Beam

The financial technology company (fintech) known as Beam that offered a high-yield bank account is banned from offering banking services.

This article was posted at website americanbanker.com on Monday. Beam is now claiming that the delay on withdrawing funds was caused by some of its customers that committed ACH fraud! I have no idea how this could be, because as I understand it, Beam gives you an account number, but no routing number is involved, since Beam serves as the middleman between its customers and its partner banks. Beam's website continues to state that your money is FDIC insured and that withdrawals take 3-5 business days. https://meetbeam.com/ BEAM FINANCIAL VANISHING ACT A CAUTIONARY TALE FOR PARTNERS Beam Financial, which launched a consumer banking app in September 2019, had a familiar pitch: It would give consumers a better deal than banks do. "Beam’s vision is to make high-interest bank accounts accessible to all Americans, regardless of wealth status, account balance, or whether they would be eligible for cross-selling of other financial products,” the San Francisco company said in a July 2020 pet

The fintech known as Beam has made news due to many of its banking customers reporting that they have been unable to withdraw their money for months.