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SoFi may update these Terms at any time by posting a revised version on its website, and continued use of the platform constitutes acceptance of the updated Terms, without any direct notification to the user.
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 the contractual terms governing all SoFi products and services, including financial accounts, can be modified without direct notice to users, with acceptance implied through continued platform use. This mechanism creates an ongoing obligation for users to periodically check for updates to avoid being bound by materially changed terms.
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, the agreement governing a user's SoFi banking, lending, or investment accounts may change at any time, and continued use of the platform after such a change constitutes binding acceptance. The agreement does not specify a minimum notice period or require affirmative re-acceptance for material changes.
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"SoFi may change this Terms of Use Agreement from time to time by posting a current version on the SoFi website without delivering any notice to you. Please review the current version of this Terms of Use on the SoFi Site from time to time, because your continued access or use of the SoFi Site shall be deemed your acceptance of the Terms of Use in place at that time.Excerpt from SoFi's Terms of Service
1. REGULATORY LANDSCAPE: This provision interacts with FTC guidance on unfair or deceptive acts and practices, particularly regarding the adequacy of notice before material contract changes. For financial product agreements, the CFPB has expressed interest in whether consumers receive meaningful notice of changes to terms governing their financial accounts. State consumer protection statutes in California and other jurisdictions may impose additional notice requirements. 2. GOVERNANCE EXPOSURE: Medium. The absence of direct notification before terms changes creates a potential consumer protection compliance risk, particularly for product categories subject to federal financial regulation. If a material change to arbitration, fee, or data sharing terms is implemented without affirmative notice, that change's enforceability may be subject to challenge depending on jurisdiction and applicable law. 3. JURISDICTION FLAGS: California residents may have heightened protections under the California Consumer Privacy Act and state consumer protection law regarding notice of material changes to privacy-related terms. Enforcement posture may vary by state, and compliance teams should assess whether specific product categories require affirmative notice under applicable regulations. 4. CONTRACT AND VENDOR IMPLICATIONS: B2B partners and employers accessing SoFi AtWork services should note that the underlying consumer terms may change without direct notice, potentially affecting the terms of the employer-facilitated program without employer notification. Vendor and integration agreements that reference SoFi's Terms of Use by incorporation should be reviewed for update notification dependencies. 5. COMPLIANCE CONSIDERATIONS: Compliance teams should establish a monitoring process to track SoFi Terms updates, assess whether any update triggers a consent mechanism review or regulatory notification obligation, and evaluate whether the implied-acceptance mechanism is enforceable for specific product categories such as securities accounts or bank deposit agreements governed by federal banking regulation.
This provision establishes that the contractual terms governing all SoFi products and services, including financial accounts, can be modified without direct notice to users, with acceptance implied through continued platform use. This mechanism creates an ongoing obligation for users to periodically check for updates to avoid being bound by materially changed terms.
Under this clause, the agreement governing a user's SoFi banking, lending, or investment accounts may change at any time, and continued use of the platform after such a change constitutes binding acceptance. The agreement does not specify a minimum notice period or require affirmative re-acceptance for material changes.
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