Consumer complaint received 2024-12-22 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem accessing account
Company: SOFI TECHNOLOGIES, INC.
State: MA

Complaint narrative:
I joined Sofi in the fall of XXXX, attracted to its high interest savings account. In the following months I put money into a savings account, a checking account, and a couple investment accounts. 
On XX/XX/XXXX, I attempted to deposit a check which was a reimbursement from my health insurance company for {$1800.00}. The following day, XX/XX/XXXX, I attempted to use my debit card and it was declined. I called XXXX and they informed me my account was restricted. They told me I had violated the user terms, but refused to tell me what I had done which constituted a violation. They said my account was scheduled for closure pending an investigation. They refused to provide more details. They refused to provide a timeline for the investigation and directed me to check the app regularly for more details. On the app, a red banner is displayed above my account details which reads : " Account restricted " Your account is currently restricted. Please reach out to us as soon as you can for more information. '' There is an in-app support chat feature called Sofi Virtual Assistant. When I enter this chat, I received the following series of messages : " We take the safety and security of your account very seriously. In reviewing your SoFi Bank Account, there appears to have been activity which indicates that the account may have been used in violation of the authorized activity guidelines described in XXXX SoFi Bank Deposit Account Agreement.

" For your protection your account has been temporarily restricted., We sincerely apologize for the inconvenience, but during this time you will not be able to deposit or withdraw from the account, transfer funds, m or make purchases with your debit card. 
" We need to speak with you to discuss your account details. Please call us at : " XXXX '' Over the course of the next month, I periodically checked the app for updates. Although I continued to receive notifications from the app about my investments, credit score, and monthly spending ( from other accounts ), these notifications I have quoted above remained unchanged. All the person at the phone number said was to check the app, and all the app ever said was to call the phone number. 
On XX/XX/XXXX, I called them again. This was a Sunday ; I have an irregular schedule and didn't think about that until I was already on the phone. Someone did answer though, and whoever it was, was the only person I ever spoke to who sounded earnest in trying to help. They still couldn't provide me with much more information, but they said they would make a note for " the investigation team '' that I had called. Just before getting off the phone, they asked about a " beneficiary '', XXXX XXXX. XXXX XXXX is my stage name, under which I have a XXXX account, which had been connected to my SoFi account. I assured the person on the phone that XXXX XXXX was myself, not a third party. 
On XX/XX/XXXX, I called them again, having heard nothing from them in the interim between calls. The person I spoke to chastised me for not calling sooner. They said the investigation team needed the contact information for XXXX ( my health insurance company ) and they have needed that information for months, with an attitude as if I had been purposefully withholding that information. I said that no one had ever contacted me to request that information, nor had anybody mentioned that on the previous XXXX phone calls I had made, but I did provide the information. They refused again to provide a timeline for the investigation. They again directed me to check the app for updates. The app continues to direct me to the phone number. 
On XX/XX/XXXX, I called them again. This time I was told, almost verbatim, the exact same thing I was told on the very first phone call. My account was restricted due to a terms violation and scheduled for closure. I asked if the investigation had concluded, and they said it had. They refused to provide a timeline for closure. They refused to confirm if I would actually get my money when my account was closed. They once again directed me to check the app for updates. 
Today is XX/XX/XXXX. I have heard nothing from them since, and the notifications on the app remain unchanged. I have {$230.00} in banking accounts with SoFi and {$150.00} in investment accounts with them, all of which I am unable to access.

Company response to consumer: Closed with explanation