Common use of Interest Statements Clause in Contracts

Interest Statements. SoFi Bank is required by law to annually report to you and to the Internal Revenue Service on Form 1099 any taxable interest, dividends and capital gains credited to your Account, as well as any taxes withheld. The year‐to‐date interest earned figures shown on your monthly Account Statements reflect these amounts classified to the best of our current knowledge. Where SoFi Bank is advised prior to the end of the calendar year that certain interest payments or other items initially characterized as interest payments should be reclassified, the corrected items will be reflected on a subsequent monthly Account Statement.