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The agreement asserts that SoFi and its affiliates are not liable for indirect, incidental, special, consequential, or punitive damages arising from use of or inability to use SoFi's services, to the maximum extent permitted by applicable law.
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 limits the categories of recoverable damages users may assert against SoFi in connection with service disruptions, data events, or other platform failures, though the clause is qualified by the phrase 'to the maximum extent permitted by applicable law,' which preserves statutory rights that cannot be contractually waived.
Interpretive note: The enforceability of the damages exclusion depends on applicable law and may be limited by non-waivable statutory rights under federal and state consumer financial regulation.
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 →Under this clause, claims against SoFi are limited to direct damages only; consequential or punitive damages are excluded from recovery under the agreement, subject to any non-waivable statutory rights under applicable consumer financial law.
How other platforms handle this
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A party's liability for any Liability under these Terms will be reduced proportionately to the extent the relevant Liability was caused or contributed to by the actions (or inactions) of the other party...
The Netflix service and/or some of the Netflix content may not be available at any time as a result of events beyond our reasonable control...we will not be held liable should such events occur.
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"TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL SOFI, ITS AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, OR SERVICE PROVIDERS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, DATA, USE, GOODWILL, OR OTHER INTANGIBLE LOSSES, RESULTING FROM YOUR ACCESS TO OR USE OF (OR INABILITY TO ACCESS OR USE) THE SERVICES.Excerpt from SoFi's Terms of Service
(1) REGULATORY LANDSCAPE: Limitation of liability clauses in consumer financial contracts interact with non-waivable statutory rights under the Consumer Financial Protection Act, the Electronic Fund Transfer Act (Regulation E), and applicable state consumer protection statutes. Courts in California and other states may decline to enforce broad liability limitations that conflict with statutory remedies available to consumers. (2) GOVERNANCE EXPOSURE: Medium. The 'to the maximum extent permitted by applicable law' qualifier is standard commercial practice and signals that SoFi acknowledges the limitation may not apply in all circumstances. The provision's interaction with Regulation E, which provides specific liability rules for unauthorized electronic fund transfers, creates a governance area where the contractual limitation may be superseded by federal regulation. (3) JURISDICTION FLAGS: California's Consumers Legal Remedies Act and other state consumer protection statutes may limit the enforceability of consequential damages exclusions in consumer contracts. New York and Illinois courts have also applied scrutiny to broad liability limitations in consumer financial agreements. (4) CONTRACT AND VENDOR IMPLICATIONS: B2B relationships involving SoFi's platform should be reviewed to determine whether the consumer-facing limitation of liability also applies to commercial accounts or whether separate commercial terms govern. Vendor agreements should be assessed to confirm that indemnification and liability frameworks are consistent with SoFi's downstream limitations. (5) COMPLIANCE CONSIDERATIONS: Legal teams should confirm that the limitation of liability clause does not purport to exclude recovery for losses that are mandatorily recoverable under Regulation E, the Truth in Lending Act, or other applicable statutes. Documentation of service disruptions and their impact on user accounts should be maintained to support liability assessment in the event of a claim.
Regulatory citations, enforcement risk, and due diligence action items.
Provision-level monitoring, governance timelines, and regulatory mapping built from archived source documents and historical version tracking.
This provision limits the categories of recoverable damages users may assert against SoFi in connection with service disruptions, data events, or other platform failures, though the clause is qualified by the phrase 'to the maximum extent permitted by applicable law,' which preserves statutory rights that cannot be contractually waived.
Under this clause, claims against SoFi are limited to direct damages only; consequential or punitive damages are excluded from recovery under the agreement, subject to any non-waivable statutory rights under applicable consumer financial law.
ConductAtlas has identified this type of provision across 292 platforms. See the full comparison.
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