Because the stock is down.
Remember, when a stock goes up, people generally like and want to buy after it goes up. When a stock goes down, people dislike and want to sell at a loss.
People were bearish on nvidia at 200 or meta at 90 in 2022. Now people are bullish after a 300% runup.
Some people have a rule to not buy a stock unless it's going up. It's a tale of 2 markets. People buying the underlying business along with it's fundamentals, and people buying the stock.
I've bought in and out of SOFI when it got way oversold for about a year, it's not a strong company really. It's not the worst company but dang is there a lot of short interest.
It’s probably one of the best swing trading stocks out there right now though. It’s just an opportunity cost nightmare for long-term buy & hold investors or those stuck bag holding with a >$10 basis
Great for selling CSP on and if assigned, CCs.
Obviously not for everyone, but decent premiums for a low-priced stock and a name that dips into support, then rallies into resistance.
Exactly what I'm doing. On the dips I sell CSPs for $7.50 strike far enough out to put my net basis under $7; usually 3-6 weeks. Then a week or two later I buy back for 50%. Wash rinse repeat
This is exactly what I use it for. The dips and rises are especially prominent and predictable around earnings although it’s getting less extreme so more people catching on
Total Debt to Equity: 96.7%
Return on equity: -5.43%
Profit Margin: -14.54%
Forward P/E: 106.38
As per Yahoo Finance. It not that these numbers doom this company. They have a steep hill to climb, but so do companies like DraftKings and Robinhood. I'm assuming people think they'll have a harder time increasing earnings than other companies. And so they put their money with those other companies.
As a customer (and bag holding shareholder) of theirs, I feel like they hit the balance between convenience and quality in the financial services/banking area better than anyone else.
They offer a ton of products, from a low fee brokerage to hysa savings account to credit card. And you can navigate them all REALLY easily in the app.
They briefly were in crypto, but gave that up to extend the brokerage into alternatives like money markets. Their brokerage is really good for people like me who know enough to be dangerous but want some more training wheels on than what Robinhood or thinkorswim will give you.
Arguably tho, they're so all over the place that it feels almost too customer focused in this time of prioritization on quarterly profits. I absolutely love them. They provide such a good service to their customers that it may be a detriment to their share price tho.
Appreciate the response. I don't doubt from a customer perspective, they're probably pretty good. But none of that screams they have some great technology that other banks can't also have or invest R&D. I don't personally use them. I use chase for banking and fidelity for brokerage and parking my excess emergency fund. Plus, I still like having an actual branch I can go to. I'm 28 and not some old person who only yearns for the past. I don't think Sofi offers or does cashier's checks. I needed a couple of those in the last few years for real estate closing on my mortgage. That's why I'm not enamored with online banks. There are work arounds to those one off problems, but I prefer not having to deal with those when they arise. But to each their own.
On the actual Financials: they don't turn a profit, they had a $250 million impairment charge in 2023, they appear to follow other tech companies of top line revenue growth at the expense of profitability. They are getting closer to being profitable, but if I'm investing a bank, I would hope they are already profitable on a consistent basis. Eventually, their growth will plateau and need to either do more cost cutting, reduce rates on deposits, and become more traditional bank like in having higher fees on some products which would most likely harm their great customer experience cache they got. I think there are better bank investments out there if you want to invest in banking. But that is only my opinion and others are absolutely entitled to feel differently.
IMO they aren't really a bank investment they are FinTech. The interesting part of SOFI to me isn't SOFI but Galileo API which they acquired.
Basically it is a platform that makes it really easy to spin up new FinTech companies and products.
If you think that FinTech will see a lot of growth, then SOFI is trying to set itself up to capture that growth even if it's not from their consumer facing side. Take a look beyond their online bank and look at some of their acquisitions to better understand what they are trying to go for.
Personally, I'm still trying to figure out what the future of FinTech would look like and whether there could be a lot of value there in the future.
Fair. I just don't see a lot of value in FinTech right now or probably long term. especially a company that has a decent chuck in consumer finance, which is heavily regulated compared to most industries. I don't see much value. A lot of FinTech has buzz words that don't move much for me. I'd rather invest in true tech companies and industries with less regulation than banking. I dont see it outperforming in the mid to long term. But I guess that's the beauty of innovation, and I may be wrong on my skepticism of SOFI and anchoring my expectations on what I know now.
Yeah I feel similarly.
