is this actually ok?

No I wouldn't do it unless you have >3.45

I highly doubt anybody will check, and 0.07 doesn't seem like such a huge rounding difference.

That sounds like..you didn't pay attention to how you round decimals...

The reason M&I suggests it is because it is the best thing for an applicant who has a borderline GPA to do. Sure it's kinda disingenuous, but as an applicant your priority is to get the job.

Would you round a 3.37 to a 3.3?

I really don't see how this makes sense. If we're just going to make up our own rounding rules with the hope that they don't verify, might as well just fabricate your GPA completely.

I'd do it. Most people would auto-ding you with a 3.43 unless you had a great summer internship but not necessarily with a 3.5. It's perceived differently, and .07 is not much of a stretch. There's a little risk in doing it though.

I guess the kids these days are saying yolo?