SOFI* Charge (What It Is + Is It Legit?)

When SoFi processes transactions through card networks like Visa and Mastercard, merchant descriptor fields are limited in character length, which is why the company's name gets truncated and formatted as "SOFI*" on your bank statement. The asterisk following SOFI is a standard separator used by payment processors to distinguish the brand name from any additional transaction detail, such as a product type or service code, that may follow it. SoFi operates a wide range of financial products including personal loans, credit cards, and banking accounts, so if you recently interacted with any of their services, this abbreviated descriptor is the likely source of the charge.

No, this is a legitimate charge from SoFi. However, if you did not authorize this charge or cancelled your subscription, you may be eligible for a refund.

Frequently Asked Questions