Beam Financial Inc.

The FTC took action against Beam Financial, the operator of a mobile banking app, for allegedly misleading users about their ability to access deposited funds and the interest rates they would receive. As part of the settlement, Beam Financial was banned from offering financial services and was required to provide full refunds to affected customers. While Beam Financial is not itself a bank, the case involves a fintech operating in the banking-as-a-service ecosystem by offering deposit-like products to consumers. The action underscores the FTC's willingness to pursue enforcement against fintech companies that misrepresent the terms of financial products, even when they rely on bank partners for underlying services.

Verified from source: The FTC settled with Beam Financial Inc., banning it from operating a mobile banking app or any similar service. Full refunds including interest must be provided to all customers due to misrepresentations about 24/7 fund access and promised interest rates.