Posted by Chuck on March 1, 2019
Current checking account sign up bonuses no image

Published on March 1st, 2019 | by Chuck

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[Tax Doc Update] Swell Investing Referral Offer Information

Update 3/1/19: Tax document emails are going out. There’s a 1099-B and a Form 8949. These are investment forms. Many of us only invested $50 and got a minimal loss of a few pennies. Find your forms in the Swell login: Settings & Info, Manage Accounts, TAX DOCUMENTS. My understanding is that even gains/losses under $1 need to be filed, hopefully an accountant can chime in below.

[Update 2/13/19: Looks like they may have ended the referral program, as reader Gadget notes.]

[Update 1/31/19: People are now seeing the payments. You’ll have to look closely, though, as it’s not readily apparent. Go to one of the tabs in the Manage Mix tab and you’ll see your available balance. You can invest it or withdraw it in those tabs.]

We posted about the Swell Investing signup promotion which offers $50 for new signups when you invest $50. They also offer $300 for someone who refers three friends.

They’ve slowly been changing the terms since launch:

  • Added a limit of 18 referral bonuses for the referrer (previously, it stated there is no limit).
  • Added requirement to remain a member for 60 days (previously, there was no such requirement).
  • Lengthened the requirement from 60 days to 90 days.
  • Apparently, they’ve now added a one-month waiting period from when the 90 days ends until they pay the bonus.

I don’t like how they enforced the terms retroactively – it makes sense how they added the 90 day requirement, and even the month payout timeframe is okay, but they should be applying the original offers terms to those who signed up before then.

In any case, we’ll be happy if/when they pay out within the next month for the initial signup waive. This isn’t even meant to be a bashing post, mainly posted a new post here since on the old post the comments are locked. We can keep any discussion about Swell here.

DO NOT POST REFERRALS IN THE COMMENTS.



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Dan - Legal Bank Robber
Dan - Legal Bank Robber

Yet = never
this company is so shady

Dylan
Dylan

Hmm if they dont pay out, class action suit?

Xander
Xander

Let’s see how many people try and post their referral link here

JT
JT

I have not been paid anything yet.

Joe
Joe

Really hope they pay out my 18 referrals +$50 sign up. A lot of them were from Doc readers, so I really appreciate those that do use links from contributors on this site. I know others on this site have to be in the same position as me.

Regardless, if they don’t pay, I’m willing to vouch some AA miles and fly my fellow churners to CA to file in small claims.

Dan
Dan

I’ve actually lost 34 cents in my portfolio so technically this promo is costing me money lol

Maz
Maz

You are lucky you only lost 34 cents.

At the time I & my 3 referrees signed up, the Personal Capital gift card promo was also going on, so we each invested about $1k and linked our Swell accounts in PC to satisfy the terms of the PC promo. All of our Swell accounts have now lost $35-40. At least we all got a $100 Amazon gift card from PC and $50 from Swell. I never intended to leave funds in Swell long term, but now I’m wondering if I should wait it out and see if the portfolio recovers.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Maz Same

gary
gary

about to close my account since i havent been paid anything

BRIAN ROBINSON
BRIAN ROBINSON

In the event that they do not pay the bonuses, where would we file complaints? SEC or FINRA?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Great question, I would like to know as well…

Andrew
Andrew

personally, I would just hit all. Throw the CFPB and your states AG in there.

scooter
scooter

I didn’t take part in this deal, but could you file a grievance with their regulators? SEC, FINRA, and SIPC?

What about taking it up with their parent company, Pacific Life. I’m also sure the federal and state insurance regulators would love to hear how they’re reneging on their offer.

Pangolin
Pangolin

When they first changed their terms, I emailed them and asked that they honor the terms that were in effect when I signed up. They responded and said they would pay out in 30 days, which they did. (There was no mention of a 30-day waiting period in the original terms, I think, but that’s still better than 60, 90, or more days.) Others might try sending a similar email. It may not work, but it’s worth a try.

JM
JM

So you’ve already received your bonus?

Pangolin
Pangolin

Yes, I received it on 11/21/18.

Jake
Jake

Thanks for this post. I contacted them about the referral bonus last week and had not heard anything back.

Max
Max

Is the refer 18 friends promotion still going on?

Joe
Joe

yeah, looks like it.

Kenny M
Kenny M

I signed up and promptly referred my wife and parents (three in all for the bonus on my end) who also signed up. We’re just proud as a family to be part of an “impact investing platform that helps you invest in high-growth companies solving global challenges.” But we’d gladly sacrifice all of that pride for $300 plus $50 x 3.

Andrew
Andrew

if anyone has a screenshot of the original terms, please comment with it. Already sent a letter to my states AG

owenbiggs
owenbiggs

I emailed them recently and they hit me back with this:

Thank you for reaching out. So sorry the code didn’t come in time — I am more than happy to add it on my end! The funds should hit your account within the next 3-5 business days. Once they arrive, you can invest them by logging in to your account and selecting the “Invest” option from the “Manage Mix” dropdown on the navigation bar. Once you do, you’ll see an option to invest from your account’s cash balance (where the funds will be sitting). 

I’ll update if they actually pay out the bonus.

Maz
Maz

I created an account in mid-November using a referral from here, and referred 3 IRL family members. Of the four of us, no one received their $50 SUB automatically — we all had to email support about it, and the $50 was credited. It has only been about 60 days for me since my referrals signed up, and the 90-day terms were in force at that time, so realistically I don’t think I can expect the $300 referral bonus until March. I imagine I’ll have to contact support to get it, too.

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