Consumer complaint received 2025-07-09 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: SOFI TECHNOLOGIES, INC.
State: CA

Complaint narrative:
Formal Complaint Regarding Mishandling of Fraud & Account Access SoFi Bank Summary : I am submitting this complaint due to SoFi Banks gross mishandling of a fraud incident on my account. Their team has repeatedly misinformed me, failed to follow clear protocols, and allowed further fraud to occur after confirming my account was compromised. I am currently locked out of my money with no resolution.

Incident Timeline & Details : Thursday, XX/XX/year> : I fell victim to a fraudulent scheme where my XXXX account credentials were leaked. XXXX fraudulent charges appeared on my SoFi checking account shortly afterward. I called SoFi immediately to report it. 

Initial Response : SoFi put a hold on the account and opened an investigation, stating it would conclude by Monday, XX/XX/XXXX, due to the holiday. 

Monday, XX/XX/year> ( XXXX ) : I did not receive a call back. I called in myself and was told the investigation was ongoing but my account had likely been compromised. I filed disputes on the XXXX posted fraudulent charges. 

Monday, XX/XX/year> ( XXXX XXXX XXXX ) : I called back and was informed the investigation was complete. I was told my account was in fact compromised and advised to have a new account created. I was instructed to verify my identity by sending pictures of my ID and my face and was prompted to order a new debit card. 

XXXX of XX/XX/year> : My account was unrestricted, despite being declared compromised. This contradiction was never explained. 

Monday, XX/XX/year> ( XXXX ) : I received notifications from SoFi that my account had been restricted again and XXXX new fraudulent charges had appeared. I called in again and was told the account was compromised a second time, and a new investigation was being launched. 

Same Day ( XXXX ) : I was told that the only way forward was to immediately create a new account, and I would lose access to the current one. I was also promised that the XXXX new fraud charges ( which were still pending ) would not post. 

Later that evening ( XXXX ) : I called for an update and was informed that the previous information was incorrectthe charges would have to post before a new account could be opened. I was bounced between the fraud and dispute departments, both of which falsely told me that no supervisors were available. Eventually, I was connected to a supervisor, but no resolution was given. 

Tuesday, XX/XX/year> : I was promised a call back at XXXX XXXXI never received it. I called in myself at XXXX XXXX  and spent another hour on the phone. No one was able to give me a clear update. XXXX of the XXXX new fraud charges had now posted, the other was still pending. 
I was told again that a new account could not be created yet. 
I still do not have access to my money. 

Ongoing Issues : SoFi has failed to prevent a second wave of fraud after confirming the account was compromised. 

The account was unrestricted despite their own internal findings of compromise. 

I have received conflicting information from multiple representatives and departments. 

I have been promised actions ( like non-posting of fraud charges and follow-up calls ) that were not fulfilled. 

I am locked out of my own funds with no access to my old or new account and no clear resolution.

Company response to consumer: Closed with explanation