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The agreement excludes SoFi's liability for all direct, indirect, special, incidental, and consequential damages arising from platform use, including technical failures, transaction errors, unauthorized account access prior to notification, and system outages.
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 asserts a comprehensive liability exclusion covering all damage categories arising from platform use, including circumstances such as security breaches, transaction failures during time-sensitive operations like securities trades, and unauthorized transfers prior to user notification. Applicable law, including the Electronic Fund Transfer Act, may establish independent liability standards for certain transaction types that operate regardless of contractual exclusions.
Interpretive note: The enforceability of this liability exclusion for specific transaction types depends on applicable federal statutory frameworks including EFTA and TILA, which establish independent consumer liability limits that may not be contractually disclaimed.
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 provides granular cookie controls rather than requiring blanket acceptance of all tracking technologies. Previously, SoFi stated that users who did not make a selection agreed to all tracking uses; the revised terms now require users to affirmatively allow functional cookies and other tracking categories. The updated language explicitly describes that functional cookies enable enhanced site functionality and personalization, and that blocking certain cookies may impact site experience. You can now toggle cookie categories on or off individually rather than accepting or declining all tracking as a single choice.
View change record →Under this clause, SoFi disclaim liability for platform failures, technical errors, and unauthorized transactions that occur before the user reports them, including in time-sensitive financial contexts such as securities trading or payment processing. Statutory liability protections under laws such as the Electronic Fund Transfer Act may limit the enforceability of this contractual exclusion for specific transaction types.
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"You agree that all access and use of the SoFi Site and your use of SoFi products and services is at your own risk. In no event shall SoFi (and all related parties) be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising or in connection with use of the SoFi Site. In addition, you agree: SoFi will not be responsible if you are unable to use the SoFi Site or any linked site, or in the event of any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if SoFi, or representatives thereof, are advised of the possibility of such damages, losses or expenses. SoFi will have no liability to you for any unauthorized payment or transfer made using your passcode that occurs before you have notified us of possible unauthorized use and we have had a reasonable opportunity to act on that notice.Excerpt from SoFi's Terms of Service
1. REGULATORY LANDSCAPE: The Electronic Fund Transfer Act establishes independent consumer liability limits for unauthorized electronic fund transfers that may not be contractually disclaimed. The Truth in Lending Act similarly limits consumer liability for unauthorized credit transactions. The CFPB has enforcement authority over both statutes. A contractual limitation of liability that purports to exclude SoFi's responsibility for unauthorized transfers prior to notification may conflict with statutory protections under EFTA that cap consumer liability based on notification timing. 2. GOVERNANCE EXPOSURE: High for banking and payment product categories where statutory liability protections apply. The breadth of the contractual exclusion, covering all direct and consequential damages, may be unenforceable as applied to specific transaction types governed by federal statutes establishing independent liability frameworks. 3. JURISDICTION FLAGS: California and other states may have additional consumer protection statutes that limit disclaimer of liability in financial services contexts. Securities account users may have additional protections under FINRA rules applicable to SoFi Securities LLC that operate independently of this contractual disclaimer. 4. CONTRACT AND VENDOR IMPLICATIONS: The disclaimer that SoFi is not liable for unauthorized transactions before user notification creates an operational dependency on prompt user reporting. Business accounts and employer AtWork participants should assess whether this limitation of liability is acceptable for their use case and whether separate indemnification or liability frameworks apply. 5. COMPLIANCE CONSIDERATIONS: Compliance teams should assess the interaction between this contractual liability exclusion and applicable statutory liability standards under EFTA, TILA, and other consumer financial statutes, document the operational procedures for handling unauthorized transaction reports within a reasonable time, and evaluate whether product-specific agreements for banking and securities accounts contain consistent or superseding liability provisions.
This provision asserts a comprehensive liability exclusion covering all damage categories arising from platform use, including circumstances such as security breaches, transaction failures during time-sensitive operations like securities trades, and unauthorized transfers prior to user notification. Applicable law, including the Electronic Fund Transfer Act, may establish independent liability standards for certain transaction types that operate regardless of contractual exclusions.
Under this clause, SoFi disclaim liability for platform failures, technical errors, and unauthorized transactions that occur before the user reports them, including in time-sensitive financial contexts such as securities trading or payment processing. Statutory liability protections under laws such as the Electronic Fund Transfer Act may limit the enforceability of this contractual exclusion for specific transaction types.
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