My complaint:
I am a new SoFi client approximately one month old. I placed a large amount of money in the account and following Sofi’s guidance, I set up the connection that provided me the ability to transfer money from SoFi to my Wells Fargo account when necessary. I subsequently did a withdrawal from SoFi to my Wells Fargo account that went as expected. A few days later I made another smaller transfer to another Wells Fargo account. The first transaction went perfectly. The second transaction, SoFi froze all my assets. I called and received no explanation, but was required to spend about a half an hour to do a “ID verification“. I was required to provide my drivers license, front and back and a Selfie. I was told that that ID verification failed. Not sure why. And no explanation for why my account and access was frozen. I was required to wait an additional 24 hours. I waited, I called, and I passed the “ID verification“. I then asked two questions: why were my assets frozen and when will my account be unfrozen? The customer support stated that they had no idea how long it would take and there are no guidelines, and they didn’t know why my account was frozen. Here I sit 48 hours after my ID verification was complete, and I have no access to my account, no idea of why the account was frozen and no idea of when I will get access to my funds again,
I’ve never in my entire life experienced anything like this. I believe the account was frozen because of the transfers even though I set the transfers up with SoFi, following all of their guidelines . Unbelievable but it appears that because I did two transfers, SOFI didn’t like that, and they now have my money and they’re making money off of my money, and I don’t have my money! 55k!
I would avoid this bank at all costs. I’m going to immediately cancel my relationship with them , but it will take some time because I believed in them and I was doing all sorts of direct deposits and it will take some time to reverse all of them. What a nightmare!
BTW, my credit score is 835.
Suggested solution:
Conflict not resolved. SOFI has stolen all my assets.
