Consumer complaint received 2025-12-24 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: LA

Complaint narrative:
Beginning in 2025, several groups of questionable merchants tied to online sweepstakes gaming platforms repeatedly withdrew funds from my SoFi Bank account. These transactions appeared to be connected to illegal gambling operations that present themselves as sweepstakes games. There were XXXX separate dispute groups : {$2500.00} involving approximately XXXX transactions Approximately {$6000.00} involving multiple transactions Approximately {$4900.00} involving multiple transactions The merchants involved used different names, different billing descriptors, and inconsistent identifiers. These name changes allowed the same entities to continue debiting my account while appearing as different merchants. The transactions were processed without my PIN, without my signature, and without my physical presence. 

Beginning in XX/XX/year>, I contacted SoFi Bank multiple times to report these concerns and to warn that the merchants appeared suspicious and potentially fraudulent. I requested a stop payment, which SoFi acknowledged. Despite this, the merchants continued to debit my account because they changed their names and billing descriptors. SoFi allowed these withdrawals to continue even after I notified them that the entities involved were inconsistent and appeared to be tied to illegal gambling framed as sweepstakes. 

On XX/XX/year>, I filed a formal dispute with SoFi for the {$2500.00} group of transactions. I later filed disputes for the additional {$6000.00} and {$4900.00} groups. In early XXXX, XXXX issued a provisional credit to my account. However, within a matter of hours, SoFi reversed the provisional credit without explanation. This reversal occurred before the investigation was completed and without providing any documentation supporting the decision. 

On XX/XX/year>, XXXX stated that it had completed its investigation and determined that no error occurred. However, SoFi did not provide any documentation showing how this conclusion was reached. SoFi did not provide merchant verification records, did not provide communication logs, and did not provide any evidence that the merchants were legitimate. 

Throughout this process, I repeatedly requested the documents SoFi used in its investigation, as permitted under CFPB guidelines. I also asked that the merchants or agencies involved contact me directly. None of these requests were honored. SoFis response consisted only of a generic statement that the matter was closed, without addressing the inconsistent merchant identities, the unauthorized nature of the transactions, the failure of the stoppayment request, or the premature reversal of the provisional credit.

Because the merchants continued to use inconsistent identities and because SoFi did not provide the information I requested, I have no way to verify the legitimacy of the charges. SoFi allowed these entities to continue withdrawing funds despite my warnings, despite the stoppayment request, and despite the clear signs of unauthorized activity. 

Due to the unresolved nature of the dispute and the lack of transparency from SoFi, I have been forced to allow the account to go dormant until a resolution is achieved. I am requesting CFPB assistance to obtain the documentation used in SoFis investigation, verification of the merchants involved, and confirmation that SoFi complied with Regulation E requirements for dispute handling, including the rules governing provisional credits and stoppayment obligations.

Company response to consumer: Closed with explanation