Why I Stopped Using Sofi Money

Why I Stopped Using Sofi Money
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The reason I loved sofi so much
No fees not even fees on international atm use ( which they eventually stopped doing for new members )
They gave everyone high yields without any crazy loops to jump around like direct deposit and so on ( they were competitive )
Plus for the first time I was able to make multiple accounts in one bank account ( so I could have different goals within one bank account
And that was enough for me
It’s the reason why:
I recommened them and I refeered about 153 of you guys to come join at sofi and you guys did
So its my responsibility to now tell you why I’am leaving
So, what happened
New member stopped getting free atm use ( first bad sign but not a deal breaker )
New High yield savings policy change during record low interest rates
I say that I was earning 0% but didn’t think much of it, until my friend came by and told me, how much he was earning in interest with his savings ( and then I got upset )
Here is the new policy ( they are calling it Sofi Plus )
They give you 3.75% on your money currently ( this will change which is normal )
Up to 2 day early check
But your direct deposit has to be higher than 1000 per month
The reason I don’t like this is simple
They are asking to jump through hoops
And I don’t have direct deposit
Bigger question is:
If I signed up for this new program do I lose my free atm withdrawals
So where I’am I moving too
I’m not a savings junkie
So I’m not moving for half a percent difference
But I do move when things like this do happen
So I switched over to discover:
They don’t have the best rates like wealthfront offering 4% but they have been consistent in the past
I don’t like the limit on the savings of 6 transfer per month, but I don’t plan on moving money around like crazy either so its not a deal breaker for me
They also have incredible customer service
Other options:
Sofi if you have a deposit
Wealthfront if you dotn mind the baiting
Capital one savings 360
But feel free to shop around a bit
I’ll still be using sofi but more of like a daily spend debit card
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[@TheRealAdamT]

I just changed jobs and am no longer receiving 1k in direct deposit so I thought I was going to have to switch banks like you because of seeing this video. But I just looked at the Savings account terms and you just need any direct deposit, regardless of amount, to keep earning the max APY. I think making an updated video would be helpful to your viewers.

[@reactwithcharnelllanay]

Let’s goooo facts because I’m doing good I have only a little from my main checking to go to my Sofi and I can’t believe how much I’ve saved

[@GamingwithGoliath]

Bro I set up direct deposit like a month ago and already had 3 checks deposited there and my pay rate is still low, I did everything they asked but it still says the direct deposit requirement isn’t done

[@LiftingxZen]

Dude basically admits he likes SOFI still, Discover bank is what he uses, pretty salty take y’all.

[@TommyBryson]

Lol its the truth, just sucks we don’t have the same benefit anymore

[@LiftingxZen]

I just found SOFI, opened an account… and love it. Their new cards are sick and they even sent me a metal one because I asked and deposited a lot at once? I love them!

[@SirSly28]

there’s a metal card?

[@forevercoke22]

I’m curious about that too? When did they get a metal card?

[@aztecfighter5]

Same

[@Godfirst986]

Sofi is a good bank. They only downfall is poor customer service. They will not give me my money back from debit card fraud.

[@keephiscommandmentsandlive9860]

​@@Godfirst986did you still not get it back?

[@r1tz97]

Sofi is a young bank and they can’t afford to pay people 4% returns on their savings when those people aren’t bringing money in for them I am invested in sofi and love that the 4% is only for people who bring money in for them

[@downylithe]

Lol

[@MrDmoney1984]

But they can afford to put their name on a football stadium?!?

[@r1tz97]

@@MrDmoney1984 gotta make money for what matters

[@nicandrews1370]

They're not a bank it's fintech, stay woke.

[@Troy211]

You got the direct deposit part wrong. You don’t need 1k DD to get the 3.75% APY. It only takes $1 DD for the higher APY. You do however need at least 1k for the overdraft protection. Overdraft protection is all you lose with the 1k. And without it you still get 1.20% it never goes to zero.

[@jaimezelayandia890]

I agree. I currently have discover bank as my main account and sofi as a second account. I did doordash for $100 that I deposit Monday morning and I still get the sofi plus 3.75 and 2.50 on checking. Even without putting money in there for real. I got $2 in my sofi right now 😂

[@TommyBryson]

What’s sucks is that you neeed that, and they’ve taking about the atm feature ( free world wide )

[@Jinsung-Ha]

​@@TommyBryson Because that's money laundering to another country or illegal foreign exchange transaction.

