Consumer complaint received 2025-06-10 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: SOFI TECHNOLOGIES, INC.
State: TX

Complaint narrative:
I filed a dispute with SoFi against XXXX for the following : The dispute at issue pertains to unauthorized transactions on my XXXX account. This account was opened in XXXX of XXXX  for access to a self-directed IRA. I ceased using XXXX in XXXX of XXXX, and had not used the app for IRA purposes since that time. I completed XXXX transaction for the purchase of crypto in XXXX of XXXX, but sold it shortly after and have not utilized the account since that time. 

The disputed transactions, which all were made on the XXXX trading platform between XXXX XXXX, were made from my SoFi checking account. Each transaction was quite large, between $ XXXX, totaling {$7300.00} during that time. I reached out to XXXX after noticing the charges, and XXXX informed me all transactions had already been flagged for fraud. 

My XXXX account, at the time of me reaching out, was already placed on a temporary lock or hold, restricting any further purchases or transactions. I was informed by XXXX that the account was locked due to the fact that the transactions at issue were for trading, which my account had not been authorized to engage in. 

Im provided SoFi with a copy of screen shots from my XXXX account demonstrating that each charge from my SoFi debit card was deemed outside of what XXXX deemed as my normal pattern of transactions or behavior. In addition, my XXXX gold credit card was locked to ensure no unauthorized transactions occurred on that front, either. 

At the time of submitting my dispute to SoFi, XXXX had since removed my SoFi accounts from my XXXX account for the following reasons : XXXX To avoid further fraud XXXX Due to the inconsistent behavior of each recent transaction in comparison to my prior use of the account. 
XXXX Due to the lack of confirmation on my account Re : My account was authorized to use and utilize the various IRA options. However, additional information such as a state ID was not uploaded on my behalf, as a result, my account was not permitted to engage in various trading options- which the finding taken from my checking account was used for. 

In short, the transactions at issue were flagged as fraudulent by XXXX as well, the account at issue has since been restricted, and the unauthorized withdraw from my SoFi checking account have been brought to XXXX attention. 

A week after submitting my dispute, SoFi denied each of my disputes for fraud for the following reason : " We have been in contact with the merchant directly, and have determined that the debit funds were sent to your XXXX account, and that there is currently an open investigation with them. You may wish to continue to resolve the issue directly with the merchant to recover your funds. '' First and foremost, the funds sent to that XXXX account were done fraudulently, as a result, the transfer of funds is collateral to the overarching issue. 

Second, the dispute is improperly denied. Denying the dispute because the merchant is also investigating the fraud at issue in no way, shape, or form constitutes protecting me from fraud as a SoFi banking consumer. IT fails to remove the fact that the fraud took place, that the transactions were unauthorized, or that my XXXX account was unauthorized to engage in such activity. 

I subsequently reached out to SoFi requesting that the dispute be both re-opened and re-investigated. 

First, I called XXXX who informed me that my account was actively being investigated as the account was never verified - No photo ID, or account confirmation was on file, and as a result, no trading was permitted on the account- in essence, the trading that took place on that account was in violation of XXXX 's own policies and procedures as the account was never confirmed. 

I emailed SoFi with the following information requesting that an investigation be re-opened : First and foremost, the information I provided in my initial dispute was/is that the charges at issue were both unauthorized and fraudulent. As a direct result, any and all additional information constitutes NEW information for the sake of this dispute. That's very plain and simple. 

For the sake of reiteration, the new information provided to SoFi for the disputes at issue are as follows : ( XXXX ). It appears that SoFi is under the impression that I entered my debit card number and/or information into the XXXX account at issue. That is not the case. At no point in time did I enter either the XXXX app, and/or web browser and enter my SoFi debit card information. That information very obviously was obtained fraudulently, and was used in a manner that was unauthorized on my account. - As a direct result, the new information is the following : I, XXXX XXXX, did not provide XXXX with my debit card information as outlined in the initial reasoning for SoFi closing this dispute. 

( XXXX. ) The account I have with XXXX was/is NOT authorized or permitted to enter into any trading. In order to do so, I would have had to provide XXXX with ( XXXX ) An updated state ID, ( XXXX ) XXXX pictures or photographs confirming my identity, ( XXXX ) and above all else, requested to be approved for such trading. 

My account WAS ONLY approved to engage in deposits into a RobinHood operated IRA account. 

( XXXX. ) XXXX notified me, in writing, of unauthorized and/or fraudulent activity on my account. Due to the fradulent activity, the account I held with XXXX is restricted and locked. 

I am a customer and consumer of SoFi bank. By law, it is SoFi 's duty, responsability, and job to protect my financial interests. Here, the merchant quite literally has informed SoFi that an active investigation for fraud is ongoing on their end, have informed me fraudulent activity has taken place on my account and that my account is no longer useable, and as a result an investigation is underway. 

Due to the sheer mishandling of this dispute, I demand that a member of management in SoFi 's dispute department, located in the United States, call me directly at ( XXXX ) XXXX - XXXX, to discuss this matter further. 

Following this email, I again was emailed by SoFi refusing to re-open the dispute as no new information was provided, when I very clearly provided a multitude of new information pertaining to the unauthorized use of the XXXX account at issue.

Company response to consumer: Closed with explanation