Qube Money had a huge announcement and people are panicking. What can you do? #qubemoney

Hey Wise Guys, it's Penny with Pennywise Coaching. So I don't usually do live videos and I probably should more, so bear with me while I figure out the technology and I'm a few minutes late. Um, I know I've messaged a few of my clients and wanted to come on here and answer some questions because, um, my phone was blowing up last night and many of you know that I am a huge fan of Pennywise Coaching, and it should be showing up on my Pennywise news feed. It might be a little bit delayed, but I also will record this and put this on, um, YouTube later. So if you're not here live, stay tuned and watch this. Um, so try to keep this kind of brief, but I also want to answer some of your questions and, and address some of your fears. So Many of my clients in the past have used Cube Money, which is a spending app that I absolutely love. Hi, Beth. Um, and we were all devastated yesterday to get an email from the holding bank, which is Choice Financial, who sent out an email unbeknownst to Cube to all of the banking part, you know, clients, and they said you got to get your money out by the end of September. So thanks for joining, Karen. Um, and my first gut was like, well, that can't be because, you know, we didn't hear anything from Kube. Well, much has happened and lots of chaos in the Kube. There's a place called the Cubicle, the power users Facebook group, and many people are in there bashing Kube and feel like they've been lied to and How could this happen? Well, I've been on the inside for a long time with Kube and have been an investor and one of their biggest fans. And I actually got to speak to the CEO for a little bit this morning. And of course he's devastated. They're devastated. There's all this stuff going on and I can't even begin to summarize, but in general, they thought they had a, a new partner bank. The old bank was supposed to work with them on the transitions and all of a sudden they decided not to. So, um, Cube is scrambling. They had to put a pause on their services, and you still have access to your money until the end of the month of September. 29th is, I think, what you would be safe with. And, um, but that leaves us with like, what do we do next, right? What— how are we supposed to respond to that? My first thought is like, okay, breathe. Your money's not gone. You're gonna have to do something different. We all know that change is inevitable. I was kind of likening this last night to like a, like, what if there was a flood? What if there was a fire? What would I do to say, okay, I know something's coming. How can I protect myself? So I wanted to, I just jotted down some notes. I might have more thoughts later in the week, but these are my gut reactions and what I wanna do to support you in, in helping make this transition easy. So the very first thing I would do is contact you if you're doing direct deposit from your work into, or your Social Security. I'm more concerned about Social Security because it can take longer to make the change. But let's say you have a direct deposit going into the Cube. I think I would next week on Tuesday contact the, um, your HR department or whatever you have to do to change that and to change it back to your original main bank. I've always told people Cube Money should not be your only bank, and so hopefully those of you that are watching and that are followers of mine still have another bank to use. So it's not like you don't have access to any money. You can literally draw cash out of the cube if you want to go get cash. So, um, let's work on not sending more money there this month, changing your direct deposits. You can still use up what you have in the cubes. Your cubes should still work. I haven't been out today to spend any money, but I'll go test it in a little bit, and let's spend what we have in there. And then— sorry, I'm going to sneeze. No, I'm not. So don't send any more and work on changing your direct deposit if you have set that up. Of course, we've encouraged people to do direct deposit because it gets there much faster. Now, in my experience, it's only taken about 1 to 2 days to get money from my sending bank to my Qube., and I'm gonna test it, but I decided not to test it yesterday to see how long it takes to go from Qube back. And, um, that means that, uh, it might take 3 to 5 days. I recommend that if you're gonna move money, you do it from your main bank, not from Qube. So what the way I say that is pull it from, like for instance, I bank at Ally Bank, pull it from Ally where you have the bank-to-bank transfer set up instead of pushing it from the Qube side. It's always gone faster that way. So if you want to get your money back in there, I would probably screenshot what your cubes had or write it down somehow, and you can say I have this much left in grocery, this much left in clothing. That being said, those cubes will still be there when you— when Cube relaunches. Now the second email we got, if you didn't see that, was like, okay, we need to put a pause on this and we're gonna at the end of the month need to basically not be able to use Qube. And part of that— well, all of that— is because the bank they thought they had 99% shored up pulled out at the last second. And it was all based on the ability to do a transition from this bank to that bank. And when Choice cut them off and didn't give them any time to transition, the new bank they had lined up basically pulled out. All the banks are running scared. So our world is in flux right now. So I just would ask you to try to give grace and not beat up on them. So, um, let's protect ourselves. And if you've worked with me, I know you have skills. I know you know you're the most important part of this picture. You're the tool, not the bank. And so we have time. It's not gone. Our money's not gone. It's an FDIC-insured bank. It's just a matter of like, put it back where we, where we can use it, right? So if you have to go back to your spreadsheet to track things on your spreadsheet, do that. If you need to pull cash so that you can use cash envelopes like we used to do that. And I would say rein in some of your spending right now, if you can, if you don't have a good emergency fund to kind of get you through this time. So the biggest thing is to make sure that your money is where you can spend it. So in a bank account that has a debit card, right? Um, so I think that, um, that's key, is, um, getting your money back out of there. I'm going to start moving mine probably Tuesday. So one thing with that is that you want to check in your Cube, is you look under the three lines and go to View Limits. Under that, you might see that you have a $3,000 per transaction limit. I have like $15,000 because I've been a member so long. So everybody has different limits. So when people are spouting out there, you only have 4, you have 6, or whatever, Everybody's different, so look at yours. And their, um, their, uh, one of their developers has said he has some programming to do, but the intention is to give everybody a larger limit so you can get your money out in more like one