Here's a reference: https://www.techtimes.com/articles/...-apy-visa-card-zero-bank-account-required.htm
But the short version is:
-Shiny metal Visa debit card
-6% APY
-Instant P2P transfers like Venmo/Zelle/etc.
Now, before I continue, I will say I do use X/Twitter and Tesla so you could say I'm a "fanboy" but I do have some questions/concerns.
1. Like most "fintechs" or "neobanks" X Money itself is NOT FDIC insured, however the partner bank that provides the API that X Money is built on is FDIC insured. The underlying partner bank is "Cross River Bank" so if they go belly up, you're protected. But, there have been examples in the past of these modern "banks" that aren't really banks losing peoples money. I think Yotta is the most well-known example - they used a platform called Synapse that went under. Sure, the underlying bank, Evolve Bank & Trust, is legit (well, as legit as possible given that if you go to their website their Google Maps API key is disabled so it says FOR DEVELOPMENT PURPOSES ONLY, but that's a different question), but long story short most Yotta customers never got their money back - some got nothing but some were offered pennies on the dollar. Now, I'm not saying that X Money is at risk of that, but it's a valid concern.
2. Customer service. I have no issue with Tesla itself, but Tesla Insurance is absolutely trash if you need any help from a real person. Yes the app is great and for simple claims it's theoretically very convenient. But if anything out of the well-defined workflow happens (like if your Tesla is in the shop because someone crashes into it and someone bumps into your Eneterprise rental car provided by their insurance) it's a huge hassle. I ended up just paying Enterprise out of pocket because it was only $75 more than my deductible and Tesla Insurance closed the claim because the three different people over there that my claim was bounced around with all either said it's not their department or never replied to contact from me. Also, I have a buddy who relies on Starlink because he lives in the middle of nowhere and while it generally works OK and if Grok understands your support query your issue is taken care of easily and instantly, if you have a more complex problem, it takes days to get even an initial response. Sure, it's not like Comcast customer service is any good either, but at least you can get someone on the phone or go yell at clouds in the parking lot of your local Xfinity store if you need to.
3. What if your X account gets banned? The article I linked to brings this up. In the traditional banking world, unless you take a dump in the lobby of your local branch, you're probably not randomly going to get banned. Like, unless you are extremely abusive to their employees or commit a crime at their location, you're probably going to be a customer as long as you want to be. With a bank that's integrated with a social media platform, well, it's a social media platform. Accounts are compromised and banned all the time. Not singling out X/Twitter here as this is a concern across all such platforms. But if someone doesn't like what you post and things go south, what happens to the money in your account? Even if they close the account gracefully and send you a check, to the average person (including myself) not getting prompt access to your regular paycheck could be a BIG problem.
Anyone else interested in this thing, or use any other neobank? Personally I've always used "real" banks/credit unions.
But the short version is:
-Shiny metal Visa debit card
-6% APY
-Instant P2P transfers like Venmo/Zelle/etc.
Now, before I continue, I will say I do use X/Twitter and Tesla so you could say I'm a "fanboy" but I do have some questions/concerns.
1. Like most "fintechs" or "neobanks" X Money itself is NOT FDIC insured, however the partner bank that provides the API that X Money is built on is FDIC insured. The underlying partner bank is "Cross River Bank" so if they go belly up, you're protected. But, there have been examples in the past of these modern "banks" that aren't really banks losing peoples money. I think Yotta is the most well-known example - they used a platform called Synapse that went under. Sure, the underlying bank, Evolve Bank & Trust, is legit (well, as legit as possible given that if you go to their website their Google Maps API key is disabled so it says FOR DEVELOPMENT PURPOSES ONLY, but that's a different question), but long story short most Yotta customers never got their money back - some got nothing but some were offered pennies on the dollar. Now, I'm not saying that X Money is at risk of that, but it's a valid concern.
2. Customer service. I have no issue with Tesla itself, but Tesla Insurance is absolutely trash if you need any help from a real person. Yes the app is great and for simple claims it's theoretically very convenient. But if anything out of the well-defined workflow happens (like if your Tesla is in the shop because someone crashes into it and someone bumps into your Eneterprise rental car provided by their insurance) it's a huge hassle. I ended up just paying Enterprise out of pocket because it was only $75 more than my deductible and Tesla Insurance closed the claim because the three different people over there that my claim was bounced around with all either said it's not their department or never replied to contact from me. Also, I have a buddy who relies on Starlink because he lives in the middle of nowhere and while it generally works OK and if Grok understands your support query your issue is taken care of easily and instantly, if you have a more complex problem, it takes days to get even an initial response. Sure, it's not like Comcast customer service is any good either, but at least you can get someone on the phone or go yell at clouds in the parking lot of your local Xfinity store if you need to.
3. What if your X account gets banned? The article I linked to brings this up. In the traditional banking world, unless you take a dump in the lobby of your local branch, you're probably not randomly going to get banned. Like, unless you are extremely abusive to their employees or commit a crime at their location, you're probably going to be a customer as long as you want to be. With a bank that's integrated with a social media platform, well, it's a social media platform. Accounts are compromised and banned all the time. Not singling out X/Twitter here as this is a concern across all such platforms. But if someone doesn't like what you post and things go south, what happens to the money in your account? Even if they close the account gracefully and send you a check, to the average person (including myself) not getting prompt access to your regular paycheck could be a BIG problem.
Anyone else interested in this thing, or use any other neobank? Personally I've always used "real" banks/credit unions.
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