Author Topic: meet "Beam" - a new high APY fdic insured bank  (Read 9597 times)

Offline kertz55

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #15 on: August 25, 2017, 12:57:38 PM »
Was not able to find it at https://research.fdic.gov/bankfind/ as of yet

Offline Yammer

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Offline Dan

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #17 on: August 25, 2017, 01:11:55 PM »
Was not able to find it at https://research.fdic.gov/bankfind/ as of yet
They're going to use the FDIC backing of another bank.
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Offline Geshmak25

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #18 on: August 25, 2017, 03:18:35 PM »
Would love to get 2-4%, but is it really possible for them to afford that?
Post on DDMS, become first on waiting list, and let us know if it's a real thing.
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Offline Dan

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #19 on: August 25, 2017, 03:26:52 PM »
Post on DDMS, become first on waiting list, and let us know if it's a real thing.
Hate posting things I'm not positive about, but I'm at 21 just from DDF so far, lol.
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Offline ExGingi

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #20 on: August 25, 2017, 03:57:10 PM »
Would love to get 2-4%, but is it really possible for them to afford that?

Here's my take:

1. They think they can make serious money with the funds they are borrowing at 2%-4%.
2. In order to have any kind of FDIC insurance, capitalization needs to be adequate, and a substantial percentage must be in Tier 1 assets.
3. On paper they have a plan than could make it work in theory. Which presumably makes so much on #1, despite having to keep a substantial amount in #2, even after figuring out the losses they will incur on #1.
4. Everything might work until it doesn't. Website is very sketchy with information.
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Offline incendia

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Offline henche

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #22 on: September 03, 2017, 09:37:12 PM »
Here's my take:

1. They think they can make serious money with the funds they are borrowing at 2%-4%.
2. In order to have any kind of FDIC insurance, capitalization needs to be adequate, and a substantial percentage must be in Tier 1 assets.
3. On paper they have a plan than could make it work in theory. Which presumably makes so much on #1, despite having to keep a substantial amount in #2, even after figuring out the losses they will incur on #1.
4. Everything might work until it doesn't. Website is very sketchy with information.

If it's fdic, whor cares

Offline Dan

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #23 on: September 03, 2017, 11:12:53 PM »
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Dan

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Offline sillypainter

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #25 on: September 04, 2017, 10:55:51 AM »
November, nice.
Hope this pans out.

CEO Name rings Jewish. His name is Yinan.

Offline ExGingi

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #26 on: September 04, 2017, 11:38:12 AM »
CEO Name rings Jewish. His name is Yinan.
Interesting ring. Reminds me of a famous joke about how Chinese people name their children.

https://www.techinasia.com/24quan-in-trouble-ceo-du-yinan-responds
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Offline shmueli2007

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #27 on: September 05, 2017, 12:47:10 AM »
Firstly, all banks are about to raise interest rates after the next or so fed Meeting. Secondly to all the doubters, IMO this is not terribly different as to what Robinhood has done to the investing world.
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Offline avremie

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #28 on: September 05, 2017, 02:56:44 PM »
Firstly, all banks are about to raise interest rates after the next or so fed Meeting. Secondly to all the doubters, IMO this is not terribly different as to what Robinhood has done to the investing world.
are you suggesting Robinhood might be a scam or that this bank figured out how to minimize cost?

Offline Dan

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #29 on: October 22, 2017, 11:47:30 PM »
And updates on when this will launch?
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