X Money News – April Public Release, 6% APY No Direct Deposit & 3% Debit On All Purchases

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A few days ago we posted about Elon Musk’s X Money. Since then a few additional details have come to light.

• Musk stated that early public access will start next month (April)
• Twitter user Redwriter (who was authorized to post X Money beta reviews) shared that:
  • 6% APY is available instantly with first deposit. No direct deposit is required or debit card transactions.
  • Debit card earns 3% cash back on all purchases
  • Debit card provides an instant debit card number
  • Limits:

Per transaction
Deposits: Bank Accounts $1 mil, Checks $2.5k
Withdrawal: $100k

Daily
Send: Wires $75k, Checks $25k
Deposit: Checks $15k, Cash: $990
Withdraw: Bank Cards $5k, ATM $2k

Monthly
Send: Wires $250k, Checks $75k
Deposit: Checks $45k, Cash $4.5k
Withdraw: Bank Cards $15k

Our Verdict

Obviously 6% APY with no requirements and 3% debit earning is not remotely sustainable but even if it only works for a short time it could be lucrative.