Consumer complaint received 2024-07-08 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: SOFI TECHNOLOGIES, INC.
State: TX

Complaint narrative:
Dear Consumer Finance Protection Bureau, **Subject : Complaint Regarding Unauthorized Transactions and Inadequate Support from SoFi - Case # XXXX I am writing to file a formal complaint against XXXX regarding unauthorized transactions on my SoFi checking account and the inadequate support I received when attempting to resolve the issue. 

On XX/XX/year>, I noticed an abnormal transaction in my SoFi checking account ( # XXXX ). Despite having two-factor authentication enabled, an unauthorized individual accessed my account. At the time, my balance was {$530.00}. 

The unauthorized activity included a {$530.00} transaction to XXXX XXXX. Following this, the hacker initiated a {$5000.00} transfer from my principal XXXX  XXXX XXXX account to my SoFi account using the XXXX transfer function. Subsequently, two additional transactions of {$2000.00} each were made to XXXX XXXX and XXXX XXXX. 

All of these transactions occurred on XX/XX/year>. Strangely, the {$530.00} transaction did not appear as pending, while the others did. I attempted to cancel these transactions through the SoFi app and was only able to cancel the transaction to XXXX XXXX. The app did not provide the option to cancel any other transactions. 

At around XXXX XXXX  Central Time, I contacted SoFi customer service to report the situation and requested immediate assistance in canceling all transactions to mitigate my financial loss. Unfortunately, the representative could only open a dispute and assured me that the research department would get in touch. I reiterated my need to cancel the transactions, but the app failed to provide further details or allow cancellations. After a 44-minute call, I was given a dispute case number ( # XXXX ) and told to wait for further contact from the research department. 

Subsequently, I contacted XXXX  XXXX XXXX to place a stop on any money requests from SoFi. Thanks to their prompt action, I was able to prevent the {$5000.00} transfer. However, I am now faced with a negative balance of - {$1900.00} on my SoFi account due to the incompetence demonstrated in handling my issue. In addition to losing {$530.00}, I now owe {$2000.00} that I do not possess. 

I received a final decision from SoFi today, XX/XX/year>, stating that no error was found in their investigation, and no funds would be credited back to my account. This decision is unacceptable and fails to address the significant financial and emotional distress caused by this incident. 

I urgently request your assistance in thoroughly reviewing my case and seeking rectification of my account balance. I ask for your help in reversing all unauthorized transactions and reassessing SoFi 's security measures to prevent such incidents in the future. Additionally, I request copies of all documents used in determining the final outcome of their investigation. 

Please address this matter promptly to avoid any further escalation. I look forward to your assistance in resolving this issue. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation