Consumer complaint received 2026-01-23 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Can't stop withdrawals from your account
Company: SOFI TECHNOLOGIES, INC.
State: LA

Complaint narrative:
I am submitting this complaint regarding SoFi Bank, N.A.s failure to follow basic consumer protections required under the Electronic Fund Transfer Act and Regulation E, and its retaliatory closure of my account during an active dispute and prior CFPB complaint. This complaint also concerns SoFis improper reliance on and deference to offshore and opaque merchants, including XXXX XXXX XXXX and XXXX XXXX, whose practices made merchant-level resolution impossible. 

On or about XX/XX/XXXX, I notified SoFi of unauthorized electronic fund transfers totaling approximately {$2500.00}. These transactions were associated with mobile and web-based gaming applications operated by XXXX XXXX XXXX and XXXX XXXX XXXX XXXX ), including applications marketed as XXXX XXXX and XXXX XXXX Although the transactions arose from the same application ecosystem, they were processed under rapidly changing merchant identifiers, including XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, and related variants. 

The merchant identifiers changed from one transaction to the next within short time intervals, not over days or billing cycles. By XX/XX/XXXX, additional unauthorized debits following the same pattern brought the total disputed amount to approximately {$6000.00}. The transactions shared identical application source, timing, and authorization status, but rotated merchant descriptors in a manner that rendered merchant-name-based stop payments ineffective by design. 

Both XXXX XXXX XXXX and XXXX XXXX publish terms that disclaim real-money gambling, describe in-application currency as non-redeemable or entertainment-only, and reserve unilateral authority to suspend or terminate accounts. In practice, however, the applications use visual, functional, and promotional mechanisms that induce repeated spending. When I attempted to inquire about the charges, my accounts were locked or restricted, and no meaningful merchant contact information was available. As a result, it was impossible to complete the contact the merchant first step that SoFi relied upon. 

Despite timely notice of this fraud pattern and the impossibility of merchant resolution, SoFi failed to take the most basic steps required once unauthorized activity is reported. Specifically, SoFi permitted additional unauthorized debits to post after notice, failed to freeze or meaningfully restrict the account, relied on stop-payment measures that could not function given the rotating merchant identifiers, and deferred responsibility to offshore merchants that lacked meaningful or verifiable contact information. 

SoFi refunded only the smallest disputed charges while refusing reimbursement of larger, identically situated transactions, despite identical timing, merchant behavior, and authorization circumstances. No written explanation of the investigation or the basis for selective reimbursement was provided, as required under Regulation E.

After I filed a prior complaint with the Consumer Financial Protection Bureau, SoFi closed my account while the dispute was still active. This account served as my primary banking account. As a direct result of the closure, a holiday payroll deposit of approximately {$4900.00} was withdrawn or rendered inaccessible, and I lost access to transaction records necessary to fully quantify my damages. The timing and circumstances of the closure raise serious concerns about retaliation for protected consumer activity and the chilling of lawful regulatory reporting. 

I am requesting CFPB review of SoFis failure to comply with Regulation E after notice of unauthorized transfers, its handling of disputes involving XXXX XXXX XXXX and XXXX XXXX, its reliance on unreachable offshore merchants, selective reimbursement practices without documented investigative findings, and its closure of my account following protected CFPB activity. 

I respectfully request CFPB assistance to ensure compliance with federal consumer protection laws, to address retaliatory conduct, and to prevent further harm. 

I am requesting CFPB review of SoFis failure to comply with Regulation E after notice of unauthorized transfers, its handling of disputes involving rapidly rotating merchant identifiers, selective reimbursement practices without documented investigative findings, reliance on unreachable offshore merchants, and account closure following protected CFPB activity. 

I respectfully request CFPB assistance to ensure compliance with federal consumer protection laws, to address retaliatory conduct, and to prevent further harm.

Company response to consumer: Closed with explanation