Hmbradley Plans

tbc3 | Nov 18, 2020 | 46 posts since 2011

With the situation at Beam, I've had my fraud radar up pretty high recently.

HMBradley, a FinTech savings account, uses Hatch Bank for deposits and FDIC insurance. They provide a routing and account number for deposits and withdrawals, unlike Beam which has hidden inaccessible accounts.

You are able to allocate a portion of your savings accounts into savings goals, called plans. HMBradley provides monthly statements for the primary account, but no statements are generated for the money allocated to Plans.

Anybody else use this company, and thoughts on this concerning practice?

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Answers

jrich444 | Nov 19, 2020 | 23 posts since 2017

I opened an account with them a while ago but never put in money. Something just seems a little fishy about someone wanting my money then giving it to someone else...

GreenDream | Nov 20, 2020 | 358 posts since 2019

So you consider all banks fishy, jrich444? Keep your money in your mattress do you? After all what does a bank do? They take your money (deposits) and give it to someone else (loans).

Now that said, there are certainly reasons to be suspicious of fintechs, as those who did business with beam have learned to their regret, and can understand being cautious or even afraid of doing business with them. But your statement is too broad (as I point out, it's applicable to normal banks as well as fintechs).

tbc3 | Nov 20, 2020 | 46 posts since 2011

I do business with several FinTechs, and their offerings and websites/apps are usually better than the offerings by big financial institutions. But still concerning that you can't keep a paper trail (or e-document trail) for a banking account... I don't know if FDIC or a mortgage company would really entertain a screenshot from an app or website.

Choice | Nov 20, 2020 | 937 posts since 2020

All auditors require appropriate traceability...they are apparently not providing that to you...escalate issue to auditors and/or move on

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