SOFI bank rejecting deposits

Home Forums General Discussion 2024 Tax Season SOFI bank rejecting deposits

  • This topic has 5 replies, 4 voices, and was last updated 3 months ago by Refund2024.
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  • #4536221 Reply

      A user reported SOFI bank rejecting deposits due to TPG coding the transaction wrong and sending it as a business account deposit instead of a personal account deposit which you will have to wait months to receive a deposit from the IRS

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      • #4538588 Reply

          Same with my California refund, Jan 25th. SoFi had the same story that it was due to “business account coding” which is a ridiculous copout. After the 3rd customer service rep, I was told SoFi having the issue, and it had been resolved, I was assured that my Fed refund was not going to have any problems being direct deposited into this account. WRONG!!! I Just received an email to the contrary…. It has been returned to the IRS and a check will be issued. This is beyond frustrating……..

        • #4536392 Reply

            IRS payments are typically personal payments, which can go into a business or personal account. So as long as it matches the persons name it’s being accredited to it should go. But even that is not always 100% because it is possible to mistype your account number in and they will deposit it into someone else’s account and you lose your return. So unless that bank is just flat out not accepting returns, that’s only way it would be rejected.

          • #4536289 Reply

              Not saying anyone is lying, I just don’t see how it’s possible… when a DD is sent, it goes to an automated clearing house (ACH). As long as the account numbers and names match, it goes through. There is nothing making an ACH transfer or DD unique for a personal or business account.

            • #4536287 Reply

                Sorry that happened…you can request sbbt to send a paper check priority mail if you request it by a supervisor. I had to do it a few years back because of a closed bank account… I pleaded and pleaded and they were about to have it sent to me the following day via overnight mail.

              • #4536273 Reply

                  oh yes it happened to me , the deposit came thru to santa barbara bank (FOR turbo tax) and they say they sent it to sofibank . sofi rejected it . i called and asked why and sofi said account numbers were all correct its that santa barbara coded it as a business account and they dont have business accounts. isnt that a crock of**********. santa barbara said it too 4 to 6 weeks to return to i see they sent it back so thats the only good news

                • #4536286 Reply

                    That’s what my bank told me because they don’t have business accounts only personsal.i called 2x and was told the same thing both times

                  • #4536279 Reply

                      There is literally no difference between a dd for a personal account and a business account. Sounds to me that the names on the dd don’t match that of the name on the bank account. There’s no coding for business vs personal accounts with dd’s. The account and routing numbers are what the transaction follows.

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