Checking or savings account -- Closing an account -- Complaint #17956489
Complaint Overview
Complaint ID: 17956489
Company: Sofi Technologies, INC.
Product: Checking or savings account
Sub-Product: Savings account
Issue: Closing an account
Sub-Issue: Funds not received from closed account
State: New Jersey
ZIP Code: 07042
Date Received: 2025-11-26T12:00:00-05:00
Date Sent to Company: 2025-11-26T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Summary : SoFi Bank, N.A. closed my personal checking and savings account without returning the funds remaining in the account. At the time the account was closed, it held approximately {$7200.00}. I was not provided with a valid explanation for the closure, nor was I given any timeline for the return of my money. I have repeatedly contacted the companys customer support seeking the release of my funds. Despite these efforts, the company has not returned the money, provided evidence of a lawful reason to withhold it, or directed the funds to any third party. I have received no notice detailing why my funds were retained or whether any regulatory freeze or investigation is involved. SoFi 's actions cause significant financial hardship and appear to violate consumer protection laws and banking regulations. Financial institutions are required to return consumer deposits upon account closure unless a lawful freeze or legal order exists. The continued withholding of my funds, without explanation or justification, seems to constitute an unfair, deceptive, or abusive act or practice ( UDAAP ). Details : In XXXX XXXX, my SoFi app 's said of my empty checking & a savings account with {$7200.00} : " Account restricted Your account is currently restricted. Please reach out to us as soon as you can for more information. Contact us '' - From that point on I was unable to access the funds or do anything with my checking & savings accounts with SoFi. I had those accounts set up for auto-pay and also for direct deposit, I stopped those, but not in time to incur some late fees due to the auto-payment not working due to the restrictions. I called to SoFi support number, and they did not have any explanation for the restriction or any redress, they only help was a delay- they said check again in a week. I checked every day for two weeks, and I still could not access my savings, same restriction. I called again, they said security would review this case and call me back in 30 days. But SoFi did NOT call me, or contact me via email or text. I called their customer service again a month later, with my account still restricted and still earning interest when I checked the app. SoFi support apologized, and said there is no help available for me. I have a recording of that XXXX call. I kept checking the app, could not get to my savings. In XXXX they sent me an email " Your SoFi Bank account has been closed '' - and they didn't send back what was in it! I called again asking where they had sent my funds, the support representative was not able to answer. Again they said they would review the case and get back to me but they did not. I have bank statements and the closure letter.
Frequently Asked Questions
What is Complaint #17956489 about?
Complaint #17956489 was filed against Sofi Technologies, INC. regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2025-11-26T12:00:00-05:00.
How did Sofi Technologies, INC. respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Sofi Technologies, INC.?
Yes, visit the Sofi Technologies, INC. company profile at readthecomplaint.com/company/sofi-technologies-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.