X Launches Banking Service for US Premium Subscribers

Elon Musk's social media app X has started offering a banking service called X Money to its paid subscribers in the US.

This service lets users do things like hold deposits, send money to friends, pay bills, and even mail checks, all within the X app.

The money is kept safe by a bank called Cross River Bank and is insured by the government up to $250,000.

X Money offers a high interest rate of up to six percent, which is more than what many traditional banks offer.

However, some people are worried about how X will make enough money to keep offering this high rate and about the safety of mixing banking with social media.

Senator Elizabeth Warren has even asked questions about these concerns.