Posted by William Charles on January 25, 2019
Bank Account Bonuses

Published on January 25th, 2019 | by William Charles

28

SoFi Money Inviting People To Join, But No $200 Bonus

In May of 2018 SoFi announced they would be launching a new checking/savings product called ‘SoFi Money‘. Users could sign up for the waiting list for this product and were offered a $200 bonus when they were eventually able to set up an account and direct deposit.

Yesterday a number of readers received an e-mail inviting them to join SoFi money, but there was no mention of the $200 sign up bonus. They have bump up the interest rate offered from 1.09% to 2.25% but most people joined the waiting list based on the $200 sign up bonus promise. SoFi even said ‘We know it sounds too good to be true. We promise it isn’t’. Either they forgot to tell people they will actually get a $200 bonus, or it was too good to be true and they misled customers.

Personally I have no times for companies that don’t stand by their word, if they will change their mind about this then what else will change with no notice?



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Frank

CC funding?

perfectviking
perfectviking

None.

Jeremy
Jeremy

If you’re late to the game and won’t get a sign-up bonus anywhere, you really could do much worse than this. 2.25% APY with no fees in a checking account is as good as it gets. I really need to dump my Aspiration account.

Gadget
Gadget

You do have a point, that what they are offering isn’t terrible, but a company shouldn’t LITERALLY promise specific things, wait-list people, then shift focus to paying out interest vs. startup bonus. 2.5-5% “checking” accounts are available, so what stands out about SOFI? That they go back on their word out of the gate, without so much as an apology? Maybe a statement that they decided to refocus for the benefit of the customer, and looking to provide the best value? Something…

Kyle
Kyle

It does require the following for the 2.25%:

“set up a direct deposit of $3k/month or spend $500/month on your debit card”

otherwise APY is only 1.25%.

Gadget
Gadget

I vaguely recall this offer. False promises and fake news! Thanks DoC for revealing the truth and holding them accountable. Seems to be a trend these days, Swell Investing account holders who did referrals know the feeling…

Edit: I was thinking of a different referral program.

Gadget
Gadget

A promise unkept…

6/10/2018 Email from SoFi: “Did we mention that if you sign up for an account and set up direct deposit you’ll get $200?4 We know, it sounds too good to be true. We promise it isn’t.”

“4 The $200 welcome reward is not available to members who currently have or have previously had a SoFi Money account. To receive the $100 dollar reward for your SoFi Money account, you must: 1) Open a SoFi Money account, which is subject to approval; AND 2) Set up and receive a qualifying direct deposit of at least $500 into your SoFi Money account within 60 days of account opening. To then receive the $100 SoFi Wealth reward you must have, or open within 30 days of opening your SoFi Money account, an individual (non-IRA) SoFi Wealth account, which is subject to approval. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you meet these requirements, SoFi will deposit your welcome reward within 15 business days….

perfectviking
perfectviking

I somehow was given the chance to join back in July or August and did receive the two bonuses. Not sure what has changed since then.

Rick
Rick

2.25% APR for 3 months only if you dont have 500/month debit card spend or 3000 monthly direct deposit

Dan
Dan

Who gives a shit about another 2.25% account. I am not even maxing out 3% accounts at this point.

Cost of cash is up!

Steve
Steve

I signed up for the waitlist back in May and received the email about being removed from the waitlist yesterday.

I emailed them inquiring about the $200 bonus that was mentioned back in May and received the below generic response almost immediately:

“Thank you for your interest in SoFi MoneyTM!

We are no longer offering our Direct Deposit Bonus totaling $200.00 because of our other benefits added to our SoFi Money accounts! We are now offering up to a 2.25% APY on our accounts.

You will receive 2.25% APY for the first three months of your membership. This benefit will continue to be honored with a minimum $3,000 monthly direct deposit OR spend of $500/month with your SoFi MoneyTM debit card. If you’re unable to meet these requirements after the three month grace period, you’ll continue to receive the member benefits listed above. You will receive a 1.25% APY, and ATM fees will apply.”

It appears as though it is a no-go on the $200 bonus. Definitely leaves a bad enough taste in my mouth that I am no longer interested.

Andrew
Andrew

Not only that, but that’s not exactly an easy 2.25% APY.

JT
JT

I guarantee someone saw the wait list numbers and thought “holy shit, our product is going to be so popular that we don’t need to offer a $200 bonus!”. Idiots.

Krista check my posts
Krista check my posts

Since they never actually informed consumers that they are doing the $200 bonus you could:

Sign up for the account.

