Tamar Chipp

@itsmekellym52 @SoFi @DataDInvesting So happy for you! So glad you recieved your deposit 🙏🏾

@TamarChipp @SoFi @DataDInvesting Since I commented earlier, it's only fair I update. Sofi confirmed that they rejected the deposit this morning, and confirmed the amt. Told me I needed to call SBTPG and request the code to be fixed. This afternoon I did in fact get my deposit. Hopefully this issue is fixed.

🚨 There is a possible tax refund disaster coming for $SOFI members and therefore SoFi's reputation In the words of Reddit's bender9000, "SoFi is slowly walking into a reputation risk disaster. Members are being underserved. Support shows no indication of working to resolve or lessen the issue." Here is what is going on: Members are experiencing rejection of IRS tax refund deposits made to their SoFi Banking accounts. This affects Members who: 1) File their taxes using TurboTax, 2) Elect to have fees paid out of their refunds, and 3) Direct the tax refund to be sent to their SoFi Banking account. When a TurboTax using Member elects to have fees paid out of their return, TurboTax processes the refund using Santa Barbara Tax Products Group (SBTPG). SBTPG processes the refund with fees deducted -- however they allegedly code the deposit for a Business account instead of Personal account. When the deposit reaches SoFi, it is rejected due to the mismatched Business/Personal coding. This is the point at which the Member discovers there is a problem. Once rejected, the deposit is returned to the IRS to be reprocessed as a check - which takes months! Note: The issue DOES NOT affect TurboTax using Members who DO NOT elect to have fees paid out of their refund. This is definitely not good. SoFi needs to be seen as a bank of the future where things run smoothly and work properly. If hundreds of thousands or more members have their tax returns returned to the IRS, it will reflect very poorly on SoFi even if the root cause is not their fault. @SoFi @SoFiIR @anthonynoto Please can we get some clarification and commentary on this issue. Full details linked in the reddit post below: reddit.com/r/sofistock/co…

@Dre1941826 @itsmekellym52 @SoFi @DataDInvesting It's been said that TPG is using a business code when sending deposits to SOFI, which SOFI translates as a business account deposit. SOFI can't accept business account deposits, only deposits to personal accounts. This has caused the issue of deposits being returned.

@itsmekellym52 @TamarChipp @SoFi @DataDInvesting What code do you mean?

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@Dre1941826 @SoFi @DataDInvesting I'm hoping for the best 🙏🏾

@TamarChipp @SoFi @DataDInvesting I talked to SoFi customer service a good hour ago they said that the issue is possibly fixed for the people that's expecting refunds after 2/14 but idk seen a lot of people is still giving them issues

@DataDInvesting @SoFi Poor communication overall. Done with this conversation. My refund was impacted by this and so many others will not get their refund for months because of this foolishness.

Did you not see the communication that you replied to from their official account? They might not even fully know the root cause because it's a new issue and, again, not fully under their control. The info I gave in the post is just from some sleuthing and may not encompass the full problem. Have you ever debugged code or done troubleshooting on real-life problems in real time? It is rarely as simple as you seem to be making it out to be.

@DataDInvesting @SoFi If they are noticing an influx of concerns that are impacting customers, expected or not, communicate with members to let them know so they can make an informed decision. The coding issue has been a nightmare. Why not make an exception for people to get their refunds?

Do you expect them to know ahead of time about a problem that is not actually their fault? Do you think they should be able to anticipate the errors of other companies? Do you expect the entire customer support staff knows about a very niche tax issue that only affects a small percentage of returns? What exactly are your expectations for a company that is dealing with a mistake that is not fully under their own control? This is a problem that only cropped up in the last week. TurboTax employees have said in this same thread that they deal with these problems every single year and it is not just a SoFi issue. SoFi is trying to take steps to fix it, but a company serving over 7M clients is not going to be able to turn on a dime for every single issue.

@SoFi @DataDInvesting This situation was handled terribly. No clear communication about refunds among SOFI reps on the phone and no official statement on SOFI's website or email to members warning about this. I talked to a rep today who couldn't give me a clear answer if this problem has been fixed.

SoFi members can file their 2023 tax returns and receive refunds electronically into their SoFi Checking & Savings accounts. A limited number of members experienced a delay receiving their refund if they opted to pay for tax services with their anticipated refund. We’ve resolved that issue for members moving forward. SoFi has successfully received millions of dollars in refunds electronically already this year and continues to be a safe and trusted place to deposit your refund.

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