Checking or savings account -- Managing an account -- Complaint #10360141
Complaint Overview
Complaint ID: 10360141
Company: Sofi Technologies, INC.
Product: Checking or savings account
Sub-Product: Savings account
Issue: Managing an account
Sub-Issue: Banking errors
State: Oregon
ZIP Code: 97701
Date Received: 2024-10-05T12:00:00-05:00
Date Sent to Company: 2024-10-05T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
This Company ( SoFi Bank N.A., or SoFi Lending Corp ) offers a High-yield savings account with a promotional APY of 4.5 % ( XXXX ) contingent on the account holder using monthly ACH Direct Deposit, with no minimum quantity in each deposit. Otherwise the APY defaults to 1.2 %. I held this type of savings account with SoFi from XXXX of XXXX, through XXXX of XXXX, and met all direct-deposit qualifications in that time. I received the correct interest on this account balance until XXXX of XXXX. At this time, my employer changed payroll companies, and resumed the biweekly direct deposit into this account with no change or delay. SoFi recognized this ACH Direct deposit as a generic deposit from XX/XX/XXXX until XX/XX/XXXX, when I contacted them to understand why my interest payments were lower than expected. They immediately acknowledged that this was an internal error on reading the deposit type incorrectly, and changed the account back to 4.5 % APY. However, they would not retroactively pay the interest they had failed to distribute for the months of XXXX XXXX ( 30 day grace period from " not meeting required direct-deposit '' starting in XXXX ) The amount of interest not paid in that time is approximately $ XXXX USD
Frequently Asked Questions
What is Complaint #10360141 about?
Complaint #10360141 was filed against Sofi Technologies, INC. regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2024-10-05T12:00:00-05:00.
How did Sofi Technologies, INC. respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Sofi Technologies, INC.?
Yes, visit the Sofi Technologies, INC. company profile at readthecomplaint.com/company/sofi-technologies-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.