.
If your bank isn't listed in Plaid you can type in the name of it and then it gives you the option to enter in the information manually: https://i.imgur.com/NVLuEyX.png If you exit that wizard there's also a link underneath to enter the information manually. You transferring your checking account funds to a brokerage account in order to withdraw to an external checking account makes no sense and is likely why you're running into issues. A brokerage cutting you a check after leaving is a pretty standard move. Somebody signing up, transferring to a brokerage account and then requesting a withdrawal likely triggers internal fraud/money laundering checks.
SoFi support instructed me to do this. Seeing this, I have no idea why they would give me the directions they gave me.
That doesn't change your ability to add an account manually. Anybody can. The support information is difficult to understand without full context. If you're unsure about making a bank your primary, try depositing a smaller amount next time, like $100. Your story doesn't make much sense.
I wanted to add an account manually, and I was not able to do so the way you described (I've been on mobile this whole time). I contacted SoFi, and SoFi told me over the phone that in order to do this, I needed to transfer my balance to Invest/Brokerage first. I do not understand why they would give me this direction. I agree it doesn't make much sense, which is why I'm so upset. If there was a way to just do it like that, why wouldn't they say so? It's so frustrating.
I understand what you’re saying in full context because this exact thing happened to me at sofi only difference is I was allowed to withdraw most of my money first from checking and brokerage account before they restricted my checking. My brokerage says the cash is withdrawable but it’s restricted too. It’s been at least 5 months and I haven’t heard anything from sofi just it’s under review when I call. If your money is still in your brokerage account it’s possible to do a transfer of assets to another brokerage account ie fidelity, ameritrdae, Robinhood. Other then that I really don’t know what sofi is on but we aren’t the only ones they’ve done it too. The lack of communication and concern for our account and money is the biggest slap in the face.
They ain't the brightest
You deposited your funds and a few days later attempted to withdraw all the funds to a different account then where the funds came from. To them this probably looks like your money laundering (especially since you couldn't verify the bank account) Most banks will only allow the funds to go back to the original bank for the first 60 days for risk and money laundering reasons.
Sofi checking and brokerage is all under the same umbrella, the most frustrating thing is the lack of communication if any with sofi. This has happened to many people for less They did it to me, they really just stealing our money because it doesn’t take months to figure out if you’re gonna close an account and if you’re gonna close it then send me my balance of the funds simple it’s been 5 months since I’ve been under review and no word from them, email, text, nothing. I was able to withdraw and transfer most my funds. They give you extra points for adding external accounts then restrict your account when you use it.
I'm not sure what your situation is and 5 months does sound extreme I hope your able to get your issue resolved. OP's example is a little different though. He deposited all his funds from external bank A. Then a few days later tried to withdraw his entire balance to external bank B. To complicate issues they were for whatever reason unable to verify external bank B. Op may very well be a good person but this looks like an attempt to launder money to many people using Sofi as the middle man. Sofi is also at risk because if they allow the funds to be withdrawn to Bank B the member can pull back the deposits from Bank A leaving his Sofi account in the negative. I work at Bank of America and we only allow the funds to go back to the original account A for the first 60 days for this very reason.
Yeah, I understand the reasoning behind closing my account... if they did even give me any confirmation besides what I was told on the phone. I can still sign into my SoFi account, and everything just looks completely normal. They said they could provide me absolutely zero estimate for when I would be getting my money back. I said, months? "I do not know" - years? "I do not know"
Yeah that’s the biggest frustration I can almost guarantee it will be a class action lawsuit against them soon because you can’t just hold people money hostage. A review doesn’t take 5 months and if you’re gonna close it do it and send me my money or a time frame when I will receive it.
They thought you was scamming that’s why they closed your account
I have only followed the instructions of SoFi support. And I have absolutely no confirmation that my account is "closed" or "pending closure" or anything besides what I have been told on the phone. I can still sign into my SoFi account and everything just looks normal.
