Consumer complaint received 2026-02-16 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Company closed your account
Company: SOFI TECHNOLOGIES, INC.
State: LA

Complaint narrative:
Consumer Complaint Narrative Account Closure Following Active Dispute I am submitting this complaint to document the escalation of harm that occurred while my prior complaint was actively under review by the Consumer Financial Protection Bureau and to explain the circumstances surrounding the formal closure of my SoFi Bank, N.A. accounts in XXXX XXXX 

After discovering a series of unauthorized electronic transactions connected to non-physical, app-based merchants using frequently changing identifiers, I immediately contacted SoFi and repeatedly requested intervention. From the outset, I explained that these were not traditional card-present transactions and asked that the activity be stopped or restricted, including limiting transactions to my physical card only. I was informed that action could not be taken until the transactions fully posted, despite my early warnings that additional withdrawals were imminent. 

Once the transactions posted, I formally disputed them and requested stop-payment protections. SoFi later acknowledged that a stop payment had been entered ; however, this action proved ineffective because the merchants continuously changed their billing identifiers. Each new debit appeared under a different merchant name, allowing withdrawals to continue despite my notice and requests for protection. This structural issue was repeatedly communicated to SoFi, yet meaningful preventative measures were not implemented. 

During the dispute process, SoFi issued a provisional credit. Rather than securing the account after issuing that credit, SoFi allowed the same merchant ecosystem to continue accessing the account. As a result, the provisional funds were withdrawn through newly altered merchant identifiers, creating an overdraft balance of approximately {$6000.00}. This overdraft was not caused by new spending or consumer action but arose directly from SoFis failure to prevent continued debits after fraud had been reported and acknowledged.

While my CFPB complaint remained active, SoFi contacted me by telephone in XXXX XXXX and informed me that my accounts would be closed, citing the overdraft balance created under these circumstances. The closure occurred despite the fact that the overdraft itself stemmed from disputed transactions and from the banks handling of the provisional credit during an ongoing investigation. 

Throughout this process, SoFi repeatedly stated that it had collaborated with merchants and other financial institutions regarding the disputed activity. However, none of the substance of those communications was disclosed to me. I was not provided meaningful information about which entities were contacted, what findings were made, or how those findings justified denying reimbursement. As the consumer directly affected, I was left without transparency into decisions that materially impacted my financial standing. 

The timing of the account closure occurring while a CFPB complaint was pending raises serious concerns. Instead of resolving the dispute or addressing the procedural failures identified in my complaint, SoFi terminated the banking relationship based on consequences created by unresolved disputed transactions. This action compounded the financial harm and deprived me of access to banking services during an active regulatory review. 

This complaint is therefore submitted to address the following concerns : Failure to implement effective protections after timely notice of unauthorized electronic transfers Reliance on stop-payment measures known to be ineffective against merchants using rotating identifiers Issuance of a provisional credit without securing the account against continued withdrawals Creation of a substantial overdraft balance resulting from unresolved disputed activity Lack of transparency regarding alleged collaboration with merchants and financial institutions Closure of accounts during an active CFPB dispute, resulting in additional financial and procedural harm I am seeking regulatory review to determine whether SoFi complied with its obligations under consumer financial protection laws and whether the handling of my disputes and subsequent account closure deprived me of protections afforded to consumers reporting unauthorized electronic transfers. 

I respectfully request a full investigation and a resolution that restores me to the financial position I occupied prior to these events and ensures that similarly situated consumers are not subjected to the same sequence of preventable harms.

Company response to consumer: Closed with explanation