Consumer complaint received 2025-12-02 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: SOFI TECHNOLOGIES, INC.
State: MI

Complaint narrative:
Subject : Re : Final Determination Request for Re-Evaluation Under Regulation E Dear SoFi Disputes Team, Thank you for your response. However, your explanation does not follow federal requirements under the Electronic Fund Transfer Act ( EFTA ) and Regulation E.

This payment was made using my SoFi debit card, not an XXXX card. 
While the transfer was sent through Apples interface, SoFi was the financial institution that processed the transaction.

This means SoFi not Apple is legally responsible for applying Regulation E.

Apples friends and family label has no legal effect.

Regulation E does not exempt a bank from liability based on how a third-party app labels a transfer.

What matters under federal law is whether : the merchant delivered the goods or services that were paid for.

They did not.

Regulation E states that an error includes : Failure to deliver goods or services as agreed.

( 12 CFR 1005.11 ( a ) ( 1 ) ( vii ) ) The facts are : The payment left my SoFi account The merchant never delivered the item I submitted proof of misrepresentation I filed a police report I provided all communication and documentation This is legally classified as a failure-to-deliver error fully covered under Regulation E.

Your determination is based on Apples policy, not federal law Your message states : Apple sent the funds, therefore the merchant provided the service. 

This is incorrect. 
Sending money is not the service. 
Delivering the purchased item is the service.

The merchant did not deliver anything.

I am formally requesting the following : 1. A full Regulation E-compliant second review of the claim.

2. A written explanation of how SoFi determined that no error occurred when the merchant failed to deliver.

3. Copies of all documents, communications, an
d internal notes SoFi used to reach the determination.

4. Confirmation that this claim will be reopened, as the current determination does not comply with EFTA and Regulation E.

Thank you for your time. I look forward to a corrected review.

CFPB Follow-Up Complaint Message Subject : SoFi Bank Improper Denial & Failure to Apply Regulation E I am submitting a follow-up to my existing complaint regarding SoFi Banks handling of my dispute.

SoFi denied my claim and continues to state that no error occurred, even though I have provided : Evidence the merchant did not deliver the product/service Screenshots showing misrepresentation A police report All communication with the merchant All requested documents multiple times SoFi keeps asking me to provide new information, but also states they are unable to advise what is needed. 
This request is unreasonable and prevents me from exercising my appeal rights.

Why the denial is improper Under the Electronic Fund Transfer Act ( EFTA ) and Regulation E ( 12 CFR 1005.11 ), a merchant failing to deliver goods/services qualifies as an authorized transaction with an error. 

This situation falls under : Failure to deliver goods or services as agreed.

Despite this, SoFi closed the claim without applying the correct standard and without addressing any of the evidence.

Additional concerns SoFi has not provided the documentation or evidence they used in their determination ( as required upon request ). 
They are placing the burden on me to guess what new information they want, rather than conducting a proper review. 
Their repeated vague requests appear to delay or avoid compliance with Regulation E.

Requested Action from CFPB I am requesting that the CFPB require SoFi Bank to : 1. Conduct a full and proper Regulation E review of the case.

2. Provide the documentation and evidence they relied upon in making their determination. 
XXXX. Reopen the claim and apply the correct federal guidelines. 
XXXX. Issue a written explanation addressing the failure-to-deliver evidence I provided. 

Thank you for your continued help. 
This situation has caused financial hardship, and I am simply requesting the protections guaranteed under federal law. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation