Consumer complaint received 2025-03-17 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem using a debit or ATM card
Company: SOFI TECHNOLOGIES, INC.
State: TX

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am writing to formally file a complaint against SoFi Bank regarding their refusal to reimburse an unauthorized transaction on my account. Despite my repeated efforts to resolve this issue directly with SoFi, the bank has unjustly denied my claim, leaving me financially harmed. 

Details of the Issue : Bank Name : SoFi Bank Transaction Date : XX/XX/year> Disputed Transaction Amount : {$77.00} Merchant : XXXX XXXX Location : Illinois ( I reside in Texas and have never been to Illinois ) On XX/XX/year>, I used my SoFi debit card at a gas station. The next day, I noticed multiple fraudulent transactions on my account from various states, including Washington, Illinois, and Colorado, none of which were made by me. I immediately reported these unauthorized transactions to SoFi and initiated a dispute. 

SoFi acknowledged two of the fraudulent charges and refunded those amounts. However, they denied my dispute for the amount of {$77.00} at XXXX XXXX in Illinois, claiming that I authorized it. This is completely false. I have never been to Illinois, and I did not make this purchase, either in person or online.

SoFis Unjustified Response : The bank claims that I froze and unfroze my card multiple times, implying that this indicates my involvement in the transaction. However, I had to do this because I continued receiving unauthorized charges and needed to prevent further fraudulent transactions while still using my account for legitimate purchases. 
They refuse to provide clear evidence that I authorized this transaction, despite acknowledging that my card had been compromised.

They have disregarded my dispute and have failed to protect me as a consumer, even though this case clearly involves identity theft.

Why This Case Requires Your Attention : 1. SoFi Bank is failing to provide proper fraud protection as required under the Electronic Fund Transfer Act ( EFTA ) and Regulation E, which protect consumers from unauthorized transactions.

2. Their denial is inconsistent, as they acknowledged some fraudulent transactions but arbitrarily refused to reimburse this one.

3. I have taken all reasonable steps to secure my account and report fraud promptly, yet SoFi refuses to uphold my consumer rights.

I respectfully request the CFPBs intervention to ensure SoFi complies with consumer protection laws and refunds my money. I also request that SoFi provides a written explanation of their denial, along with any evidence they claim to have that I authorized this transaction.

This situation has caused me unnecessary financial and emotional stress. I demand that SoFi take responsibility for their failure to protect my account and that they issue an immediate refund of the {$77.00}. Attached is what I received as a final decision.

Please let me know how I should proceed, and if further documentation is required. I appreciate your assistance in resolving this matter.

Company response to consumer: Closed with explanation