[@bennnnnnnnnnnnnnnnnn]

I think it's obvious that SoFi only makes sense as a checking account, aka the account your paycheck is direct deposited into... otherwise, just use a regular savings account, which won't require DD

[@vanikin4life]

In my opinion tommy you should get betterment that’s where I invest, there’s no ATM fee worldwide, no monthly maintenance fee, no minimum balance, no overdraft fee, their interest yield is 4% and is FDIC insured to $1 million on the savings account and the checking account is $250,000. That’s a total of $1.25 million on both checking and savings account together.

[@TommyBryson]

That sounds attractive on paper, I’ll have to take a look 👀👀

[@sodomamerica718]

​@@TommyBryson Rightttt Lord hav Mercy 😂

[@cazimim3375]

I don't know why ppl hating... u were honest and even said its still good overall

[@Bigbuckgaming]

SoFi member since Oct 2019 I've been very happy with them

[@TommyBryson]

I got it aug 2019, did you upgrade to lose the atms ?

[@DeltaRoots]

​@TommyBryson lose ATM. What you talking about?? I have Sofi and Discover bank. Ohhh yea I have one income going to sofi, then I have another income to Discover. Use Sofi at All pont Atms 55,000 atms 😂😂

[@marktil.]

No doubt, one of the best ways to grow and save your money is through investing. You don't need a fortune to get started. Even a small amount can turn into millions if you invest wisely. I wasn't financially free until my 50s, and I'm still in my 50s, but I've already purchased my fifth house, enjoy a monthly passive income, and achieved 4 out of 5 of my financial goals. I hope this inspires someone to realize that it's never too late to start, regardless of your age. You can begin investing today and change your future! Investing has been a life-changing decision for me😊..

[@vicahmed221]

Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated

[@marktil.]

Alright, speaking in general terms, investing requires a good amount of knowledge. That's why it's essential to have a solid support system like a financial counselor, especially when picking out assets. I've been working with Regina Louise Collaro, who is an investment advisor at a registered wealth management company. I can't recommend her enough; my financial journey has been fantastic thanks to her. She's quite well-known for her services, and she helped me achieve financial stability through investments. Now, I benefit from her passive income strategies every month. So, I'd strongly suggest finding a reliable investment advisor for yourself

[@vicahmed221]

That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?

[@marktil.]

Regina Louise Collaro is based in the United States and can work with anybody wherever they stay. If you would like more information on reaching her, you can conduct a search online.

[@MariaGarcia-gv8hj]

I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .

[@Housesider]

Damn time flies, I think I legit subbed to you around the time you made that video about Sofi about what it offered at the time. Pretty sure that was pre-pandemic around 2018 or 2019 haha. I wound up going with Varo in the end but Sofi looked hella good at the time

[@TommyBryson]

Lol yup, time flies and things change 😂😂especially banks ( I’ll have to take a look at Varo )

[@mr.papagorgio4683]

Great info. I’m leaving sofi as well but I’m leaving due to poor customer service. I’ll look into the bank you’ve mentioned.

[@jonsmith9728]

this is most likely due to the Fed's raising interest rates on a consistent basis, all the banks are on fire atm with the recession, interest hikes, inflation so it's really no surprise that SOFI had to do something

[@TommyBryson]

They did it, pre all that.

[@mattpredictsofm.]

Urrh, I get all you said and totally what I needed to watch but would you consider a long right now worth it? Or wait till full dip? How safe is getting in now considering operation de-dollarization & taxes too

[@mvanwie]

Best decision I've made so far! I mean catching a boomer early.

[@joecaruso06]

@@mvanwie Really? Cos my wife finds it funny when I lament on how poorly stocks has been performing coupled with the inflation. It's stressing having to worry about underperforming investments & retirement around the corner.

[@bradsandler3526]

@@joecaruso06 Not an analyzer and not directly involved with the market, but as a digital nomad, the quest to learning and growing my finances has been my passion. Hence, I know it's ideal to seek an expert assistance. Like my coach would say, ‘knowledge of wealth before action creates stability’ Diversification is key. Make your money work for you.

[@tommyfisher277]

@@bradsandler3526 Oh yes! Having faced my fair share of consecutive bad trades, I knew for sure I had to seek help. I could remember getting pitched a so called ‘Wall Street recession proof’ asset, only for the company to fold. Fortunately, after about 6 quarters of passively earning with Yvonne Annette Lively, I was able understand the essence of time, capital, goal & more when investing. Currently hold a $162k ptf averaging 12% mroi. It’s more about knowing when to get in and get out.

