Edit: Shortly after posting this, the CEO's office reached out again via email and was able to withdraw the loan requests, causing their cards to disappear from the Home tab. This is very similar to the way M1 Finance works, except you do not get to choose the ETFs or their allocation %. I can only imagine my nonstop social media trolling of them on Twitter and the constant calling made them expedite the unlocking of my account while others did not have the same luck. Sounds like both poor customer service and security policy. I sent an email to my "loan officer" that was listed on one of the loans I walked through to have him close it thinking that may take it off the Home screen. It’s one of the benefits to banking with a tech focused firm. Does Sofi have features like e trade?? Brick and mortar barely adds features or innovates. You can go to any atm, including the $5-10 surcharge ones in the casino, hotel or nightclub and you will receive an instant credit for the atm surcharge amount. I refinanced my students loans with SoFi … Like you, I was a Netbank acquired by ING acquired by CapitalOne360 customer. SoFi invest recently introduced fractional shares, but only for a limited range of securities. No response. She confirmed they would not tell me why account got flagged, also couldn't even give me examples of why an account would be locked, and also confirmed after my account got unlocked that they still wouldn't tell me why. Also this was Friday afternoon, and he said team that does those security reviews is gone for the day, management won't know why, and also the team that does reviews does not work weekends. I was more concerned about actually using the product. It's quick and laid out very well. Fractional share investing, like Stock Bits, makes it easy to invest … They offer to "disconnect" the external account but it remains visible and can be reconnected very simply by the accountholder. I also started the process to move the RJ stock account over. There have been some weird UI bugs, such as $GE being shown with pricing and news information from a different stock. I'll check this out over the next couple of weeks and report back. Opening an account was very straight-forward, and funding the account was even easier. SoFi Invest charges zero trading fees to buy and sell Stocks Bits—so the money you invest is 100% invested. Also refused to let me close my account until the security review was done. I guess I need to take another look at the limits for the debit card. Here's NerdWallet's review of SoFi Automated Investing. I use SoFI Money (the 2.25% apy account) and I use SoFi invest. The ability to hide and rearrange is all that would be required. I tried depositing a check that I wrote in my business name into my personal SoFi account and it was declined without explanation. Make sure to follow these rules or your link will be removed: DO … App: I'm not a smartphone person (I have one, I just don't want to deal with the Apple App Store), so everything I've done has been through the website on my PC. Here's the full timeline: - Opened account, initial transfer: $500 (just to test before I move all my checking), - (about a month later) Mobile check deposit: App kept timing out, but eventually hard reset my phone which fixed. New comments cannot be posted and votes cannot be cast, Press J to jump to the feed. SoFi Invest: The umbrella term “SoFi Invest” refers to the three investment … SoFi Money: SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. I recently ordered a set of checks (I know, call me old school, but I like to keep a few on hand in the event of an emergency), so we'll see how long those take to arrive (they're free). Good news my at that point, 4-day Twitter war was at least on their radar. Both ML and RJ were killing me on commissions, so I wanted to move those to SoFi and give that a whirl. It also offers both individual and joint taxable brokerage accounts. Transfers from SoFi Money to SoFi Invest were immediate. Reddit investors have no major concerns about SoFi’s automated investing, with numerous reports of satisfactory returns. That obviously needs to be corrected, and until such time all SoFi investors should be advised NOT to define external accounts. SoFi Invest is a great low-cost option for millennials and new investors who are getting serious about investing for the first time. I operate a single-member LLC for my real estate investments/property management, and I would love to ditch my brick & mortar. - Called again next day since it was finally a Monday (yay security review finally back at work? I'd like to see this option given to the end user. No wait times when adding buying power or contributing to my Automated Investing account. SoFi Invest offers all four types of IRAs: SEP, rollovers (from a 401(k) to an IRA), Roth, and traditional. Customer support is everything when dealing with people's money and SoFi has some work to do. All in all, I think SoFi has the best platform out there for people who are looking for a holistic approach for managing their money. The former means a self-directed account where you can trade stocks, ETFs, and cryptocurrencies on your own. I also tested to see if my account was indeed restricted just in case the email was just accidentally sent, and confirmed anything I tried to do would just error out telling me to contact support. How long did transfers take? You cannot choose individual ETFs or stocks, nor can you choose the allocation %. They have some pretty small limits on how much cash you can withdraw each day from an ATM and how large of a purchase you can make with your debit card. Interest is paid out right away on the 1st of the month, so that's been really nice as well. SoFi offers some of the best, most transparent pricing in the industry. Transfer to SoFi Invest? Not a huge deal as I typically use credit cards for larger purchases, but still something to keep in the back of your mind if you have large amounts you need access to in SoFi Money. One option available is SoFi Invest. Asked if this was a mistake? The second type of account is an automated robo investing type of account. You choose your risk level and deposit money. SoFi needs to let users customize the cards on the Home tab. You can view which ETFs make up each risk level. SoFi typically offers free food and drinks at the events, along with the event itself which can range from relaxing indoor activities (eg movie premieres) to more adventurous activities like Axe Throwing! This is a little rough IMO. I've been recommending SoFi to all of my friends and will continue to do so. Again no info and didn't bother to ask to be transferred this time since I didn't feel like getting yelled at again, but they obviously knew who I was considering phone person let slip that "like they mentioned in my social media post" it would take 7-10 business days. Hi, welcome to r/investing.Please note that as a topic focused subreddit we have higher posting standards than much of Reddit: 1) Please direct all advice requests and beginner questions to … Sofi 50: Includes the top 50 widely held