Author Topic: meet "Beam" - a new high APY fdic insured bank  (Read 19538 times)

Offline henche

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #60 on: March 21, 2018, 11:59:42 PM »
I thought so. But if they are fraud, even with FDIC it can take months to get back your money no? Can we have a poll, fraud/legit?

I think the FDIC diligences that.

Offline Yammer

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #61 on: March 22, 2018, 12:16:25 AM »
Just signed up...

Offline Eliyohu

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #62 on: June 24, 2018, 08:54:18 PM »
Anyone else find it strange that the confirmation to join the trial last week was a regular Google form?

Offline Dr Moose

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #63 on: June 24, 2018, 08:56:12 PM »
Anyone else find it strange that the confirmation to join the trial last week was a regular Google form?
Yes, very much so.
Hey there! I am using DansDeals Forums.

Offline ben89

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #64 on: June 24, 2018, 10:23:59 PM »
Anyone else find it strange that the confirmation to join the trial last week was a regular Google form?
yup. Very yeshivish

Offline Lou Bob

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #65 on: June 24, 2018, 11:16:14 PM »
yup. Very yeshivish
post on sybo
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Offline davidrotts63

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #66 on: June 24, 2018, 11:31:05 PM »
What I find strange is that they bumped me from #31 to over #33,000 and they can't seem to fix it, or give me early access...
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Online Aerial Dag

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #67 on: June 27, 2018, 10:37:05 AM »
By the time Beam goes live 4% APY will be the norm...
There are already savings accounts that offer 2%

Offline luckyluck

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #68 on: September 03, 2018, 04:09:12 PM »
Android app now available

Offline tjak

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #69 on: September 03, 2018, 05:06:56 PM »
Anyone here sign up for this and recommend it? Scared me off a little when they sent that google doc to sign up.

Offline churnbabychurn

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #70 on: September 03, 2018, 05:26:13 PM »
Its per a person per a bank
I always thought per account

Offline Dan

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #71 on: September 03, 2018, 05:30:12 PM »
I always thought per account
Per type of account.

CMIIW, but my understanding would be:

A and B are married and have kids C, D, E, F, G and want $3.5MM insured.

Account 1 is under A's name and has $250K insured.
Account 2 is under B's name and has $250K insured.
Account 3 is a joint account for A and B and has $500K insured.
Account 4 is under A's name and has POD beneficiaries names as C, D, E, F, G and has $1.25MM insured.
Account 4 is under B's name and has POD beneficiaries names as C, D, E, F, G and has $1.25MM insured.

« Last Edit: September 03, 2018, 05:35:01 PM by Dan »
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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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #72 on: September 03, 2018, 05:35:39 PM »
Per type of account.

CMIIW, but my understanding would be:

A and B are married and have kids C, D, E, F, G and want $3.5MM insured.

Account 1 is under A's name and has $250K insured.
Account 2 is under B's name and has $250K insured.
Account 3 is a joint account for A and B and has $500K insured.
Account 4 is under A's name and has POD beneficiaries names as C, D, E, F, G and has $1.25MM insured.
Account 4 is under B's name and has POD beneficiaries names as C, D, E, F, G and has $1.25MM insured.


FDIC seems to agree:
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 churnbabychurn

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #73 on: September 03, 2018, 05:49:58 PM »
FDIC seems to agree:

Are different account types recognized? Like can A have both a checking and savings acct at Citi?

Offline Dan

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #74 on: September 03, 2018, 07:19:23 PM »
Are different account types recognized? Like can A have both a checking and savings acct at Citi?
Savings, checking, and CDs would not add to the $250K coverage.
It goes by ownership type, not account type.
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Offline yesitsme

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #75 on: September 14, 2020, 11:31:54 PM »
November, nice.
Hope this pans out.
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Offline Yo ssi

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #76 on: October 27, 2020, 09:53:44 PM »
They just sent out this email, can someone be so kind to dumbify (the bold)?


Quote
Dear Beam Community Members,
 

We created the Beam app to empower middle-class Americans to earn more and save more. With interest rates at historical lows, a lot of people are hungry for an opportunity to earn more.

 

Unfortunately, in the past few months, an issue within our network of intermediaries led to significant transaction processing delays. Although any interruption in service is inexcusable, we want you to know that your funds are safe, and we are working 24/7 to make things right for you.

 

So what happened? In the simplest terms: Beam relies on a network of financial and technology intermediaries to enable Beam members to transfer funds into and out of FDIC-insured banks. A few members of the Beam community fraudulently took advantage of mechanics around the ACH system and manipulated deposit and withdrawal actions. Specifically, they attempted to divert funds which are processed through the Automated Clearing House network, the central clearing facility for all Electronic Fund Transfer transactions in the United States. We have improved and will continue to enhance the review and monitoring system so that this never happens again.

 

Your funds are secure. We assure you that all your funds deposited via Beam remain safe and secure with the FDIC-insured banks where your funds are placed. We know this is a great inconvenience to our Beam community. For this, we apologize and take responsibility.

 

What's next? Beam acts as a technology service provider and does not hold customer funds. We are actively liaising with our intermediaries to release the hold on your deposit and withdrawal transactions so that we can issue customer deposit balances back to our members. This cannot happen fast enough, and we are on it. We will begin processing outstanding customer withdrawals tomorrow. We expect our ACH payment provider to confirm and authorize the remaining withdrawals as early as Friday, October 30. We will notify you once these funds held by our intermediaries are released. We expect all requested withdrawals to be made to customers' linked bank accounts within the next two weeks.

 

***

 

We thank you for being part of the Beam community and offering your support since our launch in October 2019. A year later, our mission of "making banking fair" remains the same and we love making that happen. Our number one priority is serving our customers and we are working closely with our various service providers to release the transactions as early as this Friday, October 30.

 

Yours truly,

Beam Team
« Last Edit: October 28, 2020, 12:04:45 AM by Yo ssi »
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Offline AsherO

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #77 on: October 29, 2020, 08:31:48 AM »
They just sent out this email, can someone be so kind to dumbify (the bold)?



I’m not sure but it sounds like they had a hack/exploit of some underlying system they rely on that caused their (and their account holders) funds to be held, and those funds are slowly being released.
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Offline LoLo

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Offline Yo ssi

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #79 on: October 29, 2020, 12:00:45 PM »
I’m not sure but it sounds like they had a hack/exploit of some underlying system they rely on that caused their (and their account holders) funds to be held, and those funds are slowly being released.
So nothing was actually taken / stolen?
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