[@Billionswitch]

@@tommyfisher277 True!!.............I remember getting pitched a so called ‘Wall Street quality stock’ with high probability and boom! The company goes bankrupt. $5k shame. Yvonne Annette Lively- with morgan stanley? Was on a fin-up pod with Tate?

[@callmeNeno]

Charles Schwab debit checking has unlimited free atm world wide reimbursement. I love Capital One hybrid brick & mortar approach to banking 😊

[@MovieJustin]

You nailed it with Capital One..Its the best mix.

[@misterwelfare]

Capital One has been around for decades. SoFi is already offering a better product and they will continue to fill in the small gaps.

[@callmeNeno]

@@misterwelfare fintech model is not for everyone; I like to diversify my pro folio financially with different bank institution never hold all your cards in one basket

[@TommyBryson]

Charles sounds attractive

[@humansparkler]

I hate Charles Schwabb customer service is trash

[@LiftingxZen]

Amazing video tho! Great perspective, hope they get you back, they’ve been so much better than my typical home town bank !

[@TommyBryson]

Yeah let’s see how they progress

[@D_Roadtrip_Productions]

Joined Sofi 2020. I live near SoFi Delaware Offices and see it everyday. I like high APY the most. However, my recent SoFi Loan had no flexible early pmt options to reduce int. Therefore I transferred loan to Upgrade Bank and liking basic loan terms better out there. This month, SoFi lobbied to Congress to turn back on Student Loans for All, because it is a threat to their business. i have had a enough of the politics! High APY can be seen at more locations than Sofi for banking.

[@orr989]

You’re incorrect. Sofi lobbied to Congress to turn back student loans “ONLY” for those that make over $125,000 per year. The lobbying is only for those that don’t qualify for the 10K-20K forgiveness which makes perfect sense. Why are the people that don’t qualify for the forgiveness on pause??? They have to pay back their loans in full regardless if they wait or do it now. Anthony Noto has said over and over that he agrees with the 10-20K forgiveness but those that don’t qualify should start paying back their loans.

[@D_Roadtrip_Productions]

@@orr989 That's not how it went down in the beginning. Political carpetbagging Lobbiests spin it any way they can when their first goals were not met. SoFi wants the whole population of Student loans back online for their business . not just the 6 figure earners.

[@abelhernandezjr3059]

The only thing I hate about sofi is the fact you have to pay like 4 bucks to deposit cash

[@louiscreativeshouse5733]

I just want to know SoFi considered a prepaid card or a true card? If I add this to a payment system, is it going to reject me by saying no prepaid cards allowed or not lol

[@RealLifeRodger]

Depends on the payment network. It’s not the card, it’s the Apple wallet. Several places won’t take Apple Pay but will take the card associated with the account.

[@MarlonMartinezSamon-co2xi]

Who uses their debit card for transactions? Smh

[@Blyter7]

sofi takes 5 days to do mobile deposits. sofi is actually a terrible bank. even chase can do it instantly lol

[@joseblanco9719]

Hey Tommy would you mind making a video how your investing strategy will change when you get closer to retirement or will you forever hold the s&p 500.

[@TommyBryson]

Stocks will always outperform bonds based on what we know. However it all depends on what retirement means to you. What retirement means to me: plus full video coming soon 1. Keep working ( so you can earn enough and still not pay taxes ) 2. Have a 3 years emergency account ( so you can hold up against crazy market shift ) 3. Be mortgage free and debt ( less expenses and less depends on your money ) 4. Have your investments ( S&P, cover your expenses but not be your only way of earning income ) 5. Take advantage of Gov programs 6. Don’t forget your all get Social Security That’s a small part of it, but if you aren’t only reliant on the market you can confidently keep investing just in the S&P ( for me personally )

[@mr.mrs.humble.trucker25]

The information you give here is very accurate as I do the same.

[@King_Quin]

Most of us get 1k in deposits so that doesn’t bother me lol.. i have navy federal and SoFi

[@WhoisMizzy]

Is there an ATM debit limit with SoFi? Like what if i wanted to withdraw $20,000 what would I have to do

[@loso7771]

This reason why I still have BOA , gotta have a convenient 2nd bank exactly for this.

