A user on TikTok is calling out SoFi bank after alleging that the bank froze the account with all of her funds—and would not give her a reason for the freeze nor a timeline regarding when it would be fixed.
In a video with over 186,000 views, TikTok user Deann Soladay (@deannanann) explains her situation, saying that, at the time of recording the video, she had not had access to her bank account for 6 days.
“Every day that we call, we’re told the same thing—that the internal investigation is happening, and they have no information for us, and they are now going to disconnect the call because they are the last point of contact for us,” she explains. “So then they disconnect the call…There’s no manager, no supervisor to talk to. They keep telling us that, you know, there’s no information, just to keep looking at our bank account.”
Upon investigating the issue, Soladay says she discovered that this is a relatively common issue.
“I’ve seen where people’s accounts have been frozen since September of 2023. It’s now January, and their accounts are frozen, which is sickening,” she says. “It makes me super sick, because to think that we have access to no money until, you know, three to four months down the line—we’re not going to be able to, like, live.”
“They just don’t seem to care that we have bills to pay and all of our money that we deposited into this bank account has been frozen,” she states in another part of the video.
To conclude her video, Soladay advises against banking with SoFi Bank.
“Please, please do your research. Do not bank at SoFi Bank. Please do not do that,” she begs. “Because your funds will get frozen, and you will have access to no money, and you will be told the same thing—that no one can help you.”
Soladay isn’t the first to make such a claim. Earlier this week, another customer claimed that SoFi had “randomly” frozen her account, making it impossible for her to withdraw her funds.
@deannanann Day 6 of having access to no money due to @SoFi freezing our account and not providing us with a reason or any updates! Has this happened to you? Should i contact an attorney? #nightmare #sofi #psa #storytime #money#Filesmoneyudent #t#twitterday6 #attorneysoftiktok ♬ original sound – Deann Soladay
In the comments section, users claimed that stories like these spoke to the need for multiple bank accounts.
“This is why I split my pay between two banks,” wrote a user.
“For several years now, I’ve had money in two separate banks and until recently I was considering closing one of them but now I’m just gonna keep both,” shared another. “This is scary!”
Others simply questioned how something like this was even possible.
“How are banks allowed to take someone’s money hostage??” questioned a TikToker.
Soladay later made a follow-up video saying that she was able to get her account unfrozen after 8 days.
@deannanann Replying to @Creole_love 79 SOFI UPDATE!! It took 8 days to hear from the internal fraud department, but our account is no longer frozen 🙌🏻#fyp #foryoupage #sofi #psa #storytime #update #frozen #banking #fraud #sofimoneymoves ♬ original sound – Deann Soladay
According to Soladay, much of the money in her account came from a home sale. This was the reason their account was frozen, as they were told that there was a recent surge in fraud related to home sale transactions.
While the team assured Soladay that it wouldn’t happen again, and if it did, she could contact a person to help her directly, she says she was still put off by the initial lack of direct communication and, given her experience, plans to move her funds elsewhere.
“We will be moving everything out of the SoFi bank account,” she declares. “I just don’t trust them at this point.”
The Daily Dot reached out to SoFi Bank via email and Soladay via Instagram direct message.