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is the Sofi Money Banking App a Scam

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Published on May 7, 2019

The Sofi Money Banking and SofiSaving Account app are joining the trend of new banks with renovating feature that make the old banks look like they are just their to take your money and give you no value what so ever. When I looked at Sofi, Discover, Varo, Chime the one thing all these online banks have in common is the no fee banking and higher apr than the average tradition savings account.

So I decided to do a Sofi review to talk all the Sofi reviews on YouTube currently, like all reviews I made sure to do the research and judge base on the most important criteria. Which as always, convenience, customer service, savings and if you need another bank to bank with them.



Key Questions Answered

1. What does the course teach you?

2. Why is it worth or not worth the money?

3. How I decided if I recommended it or didn’t?

Raw Notes

Online banking is great but big banks are not going anywhere but I do think they are missing out on a big big audience and all these online banks are taking advantage of it as fast as possible.

What do you need to get this card: 18 and up and be citizen or permanent resident
Pros:
2.25% apy (Varo gives you 2.80 if you do direct on a savings)
No fees
Free atm worldwide
Customer service number not hidden
Finical Advise when you need it free (855-525-7634) by appointment
A ton of great articles on Financial help
They support Zelle, cash app, Venmo and all that stuff and apple pay
Check deposits online
Pay bill online
Lock your card
Loan Discounts
Career Services: help you find jobs
Community experience to build your network
No bs tip what you think is fair
Card replacement fees, stop payment, card rush around 20-25$ and any legal stuff like you didn’t pay child support 100$
Privacy they don’t sell info and what they do share with affiliate you can decide not to share


Cons: customer service

Cash Deposits (NONE): this might be a sign of the times where like elon musk says cash is going to go obsolete. Maybe…

Some online banks are great but haven’t been able to make me want to register
- Cash deposits
- Can’t do promotions only with direct deposit

Limits
- 250 a day to send to friends ( chase is 2000 yes its necessary)
- 3k to friends per month ( chase is 36k or more if you call)
- Atm withdrawals 610
- Spend limit 3k ( example gram wouldn’t be able to buy 30k tesla)
- 12 trasactions per day
Checks deposit : 1-4 days ( chase instant or atleast lets you use it )

Unanswered questions: any fees for foreign transfers or wire transfer and so on *Pro Tip* Information is key

Link:
Source 1: https://www.nerdwallet.com/blog/banki...
2: https://www.magnifymoney.com/blog/rev...
3: https://www.sofi.com/sofi-reviews/
4: https://thecollegeinvestor.com/24000/...


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