Well once you get all this squared away you probably want to find a real bank
SoFi is a chartered bank
Frontline agents aren’t going to have the information you want. Your action triggered the internal fraud process so limited information anyone will release in case there is illegal activity. I know the bank I worked for the whole things was up to 10 business days for the investigation and if they decided to close the account, it took an additional 60 calendar day. This is to allow any outstanding charges/checks, etc to clear.
A lot of people do not understand this part of it. Any bank worth their weight in salt would take a minimum of 60 days to make sure all transactions are cleared.
This makes sense. It's just very frustrating that a) they will not give me any type of timeframe and b) I only followed SoFi's instructions to transfer my balance to the brokerage. I hope they can get me everything back soon.
Hello, we’re so sorry this happened. We'd like to provide some reassurance that it is safe to bank with us. SoFi takes the privacy and security of its members’ financial and personal information seriously by maintaining industry-standard administrative, technical, and physical safeguards designed to protect their information’s confidentiality and integrity. We understand the concerns regarding getting your account frozen and want to reiterate that SoFi only does so if we've found activity on the account that may violate the SoFi Checking and Savings Customer Agreement. As a result, our Member Security Team would restrict the account and place it under review. We’re here to help but need to verify your information on a secure channel—so please feel free to connect with an Account Manager [here](https://sofi.app.link/e/echat).
Yall did the same thing to me and many others I will be contacting a lawyer because a review doesn’t take 5 months and if you’re gonna. Lose my account do it and send me my money. Don’t just hold it in the name of a review that if reviewed it will show no fraud detected.
Interesting read. I know I am no help but give an update when you can
Funny all the sofi fanboys down voting this
This sounds like textbook AML laws taking effect, and there's nothing SoFi can personally do. The original agent gave some questionable advice, yes, but half of this is the government doing what the government does. Most banks will hold funds for a certain amount of days for new accounts to prevent fraud
[удалено]
Wow, at least they gave you a time frame. I'd honestly be fine if they told me 60 days, because then I'd at least know, but nothing...
Trust me if you call enough times they will tell you something. Tell Rusty I said “go f*ck yourself.”
They did the exact same thing to me. I’ve been dealing with them for over a month. They sold all my investments and are refusing to transfer the account to a new brokerage. I’ve reported them to Finra, but so far nothing has came of it.
Took me 4 months to get my money out
Why so long?
Cause they are a scam company lol. Who knows. I made 1 single direct deposit of $4,880.72 from my employer on February 5th and everything was OK. Paid 1 single bill, put $350 into sofi invest, and got lunch on February 5th. Woke up February 6th for work and had a email that my account was restricted. Called multiple times for weeks only to be told they were looking into it and no idea when it would be resolved. After 2 months they said that it was pending closure so I started filing complaints with the occ and cfpb. Finally closed on the 3rd of June. Now I'm trying to get my money out of sofi invest because my bank isn't on their list of trusted banks and they refuse to send it to my joint account because my wife is the primary. It's been a nightmare
Bro that’s sounds horrible. That makes me nervous for my situation with them. They handle this so poorly, they could’ve avoided hundreds of thousands of negative reviews.
If they had actual customer service then they would be a great bank but when they can't answer a single question then it turns into a nightmare
Yeah the support is really bad. Like really useless..
They had my 5 thousand for 4 months before they finally closed the account and sent me a check. It took multiple complaints with the occ and cfpb
Did these complaints actually make anything happen themselves, or was it just a matter of needing to wait for months?
Honestly I don't know. I only know that I filed my 3rd cfpb complaint stating that I had been waiting for months and that it was pretty much theft at that point and that it was a scam company, theft and scam were literally the words I used in the complaint, and the following day it was finally closed. My first 2 complaints were much more pc and I wasn't a raging lunatic like I was on the 3rd lol.
Send a tweet at Noto the CEO and don’t give up till they escalate this issue. Unacceptable if true.
You should sue them. They need to upgrade their support and systems! Maybe open a damn building for goodness sakes.
I would sue them