[@thedragonhawk2256]

He keeps saying loop and I think he means hurdles or hoops

[@VibesEdits]

Sofi tries to be the apple of banking by creating this huge ecosystem, part of the reason why it’s tough to go with them

[@RockawayBeachNY]

Why the hell do you need a Debit-ATM card. Who uses cash in 2023. Use CREDIT, their money.

[@JTAerialist]

This was super helpful Thank you. I was recommended to sign up for so far for the high yield savings which is something I've been looking into but I am self-employed and don't have direct deposit and I definitely don't make enough deposit that much into savings every month either So. Looking at other high yield options with no loopholes now. Thanks

[@dewaynejordan516]

I enjoy sofi. I just hates all the junk emails i receive from them

[@evelynsky3]

thanks Tommy 😊 that info came in the perfect time! I'm looking for a savings account that pay a high apy 😅 and went down to Sofi and Discover 🤷‍♀️so I think I'm going to take the money out of the couches and deposit it in Discover😂

[@aloeee]

I'm at the same point too trusting in youtube to teach me how to bank lmaoo😅

[@jaredhighlands4604]

I just got sofi a few months ago way better than my local credit union. Do like the 2 days early and the higher interest rate.

[@lombardo141]

I just don’t trust internet banks. How can they pay 4% but Chase or BOA does not ? What am I missing ?

[@jargooey]

Lack of overhead. Corporate real estate is way expensive and bloated

[@lombardo141]

@@jargooey yeah, thanks am still looking into it. I may do Barclays or Discover at least they are kind of big name institutions.

[@ZakaiTheGuy]

old brick and mortar is your answer

[@lrasconjr]

Does nobody else think the mobile app is a little messy though?

[@ledout7733]

I don't understand if you don't have direct deposit how you deposit money into your account since this is an online banking only .

[@maxianoacosta]

there is no sofi atm outside usa or Canada

[@berliozm]

Hello. im interested in open an account (HYSA) with SOFI, but i dont understand the direct deposit. I have a work but my checks are not about 1000$ per week. Im new in the country, is it profiability open an account in my condition., indeed, i see the conditions today and i see something about of 5000$ per month in direct deposit, its crazy. Could you helpe me to understand better. thanks

[@Marlontig]

He right and doesn't trust the bank..this is so right..

[@akidataylor7377]

June 20, 2023 capital one 360 offer 4.1%. Sofi offer 4.3% not that big a difference everyone lets switch

[@kenthibeault4258]

I still use Ally i like there saving account features for buckets

[@richsamuel2922]

I like Chime I use them as a spending account. There are no fees to deposit paper money at Walgreens locations. I believe SoFi charges fees to deposit paper money at retailers or the retailer charges a fee.

[@turnovertheleaf5505]

Chime froze my account and reported me to the IRS. My money comes from military retirement. They said I needed an employee to w2 me 🫤

[@richsamuel2922]

@@turnovertheleaf5505 I don't do direct deposit with them but good to know.

[@misterwelfare]

Chime isn’t even on the same level as SoFi. SoFi offers 3.75% and Chime offers 2%. Chime doesn’t have investment products, loan products and offers very little else. Better off having Chase to deposit money and transfer it to SoFi. Why use Chime and 3 other banks when you can just use SoFi and possibly another for deposits?

[@richsamuel2922]

@@misterwelfare I use Bank of America for my deposits. I believe I stated why I like Chime vs SoFi in the OP.

[@TommyBryson]

Just remember, what we get as far as a APY just has to be competitive but no one is ever going to get rich off an APY no matter how high they make it ( because it usually has to do with fed rates which have to do with inflation )

[@Focusandseek]

Tommy did u go back to using Sofi

[@effortlesssuccess2585]

Sofi Bank uses depositors’ money to invest in crypto. That’s how they are able to pay the high interest rates. I would not want any bank to trade crypto with my money.

[@moredatesmorefiber3526]

does discovery have vaults?

[@kingdre9595]

When do the saving apy pays out that’s the answer I’m looking for

[@AnaGarcia-li6gv]

Discover isn’t accepting new clients for this specific product 😢

[@estikidjr.7783]

Are there SoFi atms?

[@kellymckenzie4865]

I played the "actually" drinking game and I'm gone.

[@nelliemillan4627]

I happened to buy sofi stocks just cause they were unexpensive & it seems to b doing ok.😊

[@tbinder38219182]

Be better bro. Sofi is for the people.

