“FTC Alleges Mobile Banking App Misled Users About Access to Their Funds, Failed to Deliver on Promised High Interest Rates”


CALIFORNIA----the Federal Trade Commission sued the operators of a mobile banking app, alleging that they falsely promised users high interest rates on their accounts and “24/7” access to their funds. In a complaint filed in federal court, the FTC alleges that Beam Financial Inc. and its founder and CEO Yinan Du, also…