Update 11/16/21: Deal is back, this time up to $50. Subject line is ‘Get up to $50 with Roundups holiday match’ and offer good through 12/31/2021.
The Offer
- Every time you make a purchase on your SoFi Money debit card, SoFi will automatically round up to the nearest dollar and match it.
The Fine Print
- Limit of $50 in matched round ups
- Valid until 12/24/20
Our Verdict
Obviously the best way to maximize this if with low dollar purchases with large matches (e.g if you could make 51 $0.01 purchases that would be perfect).
Hat tip to reader FreakyFlyGuy
It is becoming even more ridiculous. Instead of rectifying the interest amount, they tripled it by adding the correct amount to the double counted amount! The CSR I contacted said they know about the issues and will be sending out new emails with the correct information.
Lionel 
Fred 
sg77 
Mark
Yikes. What kind of email did you get? Was it the standard email saying there is a tax form available, or did it specifically indicate you got a corrected form?
I have issues with two other 1099s, small brokers handled by Apex (I know Apex handles Sofi Invest, but I don’t think they have anything to do with Sofi Money). I keep getting emails telling me I have a new tax form and it’s still the same tax form.
I am just going to file my taxes with the correct numbers and not worry about it.
Now when I go to the SoFi website Document Center to look at tax forms, it says “The document center is currently offline for maintenance”. Could just be a coincidence, but maybe it’s related. I think last year SoFi also messed up some people’s 1099s and sent corrected forms.
I think they are indeed fixing it. The document center says “We are running required maintenance on some of our tax services. Any 1099-INT and 1099-MISC forms prepared for you will be available again soon. We apologize for the inconvenience.” The old one with the wrong amount is gone.
Fred 
sg77
These clowns double counted the debit matches on the 1099-INT.
1) counting your own money that was put into the vault as the roundup (incorrect)
2) counting the rewards earned from the match (should have been a rebate, but ok).
Same (see https://www.doctorofcredit.com/which-banks-send-out-1099s-for-account-bonuses/). I chatted with them and a rep submitted a dispute of the 1099 for me. Before I got to that rep, another rep actually told me that any rewards received for a debit/credit card purchase are not taxable.
Looks like mine has the same problem; $100 from “SoFi Member Rewards”; seems like they double counted the $50 in rewards from Nov/Dec.
(I also did the roundup match promotions in Jan ($25) and March ($25) (where the matches went into the vault, rather than as rewards). I think they didn’t report the $25 in matches from Jan. Not sure about March since the matches didn’t post for me, but I chatted and they gave me a $25 credit, which seems to have been reported on my 1099-INT as $25 Marketing Credit. So overall I got $100 but they reported $125. And maybe none of it should’ve been reported, if they were rebates on purchases.)
I encourage everyone affected to chat or call Sofi and tell them you want to dispute the 1099-int. Hopefully this will speed up the process of getting them to determine that many or all were generated incorrectly.
I was asked what the correct amount should be; I told them the amount excluding all “Sofi Member Rewards,” as it appears all of those are based on the rebates to purchases.
Did anyone manage to get this fixed? I have the same issue, submitted a ticket, and got the reply that there is “no discrepancy” in the amounts reported. Even after pointing out their mistake, they’re not giving in.
How on earth it is possible to have $100+ reported on my 1099-INT while I only earned the $50 round-ups since account opening in 2021, I have no clue, but they don’t seem to care.
I noticed the same problem, not only for the matches, but for SoFi rewards points earned in other ways. I chatted with a CSR who submitted a ticket about it. Also made the point that those matches should be considered as rebates rather than income. Will see if they will fix it quickly.
Lionel 
Fred 
sg77
It’s odd that
Mark had such a negative experience when it seems like no one else has had that happen. Did you come right out and tell them about the rebate issue or did you 1st ask them to explain what the $100+ on the 1099 was for?
I told them which records were wrong and what the correct amount should be. The CSR also asked me this. The CSR was not from the tax team, so he had no idea where the problem was. I had to provide detailed notes for him to include in the ticket.
I did 50 x $1.01 on Dec 25 and still haven’t received the roundup credit. No pending or anything. I don’t think I’m going to get the credit..
thanks for the help. i did have it enabled but i believe i figured out where i went wrong:
i only deposited $51 into the account to do 50 $1.01 transactions. the roundup program takes $0.99 of my money and moves it to the “vault” for each transaction. there was no money left in the account to do these $0.99 transfers. DOH
The match was posted in the form of SoFi rewards points. Have you checked your points? If not, I would chat with them to request manual credit.
Doodums
i believe i figured out where i went wrong:
i only deposited $51 into the account to do 50 $1.01 transactions. the roundup program takes $0.99 of my money and moves it to the “vault” for each transaction. there was no money left in the account to do these $0.99 transfers. DOH
thanks for the help. i’ll try to chat with them anyway.
Anyone notice their matching being capped at something other than $50 (5,000 points)? I see today that I have 5,016 points from matching from 18 November through today.
I guess I will just leave those 16 points in my rewards balance and assume Sofi will eventually reclaim.
Check your history. They give you a small amount of points for logging into the app, etc
Yeah, I checked. This is excluding the login streaks and other points.
Link doesn’t work. “The page you were looking for doesn’t exist”
I did five $1.01 Amazon reloads. I see they rounded up $0.99 from my account, but no match yet. How long does it take for them to match? I won’t do any more reloads until I see these first five get matched.
Update: I now see the match is in rewards points. Didn’t reads the terms.
They are doing the match in your points now, not direct cash. Check your points
SoFi sent out an email stating your status of matches…
Subj: 🎁 We’ve matched $xx.xx of your Roundups so far!
Seems like the excess transaction matches (only 5 per day were going though) finally got credited and are no longer pending.
My roundup match’s that have been stuck in pending have now started posting the past couple days.
what had made them stuck?
I guess only allowing 5 a day to post. I did the 10 PayPal purchases
I finished all of my roundups on Thanksgiving or the day after. I hadn’t checked my acct since then. Checked a few days ago and the last two roundups were still pending. They eventually posted. I wonder if they were deciding whether to close our accts. LOL.
My round ups are now going into the SoFi Points account not the vault like last year.
Same. Went looking for the matches and couldn’t find them. No idea what the deal is with points, guess I will have to figure it out…
So roundup matches do seem to be limited to 5 per day. Doing 10 at Verizon only gets 5 matches. Sigh
I did 11 per day for 3 days (penny PayPal subs) before Maverick’s DP without issue. Then I cancelled and am awaiting more DPs. I use my SoFi account quite regularly and would highly prefer not to lose it.
So my payments are $1.01 and up so I don’t think they’ll close my account (hope not anyway). I seem to remember having issues getting roundups with $0.01 payments to Comcast and never followed up at that time. But with $1.01 and up I seem to get 5 matches per day maximum.
Also have a real employer DD now (well for $1 each paycheck) for the 1% debit card cash back for one year offer so hopefully they will be less tempted to close account.
Don’t use regularly though.
Shaken but not stirred? Sorry….couldn’t resist 007.
I am in the same boat as you. I was doing 10 Amazon reloads a day for 1.01, 1.02, etc. Hoping they won’t close my account just for that. Moving to 5 a day now to try to get to $50 in roundups.
I wanted to clarify as the dust seems to have mostly settled for my first 33 transactions. They did indeed successfully get pulled at 11 per day for 3 days at $0.01, all received round-ups at $0.99 to my vault, but only 5 per day got the round-up match (via points), while the remaining 6 per day remain in a pending state in the Points section. I’ll report back when I have more info.