Beam aimed to let users earn higher interest rates on their money by engaging with its mobile savings app.
Beam — the mobile savings app that imploded last year after a CNBC investigation revealed dozens of customers were unable to get their money out — has been shut down for good under a tentative settlement with the Federal Trade Commission.
As part of the settlement, Beam is banned from operating a mobile banking app or any other product or service that can be used to deposit, store, or withdraw funds.
Under the settlement, neither Beam nor Du admit wrongdoing.
Beam, which launched in 2019, billed itself as "the first mobile high-interest savings account for the 99%."