Consumer complaint received 2025-02-12 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: SOFI TECHNOLOGIES, INC.
State: GA

Complaint narrative:
I first became aware that my account had been compromised when a seller contacted me and made some alarming statements. They alluded to having access to my personal and debit card information, which they claimed to be using at their discretion. At first, I thought it might be a phishing attempt or a scam, but my suspicions were confirmed when I started noticing a string of unauthorized charges on my bank statement. Around this time, my personal phone went missing and I figured that was the actual cause of the unauthorized transactions however, after many threats from the seller and emails of their policy, it became evident that my banking information was compromised. 

A closer examination of the transactions revealed that all of the charges were from various political betting merchants, and what caught my attention was the fact that the transactions were all related to election bets, which I had no prior knowledge of. I was shocked and concerned by this information, and I immediately contacted my bank to report the incident. 

Initially when I asked SoFi for a provisional credit they told me that it can take up to 10 days to receive it however, when I questioned if the procedure for credit and debit fraudulent transactions were the same as credit which you get a provisional credit within 48 hours, the agent over the phone stated that it's a different procedure while I followed up with an agent who stated that it was the exact same. When I showed proof of this interaction, SoFi immediately denied my dispute showing a sense of inconsistency and backtracking of their policies. The reasoning for their denial was that I had prior relationships with the companies which out of 3 of the merchants, it was only 1 that I had previous experiences with which I stated above. They also said it was a standard trend of transactions which is untrue as well given that {$5100.00} was spent in a matter of 2 days when I don't even make that in a month. The transactions were all based around betting and politics which I wasn't aware was even legal. I reached out to the merchants personally. 2 ignored me while 1 stated that there was indeed several transactions being pushed through and that they returned the money back to my bank but, the bank never communicated that with me or returned the money to me. The bank in the dispute reasoning clearly stated that everything was successfully being authorized while the merchant is saying otherwise which leads me to know that they didn't even reach out to the merchants personally to get this thoroughly investigated as they were very fixated on making an example out of me for knowing that per banking policies, I was to get a provisional credit. I took my time reporting this because SoFi is known for closing accounts when you question their inconsistencies and integrity and also with the merchant making threats and acting on them by getting away with {$5100.00} and knowing where I physically live has been all a traumatic experience. We know the police do not protect people so I have been both in fear and loss of significant funds because SoFi did not do their job thoroughly.

Company response to consumer: Closed with explanation