+1 for Mercury!
Ask HN: Best Bank for Startups?
31–40 of 56 posts
Re: Ask HN: Best Bank for Startups?
#32Earlier quoted context omitted.
same here. happy mercury customer. just disappointed the webapp wasn't build mobile friendly from the start. the UI is simple enough that it should've been working on mobile! should've used a responsive CSS framework vs using css modules. recreated the wheel for not a lot of value.
We now have an iOS app. I don't think CSS modules are the issue to making it responsive. We just decided to focus the design/engineering resources on making mobile apps instead of responsive web app. Ideally we would do both though, and hopefully we can in the future.
+1 for android app from someone in the Mercury Tea Room!
Re: Ask HN: Best Bank for Startups?
#33First Republic has phenomenally great service and absolutely terrible tech, UI, etc. It all boils down to what your needs are from your bank. FRB are not great when it comes to lines, venture debt, etc but for day-to-day banking it's nice to have a real person on the other side.
Re: Ask HN: Best Bank for Startups?
#34Earlier quoted context omitted.
+1 for Mercury. Super simple signup, and great UI. Love that there's a mobile app! Real nice to have virtual cards. Only nitpick is when my co-founders linked their bank accounts to Mercury to transfer money, Mercury displayed their personal account balances (after unlinking their accounts, their personal balances no longer showed up). I had to wire transfer since Plaid didn't work for my bank.
Displaying personal balance - Thats come up before, will try to get a fix prioritized for that.
> Displaying personal balance - Thats come up before, will try to get a fix prioritized for that.
Leaking information about a personal account when it has only been used authorized for the purposes of transfer seems to be a P0 bug to me, from a disinterested third-party point of view. If I authorize a transfer of $10k to my startup and for some reason my co-founder is able to see that my personal account balance at Bank of America is $400k, that sounds like...a massive leak of information that I didn't authorize.
Or do I have a mistaken view of what the problem is?
Re: Ask HN: Best Bank for Startups?
#35Earlier quoted context omitted.
+1 for Mercury. Super simple signup, and great UI. Love that there's a mobile app! Real nice to have virtual cards. Only nitpick is when my co-founders linked their bank accounts to Mercury to transfer money, Mercury displayed their personal account balances (after unlinking their accounts, their personal balances no longer showed up). I had to wire transfer since Plaid didn't work for my bank.
Displaying personal balance - Thats come up before, will try to get a fix prioritized for that.
Just wanna say we love using Mercury, and it's really the perfect bank for startups.
We also experienced the personal balance privacy issue where we didn't expect to see each other's balances but was too late by then.
Re: Ask HN: Best Bank for Startups?
#36Earlier quoted context omitted.
What's your business model? The product looks outstanding, but I, like many others here I'd imagine, am somewhat skeptical of a product that sells itself as nearly completely free for the user.
We make money on debit card usage (interchange) and deposits that sit with us. We will be adding a couple of other revenue streams this year. We have pretty good unit economics and the bigger we get the more money we make. Agreed that you should be skeptical of anything that makes a loss on a per user basis.
How do you make money on demand deposits when interest rates are effectively zero?
Re: Ask HN: Best Bank for Startups?
#37Earlier quoted context omitted.
Displaying personal balance - Thats come up before, will try to get a fix prioritized for that.
> Displaying personal balance - Thats come up before, will try to get a fix prioritized for that. Leaking information about a personal account when it has only been used authorized for the purposes of transfer seems to be a P0 bug to me, from a disinterested third-party point of view. If I authorize a transfer of $10k to my startup and for some reason my co-founder is able to see that my personal account balance at B…
99% of the time Plaid functionality is used to transfer money from your previous business bank account to Mercury. In that scenario it's useful to have balance information.
Most people transfer money from personal account via another means (checks, wire etc). Though agreed that it's bad when a personal account is used and the balance is leaked to cofounders.
Re: Ask HN: Best Bank for Startups?
#38Earlier quoted context omitted.
What's your business model? The product looks outstanding, but I, like many others here I'd imagine, am somewhat skeptical of a product that sells itself as nearly completely free for the user.
We make money on debit card usage (interchange) and deposits that sit with us. We will be adding a couple of other revenue streams this year. We have pretty good unit economics and the bigger we get the more money we make. Agreed that you should be skeptical of anything that makes a loss on a per user basis.
Great response. If my startup weren’t in such a regulated industry, I’d be checking you guys out. Maybe next time.
Re: Ask HN: Best Bank for Startups?
#39(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)
We switched to Mercury only to discover you don’t support wiring money to all countries (we need South Africa support). Perhaps this (hopefully temporary) limitation could/should be included in your FAQ? In the interim we’re going to look into Pilot for team payments. Anyone here using Pilot?
Re: Ask HN: Best Bank for Startups?
#40Earlier quoted context omitted.
Displaying personal balance - Thats come up before, will try to get a fix prioritized for that.
> Displaying personal balance - Thats come up before, will try to get a fix prioritized for that. Leaking information about a personal account when it has only been used authorized for the purposes of transfer seems to be a P0 bug to me, from a disinterested third-party point of view. If I authorize a transfer of $10k to my startup and for some reason my co-founder is able to see that my personal account balance at B…
It's bad, but not a "massive leak". Few people keep much more than the FDIC limit in a commercial bank for their personal account no matter how much money they have.