Consumer complaint received 2026-04-14 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: SOFI TECHNOLOGIES, INC.
State: NJ

Complaint narrative:
I am submitting this complaint regarding SoFis handling of disputed transactions totaling approximately {$8400.00} involving the merchant XXXX. I believe SoFi failed to conduct a reasonable and complete investigation as required under federal consumer protection standards, and improperly denied my claims without addressing the core issue : the merchant refused to provide services and withheld my funds. XXXX and Key Facts : In XX/XX/year>, multiple transactions totaling approximately {$8400.00} were processed by XXXX. Shortly thereafter, my account with the merchant was terminated, and I was explicitly informed that I would not be permitted to withdraw or access my remaining balance. The merchant instructed me to contact my financial institution to recover the funds, effectively acknowledging that I would not receive the services or access to funds I paid for. I promptly filed disputes with SoFi and provided supporting documentation, including communications from the merchant confirming account termination and refusal to release funds. Deficiencies in SoFis Investigation : SoFi denied my claims with a generic conclusion that no error occurred, without addressing the central issue that the merchant failed to provide services and withheld funds. The investigation appears to have been limited to whether the transactions were authorized, rather than evaluating whether the transactions were valid in light of the merchants conduct. SoFi did not provide the underlying evidence, merchant response, or documentation relied upon in making its determination. I was not given a meaningful opportunity to respond to or rebut the findings before the claims were closed. XXXX XXXX : This matter involves more than authorization. The merchant : Terminated my account Refused to provide services Retained funds without allowing withdrawal This constitutes a failure to deliver the agreed-upon service and raises serious concerns regarding merchant conduct. These factors should have been considered in the dispute process. Impact : The denial of these claims has resulted in a substantial financial loss of approximately {$8400.00}. This has caused significant financial hardship and distress, particularly given that I have been left without recourse despite acting promptly and providing documentation. Requested Resolution : I am requesting that SoFi : XXXX. Reopen and reinvestigate all disputed transactions totaling approximately {$8400.00} XXXX. Conduct a full review that considers the merchants refusal to provide services and release funds XXXX. Provide all documentation and evidence relied upon in denying my claims, including any merchant responses XXXX. Issue appropriate refunds or credits for transactions where services were not provided I am also requesting confirmation that SoFi is complying with its obligations to conduct reasonable investigations and provide transparent determinations in consumer disputes. Given the amount involved and the circumstances, I request prompt attention and resolution of this matter.

Company response to consumer: Closed with explanation