So, I have had this issue since I dropped in my SD card on 2/13/16. I went through all the troubleshooting techniques that I could come by including:
Factory reset the phone twice
Tried 3 different micro SD cards
Formatted the card in the phone and via my notebook using exfat
Took it to Verizon where they ran their malware/virus tools
Ran the phone in safe mode
I gave up and had my phone swapped out before my 14 days expired. I had some reservations as aside from this notification issue my phone was flawless.
I received the new phone last night and it has been up and running since 7pm west coast last night with the only appearance of the notification upon reset as it should be. I currently have a Samsung Pro Plus 128gb card installed and all seems to be functioning as it should.
My "new" phone had some indicators of having been re-packaged as there was some dust under the adhesive plastic and some irregular residue on the display. This all wiped away to perfect physical condition. The home button is very slightly wiggly/loose as opposed to my first phone, which was dead solid, but I believe I will live with this as the notification issue has thus far been eliminated by way of a replacement phone.
I hope there is a resolution, either software or simple tray replacement, as it is clearly not functioning as it should on some units.