Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.


  1. I signed up for the Sofi checking offer on Nov 18th and was approved. I recently checked my credit reports through crediwise and credit karma and they both show a hard inquiry on that day from both equifax and transunion.

    Institution Information:
    Cic Credit
    (615) 386-2282

    None of the other soft pulls that have been done to my credit over the past 2 years shows up on these reports. Any idea why these are showing up as hard inquiries if Sofi supposedly only does a soft pull?

    • This is the first I have heard of anyone having a pull show up. CIC does Trimerge reports (merging the three bureaus together). These are normally done for mortgage loans, but can be used for other purposes. Are you sure there isn’t some other potential cause of it? If not, I don’t know. All of us have signed up and so have many many readers and no one else has reported a hard pull.

      • I looked into it further and it was for a payment processing app. It was just a coincidence that it was around the same time as the Sofi app. Sorry for the confusion.

  2. Schwab does not have a 1% fee. I’ve used my Schwab cars multiple times in Japan and Canada with no fees.

    Schwab’s foreign fees are 0%.

    • I can tell you that SoFi and Schwab have the same transaction amounts so I am not sure if they both eat the fee or if they both charge it but they are the same.

  3. Hi Mark,
    Thanks for the informative write ups. Used your link for the singing up. Then the referral said Mark now it says Kirsten. I did a screenshot in case I did not get the $50. Whole process took about 3 weeks because of a fraud alert I have with credit agencies.
    I set this up as a foreign travel debit card. Talking to a SoFi rep he said even if you use the card at a Casino where you ma hu get hit with a $12 transaction fee, it gets refunded!

    • Awesome and thank you for using our link! That has been my experience that pretty much any ATM fee has been refunded immediately so far. Pretty awesome!

      Hopefully everything goes smoothly now but let me know if you have any issues with the bonus.

  4. I signed up using your referral link!

    Now when I look at my own referral, it says:

    Invite friends to apply for a SoFi Personal Loan or Student Loan Refi with your personal referral link.

    Does it mean I only get referral when people sign up with a loan using my referral link?

    • Thanks for using our link – much appreciated!

      You need to go into the SoFi app on your phone to get the money and invest referrals. Let me know if you have any issues.

  5. Mark,
    are we certain that sofi didn’t do a hard pull? tried to sign up & got this error msg:

    Sorry, we aren’t able to open your account at this time.
    Unfortunately, we couldn’t open your account, because your credit file is frozen at Experian. Please unfreeze your credit file, wait one hour, and re-apply. We’ve sent you an email with more information.

  6. Where are the complete directions for signing up for this? Including getting the app and all because I know you have to have that as well, right?

  7. Funded account on 10/3/19, signed up through your link, no bonus yet, contacted Sofi:

    Congrats on your new SoFi Money account! We are happy to look into this bonus for you? Did you use a referral link to apply for the account? If so what is the name and email address for that person. I am sorry the bonus wasn’t added automatically. We will look into this for you once we get some more info. The bonus can take up to 7-10 business days to receive.

    So I need your email address, you can send to me directly if you don’t want to post it here.

  8. What is the daily limit on atm withdrawal at Schwab? $615 doesn’t seem like much if you’re in a foreign country and a real bind.

    The Schwab account was supposed to give me $100 after depositing $1,000 but I never deposited a cent and still got the $100.

  9. Mark, if I open up a Sofi checking account then can I deposit money orders in there via ATM? They don’t have any branches where I can go in and deposit MO.

    • They only have mobile deposit and no money orders. You would have to deposit them into a credit union acct etc. and then transfer the money over to SoFi if you wanted to use it to earn some interest before paying bills etc.

  10. BElieve I signed up thru your link but, not sure. Haven’t verified transfer account as yet and just called them and they won’t know if I used the correct link until 10 days after my $100 deposit doesn’t cause the $50 credit. Said I had to phone them with Shawn’s email address so they can apply the credit Appreciate the email address of Shawn which is the name on the referral page so I can get the credit if it doesn’t appear. Really like this website.


    • I think you should be fine. It may already be showing in your account. Let me know if it isn’t showing tomorrow though. Thanks for reading David!

  11. Another feature I like on SoFi is their beta “vault” feature which lets you create a lot of sub accounts to store money for different purposes (e.g., emergency fund, wedding savings, house savings, etc). They aren’t actual separate accounts with different account numbers, and you can’t access them via an ATM, but it provides a logical separation that can be really handy.

    I’m keeping the Schwab account if for no other reason than that my employer users them for distributing stock, and it’s handy to have a paired checking account for that (and a backup fee-free int’l card with some emergency funds in case I lose my SoFi debit card when traveling). But, moving my day-to-day banking to SoFi seems like a no-brainer.

    One thing I haven’t really figured out – when I do a bill-pay on SoFi (like for rent) it doesn’t seem that it shows me anywhere that the check has been cashed. The funds are debited when the check is mailed, but it’s helpful to know that it was actually processed. My landlord (or their mail carrier) is very unreliable and I’d rather know sooner than later that there’s an issue.

    • That is interesting that the debit it when the check is mailed versus when it is cashed. I am surprised they do it that way.

  12. Used my schwab card to get Pesos in Mexico and the exchange rate was better than at any exchange kiosk. Schwab reverses ATM fee pretty quickly, within a couple of days, not once a month.

    • Someone commented in our Facebook Group that they did a withdraw with SoFi, Fidelity and Schwab and they all came out to the same amount which I found interesting. I haven’t done any tests yet but will give it a try the next time I am out of the country and see what happens.

      • SoFi says the 1% is a Visa fee, not a SoFi fee. When I signed up for the account a few months back I bugged Schwab on Twitter to try and answer whether they are also subject to the same Visa fee and they wouldn’t answer and said to call, which I didn’t bother doing. I suspect Schwab (actually Visa) was charging it all along, but if someone wants to call and confirm we’d know for sure! 😉

        • That is interesting Ben – I had suspected something like that when the person commented they all charged the same on her test.


Please enter your comment!
Please enter your name here