Samsung Inc. is offering a product called “Samsung Money by Sofi,” which features no overdraft, convenience or account management fees.
According to a sign-up offer on the company’s website, “Samsung Money by SoFi is the new way to grow your hard-earned cash, letting you save, spend, and earn – all in one secure place.” The offering is available on Samsung Pay, a mobile payment app and digital wallet.
Samsung is marketing the offering on its website as a card — customers can get virtual and plastic cards for the same account — that provides the “convenience of a debit card” and the “rewards of a credit card.”
Among the benefits the company outs are fee-free ATM transactions and fee-free accounts.
“When we say ‘no’ we mean no,” the company stated on its website. “No overdraft fees. No convenience fees. No account management fees.”
The fine print in website 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 affiliates are not banking entities or bank holding companies.”
The 55,000 free-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 kicks in one funds have been placed in bank accounts by Samsung or Sofi.
The formal issuer of the card is The Bancorp Bank, which is using a license from Mastercard to do so.
Related: Personal Loan App Provider Ranking Sees New Leader MoneyLion Roar to Top
SoFi, or Social Finance Inc., was founded in 2011 by business school students at Stanford University. Today, Sofi Technologies Inc. is publicly traded. The company states on its website that it has near 4 million “members” and has funded more than $50 billion in loans.
In the latest PYMNTS Provider Ranking of Personal Loan Apps, SoFi came in second after MoneyLion.
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