[@TommyBryson]

No bank is for the people, the people have to know how to use them though

[@DeltaRoots]

I get 4.30% interest for savings. ATM Fee is free at All walgreens, CVS, winn Dixie, and Circle K stores, including RaceTrac gas station. Sofi the truth

[@tim4real]

this bank is #1. but what i been seeing is that ppl dont like the fact that it has no zeele?.......... why is that a problem............so they are made because you cant zeele a thot to come over and give you a quicky hahahahahahahahahaha.

[@savagegamer1602]

I got banned from them because they someone hacked into my account and they SoFi didn't want to help me

[@CalvioCoding]

This is my fear

[@fernandomercado4557]

I love Sofi they gave me numerous of loans

[@TommyBryson]

Be careful with debt

[@davidisrael5627]

Why not Ally Bank?

[@grayjackman1093]

Could you do a video on Axos accounts

[@ralphchristian9273]

You should have been sing the referral program to make mo re than you with income rest😊

[@tyeeali]

You talk in circles to much…! I clicked on your video because it was short so I brought you were getting into things right away 😂 you dragged it for like 6 minutes than started talking about what we came here

[@earlholmes2230]

Tommy you could of said all that in 5 mins but thxs

[@TommyBryson]

Lol, you know I put a detailed description; so if you are ever in a hurry you can grab the info quick 😎🙌

[@keephiscommandmentsandlive9860]

It's now $5,000 direct deposit every month to qualify for 4.6 rate

[@realjacksonluck]

It's $5,000 every month if you don't have direct deposit. Not $5,000 from direct deposit.

[@daricej9753]

Mines used to unlimited, but now it's up to $15 free atm withdrawals.

[@TommyBryson]

That’s ridiculous

[@KeithGolfs]

Why are there suddenly so many real comments? Lol

[@TommyBryson]

Lol even the bots are surprised

[@stockdetective4396]

My gold metal Amex fell apart twice and Iam barely using it, obviously a plastic card would suffer worse

[@gw6496]

Never heard of it.

[@TommyBryson]

They’ve been around for awhile now, but not really missing out on anything

[@TnTteam09]

bro ur talking in circles

[@TommyBryson]

Need help ?

[@zjhabib]

"no loops to jump over" 🤣

[@tanyawallace4830]

Thanks for sharing. Ally Bank is another bank without fees.

[@TommyBryson]

I’ll have to make an update video, for best online banks

[@hoodmoneyentllc7296]

You Have NOT STOP USING SOFI BANK !?

[@TommyBryson]

Lol better title

[@JJFN-zm3ky]

I wish SoFi had a widget for iPhones..

[@TommyBryson]

To check your balance ?

[@JJFN-zm3ky]

@@TommyBryson yeah

[@LiftingxZen]

Sounds like you need a better job bro…. Lol a 1000 deposit minimum is easy for most Americans. $SOFI to the moon, get rich everyone, BUY THE SHARES. 6.5$ a share? STEAL. It’s a 100$ stock. $20 minimum, 5 years. However I could be wrong! Do your own DD

[@TommyBryson]

The problem isn’t the deposit, the problem is the requirement; to get something that should be available freely for the use of our money anyways

[@robloxeite5546]

So you want them to pay you but you don’t want to pay them for there services 🤣🤣chump

[@TommyBryson]

We pay via having money in our account

[@opnwndo]

Got digital... Go broke.

[@benzima-ff9nz]

Chime

[@Robert-sj8ld]

👍🏻

[@turnovertheleaf5505]

My bank gives 4%. Only requirements is 12 uses /mth & login once

[@TommyBryson]

Not bad, I just don’t like having requirements when they already use our money

[@shuten_dojiii]

stop whining. keep using. lmfao jk

[@TommyBryson]

Lol 😂

[@AP-THA-GREAT-28]

Sofi is the best, I disagree with you 1000%

[@kendallhughes7507]

Good content, off topic, I think you're gaining weight (not a bad thing b/c you looked very thin when you had lost all that weight last year).

[@TommyBryson]

That is true, walking around at 170 right now where I usually walked around at 165

[@halfdeadgaming4703]

😀

[@larryconley9081]

BOA

[@TommyBryson]

That’s your current ?

[@tylersimmons909]

You should get ally

[@deangelomega]

I've been using ally for years. I like their savings buckets.

[@TommyBryson]

They have buckets now ?

[@tylersimmons909]

@@TommyBryson yep 👍🏽

[@timwest6199]

😢❤😢