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The agreement authorizes SoFi, its agents, and affiliates to contact users via auto-dialers, pre-recorded voice messages, artificial voice, SMS, and automated chatbots at any telephone number provided, with users bearing all associated carrier charges.
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 broad communications consent covering both marketing and account-related contact across all contact methods and all telephone numbers provided to SoFi or any of its affiliates. The Telephone Consumer Protection Act generally requires separate written consent for autodialed or pre-recorded marketing calls and texts, and whether this bundled agreement provision satisfies that requirement may depend on regulatory interpretation and enforcement context.
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, users who provide a telephone number to SoFi or any SoFi affiliate authorize contact via auto-dialers, pre-recorded messages, and chatbots for both account and marketing purposes, and are responsible for any carrier charges incurred. The agreement specifies that users can opt out of SMS alerts by texting STOP to the relevant short code.
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"You agree that SoFi may contact you through any means, including emails, telephone, SMS messages (including text messages), calls using pre-recorded messages or artificial voice, and calls and messages delivered using automatic telephone dialing systems (auto-dialer) or an automatic chatbot or texting system. SoFi and its agent or representative may leave messages on your answering machine, voice mail, or send messages via text or chatbot. Recorded phone and other interactions. You agree that SoFi and our agents, representatives, affiliates or anyone calling or contacting you on our behalf may contact you on a recorded line or recorded messaging service, including via an automated chatbot. SOFI MAY USE ANY MEANS OF COMMUNICATION TO REACH YOU EVEN IF YOU WILL INCUR COSTS TO RECEIVE SUCH MESSAGES, INCLUDING PHONE, TEXT, E-MAILS OR OTHER MEANS. You are responsible for any and all charges, including but not limited to, fees associated with text messaging, imposed by your communications service provider.Excerpt from SoFi's Terms of Service
1. REGULATORY LANDSCAPE: This provision directly implicates the Telephone Consumer Protection Act, which governs autodialed calls, pre-recorded messages, and SMS marketing to mobile numbers. The FCC enforces TCPA, and the FTC may also have jurisdiction over deceptive consent practices. TCPA requires prior express written consent for marketing autodialed calls and texts; whether a general terms of service acceptance constitutes adequate written consent for TCPA purposes has been subject to litigation and regulatory scrutiny. The provision's extension to contact at numbers provided to any SoFi affiliate expands the scope beyond numbers provided directly to the service being used. 2. GOVERNANCE EXPOSURE: High. TCPA class action litigation risk is material for financial services companies using auto-dialers and pre-recorded messages at scale. The bundled consent mechanism, which combines marketing and account contact authorization in a single Terms acceptance, may not satisfy the TCPA's separate written consent requirement for autodialed marketing communications under current regulatory interpretation. 3. JURISDICTION FLAGS: California's TCPA analog statutes and the California Invasion of Privacy Act may create additional exposure for California residents. Florida, Texas, and other states with active TCPA enforcement environments may also present heightened litigation risk. The provision's statement that users bear costs of receiving messages may interact with state unfair business practices statutes. 4. CONTRACT AND VENDOR IMPLICATIONS: The provision extends consent to agents, representatives, and affiliates contacting users on SoFi's behalf, which creates downstream vendor and partner compliance obligations. Third-party contact center vendors and marketing partners operating under this consent authorization should be assessed for TCPA compliance practices in vendor due diligence reviews. 5. COMPLIANCE CONSIDERATIONS: Compliance teams should evaluate whether the bundled acceptance mechanism satisfies current TCPA written consent requirements for marketing communications specifically, map all telephone numbers collected across affiliated entities to assess the scope of the consent authorization, and review opt-out mechanisms for adequacy against TCPA and FCC guidance on revocation of consent.
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 establishes broad communications consent covering both marketing and account-related contact across all contact methods and all telephone numbers provided to SoFi or any of its affiliates. The Telephone Consumer Protection Act generally requires separate written consent for autodialed or pre-recorded marketing calls and texts, and whether this bundled agreement provision satisfies that requirement may depend on regulatory interpretation …
Under this clause, users who provide a telephone number to SoFi or any SoFi affiliate authorize contact via auto-dialers, pre-recorded messages, and chatbots for both account and marketing purposes, and are responsible for any carrier charges incurred. The agreement specifies that users can opt out of SMS alerts by texting STOP to the relevant short code.
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