The FTC says it has permanently shut down mobile savings app Beam under a settlement that must be approved by a federal judge. Beam promised to pay interest as high as 7% on FDIC insured deposits with ...

Beam, a mobile banking app, will be banned from offering such services and must give full refunds to users. The announcement was made as part of a settlement with the Federal Trade Commission (FTC).

Beam Financial, which launched a consumer banking app in September 2019, had a familiar pitch: It would give consumers a better deal than banks do. Processing Content "Beam’s vision is to make ...

SAN FRANCISCO (KGO) -- The Federal Trade Commission this week shut down a San Francisco fintech company that offered 4 percent interest on savings accounts. The feds accused Beam of failing to live up ...

Beam, which offers a savings app to consumers with the help of partners Huntington Bank, R&T and Dwolla, has been in hot water since September 2019, when it says it started becoming the target of ...