Consumer complaint received 2024-10-28 00:00:00
Product: Checking or savings account — Savings account
Issue: Problem caused by your funds being low — Bounced checks or returned payments
Company: SOFI TECHNOLOGIES, INC.
State: CA

Complaint narrative:
Hello, I have been dealing with not having information provided to me since the beginning of XXXX. Here is what happened : I have an account with another bank that I would transfer money between to but money into my SOFI account. My other account with another bank was paused given that my card was stolen. I was unable to get into my SOFI account and was not aware that the reversal deposits were happening. I went into my SOFI account shortly after sorting out my other account, and saw there was a hold on my account. I called customer service and they told me that because the reversal deposits happened, my account is under investigation and can be closed. I never received a phone call or notice about this, and was completely XXXX sighted. Every person I have talked to are not able to provide updates. This started in the beginning of XXXX and its XX/XX/XXXX. That is a RIDICULOUS amount of time to wait for updates. SOFI still has all my savings, and they said they would send a check once the investigation came to a close. I never got a call about the investigation being closed, only when I called to get an update is when I found out they were closing the account. It would be XXXX thing if the reversal deposits were due to insufficient funds. Then I would understand closing the account. But the reason why the reversals were happening was because of my account With another bank had to be paused given that I did not have my card and it was stolen.

I have read about these same issues and multiple people have said that their hold was lifted no problem. So Im not sure why my account has been closed when I have had no issues in the past. Reversals without my knowledge and I received no notification, email, phone call, nothing.

And the fact that SOFI still has my money in my savings and hasnt sent a check is ridiculous. They said they would send it after they have decided the account has been closed. Well one person told me that it was being closed and another person told me the investigation is still going on. So what is the correct answer? As a customer- this is a very stressful and unfortunate situation.

The phone call I just had was someone saying they are waiting for one more reversal made on XX/XX/XXXX?? Then once they see that payment is done and made they are closing- I dont understand why this is taking this much time. And the fact that they are closing my account with no notice beforehand with the reversals happening is so frustrating. And the fact that my savings cant be accessed and I dont have the check yet is completely unprofessional. This has caused additional stress that I do not need to be dealing with. And the fact that every person I have talked to never had answers and all they told me was the investigation was still happening is just ridiculous. 

I suggest my account be looked at again and opened back up. And I would like a higher up to contact me immediately. 

Thank you

Company response to consumer: Closed with explanation