Bottom line up front: If you have funds invested with Beanstox and they will not reimburse you, you need to contact the Securities Exchange Commission (SEC).
I started investing on a weekly basis with this app in December of 2020. It worked very well and I was extremely happy with the service until September of this year when funds stopped automatically coming out of my account. I attempted to link two different bank accounts from two different finical institutions but the app gave me an error message. I contacted the app multiple times and in every response they said that they, “We’re looking into it” and that they were not sure if the problem was on their end or mine.
Regardless I was very clear that I wanted to close the account and reinvest the funds elsewhere, but I continued to get the same response. In early November I filed a compliant with the SEC for Beanstox withholding my funds and not closing my account as requested. The SEC confirmed receipt and a day later Beanstox contacted me and said they would manually liquidate my account. I finally have received my funds.
If you go on the SEC website and go to “How to report complaints about investments or investment professionals” you can start the process there.
Overall this was a great vehicle for investing in high yield ETF’s but when I could not add to my investment or access my funds I lost faith in this app.
Developer Response
Thank you for your comment. We are pleased that your overall experience with the Beanstox App was positive even though you encountered an issue. As we mentioned in our communications with you, once you contacted us we focused on solving the problem, which appears to be an uncommon type of bank link issue. We expedited handling your request to close your account manually to avoid further delays, and your funds were returned successfully. Should you have any additional questions, do not hesitate to contact us.I’ve been in contact with one service agent for over three weeks trying to reconnect my bank account. Im really nervous seeing all of these posts and pray I can withdrawal my investment for my children and place it in a safer location for growth.
Okay so I put $100 in and it took a little to come into Beanstox but I finally got the notification that it is and it says my account is closed now and they’re keeping my $100 and I can’t deposit, withdraw or make any action and I either want my $100 back or fix something because if this is it then I highly recommend not to use this app
I signed up and get a message saying I will shortly be invited to set up my account but I am getting spam advertising from the app and there is zero data in the app besides the message saying I will be invited shortly. Happy to review again after I see the content but right now it just looks like a creative way to get your email so you can be spammed. The other issue I have is there is zero info on what the app is and immediately when you download the app your information is required to create and account. Let us see what the app is about before phishing for information.
Developer Response
We recently did a big update to our App and began onboarding new clients some time ago, once the updated App was activated. We hope you were able to download the updated App and try Beanstox. The materials we send to users via email are meant to be educational and informational. Do not hesitate to contact us at support@beanstox.com with any suggestions.I was hooked by the Kevin O’Leary endorsement. But, while he got paid, the rest of us got screwed. App was released before it was even close to being marginally functional. Multiple failed transactions with no explanation and nonexistent customer support. If I could withdraw my money and cancel my account I would, but getting your money is next to impossible. Great concept, but Beanstox is nowhere near being ready for prime time. Avoid at all costs.
App frozen. No customer support. Now trying to close my account and get my money back but the app isn’t working and can’t get a response back from Beanstox support.
I had high expectations for this investing app. but the real world experience is horrible and scary. The app is riddled with bugs and now I have $21k stranded with no assurance that it will be returned to me. Customer service is almost non-existent with just a general email with no phone number to call. Stay far away if you like your money. Unacceptable in this day and age for a money app that holds peoples’ hard earned money and expected more with a Kevin O’Leary endorsement. I hope they make things right and I get access to my money.
Developer Response
Hello, if you have not done so already, we encourage you to update the app to its latest version. If you are still experiencing issues, please reach out to support@beanstox.com. Funds are not stranded, they are always safe in clients’ accounts. We expect that this issue was resolved already and funds were returned to the client. Our customer service representatives at available to help. Put money in and they are having major issues with the app. The account balance it shows me was inflated and when I emailed compliance about my account balance. They disclosed that my actual balance was half the amount shown. Serious problems here.
I have been trying to withdraw money for the last month with no success always having a message saying that there is pending transactions I have now liquidated my 11k out of the account but I don’t have my money yet I need this as soon as possible please contact me
Trying to make a withdrawal for 6 days and keep getting an error message! One generic email response two days ago and nothing since- There is NO customer service phone number so you can’t actually speak to someone. Stay away from this company!! As of today day 6 still no resolution. Are you kidding!!!!!
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