X Money FAQ: Account suspensions, 6% APY, physical cards, and more
Following X Money’s launch last month , one question has repeatedly surfaced: What happens to your money if X suspends or closes your social media account?
X Money, a new service launched last month, has sparked questions about what happens if a user's social media account is suspended. According to X's updated suspension policy, users suspended for reasons other than Child Safety or Violent and Hateful Entities violations can keep all X Money features without interruption. However, suspensions involving Child Safety or Violent and Hateful Entities policies result in the revocation of Money access and return of the balance via check.
The service offers competitive interest rates, with Premium+ subscribers earning 6% APY on eligible balances, compared to the 4% offered by Premium subscribers. Enhanced balances, including payroll or X Creator payouts, increase the rate to 6% after 34 days. This rate is higher than many online savings accounts currently offering around 4% and significantly above Apple Card Savings' 3.5% APY.
X Payments, not an FDIC-insured bank, partners with Cross River Bank for deposit accounts, providing up to $10 million in FDIC coverage through a sweep program. Customers receive a virtual Visa debit card for use with Apple Pay and can opt for a physical metal card. The physical card lacks printed details like number, expiration date, and security code, with customization options for the name display, including the X handle.
Apple Card Savings, operated by Goldman Sachs, will soon transition to JPMorgan Chase, offering a debit card with savings features. Chase's interest rate remains undisclosed, but existing customers can choose between their current Goldman Sachs account or the upcoming Chase version.
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