Beam

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.

I don't recall signing up. But here is the email. Dear Fellow Beam-Liever, The. Wait. Is. Over. Download Beam open beta for FREE now and start earning 1.50—7.0% APY, all funds FDIC-insured. Takes just 1 minute (really easy) to start, and you do NOT need to switch banks to use it. No minimum balance, unlimited withdrawals, interest earned daily. On your phone, tap on the icons below to download Beam, and—if you're the diligent type—read on as we walk you through how this Beam open beta works. QUESTIONS? ANSWERED. 1. HOW DOES 1.50—7.0% APY WORK? ? Start with 1.50% minimum rate, already competitive and designed to match the Fed funds rate. ? Instant Interest Boosts = Billies. When you invite friends to subscribe to Beam's no-obligation mailing list (no app download needed!), you're instantly rewarded with short-term interest boosts called "Billies". (Boost rewards are variable. All boosts add up and are capped at 7.0% APY each day. Consider it Beam's version of "loya