U.S. federal Regulation E limits your liability for unauthorized SoFi Bank debit card transactions to the lesser of $50 or the amount of unauthorized transfers if you notify SoFi within 2 business days after learning of the loss or theft of your card. SoFi Bank's policy caps liability at $50 if reported within 2 business days of discovery and follows Mastercard Zero Liability for fraud. This applies to debit card electronic fund transfers (EFT), not credit card disputes. Liability rises to the lesser of $500 or specified amounts if notice comes after 2 business days. Lock your card and report immediately via the SoFi app or fraud team to minimize risk.

Controlling Rules and Policies

Regulation E §1005.6, enforced by the CFPB, sets consumer liability limits for unauthorized EFTs from debit cards. If you notify the financial institution within 2 business days after learning of the card loss or theft, your liability does not exceed the lesser of $50 or the amount of unauthorized transfers that occur before notice. Notification after 2 business days increases the cap to the lesser of $500 or the sum of $50 plus unauthorized transfers before notice and up to 10 business days after notice.

SoFi Bank implements these limits in its debit card policy. Per SoFi's guidance, reporting fraud within 2 business days of discovery generally caps liability at $50, with coverage under Mastercard Zero Liability for fraudulent activity. Lost or stolen SoFi debit cards must be reported within 2 business days. A business day for notice timing typically excludes Sundays and holidays; for example, if you learn of the issue on a Saturday (assuming it counts as a business day), the 2-business-day period ends at 11:59 p.m. on the following Monday.

Timing of Notice Maximum Liability (Lesser of)
Within 2 business days after learning of loss/theft $50 or unauthorized amount before notice (Reg E §1005.6; SoFi policy)
After 2 business days $500 or $50 + unauthorized amounts in next period (Reg E §1005.6)

What Does Not Control This Dispute

Unauthorized debit card disputes follow Regulation E for EFTs, not Regulation Z or the Fair Credit Billing Act (FCBA), which apply to credit card billing errors and offer different protections like zero liability after timely notice. This process also differs from merchant refunds, subscription cancellations, or product returns, which depend on the merchant's policy rather than bank error resolution.

Wire transfers, remittances, and non-EFT peer-to-peer payments fall outside Regulation E debit protections. SoFi's credit card disputes, if applicable, use separate rules.

Practical Next Steps to Dispute

Lock your SoFi debit card immediately through the app or website if you suspect fraud, then contact SoFi's fraud department to report the unauthorized transaction. Oral or written notice starts the process and the liability clock under Regulation E.

Gather these items before or during reporting:

SoFi will review the claim. If no error is found, Regulation E requires a written explanation with the right to request supporting documents. For escalation if unresolved, submit a complaint via the CFPB portal.

FAQ

What counts as "learning of the loss" for the 2-business-day clock?
The clock starts when you learn of the card loss, theft, or unauthorized use, per Regulation E §1005.6.

Does SoFi provide zero liability even if I report late?
SoFi caps at $50 within 2 business days and follows Mastercard Zero Liability, but Regulation E raises the limit to $500 maximum if reported later.

Can I dispute online, or must it be by phone?
SoFi allows locking the card and reporting via app/website; contact the fraud team as directed in their policy.

What if SoFi says no error occurred?
They must provide a written explanation, and you can request supporting documents under Regulation E.

Is this the same for SoFi credit cards?
No; credit cards follow different rules under Regulation Z/FCBA, not Regulation E.