Consumer complaint received 2025-09-03 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Problem accessing account
Company: SOFI TECHNOLOGIES, INC.
State: CO

Complaint narrative:
I had just opened a Sofi checking and savings account with the intent to switch banks as I began XXXX XXXX As a student, I was utilizing loans and figured a good transition point would be when I was given my check with the money from those loans. When I received that check from my university for {$14000.00} I deposited it and received an email from Sofi stating a timeline on when the funds would be distributed. This was on XX/XX/XXXX and the funds were supposed to begin on XX/XX/XXXX. On XX/XX/XXXX I received another email stating that they were still working to verify and the new timeline would be all of the funds deposited on XX/XX/XXXX. On XX/XX/XXXX I received a phone call in the morning from someone who claimed to be with Sofi and had some questions about my deposit. I figured this made sense, its a large deposit I can answer some questions. I only gave this caller my name and birthdate as this is easily accessible information to find. When they asked for the last XXXX of my social I responded no, as I had no way of verifying this individual actually worked with Sofi. This person wanted to confirm that I deposited the check and the check wouldnt return. I confirmed I deposited the check and I explained how the check was for a student loan and how this university does this hundreds of times each year. They said told me to call again if there were any issues. About XXXX hours later I got a notification that my accounts were restricted. This was just as I entered a XXXX hours class. After this class ended I called Sofi to see why this was happening. I was told that my account was restricted and a decision was made that was final to close my account and it is now pending for closure. I asked why and was just told there was a violation of the member agreement. They said they had no information further on what the violation was. I explained the earlier situation with the phone call in the morning and this Sofi representative confirmed that was an XXXX for Sofi. This XXXX had called on an outside of Sofi line and asked for details like the last XXXX of my social, phone number, email, birthdate, and details about my student loan check all while on an outside line. I didnt provide any information I believed would be dangerous in the hands of someone malicious. This is exactly what Sofi instructs its customers to do if they receive a suspicious call. After a few more calls with Sofi I still have no answer on why my account is going to be closed, or what will happen with the check I attempted to deposit. The closest I got to an answer why is maybe it had to do with the fact that my account had not received any funds and then a large deposit was made all at once. My question now is : is it a violation of the member agreement to not provide your social security number to an outside line XXXX and to deposit a large check? As far as I can tell, these are the only XXXX mistakes I have made, and I dont believe either of them to be mistakes. 
Then later in the night, around XXXX, Sofi sent me an email saying that they were unable to deposit my check, stating they dont accept certain types of checks, which include : Large checks made out to multiple people ( joint checks deposited into individual accounts ) Checks made out to someone other than the account holder ( third-party checks ) Credit card checks XXXX  checks or XXXX XXXX XXXX  The check I was attempting to deposit was a student loan check made out to XXXX person ( XXXX ) who is the account holder ( XXXX ). 
I still have no answer from XXXX on why this is happening and where this money will go. As a student I am completely dependent on these loans and will not be able to pay bills, rent, or for required textbooks without it.

Company response to consumer: Closed with explanation