Now Available: Your Money Goes Further With Samsung Money by SoFi

MOUNTAIN VIEW, Calif., July 23, 2020 /PRNewswire/ -- Samsung Electronics America, Inc., announced that starting today, consumers in the U.S. can sign-up for and access Samsung Money by SoFi: a mobile-first money management experience. Launched in partnership with SoFi, a leading fintech company, Samsung Money by SoFi brings a cash management account, accompanying Debit Mastercard and exclusive benefits to Samsung Pay.

New Exclusive Benefit Coming Soon
As part of the announcement, Samsung revealed that active Samsung Money by SoFi users will soon have access to an exclusive discount on Samsung's award-winning products. Starting in just a few weeks, Samsung Money by SoFi users will receive discounts on Samsung Galaxy smartphones, tablets, wearables, TVs, laptops, washers, refrigerators and more on Samsung.com. This program will reward loyal account holders with a discount, on top of any offers available on Samsung.com. Once live, and once an account is funded, users will see a banner in the Samsung Money section in the Samsung Pay app. Clicking that banner will provide access to the discount.

About Samsung Money By SoFi

    --  Instant Activation: As soon as you fund your new Samsung Money by SoFi
        account, your digital debit card will be provisioned in your Samsung Pay
        wallet, with your physical card arriving shortly by mail. To activate
        your card, there's no need to dial a 1-800 number. Simply tap the card
        on your phone and watch the screen for confirmation.
    --  No Account Fees: Samsung Money by SoFi charges zero account fees,
        overdraft fees or transfer fees.((1)) In fact, whenever you use an
        in-network ATM, you won't see a charge.((2))
    --  Added Savings and Benefits: Samsung Money by SoFi rewards users for
        saving, earning up to 6x((3)) higher interest rate relative to the
        national average of transactional accounts. In addition, Samsung Money
        by SoFi users will earn Samsung Rewards points for every purchase they
        make within Samsung Pay.
    --  Money Management at Your Fingertips: With Samsung Money by SoFi, you can
        use the Samsung Pay app to check your balance, review past statements
        and search transactions. You can pause or restart spending, freeze or
        unfreeze your card, change your pin and assign your trusted contact--all
        without ever having to leave home or call a representative.  And coming
        soon, an added benefit for Samsung Pay users is being able to fund your
        Samsung Money by SoFi account instantly from your other registered debit
        cards already in your Pay wallet.
    --  Peace of Mind: Since Samsung Money by SoFi isn't a credit card, you can
        only spend the cash you have on hand. And in the event of an
        unauthorized transaction, you'll receive an alert and assume zero
        liability. For added safety, Samsung Money by SoFi comes with the
        defense-grade security of Samsung Knox, which protects users'
        information all the way down to the chip level. And the FDIC insures
        every Samsung Money by SoFi account up to $1.5 million (6x that of a
        traditional bank account).((4)) Finally, the physical debit card will
        not display the card number, expiration date, or CVC. Should users need
        that information, they can easily find it within the "Money" tab of the
        Samsung Pay app, which is further protected by biometric or PIN
        authentication.

Availability
Samsung Money by SoFi is now available to Samsung Pay users in the United States. Samsung Pay users can get started by tapping the Money tab in the Samsung Pay app. The exclusive discounts on Samsung products on Samsung.com will be available in the coming weeks.

For more information about Samsung Money by SoFi, please visit https://www.samsung.com/us/samsung-pay/.

Disclosures
Samsung Money by SoFi® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. Neither SoFi nor its affiliates are a bank.

The Samsung Money by SoFi card is issued by the Bancorp Bank.

About Samsung Electronics America, Inc.
Headquartered in Ridgefield Park, N.J., Samsung Electronics America, Inc. (SEA), is a leader in mobile technologies, consumer electronics, home appliances and enterprise solutions. A wholly owned subsidiary of Samsung Electronics Co., Ltd., SEA is pushing beyond the limits of today's technology and providing consumers and organizations with a portfolio of groundbreaking products and services across mobile devices, connected appliances, home entertainment, 5G networks and digital solutions. To discover more about Samsung, please visit www.samsung.com. For the latest Samsung news, please visit news.samsung.com/us and follow us @SamsungNewsUS.

About Samsung Electronics Co., Ltd.
Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry and LED solutions. For the latest news, please visit the Samsung Newsroom at http://news.samsung.com.

About SoFi
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, future home of the Los Angeles Chargers and the Los Angeles Rams, opening in July 2020. For more information, visit SoFi.com.






                        (1) Samsung Money by SoFi will launch
                         with no account fees. Fees charged
                         will be subject to change at any time
                         as described in the account terms and
                         conditions.
    (2) SoFi partnered with Allpoint to
     provide consumers free ATM access at
     any of the 55,000+ ATMs within the
     Allpoint network. Consumers will not
     be charged a fee when using an in-
     network ATM, however, third party fees
     incurred when using out-of-network
     ATMs are not subject to reimbursement.
     SoFi's ATM policies are subject to
     change at SoFi's discretion at any
     time.
    3 6x based on the national average of
     0.04% from the weekly rate cap as of
     7/20.
    4 The cash balance in Samsung Money by
     SoFi cash management accounts is swept
     to one or more program banks where it
     earns a variable rate of interest and
     is eligible for FDIC insurance. FDIC
     Insurance does not immediately apply.
     Coverage begins when funds arrive at a
     program bank. There are currently six
     banks available to accept these
     deposits, making customers eligible
     for up to $1,500,000 of FDIC insurance

CONTACT:

Samsung:
samsungservices@berlinrosen.com

SoFi:
pr@sofi.com

Mastercard:
william.tsang@mastercard.com

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SOURCE SoFi; Samsung