What does SOFI* mean on my bank statement?

SOFI* is the merchant billing descriptor used by SoFi (Social Finance, Inc.) when they process payments. It can relate to loan repayments, SoFi Money account activity, SoFi Invest contributions, or SoFi Credit Card charges.

Why does the charge say SOFI* instead of SoFi?

Banks and card networks truncate merchant names for display. SoFi uses 'SOFI*' as their abbreviated billing descriptor, sometimes followed by a product code or partial description like 'SOFI*LOAN' or 'SOFI*BANK'.

Can I get a refund for a SOFI* charge?

Refunds from SoFi depend on the type of charge. Contact SoFi at 1-855-456-7634 — they can review erroneous fees or payments and issue a refund if the charge was made in error.

How do I cancel a SoFi service to stop SOFI* charges?

Log into your SoFi account at sofi.com, navigate to account settings, and manage or close the specific product (e.g., SoFi Plus, SoFi Money, or SoFi Invest). You can also call SoFi support at 1-855-456-7634 for guided cancellation.

How do I stop future SOFI* charges from appearing?

To stop recurring SOFI* charges, disable AutoPay for any SoFi loans through your account dashboard, cancel any active SoFi subscriptions, or close your SoFi account entirely by contacting their support team.

Home›Browse Charges›Finance›SOFI*

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

✓ Legitimate

The "SOFI*" charge is from SoFi. SoFi financial services charge.

🌍 US🕐 8 min read📅 Updated May 22, 2026

SoFi

SoFi financial services charge.

SOFI*

Why does this charge appear?

When SoFi processes transactions through major card networks and payment systems, their billing identifier gets truncated to "SOFI*" because merchant descriptor fields on Visa and Mastercard statements have strict character limits, typically capping recognizable names at a shortened prefix followed by an asterisk. The asterisk in "SOFI*" is a standard separator used by payment processors to distinguish the merchant name from any additional transaction detail, such as a product type or reference code, that may follow it. If you see "SOFI*" on your bank statement, it is almost certainly a legitimate charge from SoFi Technologies, which offers a range of financial products including personal loans, student loan refinancing, investing accounts, and banking services.

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Your next steps

Identify Your SoFi Service

Log into your SoFi account at sofi.com and review your active products, such as SoFi loans, SoFi Invest, SoFi Money, or SoFi credit cards, to pinpoint exactly which SoFi service generated the SOFI* charge on your statement.

Match the Charge Amount

Compare the SOFI* charge amount on your bank statement against your SoFi account billing history or loan payment schedule found at sofi.com to confirm the amount aligns with your expected fees, interest payments, or subscription costs.

Review Your SoFi Membership

Check whether you are enrolled in SoFi Plus or any premium SoFi features by visiting sofi.com/account, as recurring SOFI* charges may reflect a membership fee or auto-payment tied to one of SoFi's financial products.

Cancel or Adjust Your SoFi Plan

If the SOFI* charge is for a service you no longer need or want, visit sofi.com/account to manage your subscriptions, adjust your payment settings, or cancel any active SoFi plans to prevent future charges from appearing on your statement.

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Legitimate or scam?

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.

Is the SOFI* Charge Legitimate or Fraud?

A SOFI* charge on your bank or credit card statement is almost always a legitimate transaction from SoFi (Social Finance, Inc.), a popular fintech company offering personal loans, student loan refinancing, investing, banking, and credit card products. This descriptor appears when SoFi processes a payment, fee, or transfer tied to one of their financial products or services. However, if you don't recall signing up for anything with SoFi, it's worth investigating further.

SoFi loan repayments (personal, student, home, or auto loans) often appear as SOFI* on statements
SoFi Money account fees, wire transfers, or overdraft-related charges may display as SOFI*
SoFi Invest or SoFi Credit Card-related billing activity can trigger this descriptor
A family member or joint account holder may have used a shared SoFi account

How to Verify the SOFI* Charge

1
Log into your SoFi account
Visit app.sofi.com or open the SoFi mobile app and review your recent transactions, loan payment history, and account activity to match the SOFI* charge amount and date.
2
Search your email for SoFi receipts
Search your inbox for emails from SoFi (noreply@sofi.com or support@sofi.com). SoFi sends confirmation emails for loan payments, transfers, and account fees that should match the SOFI* charge.
3
Check if a household member has SoFi
Ask family members or anyone with access to shared finances whether they have a SoFi loan, SoFi Money account, or SoFi Credit Card that could have triggered a SOFI* charge.
4
Review your SoFi product subscriptions
Check if you signed up for SoFi Plus (SoFi's premium membership), any auto-pay loan arrangements, or recurring investment contributions that might generate a periodic SOFI* charge.
5
Contact your bank for details
If you still can't identify the SOFI* charge, call the number on the back of your card. Your bank can provide the full merchant descriptor, transaction ID, and any additional details about the charge.

How to Dispute a SOFI* Charge

1
Act within 60 days
Most banks require disputes to be filed within 60 days of the SOFI* charge appearing on your statement. Acting quickly protects your right to a full chargeback or refund investigation.
2
Contact SoFi directly first
Reach SoFi customer support at 1-855-456-7634 or through the in-app chat at sofi.com. Explain the unrecognized SOFI* charge — SoFi can often resolve billing errors faster than a bank dispute.
3
File a chargeback with your bank
If SoFi cannot resolve the issue, contact your bank or card issuer to file a formal dispute for the SOFI* charge. Provide the transaction date, amount, and any communication you had with SoFi.
4
Request a new card number
If the SOFI* charge appears fraudulent and you didn't create a SoFi account, ask your bank to cancel your current card and issue a new one to prevent any further unauthorized charges.

Tips for Managing SoFi Charges

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Enable SoFi app push notifications so every SOFI* transaction is flagged in real time.

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Keep a record of all SoFi products you've enrolled in to quickly match any SOFI* charge.

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Secure your SoFi account with a strong password and two-factor authentication to prevent unauthorized activity.

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Note your SoFi loan or subscription billing dates so recurring SOFI* charges are never a surprise.

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Monitor your credit report for new SoFi accounts you didn't open — a sign of potential identity theft.

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Use WhatIsThisCharge.net to identify related charges that may appear alongside SOFI* on your statement.

ℹ️ Note

In most cases, a SOFI* charge is a routine, legitimate transaction from SoFi — typically a scheduled loan payment, account fee, or investment contribution that you previously authorized. If the amount matches your SoFi account activity, there's no need for alarm.