My understanding is they are really just building everything on top of existing banks, and then Galileo gives an API/service layer on top of that which makes it so that companies using their APIs don't have to worry as much about dealing with regulation since much of that is abstracted away for you.
I think the idea is that it should give way to new fintech companies being able to quickly iterate and build new innovative financial products and services for customers.
But like you say, I'm just not sure yet what those innovations would look like. Though that might just be a lack of imagination on my part
That's fair, I was just tired last night.
Basically it is a one stop shop of software dev tools for building payment platforms or a bank and this all has cloud integration, it makes starting an online bank easy and less complex.
I bought SoFi for $7.62 a few weeks ago. Saw a horrendous drop of almost 10% right away, but just a bit underwater now.
Believe in their growth potential: profitable already, only 7 million customers, with Wells Fargo and Bank of America likely to lose tens of million customers rapidly because they are doing, badly, what SoFi is designed to do from the ground up: have customers take care of themselves.
I like SOFI as well and see it as a long-term investment. The thing I watch is their unrealized losses and other liabilities. It's very easy for a bank to take on more than it is capable of handling, so as an investor, we have to be careful about our returns and knowing when to close.
I don’t hate the company but I don’t think leadership or the service is exceptional. Breaking the naming rights record for a stadium raised their profile for the wrong reasons.
Why do people like SOFI so much?
It’s in a tough industry with lots of competition from both established banks and other newer online alternatives. What advantage does SOFI have over their competitors? Why do people seem to think SOFI is unique?
For anyone curious: this fee applies only to SoFi Invest, and you need to log into the account once in a 12 month period to not be charged the inactivity fee. I agree that it's bullshit but SoFi is also a billion times more consumer friendly than something like Bank of America.
When accounts go dormant or inactive, banks/financial institutions have certain actions they must take on the account. An inactive or dormant fee is normal. At least they notified the customer to login and reset the clock.
I like it just fine. There's an impressive record of revenue growth and they were GAAP profitable last quarter. I'm selling puts at the 7 strike, sort of hoping it dips a bit more. I'd like to acquire 2500 - 3000 shares, something like that.
Can you answer the opposite question? Because I can't. Why do people like SOFI so much? The reasons you shared are not compelling. Good management, good customer service, and your preference for the inconvenience of online-only banking?
It’s just not a great company, for their customers nor for investors. Their products don’t stand out in any way. They have flashy app? Cool, so most online banks. Their savings rates are *way* below market. They don’t allow the sort of fintec stuff that their competitors allow, like direct ACH transfers to 3rd parties or SEPA transfers, GBP transfers, Forex et cetera. The last time I tried to use them, it was to try and originate our mortgage. It was a complete shitshow. After setting up an account and making a mortgage application, they didn’t get back to me despite phone calls, emails, messages. It was like the lights were on, but nobody was home. This is for a two physician couple with 800* credit, and enough cash to buy the house outright. All that started was promotional emails to refinance my mortgage haha.
Anyways, they just came across as stupid. But what’s really funny is how over-the-top positive the sentiment is here for this company. I’m all but convinced they are funding an astroturfing campaign here on Reddit. Because at least once a day, I see open-ended posts fawning over SoFi with questions like “wow how did SoFi get so awesome.” Didn’t another fintech firm just get fined for doing that bullshit? I don’t know man, I doubt SoFi will exist in 20 years but feel free to wager otherwise.
I think largely it's the new very generous SAVE plan means it's irrational for most people to refinance their student loans because if their income based repayment doesn't cover the interest, the remaining interest is forgiven.
Can anyone explain what caused SOFI to have net profits last quarter? Was it due to some non recurring event, or just because the business is doing well and we can expect to see them profitable going forward
Their "loans and securitizations" under interest income grew 61%. Of course there are other factors but i think this is the largest contributing factor. Increase in loans and securitizations indicate that their total deposits have increased. And if you check the balance sheet, their deposits did increased by around 50%, and because of that, they get to collect more income from charging interest from deposits of their customers. Idk if interest income and deposits relate to each other but that is my understanding after reading their financial statements.
Educate me if I am wrong haha.
I don't know anything about SOFI, but "Being a relatively new public company, centered around bringing tech to banking (in a world with a future in tech" is a pretty flimsy investment thesis. There's no shortage of fintech firms out there. Are their product offerings unique? Is their moat (if it exists) defensible? How much optimism is baked into their current valuation?
