1. What is Lootfeed?
Lootfeed is a new financial application that helps gamers save money while playing video games.
2. Why should you use Lootfeed?
Lootfeed helps gamers:
- Do something they really enjoy while having it drive their savings with ease.
- Who are simply interested in saving for a particular goal.
- Makes gamers feel more productive when playing video games.
- Add actual financial value to those long multi-hour play sessions.
3. How do I sign up for Lootfeed?
You can sign up at our website, Lootfeed.com. Our beta is currently open for Steam, with more platforms to come
shortly.
4. How does this work? I have to sign into my gaming account and my bank account? Am I paying myself to game?
Lootfeed requires both a Steam account & connecting to a bank account. Yes, you are paying yourself. One way to think of this is you are in an arcade instead of giving your money away for each game you play, you are instead reinvesting in yourself.
This video explains the signup process: https://lootfeed.wistia.com/medias/tm9ft6cqze
- To get started with a Lootfeed account, enter your name, email address and create a password.
- Next we will ask you to connect to your Steam account. We connect directly with Steam securely to grab your gameplay data.
- Choose between 25 cents to $2 for every hour you play on Steam.
- Agree to the $1 subscription and 1% ACH transaction fee to transfer money between accounts.
- Connect to your bank using Plaid, ensuring a secure and safe connection.
- We withdraw the money out of your account at the end of the week (Friday) and place it into a savings account for the beta.
- We send a weekly email to let you know how much you have played & saved this week. Your money can be accessed anytime.
- There is a $2 minimum for weekly transactions. If you have not saved $2 within a week, your balance will roll over until you reach a week when you have over $2 as your potential savings. That is when your $2 saving transaction will initiate.
Where does all of my money go?
The Lootfeed account is an FDIC-insured account that ensures that your money is secure & safe. All money transfers are done through Plaid, a 3rd party connection that is secure & safe.
6. How does the company make money? Are you taking a cut when transfers are made?
We charge a $1 per month subscription fee. There is a small transfer fee of 1% per bank transfer between your account and your Lootfeed account. Please note that the majority of this fee goes not to us but to the ACH service that provides the transfer.
7. How can I withdraw my money?
We are in beta, and this feature is not been built out as yet. For now, please email [email protected] and we will gladly send you whatever amount you need returned to you. Please note that this transfer can take 2-3 days.
