Consumer complaint received 2024-10-15
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: SOFI TECHNOLOGIES, INC. (TX)

I have a joint checking and savings account with SoFi. I filed a consumer goods transaction dispute on my SoFI checking account on XX/XX/year>. On XX/XX/year>, I ordered goods from a small business merchant, XXXX, for {$890.00}. After XXXX weeks of no reply to inquiries via XXXX or XXXX, no digital order update or tracking number, I filed my dispute claim with my bank SoFI.

They created my dispute claim # XXXX. As I am aware, their website indicates that they have a 10-day policy to resolve disputes for debit card transactions in accordance with Federal Regulation E.

Regulation E : " Requires banks to investigate and resolve debit card disputes within 10 business days of receiving a claim. If an error is found, the bank must correct it within one business day. '' On XX/XX/year>, I sent SoFI this email : " Hello, I am XXXX, the joint account holder for the account ending in # XXXX. I had requested the original claim email to be sent to my email : [ email ], and it was never received nor completed on behalf of your support team after requesting twice. I am emailing to attach the cancellation email from the company " XXXX  '' after the claim was filed with SOFI on XXXX of XXXX  for a total amount of {$890.00}. This issue should have been resolved months ago, and I have yet to receive an adequate response or update on my claim. It is ridiculous that I have to wait months at hand for an issue that can easily be resolved per the evidence that I have provided before and after this claim. If you have any questions or concerns, please let me know. '' SOFI responded, " Thank you for providing us with additional information regarding the above-referenced transaction ( s ). 

The final resolution of your claim will be completed as quickly as possible. These types of disputes can take up to XXXX days to resolve but in most cases are resolved sooner. The results of the investigation will be submitted to you in writing within XXXX business days after completing our investigation. 

Thank you for your patience as we investigate your inquiry. 

If you have any further questions, please reply to this email or contact us at the number listed below. '' Furthermore, I am unsure why they had to take 90 days to investigate when this was not a billing issue. I received their dispute resolution which indicates, as follows : " XX/XX/year> Merchant Name : XXXX  Transaction Date : XX/XX/year> Transaction Amount : $ XXXX Transaction Id : XXXX Claim Amount : {$890.00} Claim Date : XX/XX/year> Dear XXXX, This letter serves to inform you that we have reached a final decision regarding the claim mentioned above. 

After conducting a thorough investigation, we have determined that no error has occurred, and as a result, your claim has been denied. Our investigation involved a review of the information provided during the claim submission, as well as an examination of internal account records. Additionally, we collaborated with the merchant, other financial institutions, and our card processing networks as necessary. This claim is now closed. 

If you would like to obtain copies of the documents used in reaching this final decision or if you have any further inquiries, please contact us using our help center.

Best, The SoFi Team '' As this claim is a consumer transaction, as a consumer who did not receive the goods I purchased, I provided evidence of the merchant 's cancellation of my order on XX/XX/XXXX, after I had commenced my dispute transaction. I am unsure how SoFi came to a factually and legally insufficient conclusion. Additionally, they indicated that they " collaborated with the merchant, '' but the merchant canceled my order, and since XXXX, they have not processed a refund. Additionally, I contacted the SoFi support team various times to connect me to a dispute claim representative or someone with higher operating power, and they indicated that there is no direct line to that department and that there is nothing that they can do because basically, that is the only available staff. The only person they could transfer me to was an account manager, who indicated that he could not do anything ; all he could tell me was to respond to the last email SoFi sent me regarding the resolution. The previous email referenced above came from a " no reply '' address, and no reply is possible to appeal my dispute. The email indicates contacting SoFi support, and I tried multiple times to get a staff member who could refer me to the appropriate person to resolve this issue. After numerous attempts, they referred me to the account manager. All staff members ' advice is inaccurate and inconsistent and falls below the appropriate standard to delegate these matters. SoFi has no other contact methods, so I am filing this claim.