big chunk or something like that. But if it takes you 3 transactions, it takes you 3 transactions, right? Um, so Um, look at that. Um, your, your drafts using the cards should be good until September 29th, but I would start transitioning either your bills. So the biggest one seems to be Bill Cubes for people. Biggest fear is that you have your bills set up on autodraft. Well, most services, even if it gets declined, they're just going to contact you and go, hey, you know what, your Netflix card declined. Give us another card, and then you can give them another card. Or you can proactively say, hey, next month I want it to come out of this card, and change it on your side. So everybody's fear about auto drafts not going through, I feel like, is a little bit hyper-something sensitive. And most companies are going to work with you. They're just going to assume that your card got turned off or something, which is the whole benefit of what Cube gave us. So Be proactive, give them the new CUBE number and either your main checking, your credit card, or wherever you're gonna bank, and then start changing your bills over. It's not the end of the world, right? And most of your services are not gonna get cut off immediately. Let's say it was Netflix and you couldn't pay it. Okay, you're gonna live without Netflix. Now, I would prioritize your utility bill, your rent or mortgage if you happen to be paying out of that. Now's the time to go in and say, hey, you can call their customer service, you can go online, or you could probably just change it in your account settings and say, use this card instead, or this bank and routing. So the panic that people are feeling feels a little bit ridiculous to me because you have 30 days to do this. It's going to be a pain in the neck. Nobody's pretending it isn't. And what can we do to mitigate that? Right? So Do what you can do proactively. Start moving things, start paying attention. You can't just go on autopilot anyway. We know that when we're transforming our finances, we have to be aware. That's my whole mantra is pay attention and be aware. So the hardest parts, I think, for us that like to budget and use Qube is gonna be the miscellaneous spending throughout the month. Like, how will I know, have I spent 90% of my groceries or my dining out money? Thanks everybody for coming live. Or, um, I, and I, I gotta give you credit for— you are better than that. Just slow down and know that you can control this and you can be mindful. You can go in and look at your main checking account every day and write it down or put it in. If you have my spreadsheet, you know where to put it. You know how to put the notes in there to say I've spent, just like we do in miscellaneous spend, that's where you're gonna document it, if you will. And also give yourself some grace for it not being perfect this month until we figure it out. I'm really hopeful that Qube is going to fall on its feet. And they know, like, literally, I had probably a 15-minute phone call today with Shane Walker, and I know his heart is breaking as much as anybody's. And I really believe in their integrity and that the rug got pulled out from underneath them unexpectedly. And so I think that I'm gonna give them grace. Now, if you decide, I don't wanna use Qube anymore, that doesn't have to be a, a failure of your finances, right? There are many apps being thrown around there. I'm not willing to put my name behind any of 'em cuz I don't use 'em. I will look into 'em just like you will. But if Qube can land on their feet in a fairly short period of time, I'm back. I'm using Qube again. So you do you and you decide what works for you. Um, what I love and what I think some of the people are missing when they recommend different things, whether it's Ally or Kru or envelopes or whatever, is that Qube gives you real-time accountability to— I put, you know, $50 in there. If I don't have $50 left, it got declined unless I had Qubeless on, or at least it made you be aware. So you're gonna have to be a little more hypervigilant and aware on your own for a minute, okay? And you can do this. I know you can do this. And if I need to, I will put out there some group Q&A support groups for the next month or so. And maybe we'll have a live, you know, I know on the third Monday of the month I have that time dedicated for my new membership. So if you want to plan the third Monday, I believe it's at 7 Mountain Time, message me, DM me something, say I want to come because I want to be in community with the other people who are freaking out. So try not to freak out. That's my biggest message to you. What else? Don't send more money over there right now. Let's stop that. You might want to try cash. Cash spends different. And you know, we've probably heard that before, but you feel it when you drop a $100 bill for your groceries. So if you need to go get cash and go old school, get some envelopes or buy, you know, I know Dave Ramsey had a nice wallet. You can buy them on probably Etsy or wherever. But if you need a boundary like that, create your own boundary. There are many bank accounts that you can create multiple cards or accounts and have your own debit card. I don't want to carry 12 debit cards, so I'm going to do a little tracking. But you do what you need to do to continue to be successful. Don't let this be the thing that throws you clear off the bus, right? So I hope that this is helpful to you. And like I said, on— so what day will that be? Uh, 20th, 22nd, I think, is a Monday of September. 1, 2, 3— no, might be the 15th. I can't read my calendar. 15th. I'll put it in, I'll put it in a post, or you can ask me, when are we going to meet? But I'll be in here in my Zoom room and live to support you. And just know, I don't work for Kube. I just give them lots of grace, and I know the integrity of the company is there, and they didn't do this in some kind of way of lying to people or intentionally causing disruption. They're as, they're as upset as we are, and they're working hard to fix it. So if you want to have grace and come back when they come back, great. If you don't, I fully understand and respect that. So you decide what you need to do. I'm going to do what I need to do, but I'm here to support you in any way I can. So, um, hopefully other Kube users can use this that are not Pennywise clients. If you need some coaching or you want to be a part of my community, I have a $37 a month community that's just for this kind of thing for you to get your feet wet. My hope was that was going to be using Qube, but right now I'm gonna have to pivot. So, so you will, you, right? But for the meantime, I will use that standing appointment time for free for you to come in and ask questions or support each other and give solutions. So if you want to drop comments in here, I see a couple people have said they're going to use certain things. Great. Um, just know that I'm not ready to endorse anything. I've played a little bit with the Ally buckets, not sure I love it, but I haven't used it in real time. So, um, let's just be supportive and try not to be negative, and let's go forward with some positivity. Be wise.