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Frequently asked questions about Samsung Money by SoFi in Samsung Pay

Grocery shopping using Samsung Money

Samsung Pay has a new service: Samsung Money by SoFi. And it lets you get your very own debit card that syncs directly to Samsung Pay, where you can easily control it, such as adding funds to it. Like with anything involving finances, you probably have a lot of questions. Well, you don't need to worry because we have the answers to some frequently asked questions right here.

What is Samsung Money By Sofi?

Samsung Money by SoFi is a mobile-first cash management account offered by SoFi Securities LLC, a FINRA registered broker dealer, powered by the Samsung Pay app and the Samsung Money by SoFi World Debit MasterCard®.

Getting started

How do I open a Samsung Money by SoFi Account?

You can apply for an account in the Samsung Pay app by navigating to the Money tab and clicking Open account. You will need to provide certain information, including:

  • Full name
     

  • Email address
     

  • Date of birth
     

  • Phone number
     

  • Permanent address
     

  • Mailing address
     

  • Social Security number


When will I receive my new Samsung Money by SoFi debit card?

Every new Samsung Money by SoFi member must have an account balance of $1 or more to receive their initial Samsung Money by SoFi debit card. Once your new Samsung Money by SoFi cash management account is funded, you can expect to receive your debit card in about 5 business days (holidays may affect time frames).

If you haven't received your card by the tenth business day, please let SoFi know, and SoFi will be sure to send you a new one right away.

How can I access my money in Samsung Money by SoFi?

You can access your money by using your Samsung Money by SoFi debit card for purchases, withdrawing cash from ATMs, sending money electronically to friends and family via the peer-to-peer (P2P) function, paying bills using the bill pay service, writing checks from your checkbook, or transferring money via ACH with your Samsung Pay app or online on the Samsung website.

How can I transfer funds to Samsung Money by SoFi?

Tap Transfer within the Money tab to transfer funds to your Samsung Money by Sofi Cash Management account at any time. For your first transfer, you have the option to use a debit card from your Samsung Pay wallet to transfer up to $500. For subsequent transfers, you can either search for your bank and connect using your username and password, or manually enter the routing and account numbers.

 

Why does SoFi need my Social Security number (SSN)?

All financial institutions are required by federal law to collect a customer’s SSN to verify their identity when opening an account. SoFi has strong privacy practices that secure your personal information. SoFi’s full privacy notice can be found on the SoFi website. Samsung Pay’s full privacy notice can be found on our website.


Can I have more than one account with Samsung Money by SoFi?

At this time, you cannot open more than one Samsung Money by SoFi cash management account per Samsung account.


Can I set up a Samsung Money by SoFi cash management account for my business?

Samsung Money by SoFi is not currently available for businesses. However, it is currently available for both personal individual and joint accounts.


Who can open a Samsung Money by SoFi cash management account?

Any US Citizen or lawful permanent resident 18 years or older with a physical US address (in the 50 US states and the District of Columbia) and a valid Social Security Number (SSN) is eligible to open a Samsung Money by SoFi cash management account.
 

What personal information is needed to open a Samsung Money by SoFi cash management account?

To successfully open a Samsung Money by SoFi cash management account, you will need to provide the following information:

  • Full name
     

  • Home address
     

  • Date of birth
     

  • Citizenship status
     

  • Social security number
     

  • Phone number
     

  • Email address

  • Note: In some cases, additional documentation may be required, such as a copy of the front and back of a valid driver’s license and/or a current photo ID to verify the applicant's identity.


How easy is it to sign up for Samsung Money by SoFi?

It’s as easy as it gets. The sign-up process can take less than 60 seconds. You’ll just need to provide some basic information.


Can I integrate my Samsung Money by SoFi cash management account with Mint, PayPal, or Venmo?

Samsung Money by SoFi can be used with mobile payment services like PayPal or Venmo. At this time, SoFi does not offer automatic integration with a platform like Mint.


How does SoFi reimburse ATM fees?

