Samsung Inc. offers a product called “Samsung Money by Sofi”, which has no overdraft, convenience or account maintenance fees.
According to a listing offer on the company’s website, “Samsung Money by SoFi is the new way to grow your hard-earned money, letting you save, spend, and earn — all in one place. secured”. The offer is available on Samsung Pay, a mobile payment app and digital wallet.
Samsung is marketing the offer on its website as a card – customers can get virtual and plastic cards for the same account – which offers the “convenience of a debit card” and the “rewards of a debit card”. credit”.
Among the benefits offered by the company are free ATM transactions and no-fee accounts.
“When we say ‘no,’ we mean no,” the company said on its website. “No overdraft fees. No convenience fees. No account management fees.
The fine print in the website’s footnotes offers a more detailed explanation of the new product, with one noting that “Samsung Money by SoFi is a cash management account, a brokerage product, offered by SoFi Securities LLC. SoFi Securities, Samsung and their affiliates are not banking entities or bank holding companies.”
The 55,000 free ATMs are part of the Allpoint network, according to another footnote, which adds that third-party fees from out-of-network ATMs will not be reimbursed. Another footnote explains that FDIC insurance only comes into play once funds have been placed in bank accounts by Samsung or Sofi.
The official card issuer is The Bancorp Bank, which uses a license from Mastercard to do so.
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SoFi, or Social Finance Inc., was founded in 2011 by Stanford University business school students. Today, Sofi Technologies Inc. is listed on the stock exchange. The company states on its website that it has nearly 4 million “members” and has funded over $50 billion in loans.
In the latest ranking of PYMNTS providers of personal loan applications, SoFi came second after MoneyLion.