Consumer complaint received 2026-04-21 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: SOFI TECHNOLOGIES, INC.
State: AZ

Complaint narrative:
COMPLAINT NARRATIVE AGAINST SOFI BANK, N.A. RE : Willful Violation of Regulation E, Bad Faith Investigation, and Consumer Coercion I am filing this formal complaint against SoFi Bank, N.A. for multiple egregious violations of the Electronic Fund Transfer Act ( EFTA ) and Regulation E ( 12 CFR XXXX ). SoFi has engaged in deceptive procedural tactics designed to bypass consumer protections and has demonstrated gross negligence in its investigation of unauthorized transactions on my account. 1. Violation of the 10-Day Provisional Credit Rule I reported unauthorized charges on multiple occasions dating back to XXXX and early XXXX. Under 12 CFR 1005.11 ( c ) ( 2 ), SoFi was required to either complete its investigation within 10 business days or provide a provisional credit. SoFi failed to do either. Instead, they issued a " summary denial '' to wash away the issues- along with account threats to closea transparent and bad-faith tactic used to " stop the clock '' and avoid returning my funds. 2. Bad Faith " Deny and Reopen '' Tactic Immediately following the summary denial, the claim was " reopened wit the same evidence used to start. This is a tacit admission that the initial investigation was not " reasonable '' as required by law. By denying the claim to avoid the credit requirement and then immediately reopening it, SoFi has created an illegal loophole to withhold my funds indefinitely. Furthermore, during my initial filing, a SoFi representative admitted on the phone that they had seen a high volume of these same duplicate/unauthorized charges, yet the bank proceeded with a summary denial anyway. 3. Failure to Investigate Reported Security Vulnerabilities I explicitly informed SoFi of specific security concerns regarding their text message ( SMS ) approval system, which appeared to be compromised or bypassed. SoFi initially ignored this report entirely. Failing to investigate a reported breach in their own authentication system while simultaneously denying a fraud claim is a total failure to conduct a " reasonable investigation '' under federal guidelines. 4. Coercion and Pre-Judgment by Email Advocate In an email exchange, an assigned Case Advocate engaged in coercive and unprofessional behavior. When I requested help deciphering the high volume of complex charges to ensure accuracy, the Advocate refused to assist and instead put words in my mouth. The Advocate stated that judging by my responses, they would simply deem ALL transactions as " authorized '' in their entirety. This written threat to arbitrarily label a large volume of transactions without a line-item investigationespecially after I asked for helpis a gross violation of the bank 's duty of care. 5. Negligence and Misrepresentation by Representative XXXX On a phone call, a disputes team representative named XXXX explicitly told me he was taking notes on the evidence I provided. However, when I asked him to recite those notes back for accuracy, he admitted he had not taken any notes at all. When I challenged this, XXXX refused to provide transparency, falsely claiming he was under " no obligation '' to inform me of what was being documented. This proves the " investigation '' record is being intentionally sabotaged by frontline staff. 6. Arizona Consumer Protection Violations As an Arizona resident, I believe these practicesusing written threats to pre-judge claims and verbal misrepresentations to avoid documenting evidenceviolate the Arizona Consumer Fraud Act ( A.R.S. 44-1522 ). Desired Resolution : I request that the CFPB compel SoFi Bank, N.A. to : Immediately apply the provisional credit for the full disputed amount as required by 12 CFR 1005.11 ( c ) ( 2 ). Provide the " Discovery '' documents and evidence relied upon for the initial denial ( 12 CFR 1005.11 ( d ) ( 2 ) ). Conduct a legitimate investigation into the SMS security bypass I reported. Provide the audio recording and transcript of the call with XXXX and the representative who acknowledged the duplicate charges. I reserve the right to seek treble damages, statutory penalties, and attorney fees under 15 U.S.C. 1693m for SoFi 's willful non-compliance.

Company response to consumer: Closed with explanation