Consumer complaint received 2025-03-17 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: SOFI TECHNOLOGIES, INC.
State: CA

Complaint narrative:
SoFi has locked and closed my personal account, withholding my funds without providing clear reasoning or a resolution process. Despite months of attempting to resolve the matter, I have received no actionable response, and my funds remain inaccessible. This situation has caused severe financial and personal hardship.

Background : Around XXXX, I opened a personal checking and savings account with SoFi. 
As part of my work, I receive payments from clients through payroll services. However, at the time, I was in the process of switching banks and had not yet opened a new business account. 
To ensure the payment was successfully processed ( since I also needed to pay my own contractors from these funds ), I temporarily linked my new SoFi account to receive the payment for my company, XXXX XXXX for XXXX XXXX ( a XXXX XXXX  registered under my name, XXXX XXXX XXXX XXXX 
The payment was processed without issue, and I transferred the funds to my SoFi savings account. 

Account Lock and Escalation Attempts : Shortly after, I received a notice that my account was locked. I immediately contacted SoFi for clarification and resolution. Over several months, I repeatedly reached out for updates, escalation, and a path forward. Each time, I received the same vague responses : My account was locked due to receiving a business payment into a personal account. 
My account was under investigation. 
The account would be closed, and remaining funds would be mailed. 
No further information was available. 

Whenever I requested to escalate the issue or speak with a supervisor, I was either told there was no additional information, or a callback was scheduledbut no supervisor ever followed up. 

SoFi Ignored My Attempts to Provide Proof of Business Ownership : During these conversations, I repeatedly offered to provide official documentation proving that my business, XXXX XXXX for XXXX XXXX, is legally registered under my name. Despite this, SoFi refused to review any documentation and ignored my attempts to clarify the situation. Instead, they continued to repeat scripted responses and refused to engage in any meaningful resolution process. 

Come to present when I discovered that my account was completely closed, locking me out of access to general information on my account, funds, etc. When I called SoFi to confirm that my remaining funds had been mailed, I was instead told that I was not entitled to the funds.

When I asked : If the money had been returned to the sender, they refused to provide an answer. 
If SoFi was holding the funds, they repeated that I was not entitled to the funds without further explanation.

Who I could contact for resolution, they refused to provide any guidance. 

At this point, SoFi is holding my savings without justification, transparency, or any means for me to dispute the matter.

This situation has caused severe financial hardship, as these funds were meant to sustain me through my slow season. Due to this issue, I have : Lost my health insurance and medications due to non-payment. 
Missed car payments and other essential bills. 
Had to borrow money to survive, which is no longer an option. 

I have exhausted all attempts to resolve this matter directly with SoFi. They haven't given me any avenue for appeal or further contact to retrieve my funds At this stage, I am left with no option but to pursue legal action, though I am trying to avoid this route due to financial constraintsespecially since SoFi is currently holding all my savings. 

I request the Consumer Financial Protection Bureau ( CFPB ) to investigate SoFis actions and demand the return of my funds, as well as transparency in their process for account closures and fund retrieval.

This is an urgent matter, and I require immediate assistance.

Company response to consumer: Closed with explanation