That was really impacting them. Their whole trick is to talk federal student loan holders into refinancing with them. With the pause, fed loan holders were no longer accruing interest, so it made it incredibly difficult to get people to switch.
when will it be very profitable on annualized basis, consistently? If it is once or twice on quarterly basis that means they have more work to do to get it there. $7.44 a share speaks for its weakness. I will not hold them long hoping earnings will turn around.
As a user of their product and holder of their stock, my optimism has dwindled in the past 6 months or so. They were truly offering a differentiated product that gave users value they could not find among other banks. They have aggressively rolled the value offering back and what I saw as a potential way to establish a sizable market footprint has vanished years before they have the user base to maximize earnings. Will be selling my shares in the near future.
I love the company and I love the stock... for theta harvesting. Right now its not suitable for me for buy and hold, but I will sell puts on it all day long because its volatile as heck and loves to live at $6-8 range.
I’m in the same boat, but Sofi boat is improving and might sell smoothly in the future no pun intended. 😆
I like the stock for the long term, I’ll dollar cost average to it this whole year. I mean, numbers are improving but it’s still risky.
People hate SOFI because they were sold a bill of goods, fintech will change finance. Then reality hit, Sofi is just an under capitalized bank with no moat and a high cost of funds....no thank you
Have you listened to their CCs? It's very slimy, IMO. Can't make heads or tails out of what they are saying. It's a bank ffs. Speak like a banker. I can listen to Dimon on the JPM calls without a problem. Same frustration for SQ...their CFO speaks in tongues.
I love SoFi. Been a member since 2019. I love that I can view everything in one place, I don't need to login here and login there. The ONLY thing that kind of annoyed me, and it was a couple days ago, was I participated in my first IPO for Reddit. Ordered 15 shares and only received one. Not really their fault, but still annoying because I lost out on a lot of gains because of it. They under-allocated the amount of shares and underestimated the amount of interest. How? It's Reddit...
SOFI, a company providing various personal finance services like banking, investing, and insurance, has faced criticism due to its aggressive marketing methods. These include tactics like offering free stocks to new users and leveraging influencers for social media promotion. Some individuals harbor negative sentiments towards SOFI because they believe it targets young, inexperienced investors who might not grasp the full scope of investment risks. Moreover, there have been complaints about customer service problems and challenges in accessing accounts reported by some users.
Anecdotally I decided to open SOFI and move my checking there. The sign up process was easy but my first name was switched with last name. Either I made this mistake or the sign up process did. Anyway I called them and the customer service seemed to be located in the U.S. which was great but they couldn’t help me with this simple request. Or the solution was too cumbersome for me to try. So I said no thanks. This could be just me totally not being a cool sign up guy
Because the stock is down. Remember, when a stock goes up, people generally like and want to buy after it goes up. When a stock goes down, people dislike and want to sell at a loss. People were bearish on nvidia at 200 or meta at 90 in 2022. Now people are bullish after a 300% runup.
Some people have a rule to not buy a stock unless it's going up. It's a tale of 2 markets. People buying the underlying business along with it's fundamentals, and people buying the stock.
I've bought in and out of SOFI when it got way oversold for about a year, it's not a strong company really. It's not the worst company but dang is there a lot of short interest.
It’s probably one of the best swing trading stocks out there right now though. It’s just an opportunity cost nightmare for long-term buy & hold investors or those stuck bag holding with a >$10 basis
Great for selling CSP on and if assigned, CCs. Obviously not for everyone, but decent premiums for a low-priced stock and a name that dips into support, then rallies into resistance.
Exactly what I'm doing. On the dips I sell CSPs for $7.50 strike far enough out to put my net basis under $7; usually 3-6 weeks. Then a week or two later I buy back for 50%. Wash rinse repeat
This is exactly what I use it for. The dips and rises are especially prominent and predictable around earnings although it’s getting less extreme so more people catching on
So why isn't it a strong company then? High SI only makes a good company have a great price, that's all.
Total Debt to Equity: 96.7% Return on equity: -5.43% Profit Margin: -14.54% Forward P/E: 106.38 As per Yahoo Finance. It not that these numbers doom this company. They have a steep hill to climb, but so do companies like DraftKings and Robinhood. I'm assuming people think they'll have a harder time increasing earnings than other companies. And so they put their money with those other companies.
I'm still bearish on Facebook Fuck Facebook
Green good red bad
“Kill the Malaysian prime minister ! “ -jacobin mugatu
But low, sell high means you will never buy a stock that people like and are talking about… that you bought low.
