Checking or savings account -- Opening an account -- Complaint #5706624
Complaint Overview
Complaint ID: 5706624
Company: Social Finance, INC.
Product: Checking or savings account
Sub-Product: Checking account
Issue: Opening an account
Sub-Issue: Didn't receive terms that were advertised
State: California
ZIP Code: 92123
Date Received: 2022-06-24T12:00:00-05:00
Date Sent to Company: 2022-06-24T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
SoFi promised a cash bonus of {$300.00} per the terms below. I have copied and pasted at the very bottom. I opened my SoFi Checking and Savings in XX/XX/XXXX. I had Direct Deposits of {$4000.00} on XX/XX/XXXX and {$2200.00} XX/XX/XXXX. I also have recurring direct deposits of about {$2200.00} every biweekly since then. I have not received the {$300.00} cash bonus since then. I have spoken to a SoFi representative and I have only received {$50.00}. The following describes the terms that apply to participation in the SoFi the SoFi Checking and Savings direct deposit program ( Program ) offered by SoFi Bank, XXXX XXXX FDIC ( SoFi ). Eligible Participants : All new members who open a SoFi Checking and Savings account during the Promotion Period and all existing SoFi Checkings and Savings customers who have not previously set up Direct Deposit transactions ( Direct Deposit ) into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program. Promotion Period : The Program will be available from XX/XX/XXXX XXXX ET to XX/XX/XXXX XXXX ET. Bonus Terms : In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period. Qualifying Direct Deposits are defined as deposits from enrolled members employer, payroll, or benefits provider via XXXX deposit. Deposits that are not from an employer ( such as check deposits ; XXXX transfers such as from XXXX or XXXX, etc. ; merchant transactions such as from XXXX, XXXX, XXXX, etc. ; and bank XXXX transfers not from employers ) do not qualify for this promotion. The amount of the bonus, if any, is described below. No bonuses shall be paid for qualifying Direct Deposits of less than {$1000.00} during the Evaluation Period ( defined below ). Evaluation Period : The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. The Evaluation Period is defined as 30 days from the date your first Qualifying Direct Deposit is received. For example, if you receive $ XXXX {$1900.00} in Qualifying Direct Deposits in the Evaluation Period, you will receive a cash bonus of {$50.00}. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period. Total Qualifying Direct Deposit amount in 30-day Evaluation Period Cash Bonus {$1000.00} {$1900.00} {$50.00} $ XXXX {$4900.00} {$100.00} {$5000.00} or more {$300.00} Payment timeline : SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.
Frequently Asked Questions
What is Complaint #5706624 about?
Complaint #5706624 was filed against Social Finance, INC. regarding Checking or savings account specifically about Opening an account. It was received by the CFPB on 2022-06-24T12:00:00-05:00.
How did Social Finance, INC. respond to this complaint?
The company responded with: "Closed with explanation". 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 Social Finance, INC.?
Yes, visit the Social Finance, INC. company profile at readthecomplaint.com/company/social-finance-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.