Posted by Chuck on December 14, 2019
Checking Accounts

Published on December 14th, 2019 | by Chuck

96

[Expired] [Targeted] SoFi Money $100 Direct Deposit Bonus for Existing Users

Deal has expired, view more SoFi Money deals by clicking here

Update 12/14/19: More people have been targeted, same subject line.

The Offer

No direct link, check email for subject <Get $100 when you set up direct deposit>

  • SoFi Money is offering $100 for users who set up a recurring payroll direct deposit of $500 or more. After receiving two payroll direct deposits, you’ll be eligible for the $100 bonus.

The Fine Print

  • Only SoFi Money members without any history of direct deposit transactions as of 11/07/2019 are eligible.
  • To receive the bonus offer, a payroll direct deposit of at least $500 must be made by the SoFi Money member’s employer, or payroll provider by ACH deposit before 12/31.
  • A second deposit from the same employer must then be made to the member’s SoFi Money account within 31 days of the initial direct deposit.
  • Direct deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc; merchant transactions such as from PayPal, Stripe, Square, etc; and bank ACH transfers not from employers) do not qualify for this promotion.
  • Within two weeks of the second direct deposit clearing, qualifying participants will receive a $100 deposit into their SoFi Money account.
  • This offer is limited to one per person and is limited to recipients of this email.
  • The offer expires on 12/31/2019, at 5pm EST.
  • Participants must comply with the SoFi Money terms of use.
  • Any fraudulent or returned funding will result in disqualification.
  • Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer, consult your tax advisor to determine applicable tax consequences.
  • SoFi reserves the right to change or terminate the offer at any time or without notice.

Our Verdict

Lots of people just got this email. Seems anyone without a history of direct deposit transactions should have gotten the email. I guess if you got the email then you know for sure you are eligible (?).

It’s a hassle for some to change their direct deposit, but could be worth it for the bonus. You need to get the first direct deposit by 12/31, and then the second one from the same employer within 31 days of the first.

Gosh, SoFi seem flush with cash.

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JV
JV

Too bad i already have DD in my Sofi account.

Brian C 🐕

real or bank to bank?

if so what bank triggered it?

Ralph Hendry-Wabel
Ralph Hendry-Wabel

I never had direct deposit but did not get the email (yet)

Bruce
Bruce

Same. Both P1 and P2, no email. Wonder if deposits from Discover were counted as DD

bob
bob

same. and i only got the “free $25 in BTC” deal, not the $100 for signup (or whatever that other deal was)

Brian C 🐕

bob Bruce It’s possible that filter is meaningless.

Mind letting us know what accounts have deposits in your sofi? Its possible one of those banks triggered it.

abey
abey

how did you buy the crypto ? not available me in app or web

Brian C 🐕

You have to have an Active Investing account open with Sofi first I think.

https://www.doctorofcredit.com/sofi-invest-50-bonus-when-you-invest-25/

Brian C 🐕

Ralph Hendry-Wabel Bruce Possible one of your banks triggered it. Go and filter your transactions to show “direct deposit”.

Is anything showing up?

Bruce
Bruce

No, nothing shows up when I use that filter.

Ralph Hendry-Wabel
Ralph Hendry-Wabel

Neither for me…it’s a normal deposit from Charles Schwab

Hodor
Hodor

P1 received, P2 didn’t (yet). P1 account has been open a few days longer, though

Brian C 🐕

DPs…

It appears sofi money account actually has separte categories on the site/app for deposit, and direct depsoit. So far the following accounts have hit my sofi and no Direct Deposit has been categorized…keep in mind this categorizing could be meaningless to the bonus itself….

Ally
Wells Fargo
Chase
Iberia
Metal Pay
Seacoast Bank

abey
abey

would be helpful to put [targeted] in title

meed18
meed18

I opened my SoFi account on 10/30/19 and received the email today. A couple coworkers opened theirs on 11/1/19 and haven’t received the email yet.

meed18
meed18

Made my second DD today. Nothing pending yet. Will report back if/when $100 posts.

I was hoping to see the SoFi money referral go back up from $50/$50 to $50/$100, but it looks like it actually went down to $25/$25. I guess I should have jumped on the guaranteed $50 after all.

Brian C 🐕

Did the deposits code as “Direct Deposit” or “Deposit” when you look on a browser from a PC?

meed18
meed18

“Deposit”
I have never ACH pushed to my SoFi account so I can’t compare this DD to what an ACH push looks like. When I expand it, it says:
Amount: $501.50
ACH ID: DP6813****
Merchant: [my small business name]
Transaction ID: 27-270****

Brian C 🐕

It sounds like it is either seeing this as a regular deposit, or that categorization on the website is useless.

meed18
meed18

Based on Svy ‘s data point, I’m convinced my deposits didn’t code as direct deposits. I used my business checking account with Wells Fargo’s Direct Pay service. Direct Pay payments have been treated as a direct deposit for bank bonus purchases for every other bank I’ve ever used it for (over a dozen). Oh well. I’m going to try Schwab and Fidelity now.

TDD
TDD

No DD’s here. No email about $100. *shrug*

Ryan Goldstein

I’ve been using SoFi Money as my primary checking account since earlier this year, so I’ve been receiving (legit) direct deposits and thus haven’t been targeted for this.

