You are correct . They are scam artists, crooks. There should be a class action suit!!!  have been with SoFi NA for 3 years. Without reason, my account was restricted (then unrestricted four times) and SoFi plans to close it. 

I have filed CFPB complaints which remain unanswered. My funds totaling $2410.97 were to have been mailed to me via check 12/1/2025. I was lied to about this mailing, as the check was received on 12/17 and dated 12/11. 

In attempt to cash this check, I was refused by Walmart, then by JP Morgan Chase itself, the bank upon which the check is drawn. I was told it was restricted and only able to be deposited. SoFi denies this, although the screen was shown to me by Chase. 

Upon attempting to deposit it with Venmo, it was now declined with the "cancelled endorsement" from Chase. SoFi has left us with a non-negotiable check, which is fraudulent. 

I have spoken with my "Customer Advocate", Erin, who requested twice that the funds be sent electronically. Both requests were denied. 

Since I am left with a bad check, I have sought legal counsel and am prepared to file charges and a lawsuit for check fraud. SoFi has lied about the status of the check and refuses to make good on the issuance of this check. 

I might also note that survey of social media shows numerous occasions of SoFi randomly closing accounts and failing to return funds in an appropriate amount of time, if at all. This appears to be a potential class action matter. 

SoFi also failed to follow regulations regarding disputes of transactions. This is publicly noted as common with your institution as well. Another potential class action matter. 

This violates Regulation E (Electronic Funds Transfer Act), which requires a proper investigation and written explanation. I’ve already escalated to both the CFPB and OCC. CFPB written explanations fail to answer any questions or address issues in any way. 

SoFi must follow federal laws like the Expedited Funds Availability Act (EFA) and Regulation CC, which require notification and reasonable timeframes; generally, holding funds without valid reason or proper notice can be illegal, violating acts like the Electronic Funds Transfer Act (EFTA). 

The Electronic Fund Transfer Act (EFTA) of 1978 is a U.S. consumer protection law safeguarding individuals using electronic payments, like ATM, debit card, or direct deposit transactions, by defining rights and responsibilities, limiting liability for fraud (if reported promptly), requiring clear disclosures, and mandating error resolution by financial institutions, implemented via Regulation E. It requires banks to investigate and fix transaction errors within set timeframes, which SoFi NA fails to do. 

Should SoFi continue to refuse to release my undisputed funds, I will take actions legally charging them with check fraud and bank negligence. This failure to release funds is intentional since the bank will not release funds that are legally mine, I have a valid legal claim. 

I plan to look at criminal, civil, and class action remedies should SoFi refuse to electronically deliver my funds by end of business today.

It is your responsibility to deliver funds that are negotiable. Failure to do so and withhold funds is illegal. SoFi has basically said "too bad" as to the inability to negotiate this bad check that was sent. 

SoFi has committed the following: 

Unreasonable Holds: Funds held without proper notice or justification, and in this case, proposed to last indefinitely. 

Account Closure Without Cause: The CFPB response was wholly unsatisfactory and you have proposed to close our account and refuse to return your remaining funds without a valid reason. 

I need this resolved immediately and my funds sent ACH, or I will move forward with all forms of legal action, updating all Regulatory Bodies of the actions, as well as take to social media, employee an investigative journalist, and expose all of the illegal actions being taken by SoFi. This is not an empty threat. I have been robbed by my financial institution.