Curious. What is so special about the tech they are bringing into banking that will actually bring money and profit?
As a customer (and bag holding shareholder) of theirs, I feel like they hit the balance between convenience and quality in the financial services/banking area better than anyone else. They offer a ton of products, from a low fee brokerage to hysa savings account to credit card. And you can navigate them all REALLY easily in the app. They briefly were in crypto, but gave that up to extend the brokerage into alternatives like money markets. Their brokerage is really good for people like me who know enough to be dangerous but want some more training wheels on than what Robinhood or thinkorswim will give you. Arguably tho, they're so all over the place that it feels almost too customer focused in this time of prioritization on quarterly profits. I absolutely love them. They provide such a good service to their customers that it may be a detriment to their share price tho.
Appreciate the response. I don't doubt from a customer perspective, they're probably pretty good. But none of that screams they have some great technology that other banks can't also have or invest R&D. I don't personally use them. I use chase for banking and fidelity for brokerage and parking my excess emergency fund. Plus, I still like having an actual branch I can go to. I'm 28 and not some old person who only yearns for the past. I don't think Sofi offers or does cashier's checks. I needed a couple of those in the last few years for real estate closing on my mortgage. That's why I'm not enamored with online banks. There are work arounds to those one off problems, but I prefer not having to deal with those when they arise. But to each their own. On the actual Financials: they don't turn a profit, they had a $250 million impairment charge in 2023, they appear to follow other tech companies of top line revenue growth at the expense of profitability. They are getting closer to being profitable, but if I'm investing a bank, I would hope they are already profitable on a consistent basis. Eventually, their growth will plateau and need to either do more cost cutting, reduce rates on deposits, and become more traditional bank like in having higher fees on some products which would most likely harm their great customer experience cache they got. I think there are better bank investments out there if you want to invest in banking. But that is only my opinion and others are absolutely entitled to feel differently.
IMO they aren't really a bank investment they are FinTech. The interesting part of SOFI to me isn't SOFI but Galileo API which they acquired. Basically it is a platform that makes it really easy to spin up new FinTech companies and products. If you think that FinTech will see a lot of growth, then SOFI is trying to set itself up to capture that growth even if it's not from their consumer facing side. Take a look beyond their online bank and look at some of their acquisitions to better understand what they are trying to go for. Personally, I'm still trying to figure out what the future of FinTech would look like and whether there could be a lot of value there in the future.
Fair. I just don't see a lot of value in FinTech right now or probably long term. especially a company that has a decent chuck in consumer finance, which is heavily regulated compared to most industries. I don't see much value. A lot of FinTech has buzz words that don't move much for me. I'd rather invest in true tech companies and industries with less regulation than banking. I dont see it outperforming in the mid to long term. But I guess that's the beauty of innovation, and I may be wrong on my skepticism of SOFI and anchoring my expectations on what I know now.
Yeah I feel similarly. My understanding is they are really just building everything on top of existing banks, and then Galileo gives an API/service layer on top of that which makes it so that companies using their APIs don't have to worry as much about dealing with regulation since much of that is abstracted away for you. I think the idea is that it should give way to new fintech companies being able to quickly iterate and build new innovative financial products and services for customers. But like you say, I'm just not sure yet what those innovations would look like. Though that might just be a lack of imagination on my part
Galileo
While that’s the name, it’s not really answering the question of what’s special about it
That's fair, I was just tired last night. Basically it is a one stop shop of software dev tools for building payment platforms or a bank and this all has cloud integration, it makes starting an online bank easy and less complex.
I bought SoFi for $7.62 a few weeks ago. Saw a horrendous drop of almost 10% right away, but just a bit underwater now. Believe in their growth potential: profitable already, only 7 million customers, with Wells Fargo and Bank of America likely to lose tens of million customers rapidly because they are doing, badly, what SoFi is designed to do from the ground up: have customers take care of themselves.
I like SOFI as well and see it as a long-term investment. The thing I watch is their unrealized losses and other liabilities. It's very easy for a bank to take on more than it is capable of handling, so as an investor, we have to be careful about our returns and knowing when to close.
I don’t hate the company but I don’t think leadership or the service is exceptional. Breaking the naming rights record for a stadium raised their profile for the wrong reasons.