When you use an ATM that is part of the All Point network, they simply do not charge an extra fee, and thus there is no need for reimbursement.


What ATMs can I withdraw money from with my Samsung Money by SoFi debit card?

You can withdraw from any ATM displaying a Mastercard® or NYCE® logo. If your Samsung Money by SoFi purchase or ATM withdrawal is in a foreign currency, the amount will be converted to US dollars by Mastercard based on their exchange rate at the time of settlement.


Are there any fees for having a Samsung Money by SoFi account?

There are no fees to open a Samsung Money by SoFi account, no overdraft fees, and no regular maintenance fees. SoFi works hard to give you high interest and charge zero account fees. With that in mind, SoFi’s interest rate and fee structure are subject to change at any time.


Can I add a joint account holder to my Samsung Money by SoFi cash management account?

You can add a joint account holder by selecting More from your account dashboard online or in the Samsung Pay app, and then selecting Joint account. This will prompt you to enter an email address to send an invitation to the joint account holder. Once they complete the application, you will need to approve them as your joint account holder from your account’s dashboard.


Can both account holders on a joint account access tax forms?

Only the Primary Account Holder can access the account’s tax forms because there is only one social security number associated with the tax documents.


Why can't I have my own account and an additional joint account with my partner?

SoFi continues to develop our products and hopes to add this feature soon. Stay tuned to your account for regular changes.
 

How can I tell if the joint account holder I invited has been accepted or not?

You will receive a notification once the accounts have been joined.


What features are included with a Samsung Money by SoFi account?

Samsung Money by SoFi has many features, but some of our favorite standout features include:

  • No account fees
     

  • Unlimited reimbursed ATM fees when you use your Samsung Money by SoFi debit card at an Allpoint ATM
     

  • High-yield interest rate
     

  • Goal-based savings through Vaults
     

  • Access to SoFi member benefits like career coaching and financial advising
     

  • Automated bill pay
     

  • Easy P2P payments at no cost
     

  • Freeze your debit card on-the-go
     

  • FDIC-insured deposits up to $1.5MM through the Samsung Money by SoFi sweep program with partner banks

  • Note: For the high-yield interest rate, if you keep a monthly deposit value of at least $500 (including all forms of deposit such as ACH, P2P, Check Deposit) in your Samsung Money by SoFi account or make at least ten transactions per month with your Samsung Money by SoFi debit card, you will receive 0.20% APY (5x the national average). If you keep less than $500 in your Samsung Money by SoFi account, you will receive 0.01% APY.


    Why couldn't I open a Samsung Money by SoFi cash management account?


    If you were not approved, here are several common reasons why you were unable to open a Samsung Money by SoFi cash management account:

    • SoFi was unable to confirm certain information about your identity. Under federal law, SoFi is required to verify certain information about the identity of new account holders before opening new Samsung Money by SoFi accounts.

      Please make sure your legal name, address, date of birth, and Social Security number are typed correctly on your application and your home address.
       

    • Your credit file was frozen. Please unfreeze your credit file, wait one hour, and re-submit your Samsung Money by SoFi application. SoFi will use your Social Security number to verify your identity. This will not affect your credit score.

      If you have any questions regarding your credit file, you should contact Experian at:

      Experian
      P.O. Box 4500
      Allen, TX 75013
      http://www.experian.com/reportaccess/


      Please go back and retry submitting the application with the points outlined above.

My profile

How do I turn my alert notification on or off?

You can enable or disable push notifications from your Samsung Money by SoFi account. Select My Profile from the drop-down in the top right corner. Select the Push Notification Preferences tab, and then select Money.

  • To enable push notifications, make sure the box is checked by each item.

  • To disable push notifications, make sure the box is unchecked by all or each item you would like to have disabled.

Transaction help

Why is my debit card transaction pending or declined?

Please contact 844-977-7634 to have SoFi review the specific transaction in question and provide you with details. Thank you.

