Consumer complaint received 2025-10-22 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: FL

Complaint narrative:
XX/XX/year> SoFi Bank, N.A. 
Attn : Dispute Resolution Department XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX Re : Notice of Intent to Commence Legal Action for Violations of the Electronic Fund Transfer Act ( Regulation E ) and Related Claims Unauthorized Transactions on Debit Account Ending in XXXX ; Claim Filed XX/XX/year> ; Total Disputed Amount : {$830.00} Dear Sir or Madam : This letter constitutes formal notice, pursuant to 15 U.S.C. 1693m and applicable state law, of my intent to initiate legal proceedings against SoFi Bank, N.A. ( " SoFi '' or " you '' ) in the event that you fail to fully resolve the matters described herein within ten ( 10 ) business days of receipt of this notice. My claims arise from your willful and negligent violations of the Electronic Fund Transfer Act ( " EFTA '' ), 15 U.S.C. 1693 et seq., and its implementing Regulation E, 12 C.F.R. Part 1005, in connection with your inadequate and perfunctory investigation and denial of my timely fraud dispute regarding multiple unauthorized electronic fund transfers ( " EFTs '' ) totaling {$830.00} on my XXXX debit card account ending in XXXX ( the " Account '' ). 
Factual Background On XX/XX/XXXX, XXXX within the XXXX reporting period required by 12 C.F.R. 1005.6 ( b ) I notified you in writing ( attached as Exhibit A ) of XXXX unauthorized EFTs occurring between XX/XX/year>, and XX/XX/year>, which I discovered upon reviewing my Account activity while setting up direct deposit. These transactions were not initiated or authorized by me, and I derived no benefit from them. Prior to these incidents, I had made only XXXX legitimate purchases on XX/XX/year> ( at XXXX XXXX XXXX XXXX XXXX XXXX XXXX  ), which are not in dispute. I immediately locked the debit card via your online portal to prevent further losses and conducted a thorough search, confirming that my physical card was lost or stolen, likely providing the means for the fraud. 
The unauthorized transactions are detailed below : Debit DateDescriptionAmountOct XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  These debits reduced my Account balance to {$8.00} as of XX/XX/year>, causing me financial hardship, including overdraft risks and delayed essential payments. I also requested a replacement card, which has not been issued despite my explicit demand. 
Violations of Law Despite my timely notice, you failed to comply with the mandatory procedures under Regulation E for resolving alleged errors, including unauthorized EFTs ( 12 C.F.R. 1005.11 ). Specifically : Failure to Provide Provisional Credit : Under 12 C.F.R. 1005.11 ( c ) ( 1 ) ( i ), you were required to provide provisional credit for the full {$830.00} ( plus any fees ) within ten ( 10 ) business days of my notice, pending investigation. You provided no such credit, leaving me liable for fraudulent charges for which I bear zero responsibility ( limited to {$50.00} under 12 C.F.R. 1005.6 ( b ), which I have already exceeded in good faith reporting ).

Inadequate and Unreasonable Investigation : Your " investigation '' purportedly concluded in less than four ( 4 ) calendar days ( denial dated XX/XX/year> ), claiming collaboration with " merchants, other financial institutions, and card processing networks '' ( e.g., XXXX ) to determine " no unauthorized activity occurred. '' This timeline is implausible for verifying XXXX transactions across multiple merchants ( e.g., XXXX XXXX XXXX XXXX etc. ), many requiring manual affidavits or records under 12 C.F.R. 1005.11 ( c ) ( XXXX ). You provided XXXX evidencesuch as merchant responses, transaction logs, IP verifications, or call recordsto support your denial, in violation of your duty to conduct a " reasonable '' investigation ( 12 C.F.R. 1005.11 ( c ) ). Identical denial letters for each transaction ( e.g., the XX/XX/scrub>XXXX XXXX XXXX XXXX XXXX  charge of {$22.00}, XXXX XXXX XXXXXXXX ) further indicate a boilerplate, non-substantive process designed to evade liability. 
Failure to Complete Full Investigation and Provide Documentation : Regulation XXXX requires completion of the investigation within forty-five ( XXXX ) days ( or XXXX ( XXXX ) days if the card was not in my possession, which applies here due to loss/theft ), with written notice of findings and supporting documentation if requested ( 12 C.F.R. 1005.11 ( d ) ). Your premature denial without evidence breaches this, and you have not confirmed receipt or provided a resolution timeline as demanded. 

These actions constitute multiple willful violations of EFTA/Regulation E per transaction, exposing you to civil liability under 15 U.S.C. 1693m, including actual damages ( e.g., financial distress, lost time ), statutory damages of {$100.00} {$1000.00} per violation, costs, and reasonable attorney 's fees. Additional claims may include breach of contract, negligence, unfair/deceptive practices under state law ( e.g., XXXX XXXX XXXX XXXX XXXX XXXX XXXX, if applicable ), and violations of XXXX rules XXXX prompt fraud resolution. 

You also failed to mention the number of declined transactions before the balance was low. This establishes whoever used the card did not know the account balance. 

Demands for XXXX To avoid litigation, you must, within XXXX ( XXXX ) business days of this notice : Provisionally credit my Account {$830.00}, plus all associated fees, overdraft charges, and interest accrued from XX/XX/year>. 
Permanently reverse all XXXX unauthorized charges upon " investigation '' confirmation. 
Issue a replacement debit card immediately to the address on file. 
Provide full documentation of your investigation, including merchant verifications, XXXX network records, and any communications. 
Confirm in writing that I bear no further liability and waive all related fees. 

Failure to fully comply will result in immediate filing of a lawsuit in the United States District Court for the [ appropriate district or small claims court, seeking all available remedies, including punitive damages for your egregious conduct. I reserve all rights and remedies. 

Govern yourselves accordingly. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with monetary relief