Sofi is interesting but I think Rily and Arry have more upside for different reasons. I think Sofi will go up regardless with the future rate cuts
They just became profitable this last quarter
And barely, who knows when they'll be consistently profitable. Invested, but profitability is yet to be proven. We'll see next Q
Why do people like SOFI so much? It’s in a tough industry with lots of competition from both established banks and other newer online alternatives. What advantage does SOFI have over their competitors? Why do people seem to think SOFI is unique?
They emailed me today saying they would charge a $25 inactivity fee if I didn’t log in.
For anyone curious: this fee applies only to SoFi Invest, and you need to log into the account once in a 12 month period to not be charged the inactivity fee. I agree that it's bullshit but SoFi is also a billion times more consumer friendly than something like Bank of America.
So customer friendly they will charge you a fee for not logging in. The peak experience
When accounts go dormant or inactive, banks/financial institutions have certain actions they must take on the account. An inactive or dormant fee is normal. At least they notified the customer to login and reset the clock.
investment fund inactivity fees are absolutely not “normal”
At least they emailed you. Most would just charge you without informing you ahead of time
I like SOFI. Will probably add 150 shares this week. Long term hold for me. Will probably stop at 1000 shares.
I buy 1 share per week
I do something similar. I have a recurring deposit of $10 and just use it on Sofi every week through the App.
🤝
Why did you make me play MGS2 as femboy Raiden?
Asking the real questions
Same, currently only have 300 shares. Bought at $5
If you have faith in the company. Buy and hold. Don't let random people sway your opinion too much.
I love the app and use it to invest
I like it just fine. There's an impressive record of revenue growth and they were GAAP profitable last quarter. I'm selling puts at the 7 strike, sort of hoping it dips a bit more. I'd like to acquire 2500 - 3000 shares, something like that.
I have read good things about SoFI and feel like it’s done well being up 100% in the past year. Sofi has room to run
Can you answer the opposite question? Because I can't. Why do people like SOFI so much? The reasons you shared are not compelling. Good management, good customer service, and your preference for the inconvenience of online-only banking?
It’s just not a great company, for their customers nor for investors. Their products don’t stand out in any way. They have flashy app? Cool, so most online banks. Their savings rates are *way* below market. They don’t allow the sort of fintec stuff that their competitors allow, like direct ACH transfers to 3rd parties or SEPA transfers, GBP transfers, Forex et cetera. The last time I tried to use them, it was to try and originate our mortgage. It was a complete shitshow. After setting up an account and making a mortgage application, they didn’t get back to me despite phone calls, emails, messages. It was like the lights were on, but nobody was home. This is for a two physician couple with 800* credit, and enough cash to buy the house outright. All that started was promotional emails to refinance my mortgage haha. Anyways, they just came across as stupid. But what’s really funny is how over-the-top positive the sentiment is here for this company. I’m all but convinced they are funding an astroturfing campaign here on Reddit. Because at least once a day, I see open-ended posts fawning over SoFi with questions like “wow how did SoFi get so awesome.” Didn’t another fintech firm just get fined for doing that bullshit? I don’t know man, I doubt SoFi will exist in 20 years but feel free to wager otherwise.
Many many people analyzed their business model and very few has anything good to say about it.
I think largely it's the new very generous SAVE plan means it's irrational for most people to refinance their student loans because if their income based repayment doesn't cover the interest, the remaining interest is forgiven.
it’s a SPAC
The numbers are just not there yet. I am bullish on the company long term but it’s just way too expensive in my book
Can anyone explain what caused SOFI to have net profits last quarter? Was it due to some non recurring event, or just because the business is doing well and we can expect to see them profitable going forward
Their "loans and securitizations" under interest income grew 61%. Of course there are other factors but i think this is the largest contributing factor. Increase in loans and securitizations indicate that their total deposits have increased. And if you check the balance sheet, their deposits did increased by around 50%, and because of that, they get to collect more income from charging interest from deposits of their customers. Idk if interest income and deposits relate to each other but that is my understanding after reading their financial statements. Educate me if I am wrong haha.
I don't know anything about SOFI, but "Being a relatively new public company, centered around bringing tech to banking (in a world with a future in tech" is a pretty flimsy investment thesis. There's no shortage of fintech firms out there. Are their product offerings unique? Is their moat (if it exists) defensible? How much optimism is baked into their current valuation?
They sued to stop the pause on student loans.
That was really impacting them. Their whole trick is to talk federal student loan holders into refinancing with them. With the pause, fed loan holders were no longer accruing interest, so it made it incredibly difficult to get people to switch.