Note: Samsung Money by SoFi chip technology debit cards are extremely difficult to counterfeit or copy when used with a chip-enabled terminal or ATM. You won’t be held responsible for unauthorized or erroneous card transactions, as long as you report them to SoFi no later than 60 days after SoFi sends the FIRST statement on which the problem or error occurred. Lost or stolen debit chip cards must be reported within 2 business days.
 

Are there any transaction limits?

SoFi has a number of security measures in place to prevent fraud, so it depends on the type of transaction, size of the transaction, and how long your account has been open. SoFi has put these in place as security measures, based on members’ typical usage for adding or withdrawing money, peer transfers, bill payments, size of purchases, and the number of purchases per day.

Most notably, the maximum daily ATM withdrawal is $610 and the daily debit card use is $3,000. 

SoFi maintains these limits for your security and protection, but if you have a special use case SoFi can help you with, please reach out to us at our email: samsungmoney@sofi.com.
 

How can I find past Samsung Money by SoFi transactions?

Once logged in to your Samsung Money by SoFi cash management account, click on Transactions, and you will be able to view your pending transactions. To view past transactions, click on View statements.


How do I dispute a charge on my Samsung Money by SoFi account?

Please send an email to samsungmoney@sofi.com to dispute a charge.

SoFi will need the following information from you to begin the dispute process:

  • What is the date and dollar amount of the charge in question?
     

  • What is the merchant’s name on the statement?
     

  • Is the card in your possession?
     

  • Does anyone else have access to your PIN?
     

  • If the card was lost or stolen, when did this happen, and how?
     

  •  What is the last valid transaction? When?
     

  • Why is the debit charge erroneous? What is the reason for the dispute? (Ex. charged twice for the same item, unauthorized charge)
     

  • If an unauthorized transaction, have you ever done business with this merchant?
     

  • If charges include an incorrect amount, do you have supporting documentation? (Ex. copies of email communication with the merchant)


Where can I find my recent Samsung Money by SoFi transactions?

If you are using a web browser:

  1. Log in to your Samsung Money by SoFi cash management account.
     

  2. Enter "transactions" in the Search field; this will take you to the Transactions page.
     

  3. You may also use the Search field to quickly locate a transaction using a keyword.
     

If you are using the mobile app:

  1. Log in to your Samsung Money by SoFi cash management account.
     

  2. Scroll down to the Recent transactions section of the app, and select View all.

Samsung Money debit card

Does SoFi have daily limits for how much cash I can withdraw using my Samsung Money by SoFi Debit Card?

  • ATM & point of sale cash withdrawal: SoFi has set the limit at $610 per ATM and point of sale withdrawal per day to protect you against fraudulent activity.
     

  • Over-the-counter cash withdrawal: SoFi has a daily limit of $150.00 for over-the-counter cash withdrawals.


  • How do I activate my card?

    Your virtual card will be automatically registered to your Samsung Pay wallet shortly after adding funds to your Samsung Money by SoFi cash management account.

    A physical card will also be mailed to the address you provided. To activate your physical card:

    1. In the Samsung Pay app, go to the Money tab.
       

    2. Swipe to Card on the way, and then tap I got my card.
       

    3. Tap your card on the back of the phone to activate. If you have a Galaxy Flip, tap your card towards the bottom of your phone instead.
       

    4. Here are some helpful tips if your phone doesn’t register your card:

    • When tapping, place the upper portion of your phone (the camera area) onto the card’s chip.
       

    • Make sure NFC is turned on. From the Home screen, swipe up to access Apps. Tap Settings, and then tap Connections. Tap NFC and payment, and then tap the switch to enable or disable the option.
       

    • Remove any covering, like protective cases or card holder pouches, from the back of the phone.


Can I use my chip card outside the US?

Yes, chip technology is already supported in over 130 countries around the world, including India, Australia, Japan, Canada, and the United Kingdom.


Can I use my Samsung Money by SoFi debit card at locations without a chip-enabled terminal?

