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X Money launches invite-only account feature with Visa debit access
The invite-only service uses Cross River Bank technology, offers 6.0% yield on deposits, and requires at least a $1,000 deposit and X Premium.
Elon Musk’s social media company X launched X Money, an invite-only, bank account-like feature that lets users send money to other X users in real time, the Associated Press reported.
X Money is not a new bank, and it uses technology and banking services provided by Cross River Bank, which X brands as X Money. Invite-only users receive an X-branded Visa debit card that is usable at any ATM.
To join the offer, invitations are available only to X’s paying members, and customers must be signed up for X’s premium services, which starts at $8 a month. X Money is offering a 6.0% yield on deposits for customers who deposit at least $1,000, along with 3.0% cashback on eligible purchases.
The AP report said earning the 6.0% yield would require a minimum deposit of $1,600 to cover X Premium service costs. Musk has previously discussed turning X into an “everything app” that includes financial services.