X Money
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What happens to X Money when your X account gets banned?
Following X Money’s launch last month, one question has repeatedly surfaced: What happens to your money if X suspends or closes...
Elon Musk finally launches X Money. What could possibly go wrong?
Expect bumps with X Money rollout as major US financial markets are excluded.
Elon Musk's X Money is now available to Premium and Premium+ X subscribers
It's about one year late, but finally here. X Money was supposed to launch last year - back in January that was the plan anyway. Obviously, that didn't...
X Money: Elon Musk's eigener Bezahldienst lockt mit hohen Zinsen - Hardwareluxx
X Money: Elon Musk's eigener Bezahldienst lockt mit hohen Zinsen - Hardwareluxx
X Money officially launches in the US with Apple Wallet support after invite-only beta - 9to5Mac
X has officially launched X Money, which includes Apple Wallet support, moving the service beyond its invite-only beta and beginning a...
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What happens to X Money if your X account gets banned?
The short answer is that, in most cases, nothing happens. According to X’s updated suspension policy, users suspended for policies other than Child Safety or Violent and Hateful Entities violations will retain access to every X Money feature “with no interruption.” For suspensions involving either of those two policies, X says access to Money will be revoked and the remaining balance will be returned by check. In other words, X says an account suspension won’t result in your money being forfeited.
What happens to X Money when your X account gets banned?Why would anyone use X Money?
The most compelling answer is its interest rate. Premium+ subscribers currently earn 6% APY on eligible balances. Premium subscribers receive 4%, increasing to 6% after at least $1,000 in qualifying direct deposits (including payroll or X Creator payouts) within the preceding 34 days. That compares favorably with many leading online savings accounts, which are currently clustered around 4%. It also substantially exceeds the 3.5% APY currently offered by Apple Card Savings. The calculation is less attractive if you subscribe to X solely for the higher rate. But for existing Premium or Premium+
What happens to X Money when your X account gets banned?Is X Money a bank?
X Payments itself is not an FDIC-insured bank. Deposit accounts are provided by Cross River Bank, Member FDIC, with the standard $250,000 coverage. An optional sweep program distributes larger balances among participating banks and is designed to provide as much as $10 million in total FDIC coverage, although X notes that individual placements are not guaranteed to remain below each bank’s insurance limit.
What happens to X Money when your X account gets banned?How does this compare with Apple?
Apple Card Savings remains operated by Goldman Sachs for now, but the broader Apple Card program is moving to JPMorgan Chase over roughly two years. The key difference is that Apple Card offers a credit card. X Money offers a debit card with a savings feature. Chase reportedly intends to offer a new Apple savings account. Existing customers are expected to be given a choice between keeping their Goldman Sachs savings account or opening the eventual Chase version. Apple has not announced what interest rate Chase will offer. You can learn much more about X Money here. Do more with your Apple pro
What happens to X Money when your X account gets banned?