Yes, you can use the magnetic stripe on the physical debit card at merchants and ATMs that don’t have chip-enabled terminals.  You can also use your digital card at contactless-pay-enabled terminals.


How do I use my Samsung Money by SoFi debit card to make purchases at a chip-enabled terminal?

Insert the chip end of your debit card into the terminal with the chip facing upwards. Follow the prompts on the terminal screen, and if necessary, either sign or enter your PIN. Keep the card in the terminal until you are prompted to remove it. Otherwise, the transaction will be canceled.


What is chip card technology?

Chip card technology enhances card security for electronic payments. When inserted into a chip-enabled terminal at a merchant, the chip on the debit card generates a unique transaction code that is shared with the merchant. This makes the card difficult to copy.


Can I use my Samsung Money by SoFi debit card in other countries?

You can use your Samsung Money by SoFi debit card in other countries for purchases and ATM withdrawals wherever Mastercard is accepted. The funds will be withdrawn in the currency of the country where you made the purchase or ATM withdrawal.


Do I need to notify SoFi before I travel internationally?

You do not need to notify SoFi before traveling internationally. While you are traveling, if there are any transactions associated with your card that SoFi’s system flags as possibly fraudulent, you will receive a notification to verify the transaction.


My Samsung Money by SoFi Debit Card has been misplaced, lost, or stolen. What should I do?

If you have misplaced or lost your Samsung Money by SoFi debit card or if your card has been stolen, you should go ahead and freeze your card by logging into your Samsung Money by SoFi cash management account, and then follow these steps. This freezes both your digital and physical card.

  1. From the Samsung Money by SoFi cash management account dashboard, click the ellipses in the top right corner.
     

  2. Click Debit card.
     

  3. To freeze the debit card, click the button next to Freeze my card.

Please note, you can freeze or unfreeze your card at any time. When frozen, your digital and physical card will not process purchases, ATM withdrawals, or any online or in-store transactions that require your card number.

However, some activities will continue, such as bill pay, P2P, writing checks, and transferring money in and out. Essentially, transactions that are made using the routing and account number will not be affected. 

Please report your lost or stolen card within 2 business days by calling SoFi at 844-977-7634.


What are the benefits of the Samsung Money by SoFi World Mastercard?**

  • Mastercard Airport Concierge™: Available 24/7/365 at over 450 destinations worldwide. Cardholders get 15% off personal Meet and Greet agents to escort them through the airport on departure, arrival and/or any connecting flights and expedite them through the security and/or the immigration process (at participating airports).
     

  • Cell phone protection: When you pay your cell phone bill with Samsung Money by SoFi World Debit Mastercard, in the event your phone is accidentally damaged or stolen, you may be eligible to receive up to $200 per claim, $25 deductible, up to 2 claims per year. Unlimited lines associated with the cell phone bill.
     

  • Mastercard golf: Provides discounted access to golf courses, complimentary grounds passes for PGA Tournaments, access to domestic and international golf travel packages, and more.
     

  • SoFi member experiences: Samsung Money by SoFi Money World Debit Mastercard cardholders will have the opportunity to engage in bonus exclusive, once-in-a-lifetime experiences with the people they love in the cities where they live and travel.
     

  • Enhanced security: Provides credit monitoring, alerts for suspicious activity, and white-glove service to help you resolve issues with Mastercard ID Theft Protection™.
     

  • Purchase assurance: May provide coverage for new items purchased with your Samsung Money by SoFi World Debit Mastercard that are damaged or stolen within 90 days of the date of purchase, up to $1,000 per claim.
     

  • Extended warranty: May double the original manufacturer’s (or store brand) warranty. Coverage is for eligible items purchased with your World Debit Mastercard.
     

  • ** Benefits are subject to change.

Statements

Can I export my spending data to use with other budgeting tools or software?

Not at this time.


How do I access my Samsung Money by SoFi cash management account statements? 

Simply log into the app or website and select View Statements on your Samsung Money by SoFi Home page to download and view statements by month and year.


