Checking or savings account -- Managing an account -- Complaint #17999715
Complaint Overview
Complaint ID: 17999715
Company: Sofi Technologies, INC.
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Tennessee
ZIP Code: 383XX
Date Received: 2025-11-28T12:00:00-05:00
Date Sent to Company: 2025-11-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
On XX/XX/XXXX at approximately XXXX XXXX I was notified through email that my account was flagged for suspicious activity and was restricted until an investigation could be conducted. I immediately checked my account, but did not observe any suspicious or non-routine activity. I called SoFi and spoke with their customer service department that forwarded me over to their Member Security Department. The Member Security representative informed me that the account had been marked for closure due to the suspicious activity ( normal banking transactions evidently ). I asked what had caused those results, but the rep could not tell me what in particular had occurred that caused the account restriction. They stated that once the investigation was complete, the account would be closed and any funds in the account would be mailed to my address on file. There is a balance of XXXX in the account plus another XXXX in an investment account with SoFi. The investment account doesn't appear to be restricted, but they won't let me withdraw any funds from it. I phoned back on Saturday XX/XX/XXXX and again today XX/XX/XXXX with a similar story coming from the Member Services team. I asked what policies were broken, but the rep could not tell me which policy or policies were in question or not adhered to. I asked again today when the account closure would be complete and the check with my account balance would be mailed, and the rep would not say. I offered to submit documentation showing the source of any funds that are in question in my account, the rep acknowledged such, but at no time have they asked for any documentation. They will not allow you to speak to a supervisor. The rep today informed me that they are waiting for transactions to settle, but I'm not sure what transactions they are waiting on, since the last transaction in my account was on XX/XX/XXXX. We are at XXXX calendar days with no timeline on the check being sent. SoFi has a history of doing this to others, with some still waiting on their account balances, months after the fact. With that amount of money being held, I can not wait 6 months to get the money, in which from what I am seeing and hearing on my end, they have no justification to hold those funds.
Frequently Asked Questions
What is Complaint #17999715 about?
Complaint #17999715 was filed against Sofi Technologies, INC. regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2025-11-28T12:00:00-05:00.
How did Sofi Technologies, INC. respond to this complaint?
The company responded with: "Closed with explanation". 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.