Rule 606 Order Routing | Statement of Financial Condition
SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. Neither SoFi nor its affiliates are a bank.
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1 The following describes the terms that apply to participation in the SoFi Money direct deposit promotional program (“Program”) offered by SoFi Securities LLC (“SoFi”). Eligible Participants: All new members who join SoFi Money during the Promotion Period and all existing SoFi Members without a prior history of Direct Deposit transactions (“Direct Deposit”) to their SoFi Money account as of the beginning of the Promotion Period are eligible for the Program. Promotion Period: The Program will be available from 5/1/21 12:01AM ET to 2/28/22 11:59PM ET. Bonus Terms: In order to qualify for the bonus, an Eligible Participant must have $1,000 or more in total qualify Direct Deposit transactions within any consecutive 30-day window during the Promotion Period. Qualifying Direct Deposits must be made from the enrolled member’s employer, payroll, or benefits provider via ACH deposit. 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. This offer cannot be combined with the SoFi Money rate discount on a SoFi loan. SoFi will credit members who meet the qualification criteria stated above with a one-time cash bonus of $100 deposited into their SoFi Money account within two weeks of qualification. Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi reserves the right to exclude any Members from participating in the Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or make changes to the Program at any time.
2 Based on 2020 user research
3 Vs. traditional transaction accounts. 8x is based on the national average of 0.04% from the weekly rate cap as of 11/3/2020.
4 Early access to direct deposit funds is based on the timing in which we receive notice of impending payment, which is typically up to two days before the scheduled payment date.
5 Overdraft Coverage only applies to SoFi Money accounts with qualifying direct deposits of $1,000/month and is currently unavailable for Samsung Money by SoFi accounts. Members with a prior history of non-repayment of negative balances for SoFi Money are also ineligible for Overdraft Coverage.
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