When will I get my Samsung Money by SoFi cash management statement?

The monthly statement for your Samsung Money by SoFi Cash management account is generally made available within the first 1-2 business days of each month.

Deposits and linked accounts

How do I find my routing and account number so I can link my other accounts to Samsung Money by SoFi?

Your routing and account numbers can be found under More when you log in to your Samsung Money by SoFi cash management account.

More Samsung Money by SoFi information

I earned interest with Samsung Money by SoFi. Will I get a 1099-INT tax form?

Possibly. If you earned $10 or more in interest on balances in your Samsung Money by SoFi account, you’ll receive a 1099-INT tax form from us. Tax forms will be sent to you via postal mail and email to the addresses associated with your SMBS account by January 31.

You will also be able to access your form in the Samsung Money by SoFi Statement Center from your SMBS account. Documents will be available online mid-February.


Why are you offering such a high interest rate?

Great question! The average institution offers an interest rate of only 0.05% while making a huge margin on your deposits. We think it’s only fair to pass some of that interest on to you.

Additionally, other institutions may be offering high-interest accounts, which means there could be limitations on how often you can access your money. Samsung Money by SoFi is a cash management account that features no limitations on accessing your money, while also providing a higher interest rate.

Samsung Money by SoFi also has no balance minimums or account fees such as overdrafts and monthly fees. We're building SMBS to succeed only when our members succeed.


Why did my Samsung Money by SoFi interest rate go down?

The Samsung Money by SoFi cash management account pays an interest rate that is calculated monthly based on the Federal Funds Rate. This means the interest rate can fluctuate on a monthly basis. Because SoFi passes almost all of the interest it earns on to our members, it must lower the rate of interest when the Federal Funds Rate decreases. Additionally, the Samsung Money by SoFi cash management account pays a higher interest rate for members that maintain a monthly deposit value of at least $500 in their account or make at least ten transactions per month with their Samsung Money by SoFi debit card. If you do not meet these requirements, you will receive a lower APY.


How often is the interest accrued and compounded?

Interest on your Samsung Money by SoFi balance is accrued daily and compounded monthly. On the last business day of each month, we calculate the interest earned and post it to your SMBS account, no later than the 5th business day of the following month. The interest earned is reflected on your monthly statement.


How do I close my account?

We’re so sorry to see you go. To process your request, please contact us at 844-977-7634 or at samsungmoney@sofi.com. 

Once we receive your request, please allow us 24-48 business hours to process it. When we've completed the process and closed your account, you will receive an email confirmation. 

In case you have a remaining balance on your account:

We will transfer those funds to a connected bank before closing your account. If there are multiple connected banks, you will need to let us know the specific account that you would like the funds to go to. Once your transactions have posted, checks have cleared, or any transfers have been completed, the account closure will be finalized and a check will be mailed to you if you have any remaining balance. This may take up to 2-3 business days. 

If there are no connected banks on your account, then once your transactions have posted, checks have cleared, or any transfers have been completed, the account closure will be finalized and a check will be mailed to you. This may take up to 30 days.


Will I earn interest with my Samsung Money by SoFi account?

As long as your Samsung Money by SoFi cash management account remains active, you will continue to earn interest.

Specifically, if you maintain monthly deposits totaling at least $500 (including all forms of deposit such as ACH, P2P, Check Deposit) in your Samsung Money by SoFi account or make at least ten transactions per month with your SMBS debit card, you will receive 0.20% APY (5x the national average). If you keep less than $500 in your account, you will receive 0.01% APY.

The interest rate earned on your deposits is a variable rate set by SoFi and is influenced by the Federal Funds Rate which may change at any time. We work hard to pay above-average interest rates, but our interest rate is subject to change.


Can I change my regular SoFi Money account to a Samsung Money by SoFi account?

We hope to have this feature soon, but we are currently unable to change your existing SoFi Money account to a Samsung Money by SoFi account. However, you can add your SoFi Money card to Samsung Pay.

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