meet "Beam" - a new high APY fdic insured bank

[neveryou]

So nothing was actually taken / stolen?

So than why weren't they released, its a few months

[Yo ssi]

@Dan @jj1000 did you have any money with them?

I have the personal phone number of the founder, and here is a qoute from a former worker I contacted:

When asked if they can share why they left:

Sure. Aaron was a little stressful to work with. As a side gig, it wasn't worth the stress.
As soon as he started to question my productivity and kind of "held" my last paycheck for several weeks past the due date, I figured it would be a good time to exit. That and having a 2nd baby kept me busy enough.

See, the co founder abruptly left while I was working there. Nobody told me. I only knew after a month.

He was also the UX developer and troubleshooted errors with the app. Him leaving and me not knowing about it was a huge red flag.

Some crazy bad press

https://www.cnbc.com/2020/10/28/beam-promised-higher-interest-rates-now-customers-want-their-money-back.html

https://archive.is/zjXWN

https://newsopener.com/banking/beam-chief-says-theres-another-side-to-story-of-deposit-mishandling/

https://www.ftc.gov/enforcement/cases-proceedings/petitions-quash/beam-financial

[AsherO]

@Dan @jj1000 did you have any money with them?

I have the personal phone number of the founder, and here is a qoute from a former worker I contacted:

When asked if they can share why they left:

Some crazy bad press

https://www.cnbc.com/2020/10/28/beam-promised-higher-interest-rates-now-customers-want-their-money-back.html

https://archive.is/zjXWN

https://newsopener.com/banking/beam-chief-says-theres-another-side-to-story-of-deposit-mishandling/

https://www.ftc.gov/enforcement/cases-proceedings/petitions-quash/beam-financial

Good information. I didn’t read all the links but it seems like a serious clusterf***. They didn’t think fraud through, someone took the for a $190k ride and likely locked out customers who together had deposited a lot more than that.

[Yo ssi]

Good information. I didn’t read all the links but it seems like a serious clusterf***. They didn’t think fraud through, someone took the for a $190k ride and likely locked out customers who together had deposited a lot more than that.

Some more information I just found out, the company was founded by 2 people Aaron Du and Tony Xiao. I personally spoke to Tony in Dec of 2018 regarding issues with the app, (not knowing he was a co-founder) and from my conversations with him I believe he is an honest man.

So now, matching 2 and 2 together, the red flags were there in early 2019 when Tony messaged me that we was leaving the company.

Here is a massage from April 2019

I'm moving to my own startup creating a personal money manager that I actually want to use (think better Mint.com)

Beam has been hiring new engineers to help take over what I've been doing. However I'm not entirely sure about the details - haven't been super up to date since leaving and will likely not have access to this email account for much longer. I'm really sorry that you're still having trouble with the app and wish I was able to do more to help before leaving the company

If I'm not mistaken Dan got a 7% apy from them I'm curious as to his experience.

[AsherO]

It doesn’t sound to me like this guy Adam Du is a scammer either. It’s certainly possible that he is, but much more likely it was just another small fintech outfit that didn’t plug the holes and someone took for a ride, meanwhile the company and any depositors got screwed. Poor planning and mismanagement sounds like a plausible explanation to me.

[Yo ssi]

It doesn’t sound to me like this guy Adam Du is a scammer either. It’s certainly possible that he is, but much more likely it was just another small fintech outfit that didn’t plug the holes and someone took for a ride, meanwhile the company and any depositors got screwed.

It's apparently not his first mess up, read the articles.

[AsherO]

It's apparently not his first mess up, read the articles.

Apparently something happened in China. It would be really awful if he was able to raise venture funding to construct this Beam outfit with the intent to defraud consumers. Hopefully whatever FTC investigation is underway could clarify whether he’s a fraudster or a victim here.

[nucheiner]

Bottom line based on this would you stay away from hmbradley Hatch Bank?

[Yo ssi]

Bottom line based on this would you stay away from hmbradley Hatch Bank?

To soon to tell who's at fault here

[AsherO]

To soon to tell who's at fault here

To soon to tell, but if I had to bet I would say Huntington National (or R&T) is least likely, then Dwolla, then most likely either Beam or no-one at fault other than the scammers.

[Yo ssi]

https://www.cnbc.com/2020/11/10/beam-users-still-cant-get-their-money-now-the-lawsuits-have-begun.html

[Yo ssi]

Update: looks like they are transferring all my money back to my bank!

[neveryou]

Update: looks like they are transferring all my money back to my bank!

Somebody I know got 98% of their money today

[Yo ssi]

Somebody I know got 98% of their money today

98%? Strange.
I only asked for some money to be transferred yet I got everything transferred including the interest earned (quite a bit bh)

[AsherO]

Update: looks like they are transferring all my money back to my bank!

98%? Strange.
I only asked for some money to be transferred yet I got everything transferred including the interest earned (quite a bit bh)

So glad they’re paying out. Let’s hope everyone get all their money out and they go bust. They were at best mismanaged, and should not be trusted with people’s money.

[aygart]

https://www.cnbc.com/2020/11/18/ftc-sues-savings-app-beam-financial-demanding-customers-get-their-money-back.html

[WayBackMachine]

How is business?

[Yo ssi]

How is business?

Long gone