Published on July 23rd, 2019 | by Chuck11
Beam Banking Terminates Banking Agreement With Evolve Bank, Switches Banks
Beam 2-4% banking sent out an email (Subject: Beam Termination) to customers that they’ve terminated agreements with their banking partner, and thus users need to withdraw all funds within 30 days.
Dear Beam Customers,
Currently, your funds are deposited in a demand deposit account (DDA) opened in your name. Beam has partnered with Synapse, a third-party bank software provider and agent of Evolve Bank & Trust, Member FDIC, to open these accounts.
Unfortunately, as of today, Synapse and Beam have terminated their agreement and Beam will no longer be able to offer banking services through Synapse, including demand deposit accounts with Evolve Bank & Trust, Member FDIC. As a result of the end of Synapse and Beam’s Agreement, we are hereby providing you with 30-days’ notice to withdraw the funds in your Beam account.
In the case you do not withdraw the funds in your account in their entirety in 30-days from today, we will send funds back to your linked bank account or issue you a check to your last address on file, as appropriate. Please be sure to confirm the address on file with Beam is still your current address.
We apologize for any inconvenience this may cause. If you have any questions, please reach out to Synapse at email@example.com.
The Beam website has not been taken down. I’d guess they’re going to try finding a new partner. So maybe it’s not the end for Beam. In any case, if you started banking with them in this beta stage, you’ll need to withdraw your funds within 30 days.
Will and myself were the top referrers for Beam based on the previous blogpost, and we were thus eligible for an increased 7% rate on some amount of funds for some number of months (I don’t recall the exact details). I was planning to use mine, and Will was planning to give his spot away to a reader. We’ll see if any of that ends up happening.
Update: Beam sent out an email indicating they’ll take care of the transfer; it’s just a switch from one back end to another which Beam will manage on their end.
Hat tip to reader @Cliftonmcdnl