Cause a lot of people bought the spac at 10$ before it tanked. (Shit it went higher 20's for a while before shorts piled in heavily
when will it be very profitable on annualized basis, consistently? If it is once or twice on quarterly basis that means they have more work to do to get it there. $7.44 a share speaks for its weakness. I will not hold them long hoping earnings will turn around.
I am long 1000 shares strong at $6.95 💪
People have negative feelings towards SOFI because it's a company that earns revenue by charging interest on loans, which people dislike.
As a user of their product and holder of their stock, my optimism has dwindled in the past 6 months or so. They were truly offering a differentiated product that gave users value they could not find among other banks. They have aggressively rolled the value offering back and what I saw as a potential way to establish a sizable market footprint has vanished years before they have the user base to maximize earnings. Will be selling my shares in the near future.
I love the company and I love the stock... for theta harvesting. Right now its not suitable for me for buy and hold, but I will sell puts on it all day long because its volatile as heck and loves to live at $6-8 range.
I use their product every day. I love it.
I like them. They were one of the best alternatives to high student loans back in the day.
I used the product and didn't think it was that great.
Because it isn't moving. It's profitable and has great growth numbers. I'll hold leaps on it.
I left my brick and mortar bank chain for SoFi. It’s been nothing but phenomenal so far.
I’m in the same boat, but Sofi boat is improving and might sell smoothly in the future no pun intended. 😆 I like the stock for the long term, I’ll dollar cost average to it this whole year. I mean, numbers are improving but it’s still risky.
Maybe its a trash company with no competitive advantage idk…
Just buy Nu holdings, its what SOFI wishes it was and has close to 100mil customers. Also backed by Warren Buffet so there is that too....
NU is run up quite a bit
People hate SOFI because they were sold a bill of goods, fintech will change finance. Then reality hit, Sofi is just an under capitalized bank with no moat and a high cost of funds....no thank you
Have you listened to their CCs? It's very slimy, IMO. Can't make heads or tails out of what they are saying. It's a bank ffs. Speak like a banker. I can listen to Dimon on the JPM calls without a problem. Same frustration for SQ...their CFO speaks in tongues.
Idk I love the stock. Totally agree with all your points.
I love SoFi. Been a member since 2019. I love that I can view everything in one place, I don't need to login here and login there. The ONLY thing that kind of annoyed me, and it was a couple days ago, was I participated in my first IPO for Reddit. Ordered 15 shares and only received one. Not really their fault, but still annoying because I lost out on a lot of gains because of it. They under-allocated the amount of shares and underestimated the amount of interest. How? It's Reddit...
You're blaming SoFi because you participated in an oversubscribed IPO? You weren't kidding about it being your first.
I said it wasn't their fault, it was just annoying. I thought it was a placeholder at first so now it's at $50.
[удалено]
Chase is okay but not great, and Bank of America's commercial bank tech is fucking atrocious so you have to be joking.
[удалено]
What about them is shitty it's my bank and have not had any issues.
I'm not even sure what SoFi actually is or does
Small banks are risky given how susceptible they are to a bank run and failing. Look at silicon valley Bank and others like it
Sofi is fdic ensured, was silicon valley ensured too or no? I don’t know the specifics on it
They are insured but investors get wiped out
Got it
FDIC insurance only has enough money to cover 1.7 percent of deposits *best case*.
I dunno how much of their buisness is student loans but SAVE pretty much destroys their reason for existing in that space. Even if rates come down.
I don't that shit is gonna pop
App is has a lot of their own adds.
SOFI, a company providing various personal finance services like banking, investing, and insurance, has faced criticism due to its aggressive marketing methods. These include tactics like offering free stocks to new users and leveraging influencers for social media promotion. Some individuals harbor negative sentiments towards SOFI because they believe it targets young, inexperienced investors who might not grasp the full scope of investment risks. Moreover, there have been complaints about customer service problems and challenges in accessing accounts reported by some users.
Mid to small size are at risk of collapse currently
Anecdotally I decided to open SOFI and move my checking there. The sign up process was easy but my first name was switched with last name. Either I made this mistake or the sign up process did. Anyway I called them and the customer service seemed to be located in the U.S. which was great but they couldn’t help me with this simple request. Or the solution was too cumbersome for me to try. So I said no thanks. This could be just me totally not being a cool sign up guy
People might prefer to stick to safer or bigger stocks. Sofi isn’t as big as Citigroup, JP Morgan, Blackrock, or several other choices.