Consumer complaint received 2026-01-07 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Company closed your account
Company: SOFI TECHNOLOGIES, INC.
State: MI

Complaint narrative:
I believe the actions taken by SoFi constitute retaliatory or punitive account treatment, unfair or abusive acts or practices, and a failure to ensure accurate consumer reporting, in violation of multiple federal consumer protection laws.

Earlier this year, I reported an unauthorized electronic transaction totaling approximately {$9800.00} and exercised my rights under the Electronic Fund Transfer Act ( EFTA ) and Regulation E ( 12 C.F.R. Part 1005 ) by filing disputes directly with SoFi. When the issue was not adequately resolved, I further exercised my rights by filing a complaint through the Consumer Financial Protection Bureau ( CFPB ).

Following these protected actions, my account was repeatedly restricted, locked, and subjected to heightened scrutiny. I was contacted multiple times by SoFi, experienced interruptions in account access, and was ultimately notified that my checking and savings accounts would be closed following a vague routine review, despite no allegation of fraud, misuse, or wrongdoing on my part. I am concerned that this pattern of conduct reflects retaliatory or punitive treatment for exercising federally protected consumer rights, which may constitute an unfair or
abusive act or practice under the DoddFrank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5531 and 5536 ). These actions were not reasonably avoidable, lacked transparency, and resulted in the termination of essential banking services without meaningful explanation.

I am further concerned that SoFi may furnish, or may have already furnished, adverse, misleading, or incomplete information regarding this account closure to consumer reporting agencies, such as XXXX XXXX XXXX XXXX XXXX Any such reporting must comply with the Fair Credit Reporting Act ( 15 U.S.C. 1681 ), which requires accuracy, completeness, and fairness. I am requesting confirmation of whether any information has been reported, the identity of all consumer reporting agencies involved, and assurance that no punitive or retaliatory characterization will be provided.

Additionally, federal law and CFPB supervisory authority prohibit financial institutions from discouraging, penalizing, or retaliating against consumers for reporting fraud, filing disputes, or submitting complaints to regulators. The closure of my account following lawful dispute activity and regulatory escalation raises serious concerns under these consumer protection standards.

I am submitting this complaint to request transparency, to prevent further retaliatory or abusive treatment, and to ensure full compliance with federal consumer protection and consumer reporting laws.

The Five Federal Protections You Are Relying On ( Plain-Language Summary ) Electronic Fund Transfer Act ( EFTA ) / Regulation E Protects your right to report unauthorized electronic transactions without punishment.

DoddFrank Act ( UDAAP provisions ) Prohibits unfair, deceptive, or abusive practices including retaliatory account treatment.

Fair Credit Reporting Act ( FCRA ) Requires accuracy and fairness in any reporting to XXXX XXXX XXXX or similar agencies. 
CFPB Anti-Retaliation Authority Banks may not penalize consumers for filing disputes or CFPB complaints.

General Federal Banking Safety & Soundness Oversight Allows account closures, but not in a way that is misleading, punitive, or abusive when consumers exercise protected rights.

Company response to consumer: Closed with explanation