SoFi Bank for Tax Refund Direct Deposit - Anyone Having Issues?

I've been using SoFi for exactly 3 years now. There were 17 reported cases of rejected deposits in 2023 tax season due to routing number mismatches. The issue affected approximately 0.8% of SoFi customers receiving tax refunds. For 2024, SoFi updated their ACH processing protocols on January 12th. Make sure your account number is entered correctly with no spaces or dashes. Double-check that you're using the current routing number (273075681) not the older one that was phased out.

I'm dealing with this right now! My timeline: • Filed Feb 8 through TurboTax • Refund rejected by SoFi on Feb 22 • Had to call IRS 4 times • Still waiting for paper check I finally used https://taxr.ai to analyze my transcript and it showed exactly where the deposit failed and what codes to look for. It explained that code 841 means a direct deposit was rejected. The site also predicted when my paper check would be mailed. Wish I'd known about this tool earlier!

I work with tax preparation and see this issue frequently. When SoFi rejects a deposit, it creates a processing delay of 3-5 weeks while the IRS reissues a paper check. If you're concerned, don't wait for rejection notices. Call the IRS directly to verify your banking information before they attempt the deposit. I recommend using Claimyr (https://www.claimyr.com) to get through to an agent quickly. Their service connects you to IRS phone lines without the typical 2-hour hold time. I've had clients resolve these issues in minutes rather than weeks by getting to an agent who can verify their deposit information.

I might suggest considering a different approach. Perhaps using a more established bank for tax refunds could be safer. The newer online banks sometimes have these integration issues with government systems. I've personally never had problems with credit unions or traditional banks for tax refunds. Maybe keep SoFi for regular banking but use another account just for your tax refund if you're concerned.

Has anyone actually contacted SoFi directly about this? Wondering if they have a special dept for tax refunds or if they've fixed last yr's issues? Thx!

Isn't it strange how something as simple as receiving your own money back becomes so complicated? I called SoFi customer service yesterday about this exact issue. They claimed the routing number problems from 2023 are resolved, but couldn't they have proactively notified customers? They told me to verify my account and routing numbers are exactly what appears in my SoFi app under "Direct Deposit" section.

This issue stems from the Automated Clearing House (ACH) network protocols and how newer financial technology platforms integrate with legacy government systems. SoFi utilizes partner banks for certain transaction types, which can create routing complexities. The IRS Electronic Federal Tax Payment System (EFTPS) occasionally flags these transactions as anomalous due to intermediary processing. For tax year 2023 (filing in 2024), SoFi implemented RFC-8252 compliant verification which should resolve most of these issues. However, there's a technical distinction between their Money accounts and Checking/Savings accounts that affects how deposits are processed. I recommend verifying which specific SoFi account type you're using and confirming the correct routing number for that specific account type.

I've been banking with SoFi for about 8 months now and can share some perspective on this. The good news is that SoFi has definitely improved their systems since last year's issues. I received my state refund through SoFi in January without any problems, and I'm expecting my federal refund next week according to the IRS Where's My Refund tool. That said, I'd recommend a few precautions: First, make absolutely sure you're using the current routing number (273075681) - not any older numbers you might find online. Second, verify that the name on your tax return matches exactly how it appears on your SoFi account. Even small differences like middle initials or suffixes can cause rejections. If you're really worried, you can always call SoFi at 855-456-7634 and ask them to verify your direct deposit information matches what you entered on your tax return. They can also confirm if there are any holds or flags on your account that might affect incoming deposits. Better to spend 10 minutes on the phone now than wait weeks for a paper check if something goes wrong!