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pete
pete
JASON
JASON

Can you make a list of “bank” or “app” that are not directly FDIC-insured?

BretTim
BretTim

Makes me even more weary of these small new banks.

Kathleen Holliday
Kathleen Holliday

beam is not a bank. If Beam went under our funds would be in a insured account at a bank They sweep funds into accounts.

Bob
Bob

If Beam went under, it’s a fight between you and Beams creditors for that money.

Kathleen Holliday
Kathleen Holliday

I received all my money yesterday. We had some people on our side.

Lou
Lou

How much interest do they pay? .04%?

Maurice
Maurice

It appears that Beam’s founder (Aaron Du) did not have a good track record. His last start up (back in 2012) in Beijing went bust and he still owes over 10 million dollars to his suppliers and former employees.

Here is the story of his last busted start up (if you can read Chinese): https://tech.sina.com.cn/i/csj/2013-01-23/07558006031.shtml

Michael
Michael

.04% interest, according to the FTC lawsuit.

That is a far cry from the “7%” touted by Beam and repeated on countless websites. People just need to put their cash in a regular bank account and put extra money in index funds.

Ileefull
Ileefull

Is this the bank you had to get referrals to increase your APY.?

ssss
ssss

Can you please do an article on who sweeps and who doesn’t and what the impacts are for sweeping? Thank you.

P
P

I hope there’s a law that prevents these people from ever working in the financial industry.

ieatdogfood
ieatdogfood