Consumer complaint received 2026-01-19 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: SOFI TECHNOLOGIES, INC.
State: CO

Complaint narrative:
On XX/XX/year>, I purchased a pair of shoes from the merchant XXXX using my SoFi account in the amount of {$570.00}. 
According to XXXX stated policy, if a seller does not confirm a sale within XXXX hours, the order is supposed to be cancelled. The seller did not confirm the transaction within the required timeframe. Despite this, the transaction was not cancelled and my funds were captured. 
I contacted XXXX and requested cancellation in accordance with their policy. Approximately XXXX hours after purchase, the seller finally confirmed the transaction. At that point, XXXX informed me that the order could not be cancelled because it was already in transit. I was instructed that once the item arrived, I should contact XXXX and they would provide return instructions. 
After receiving the item, I contacted XXXX multiple times requesting return instructions, as previously directed. XXXX did not respond to any of these communications. After several unanswered attempts, I informed XXXX XXXXhat I would open a dispute with my bank if I did not receive a response. No response was provided. 
XXXX only resumed communication after SoFi contacted them regarding the dispute. XXXX apologized for the lack of response and stated they could not take action while the dispute was open. 
During the dispute process, XXXX represented to SoFi that a full refund to the original form of payment would be issued once the merchandise was returned. This representation was relied upon in resolving the dispute. 
Based on that representation, I returned the merchandise using the return label provided by XXXX. The item was delivered back to XXXX on XX/XX/XXXX, confirmed by tracking records. 
More than 30 days have passed since XXXX received the returned merchandise. No refund has been credited to my account. 
XXXX has stated that the refund was sent to SoFi. However, SoFi has confirmed that there is no record of any refund being initiated or received. As of today, XXXX remains in possession of both the merchandise and the funds totaling {$570.00}. 
Issues With SoFis Handling of the Matter Since the return of the merchandise, I have repeatedly contacted SoFi to resolve this issue. Despite providing documentation showing confirmed return delivery, merchant representations of a full refund, and ongoing non-payment, SoFi has failed to take effective action.

SoFi representatives have been unable to provide clear explanations, timelines, or evidence supporting the merchants claim that a refund was issued. Each interaction has required me to re-explain the situation, and no meaningful escalation or resolution has occurred. 
As a result, I remain without my funds more than a month after the merchant received the returned item, despite full compliance with the return process and dispute requirements. 
Summary of Harm Funds in the amount of {$570.00} have not been returned Merchandise was returned and confirmed delivered Merchant representations to the bank were not honored SoFi has failed to resolve or adequately investigate the discrepancy I am left without the funds or the merchandise I am requesting CFPB assistance to ensure that SoFi properly investigates this matter, holds the merchant accountable for the missing refund, and ensures my funds are returned to my account without further delay.

Company response to consumer: Closed with explanation