Asif Youssuff

Update on my SoFi Experience: My Account was Opened

You may have read my post about the poor customer service experience and product issues that I experienced with SoFi last week.

This afternoon, without any warning, I received am email from SoFi with the subject line “Welcome to your SoFi Checking and Savings Accounts!”. Somehow, I was in.

Screenshot of the SoFi welcome email
Welcome to your SoFi Checking and Savings Accounts!

I’m still confused about what exactly ended up happening, since it seems that SoFi managed to follow up to resolve the issues that I had with their product. While their support representative had indicated that they had opened an internal ticket, they were insistent that I would receive no further updates, even if the issue were ultimately resolved.

Previously, I received an email from William Robinson, and I let him know that I had posted about my experience. I did not receive any further communication from him after that.

I had also linked my post on LinkedIn and even tagged Eugenia Gibbons (GM for Consumer Banking, SoFi Money & Credit Card) in the hopes that the company would take a look, but I didn’t get a response on that front either.

It seems that SoFi followed up but didn’t communicate (other than an automated email) once they resolved the issue.

That’s great - it really is. I had feared that the issue might be resolved, but that I wouldn’t know that it had been fixed, and they would have lost me as a customer. Instead, while I was frustrated by the lack of communication, they managed to follow through with a resolution, and automated processes kicked in to alert me at the last mile.

I do wonder if the issue would have been fixed if I hadn’t followed up by speaking to someone. The refrain I heard from the representatives was that they could do nothing and that I should reapply.

Indeed, one of the people that replied to my post had a similar experience - saying:

I had this same problem when I tried to open an account. The super unhelpful response I got from support was ‘try again in a month’. Even if I can get approved at some point in the future I don’t know if I trust my money with a company that is incapable of finding a workaround for something so simple. I have (or have had) accounts with 15+ other banks/brokerages and never had such a stupid problem.

I’m not going to go quite that far. For one thing, the issue was resolved within a week. That is pretty fast, even if the communication could have been better. Beyond that, the account is FDIC insured, like other bank accounts - so I don’t have any real fear that my money is at risk.

Another person had responded that the rejection could have been for any number of reasons - anti-money laundering, fraud, etc.

I hadn’t mentioned it in the prior post because I didn’t know where to fit it - but I had opened an account at Bread Savings just a few days prior to my application to SoFi. I didn’t run into any issues at all – I didn’t even need to reach out to support.

In the end, I’m glad it worked out, and I look forward to using the new account.

Now, to let William know that my issue is resolved…

Feel free to give me feedback on this post on reddit.

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