Get the weekly research letter
Companies change their terms quietly. We read every version and catch what actually changed. One email a week on the changes that matter and what they mean. No account.
The agreement prohibits users from bringing or joining class action lawsuits or representative proceedings against SoFi, requiring that any claims be pursued solely on an individual basis.
This analysis describes what SoFi's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision establishes that users cannot aggregate claims with other users in a single proceeding, which applies across SoFi's full suite of consumer financial products including banking, lending, and investing accounts.
Interpretive note: Enforceability of the class action waiver may be limited in certain jurisdictions, including California, under unconscionability doctrine or state consumer protection statutes.
The updated terms establish a time-limited referral promotion running through September 30, 2026, with new eligibility criteria for referrers. To qualify for the higher $75 bonus, referrers must maintain either $100 in combined Invest assets or an eligible direct deposit at the time the referred recipient enrolls. Referrers who do not meet these criteria will receive a lower $50 bonus. The terms also restrict bonuses to new Self-Directed Account openings only, excluding Automated Invest and IRA accounts from referral rewards. Referrals must be completed within the promotion period or they become ineligible. You should verify your account meets the stated asset or direct deposit requirements if you intend to participate in the referral program before the September 30 deadline.
View change record →The updated terms establish new restrictions on how referrers can promote SoFi products and create additional obligations for anyone participating in the referral program. Referrers must now obtain express consent before sending promotional text messages in Washington State, cannot use mass email or commercial advertising to solicit referrals, and must clearly disclose their financial relationship to SoFi in any promotion. The revised terms prohibit making claims about product outcomes, interest rates, or approval odds unless directed to official SoFi webpages, and establish a $10,000 annual cap on cumulative referral and welcome bonuses. Tax reporting obligations now apply, with SoFi reporting bonuses as miscellaneous income to the IRS on Form 1099-MISC. You can review the specific promotional campaign rules for each referral link and ensure compliance with state and platform-specific disclosure requirements before promoting.
View change record →The updated terms establish a Privacy Preference Center that gives you control over which types of cookies and tracking technologies are used on SoFi's website. Previously, SoFi stated that if you did not make a selection, you agreed to use of pixels and tracking technologies shared with social media, advertising, and analytics partners. The revised language divides cookies into categories: Strictly Necessary Cookies (always active, required for site function), Functional Cookies, Performance Cookies, and Targeting Cookies. You can now reject all optional cookies using a 'Reject All' button, manage individual cookie categories, or accept all. The terms note that blocking certain cookies may reduce site functionality and available services. You can change your cookie preferences at any time through the Privacy Preference Center.
View change record →The agreement requires that claims be brought only individually; users who do not opt out of arbitration within 30 days of acceptance are also waiving the right to jury trial as stated in the terms.
How other platforms handle this
If, however, this Class Action Waiver is deemed invalid or unenforceable with respect to a particular Dispute...neither you nor Chegg will be entitled to arbitration of such Dispute.
Neither you nor we may elect arbitration of any claims seeking only individualized relief asserted by you or us in small claims court, so long as the action remains in that court and is not removed or appealed de novo...
Monitoring
SoFi has changed this document before.
Receive same-day alerts, structured change summaries, and monitoring for up to 20 platforms.
"YOU AND SOFI AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING.Excerpt from SoFi's Terms of Service
(1) REGULATORY LANDSCAPE: Class action waivers in consumer financial contracts engage the Consumer Financial Protection Act and have been subject to CFPB rulemaking. The FAA generally supports enforcement of such waivers, but state courts in California and several other states have applied unconscionability analysis to limit their enforceability in consumer contexts. The SEC and FINRA have separate rules governing arbitration in securities accounts that may interact with this provision for SoFi's brokerage customers. (2) GOVERNANCE EXPOSURE: High. The combination of class action waiver and mandatory arbitration in a multi-product financial services platform creates material governance exposure, particularly for product lines where regulatory agencies have expressed concern about such provisions. (3) JURISDICTION FLAGS: California, New Jersey, and Washington have courts that have scrutinized class action waivers in consumer contracts. For SoFi's brokerage and investment advisory accounts, FINRA arbitration rules may govern independently of this clause, creating potential conflict or ambiguity. (4) CONTRACT AND VENDOR IMPLICATIONS: The waiver applies to claims brought by users, not necessarily to regulatory enforcement actions, which are unaffected by private arbitration agreements. Legal teams should confirm that the waiver language does not inadvertently purport to limit rights that cannot be waived under applicable financial regulation. (5) COMPLIANCE CONSIDERATIONS: The document should be reviewed to confirm that the class action waiver is disclosed with adequate prominence at point of acceptance. Any state-specific onboarding flows for California residents or users in states with heightened consumer protection statutes may require additional disclosure or a modified acceptance mechanism.
Regulatory citations, enforcement risk, and due diligence action items.
Coinbase's User Agreement includes a mandatory arbitration clause that most users may not have reviewed. Here is what the clause states and how the opt-out process works.
561 arbitration provisions across 197 platforms. ConductAtlas tracks how dispute resolution is being restructured across the internet.
Provision-level monitoring, governance timelines, and regulatory mapping built from archived source documents and historical version tracking.
This provision establishes that users cannot aggregate claims with other users in a single proceeding, which applies across SoFi's full suite of consumer financial products including banking, lending, and investing accounts.
The agreement requires that claims be brought only individually; users who do not opt out of arbitration within 30 days of acceptance are also waiving the right to jury trial as stated in the terms.
ConductAtlas has identified this type of provision across 211 platforms. See the full comparison.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by SoFi.