When filtering past transactions for Direct Deposit, in addition to the legit direct deposits from my two jobs, it also lists the monthly deposit I receive from the Amazon affiliate program. So that should probably count as a direct deposit to anyone who receives such payments from Amazon. Hope this helps!

ren
ren

That’s a good datapoint for William Charles , thanks!

Brian
Brian

As of a few months ago, Wealthfront counted as a DD. In addition to being labeled as “Direct Deposit” (rather than “Deposit”), I would also get app notifications from SoFi along the lines of “you just got paid!” when receiving transfers from Wealthfront. I guess that’s why I didn’t get the email… oh well.

bax
bax

How did you transfer from Wealthfront to Sofi Money, when Wealthfront reportedly limits withdrawals to only the source account where the funds came from? Did you pull from Sofi Money into Wealthfront first, and then transfer in reverse?

Brian
Brian

Yea, transfers at Wealthfront can be a pain – one of the reasons I stopped using them (plus the interest rate drop).

Wealthfront doesn’t limit you to only withdrawing to the source account. It’s just if you do try to withdraw to another account, you’ll get a message saying something like “If you transfer to this account, it may take longer due to review. If you transfer to your source account, the funds will be there in normal transfer times.”

The first time I tried to withdraw to an account that wasn’t my source account, they emailed me a couple days later, saying due to their review, they decided to just send the money to my source account anyway. I tried to transfer to a non-source account again a few days later with a smaller dollar amount, and the next day, I got a call from Wealthfront. They asked me a few security questions (Lexis Nexis type) and then proceeded with sending it to the correct account. After that, I didn’t have any issues sending to that account.

Marriott s plan
Marriott s plan

In other news, SoFi just changed the promotion yesterday from $100 referral bonus $50.
It’s now refer friends and both get 50.

Erin
Erin

Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received by applicable law.
Where can I read about taxes for bonuses received?

Brian C 🐕

Its the same as capital gains on a stock. or interest on a bank account. you pay taxes against any earnings

Betelgeuse ㊙️

They are not the same though. I think 1099 misc is subject to social security tax while 1099 int isn’t. So can be a big difference in the tax amount.

bigmanaz
bigmanaz

This is what I was told when I chatted with SoFi “The only invalid method of funding your account to receive the bonus would be a peer to peer transfer, someone else with a SoFi Money account sending funds directly to your account. All other methods of funding the account are absolutely valid to earn that bonus.”

Brian C 🐕

Very unlikely that that is the case. More likely the front line representative was incorrect, possibly confusing it with another promotion.

DD is specifically different from a regular bank to bank transfer and the terms actually state that that won’t count.

So you have incorrect information….

Z
Z

So we have a datapoint from the company, and we have some ponderings from Brian C…

Think I’m going to go with the company on this one, sport.

Brian C 🐕

lol, ok Z . Who am I to argue with your wealth of experience in this realm.

Be my guest and send a couple transfers from a random bank. When you don’t get the bonus and you call sofi and they tell you “sorry, that is not a direct deposit”, make sure to post here and let us know… sport

Brian C 🐕

From the promotion terms, notice the last line.

“Direct deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc; merchant transactions such as from PayPal, Stripe, Square, etc; and bank ACH transfers not from employers) do not qualify for this promotion.”

Ben Thomson
Ben Thomson

No DD, no email. Opened account 11/1, so maybe just too new?

Brian C 🐕

what bonus’s have you already received from them?

Maybe you have to get the first sign up bonus before being eligible for this one

danny
danny

thats what im thinking. i got the sign up bonus and no email today

Gadget 🕵️

P1 & P2, No DD ever, no email. Opened June 2019. Suspect this is pretty highly targeted.

I’d be curious to know from someone who was targeted, did they use the debit or bill pay like a normal person would? Deposit, then spend. Us churning types are not the normal customer.

I recently discovered SoFi does use EWS, at least at account opening, as my report shows inquiries from them. Very high chance they are using the data to figure out who likely has DD’s going to another EWS bank every two week/month.

Brian C 🐕

Gadget 🕵️ what bank transfers did you use to transfer money in?

I did a check deposit once (probably a mistake, I am sure they will have a bonus for that at one time).
I used the send money feature to another sofi user
I used regular bank in and out transfers from several banks
I used bill pay to pay a bill twice

Jeff
Jeff

Just do employer DD to be sure.

Brian C 🐕

Prefer to use that for other bonuses if possible.

It’s not easy for me to change my DD

Gadget 🕵️

I only did ACH’s into Money, and Invest, via NFCU – showed up as Deposit. I did trial deposits via NWFCU – showed as Deposit too. No bill pays, no debits, no other people transfers.

P2 – M&T = Deposit.

fainez
fainez

I was targeted and have barely had the account open. (opened on 10/29) I haven’t done anything beyond funding the account with $100

Missjenniferd1
Missjenniferd1

I didn’t get targeted either. 🙁

Hodor
Hodor

ETF isn’t mentioned in their list of ineligible methods. Wonder if an ETF from Fidelity would work.

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