While tax laws differ locally, SocialBoost™ earnings are likely subject to taxation. Please check with your Member Bank or local tax outlets for more information.
Frequently Asked Questions
Let us help you understand our services.
- Joining Meed
- Mobile Application
- Your Account
There is no limit to the number of people you can invite to Meed. You increase your potential for SocialBoost™ earnings, as well as the entire Meed community’s potential for SocialBoost™ earnings by referring as many people as possible.
Not at this time. Once you list a current Meed user as your referral, they maintain that status for the duration of your Meed Member account.
Yes, your Meed network is not limited by the country you live in. You may invite people from other territories to join Meed as long as Meed is offered in each respective country.
No, you are not obligated to refer prospective users to Meed. However, if you would like to participate in SocialBoost™, you need to refer at least 1 user, who opens an account with a Meed Member Bank. Meed users who refer other users have a greater opportunity for SocialBoost™ earnings potential.
SocialBoost™ income is correlated to the number of users you’ve invited whom have opened an account with a Meed Member Bank and accumulated interest charges on their Line of Credit, and the size of the global community. The more Users you invite who utilize their Meed Member Bank Line of Credit, the greater potential for your Personal Community income and your distribution from the Global Community. Your SocialBoost™ income can grow as your Personal Community and the global community grow and as Meed expands its network. Help the community grow, and watch your income grow.
SocialBoost™ income is determined by the borrowing activity in the Meed network. As a result, income will vary each month.
SocialBoost™ is available to active users with an open account. If your account is not open, you will not be eligible to receive SocialBoost™ distributions. If you feel you are not receiving the appropriate distribution, refer to the SocialBoost™ graphs located on the mobile application and verify your number of invited Users. Remember, your invited users must have incurred interest charges on their Line of Credit in the prior month and identified you as their referring user in order for you to receive a Personal Community SocialBoost™ distribution for that month.
You will receive your SocialBoost™ distributions on a monthly basis, within two weeks of your statement.
The best way to learn about your SocialBoost™ income is to refer to the SocialBoost™ graphs located on the mobile application. There you can see the historical income you have received for SocialBoost™ as well as your total number of invited users, your historical savings and the Personal and Global distribution totals. In order to respect the privacy of our users, your Member Bank and Meed will not disclose any specific credit information or account balances of your invited users.
No, SocialBoost™ distributions will always be split equally between your Security Savings Account and Checking Account.
SocialBoost™ is the bank giving back interest charges accrued on Lines of Credit. First, individual users with open accounts receive payments from the bank equal to 25% of the amount of interest billed to their invitees LOC as their Personal Distribution each month. That accounts for approximately half of the SocialBoost money distributed by the Member Banks. The remaining money is allocated to the global community of Meed users. You will receive payments from the bank equal to a proportionate share of the Global Distribution based on the total number of users who have opened an account with a Meed Member Bank at your invitation. 50% of the income you receive from SocialBoost™ will be applied to your Transactional Account and 50% will be applied to your Security Savings Account.
SocialBoost™ is a truly unique income opportunity offered by Member Banks to qualifying Meed users. Based on a “give and get” model at the core of Meed’s philosophy, individual users have an opportunity to earn additional income by helping build the Meed Global Community- the more users who join at your invitation, the greater your potential income opportunities for you. At the same time, you are also helping your associated Member Bank contribute to the Meed Global Community. Helping you while helping others, that’s Meed.