Consumer complaint received 2026-01-24 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: SOFI TECHNOLOGIES, INC.
State: MT

Complaint narrative:
Nature of the Dispute : On XXXX XX/XX/XXXX I initiated a dispute for {$290.00} regarding " Merchandise Not Received '' ( MNR ). While I understand an MNR type dispute typically does not qualify for immediate provisional credit under Regulation E, the situation has fundamentally changed : Fact 1 : Funds Were Recovered : On XXXX XXXX, XXXX, the merchant ( NAME / CONTACT INFO REDACTED ) confirmed via text message that the disputed funds were successfully debited from their account and settled via the payment network on XXXX XXXX, XXXX ... Additionally Merchant ( NAME REDACTED ) provided documented proof of the disputed funds being withdrawn from their account .. On XXXX XXXX, XXXX, I forwarded to SoFi Bank a copy of this documented proof of the withdrawal from the merchants account as well as a transcript of a text conversation that took place between myself and my contact at the merchant ( Name Redacted ) where we discussed these events.. I also at that time provided to SoFi Bank a direct cellular phone number to my contact at the merchant.. 

Fact 2 : SoFi Was Provided Evidence : On XXXX XXXX, XXXX, merchant ( NAME REDACTED ) confirmed via text message that the Merchant Dispute Advice Form had been completed and returned as instructed on XXXX XX/XX/XXXX, with the box checked that reads in part Therefore we agree to accept the dispute and debit to our account .. On XXXX XXXX, XXXX, SoFi was provided a transcript of this text conversation as well as photographs of the form.

Fact 3 : Funds Are Held by SoFi : The funds successfully left the merchant 's bank and are now held in an unapplied or " suspense '' account within SoFi 's financial ledger.

Fact 4 : Failure to Credit : SoFi has failed to locate and credit these recovered funds to my account, despite repeated escalations and the submission of all merchant documentation.

Regulatory Violation and Demand for Action : My claim is no longer a standard MNR dispute ; it is a banking error/failure to credit recovered funds. Under the Electronic Fund Transfer Act ( Regulation E ), Section 1005.11, financial institutions are required to correct such an error within one business day of determining that the error has occurred.

Willful violation : Its quite reasonable to believe that SoFi Bank had been aware of this recovered transaction since at least, the day it took place, XXXX XXXX, XXXX notwithstanding the denial of SoFi Bank However, it becomes much, much more difficult to consider if there is perhaps any reasonableness with SoFi Banks position beyond XXXX XXXX, XXXX when SoFi Bank was provided definitive evidence that these funds had been recovered from the merchant.. Therefore, I demanded the immediate, post-haste credit of {$290.00}. XXXX to my SoFi checking account ending in XXXX ( REDACTED ) before the end of the business day, XX/XX/XXXX SoFi Bank, in the face of mounting evidence willfully and knowingly denied my demand SoFi Was Advised There Would Be Repercussions : Because SoFi failed to meet the close-of-business deadline for XXXX XX/XX/XXXX, to credit the {$290.00} recovered from ( REDACTED ) on XXXX XXXX, XXXX, I am now following through on the ultimatums delivered earlier in this process as well as on XXXX XXXX, XXXX ... 

1. REGULATORY ACTION : This formal complaint being filed with the Consumer Financial Protection Bureau ( CFPB ) regarding SoFis violation of 12 CFR 1005.11 ( Regulation E ). SoFi Bank has been in possession of recovered funds for 29. days and have refused to credit my account despite definitive proof from the merchant and direct access to their contact information. This is no longer a merchant dispute ; it is a failure of SoFis internal accounting and a breach of federal law. 

2. REDIRECTION OF FUNDS : As promised, I have initiated the process to redirect my monthly recurring deposits : Direct Deposit # 1 : {$4400.00} Direct Deposit # 2 : {$2000.00} Total Annual Loss to SoFi : {$76000.00} Be advised that if the upcoming XX/XX/XXXX deposits land in this account, they will be transferred out immediately to a compliant financial institution. No further deposits will be authorized for this account. 

3. FINAL STANDING : SoFi management was given every opportunity to resolve a documented bookkeeping error. Your decision to prioritize a {$290.00} internal reconciliation error over a XXXX XXXX annual relationship is a profound failure in customer retention and compliance. 
I no longer require " updates '' or " investigations. '' I expect the {$290.00} to be returned to my account as a matter of legal requirement. All future communication regarding this matter should be directed through the CFPB portal.

Company response to consumer: Closed with explanation