There’s no scenario that Beam failing would risk the depositors losing money. Money is held in a FDIC insured bank account under the customers name. Beam is j

There’s no scenario that Beam failing would risk the depositors losing money. Money is held in a FDIC insured bank account under the customers name. Beam is just a pretty interface on top of the bank account. The holds are the same types of holds that you see at regular banks. Issue is that Beam explicitly made a claim that it only takes a few days to transfer out and falsely advertised an interest rate. Interest false statement is interesting because the underlying bank violated their bank charter if Beam put out false interest rate marketing materials and could be subject to fines.