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“It’s been almost a month and we still don’t have our money. We’re broke and putting groceries on credit cards . . . .” That’s just one of many customer reviews posted about the mobile banking app offered by Beam Financial Inc. and founder Yinan Du – the defendants in a lawsuit filed today by the Federal Trade Commission.

According to the complaint, the Beam Financial defendants advertise their Beam banking app as a high-interest bank account offering “24/7” access to your money with “NO LOCKUP.” Beam Financial also says people can easily make an unlimited number of free transfers into and out of their Beam accounts at any time – with funds arriving in 3–5 business days. That’s a lie, according to the FTC’s lawsuit, which cites numerous complaints posted by frustrated and desperate people who are worried that Beam Financial has simply stolen their deposits.

•  “Don’t put your money into beam because you won’t get it back. They will hold it to collect as much interest for themselves until I’m assuming someone shuts this company down for fraud.”

•  “I am still without my $2900 and Beam doesn’t answer the phone or email. They’ve stolen my money during a pandemic.”

The FTC also says that people didn’t get the high interest rates that Beam Financial promised.

When the FTC formally demanded information and answers from the Beam Financial defendants, they refused to respond.

Thinking about downloading a mobile banking app? Be sure you understand how it works first. Read the terms and do an online search to check out the company’s track record, all before you deposit your money. To report problems with a mobile banking app or other kind of bad business practice, go to

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