SoFi is in the process of rolling out an option for their account holders to get increased FDIC insurance from $250,000 to $2M by spreading the funds around multiple banks. When eligible, SoFi customers will get an email for one-click enrollment in this new program.
Just note, if you already have funds within one of SoFi’s partner banks, your insurance will not be increased above $250,000 from all of your combined balances.
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I just noticed that I was rewarded with 20,000 SoFi points on March 23rd. That was the same day that I enrolled in the new $2M fdic insurance program. 20,000 points is equivalent to $200! It is listed as "Welcome Bonus CK" in the SoFi points register. I've had my account open since June of last year. So this welcome bonus must be connected with my signing up for the increased fdic insurance. Did anyone else get this bonus?
@chucksithe
Oh wow, anyone else get this? Did you maybe click through Credit Karma before opting in?
@chucksithe, on second thought, I did open a SoFi credit card account back in November. I don't remember signing up for it through Credit Karma though. I opted in for the 3% cash back incentive. I don't remember a $200 bonus incentive. But you are probably right since what else could "CK" in the transaction description stand for, other than Credit Karma. The March 23rd date must just be a coincidence.
No. I haven't touched Credit Karma in a long time.
if you got 2mm at sofi , you have bigger problems than fdic
Everyone benefited somehow, somewhere, someday.GOD BLESS THIS GREAT NATION.
Wealthfront just added 3M FDIC Insurance
Sofi found another way to make $ from the runs and FUD. Margins getting tight, banks getting creative, competition to keep deposits heating up. Good ole way to capitalize, it's the American way. Depositors get better rates when panic ensue.
$2M clientele at DoC please represent
So if they fail - you're running around to 2-3 banks, or just 1 claim vs FDIC?
FDIC insured depositors have NEVER lost a cent. It's not a big deal bro.
So is there any downside to accepting the new terms & conditions?
No downside I'm aware of
Confused by all the negativity.
4% is a solid rate and it’s essentially a checking account with no limit on ACH withdrawals.
That's how I feel. I know there are 5% accounts out there but SoFi has been consistent with increasing their rate along with the market. I can't say the same about my T-Mobile money account. I guess some people are just bitter about they removing some of the unsustainable perks. Anyway, I don't have $250k with them so I'm not going to opt-in this thing.
Still no beneficiary lol
Request a POD via chat or phone but I agree it should be in the app.
FINTECH USE OLD SCHOOL FORM TO PRINT FILL SCAN AND SUBMIT. LOL...