One-year statute of limitations on claims against SoFi

The updated terms establish a time-limited referral promotion running through September 30, 2026, with new eligibility criteria for referrers. To qualify for the higher $75 bonus, referrers must maintain either $100 in combined Invest assets or an eligible direct deposit at the time the referred recipient enrolls. Referrers who do not meet these criteria will receive a lower $50 bonus. The terms also restrict bonuses to new Self-Directed Account openings only, excluding Automated Invest and IRA accounts from referral rewards. Referrals must be completed within the promotion period or they become ineligible. You should verify your account meets the stated asset or direct deposit requirements if you intend to participate in the referral program before the September 30 deadline.

The updated terms establish new restrictions on how referrers can promote SoFi products and create additional obligations for anyone participating in the referral program. Referrers must now obtain express consent before sending promotional text messages in Washington State, cannot use mass email or commercial advertising to solicit referrals, and must clearly disclose their financial relationship to SoFi in any promotion. The revised terms prohibit making claims about product outcomes, interest rates, or approval odds unless directed to official SoFi webpages, and establish a $10,000 annual cap on cumulative referral and welcome bonuses. Tax reporting obligations now apply, with SoFi reporting bonuses as miscellaneous income to the IRS on Form 1099-MISC. You can review the specific promotional campaign rules for each referral link and ensure compliance with state and platform-specific disclosure requirements before promoting.

The updated terms establish a Privacy Preference Center that gives you control over which types of cookies and tracking technologies are used on SoFi's website. Previously, SoFi stated that if you did not make a selection, you agreed to use of pixels and tracking technologies shared with social media, advertising, and analytics partners. The revised language divides cookies into categories: Strictly Necessary Cookies (always active, required for site function), Functional Cookies, Performance Cookies, and Targeting Cookies. You can now reject all optional cookies using a 'Reject All' button, manage individual cookie categories, or accept all. The terms note that blocking certain cookies may reduce site functionality and available services. You can change your cookie preferences at any time through the Privacy Preference Center.