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Update 12/14/19: More people have been targeted, same subject line.
The Offer
No direct link, check email for subject <Get $100 when you set up direct deposit>
- SoFi Money is offering $100 for users who set up a recurring payroll direct deposit of $500 or more. After receiving two payroll direct deposits, you’ll be eligible for the $100 bonus.
The Fine Print
- Only SoFi Money members without any history of direct deposit transactions as of 11/07/2019 are eligible.
- To receive the bonus offer, a payroll direct deposit of at least $500 must be made by the SoFi Money member’s employer, or payroll provider by ACH deposit before 12/31.
- A second deposit from the same employer must then be made to the member’s SoFi Money account within 31 days of the initial direct deposit.
- Direct 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.
- Within two weeks of the second direct deposit clearing, qualifying participants will receive a $100 deposit into their SoFi Money account.
- This offer is limited to one per person and is limited to recipients of this email.
- The offer expires on 12/31/2019, at 5pm EST.
- Participants must comply with the SoFi Money terms of use.
- Any fraudulent or returned funding will result in disqualification.
- Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer, consult your tax advisor to determine applicable tax consequences.
- SoFi reserves the right to change or terminate the offer at any time or without notice.
Our Verdict
Lots of people just got this email. Seems anyone without a history of direct deposit transactions should have gotten the email. I guess if you got the email then you know for sure you are eligible (?).
It’s a hassle for some to change their direct deposit, but could be worth it for the bonus. You need to get the first direct deposit by 12/31, and then the second one from the same employer within 31 days of the first.
Gosh, SoFi seem flush with cash.
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