stocks on the SoFi Invest platform. San Francisco-based SoFi, a financial services firm that helps people “get their money right—save, spend, borrow, and invest in one app,” has noted that 2020 was a year to … There is clearly still some fine tuning to do, but the nuts and bolts of active investing work and work well. Other than the initial email, there was never any notification on the app or online saying my account was restricted in any way so if you happen to not check your email and this happens, ouch. SoFi is currently offering a $75 SoFi Invest referral bonus ($75 for each). When using your SoFi Money account as the funding source, the money is available in your SoFi Invest account right away. I finally used the "Email the CEO" link and provided feedback. I have been thinking about investing with SoFi's Wealth Management and curious to know if it would be a good idea given my position. I’m looking for a free service that does this. By contrast, SoFi Invest automated investing is a robo-advisory service where SoFi Invest handles your investments. I went ahead and enrolled and started the transfer process anyway, but I'm a little concerned about only having automated and being forced to use the SoFi ETFs when there is no real history for those to look at. Having just set up a SoFi account, I have found a security loophole that SoFi accountholders need to know about. But once established there is no capability to delete them, and the chat line says they are unable to do so. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). SoFi … Plus, there are no account minimums. SoFi Active Investing. With SoFi Invest, investors can choose from stocks, crypto, and ETFs to add to their portfolio. The only transactions I have are direct deposits from my employer, credit card payments, Venmo withdrawals, and maybe a utility bill or something. I'm not sure how I feel about this to be honest. It has a 2.25% APY and no management/commission fees. You don’t have to open a SoFi invest account to reap the benefits of SoFi Money. Hold times? I try and keep taxable events as low as possible. Cannot transfer in/out, cannot withdraw or deposit, basically can't do anything. Again, since no notification of an account restriction in app or online, it's a very confusing customer experience. I received a call from my "loan officer" the next day and received a call from someone in the CEO's office to discuss my concerns. - Post on Twitter and all they would tell me was it would take 7-10 business days and would no longer respond to any of my other questions. SoFi is insured as you pointed out for both their securities product as well as FDIC. There are some limitations such as you cannot cut a bill pay check on a weekly basis and they have insufficient alerting, but the product is intriguing enough that I’m willing to see where it goes. I know Robinhood covers up to $250K in cash, but I don't know about SoFi. Thanks for the tip! Transfers from SoFi Money to SoFi Invest were immediate. The longer the track record of any company, the more proof we have that it has successfully survived previous financial crises. Press question mark to learn the rest of the keyboard shortcuts. - (about a week later) Get an email saying account is locked for review for 7-10 business days. Member FINRA/ SIPC.Neither SoFi nor its affiliates are a bank. I sent an email into support to ask about transfer times between SoFi Money and SoFi Invest, no response. Call it whatever you'd like, but a loan application was never submitted. Can't really tell from the SoFi website. How often do you re-balance your SoFi Invest portfolio? I think their CEO has a good vision for the company. The money comes out of my external account and is kept in bank limbo for 1-2 days before I see it in my SoFi Money account. And any hacker able to breach the SoFi database will presumably have access to all the routing/account numbers ever set up by SoFi users. Stocks and ETFs trade for free, and users can get started with just $1. Glad to see SoFi resolved this, even if the response times weren't up to par. - Called next day to see if they have more info and was told no since the team that does the reviews is off. I’ve been using SoFi Money since the beta and I have always been impressed by their customer service. There is no tax loss harvesting, but Sofi says they will introduce it sometime 2019. Particularly with the fact that when it rebalances ETFs it often incurs capital gains tax? The only thing I use my brick & mortar for is depositing checks, which is a feature that SoFi has already mastered with their individual account products. Lastly, soon after my own Sofi Money story ended, another customer started retweeting all my Twitter posts and after talking to him he was having the same exact issue, and looking at the Tweets and Replies on @sofi and @sofisupport, I see plenty of other people who have same issue and worst, some are past the 10 business days stated. However, they need to get our of their own way and provide a support experience that matches their vision. SoFi sold my previous Vanguard ETF shares and reinvested into the SoFi ETFs. I think we all know the product fairly well. Well known for its lending business, SoFi has branched out more recently into investing products. SoFi Invest is an online broker offering zero-commission trading along with robo-advisory features. I wasn't willing to sacrifice a hard inquiry. - Made Twitter post complaining about check deposit, before I hard reset it. Feel free to share your links in this post. Asked if this will happen again or are they at least making steps to ensure it won't? Every time I log in, every time I open the app, BOOM...complete these loans! SoFi… Nope, they confirmed it may happen again. Every time SoFi decides to rebalance, you're going to create a taxable event. The unofficial subreddit of SoFi: Get Your Money Right. My experience with SoFi has been nothing short of stellar. So any hacker accessing the account will have ready and immediate access to the external account via SoFi. If SoFi really wants to be taken seriously as a finance company that helps people get their money right, they need to get their support right. Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi … The idea here would be that we could move our money into these accounts so that we could see funds in separate buckets. SoFi Invest: I have two Invest accounts, both an automated and active account. - Try to livechat on Sofi.com but livechat does not support Money accounts, only Invest and Loans. Active Investing with SoFi makes it easy to get started investing in stocks and ETFs. Both are good products. There's an emotional and mental shift that happens when people go from borrowing money from a company to giving your money to a company. Would greatly appreciate any thoughts and experiences. Although, the SoFi S&P 500 (SFY) appears to be following the same trend as my Vanguard (VOO) investment. SoFi Gig Economy: Invests in high-growth tech companies soon after their initial public offering (IPO). 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