Send the company in email after a couple weeks and ask them when you will be receiving your $200 bonus.

Send a complaint to the FCC when they tell you they aren’t offering the bonus.

Probably not worth anyone’s time since a $200 bonus really isn’t all that big to begin with. Disappointing when companies mislead consumers like this. They could have simply made the terms of getting the bonus a little less desirable like $50,000 deposit etc.

perfectviking
perfectviking

FCC has nothing to do with banks. I think you mean FTC.

Ann
Ann

CFPB is the place to complain when banks don’t live up to their promises.

Carlos
Carlos

CFPB is a complete waste of time.
They are just like the BBB.

SCJ
SCJ

They’ve been handing out immediate access to SoFi Money like CANDY on Redit for the past few months. I almost completed the sign up once.

Chuck

The 2.25% is not all that great – it requires $3,000 direct deposit for that rate. Else it’s 1.25%.

DrBooyah
DrBooyah

They actually did offer me the $200 Bonus, targeted email this past Fall. No monthly fees but required a $500 DD to get a $100 bonus and then had to open up their Wealth account to get another $100 bonus. No early term fee.

I opened account on 9/18 (from their invitation email), received bonus right away after my DD on 10/5. I closed the account on 1/2

Right when I opened the account in the Fall and had received the bonus, I had asked if I could “share the promotion with my friends and family” and they said that the promotion was already over…

Paul
Paul

Bait and switch. You aren’t even guaranteed the 2.25%. There are FDIC insured banks that offer accounts with a higher APY.

“Earn 2.25% APY (2.23% interest rate) and receive third-party ATM fee reimbursements on your first SoFi Money account. After three months, only accounts meeting one of the following monthly activity criteria will continue to receive 2.25% APY and third-party ATM fee reimbursements: 1) direct deposits totaling $3,000 or more; OR, 2) qualifying debit card purchases totaling $500 or more.”

Also, the FDIC insured doesn’t make much sense to me.

“SoFi Money is offered through SoFi Securities, LLC Member FINRA/SIPC. Neither SoFi nor its affiliates is a bank…

The cash balance in SoFi Money Accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC Insurance is not provided until the funds arrive at partner bank.”

docfan
docfan

It’s similar to Netspend cards – Netspend itself is not FDIC insured or a bank, but your money is kept in an FDIC insured account at an actual bank that they have a contract with.

Ann
Ann

6 banks in this case, to add up to a possible $1.5m total FDIC insured.

docfan
docfan

They gave me the $200 bonus during the beta

alex s
alex s

Hi all – I reached out to the customer service a few months ago about this and they extended the offer to me. I think they redacted it publicly but will extend if you reach out. Pretty slimy but otherwise I’ve always had positive experiences with Sofi. Below is the email they sent.

“Thanks for reaching out about that welcome bonus that we have going on! I’m excited to see that you’re looking into the different options for your SoFi Money account already!

I took a look at your account as well as the other products you have out with us! After we receive your first direct deposit of at least $500 and as long as your account is currently within 60 days of being opened, we’ll add $100 directly to your SoFi Money account. and $100 into an individual, non-IRA SoFi Wealth account. If you don’t have an individual Wealth account open yet, have no fear! You have 30 days from the bonus to your SoFi Money account to open the Wealth account and cash out on that $100 too!

Please keep in mind your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government.

Between us, there’s other ways of making money off of SoFi, too! We have a custom referral link for each of our SoFi members! If you send that link or post it anywhere and someone, even anyone, uses it to apply for a loan with us and gets funded, you’ll get $300 to your personal checking account and they’ll get $100!

If you have any further questions on the SoFi Money Product or any suggestions on making the product better, you can email us at SoFiMoneySupport@SoFi.com

sloebrake
sloebrake

Interesting. I went through a student loan refinance with them and found the whole experience nice (customer service was crazy attentive), but the rates meh…. except for the whole 50k airline mile bonus. Though the loan went to Mohela with a little SoFi logo on the webpage.

I enrolled in their roboadvisor for a $100 bonus and it’s done worse than others. Since early Sept it’s lost 7.52% on aggressive, whereas Betterment lost 5.8% as their most aggressive, and Wealthfront lost 3.3% on their most aggressive.

Maybe they’re running out of money or pivoting or whatever the valley wants to call it. They were firing 10% of their staff a month ago.

I’m going to empty that roboadvisor account. “When you see a cockroach, as the days go by you meet his relatives.”

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