SimpleBank looks interesting - I assume this is a 'virtual' bank and they are just reselling some other bank but putting their interface on it. Anyone know any details?
Sounds like a real bank:
http://banksimple.net/faq/
Twitter's Alex Payne quits, heads onto something new.
21–30 of 166 posts
Re: Twitter's Alex Payne quits, heads onto something new.
#22I've wanted to do something very much like this in a future startup. Banking does suck. Unfortunately, it's debatable how much of banks' suckiness is avoidable. Retail banking is caught in a vice-grip between fierce competition for low margins and government regulations. For example, from what I understand you pretty much have to run mainframes with certain antiquated, government-approved software to process stuff th…
Of the value props he describes, the only one that remotely resonates with me is: "A bank that puts your money to work automatically."
He writes that nobody LOVES their bank. But does anybody really HATE their bank? Maybe some vocal folks, but a bank to me is a utility-- a hole in the wall where I stick my money. I've never felt gouged by fees (when I was young and stupid, I've been annoyed by overdraft fees, but they seem justified). I've never been overwhelmingly frustrated by the design decisions of my bank. They decidedly don't treat me like crap. Every time I've needed to interact with my bank(s) it's been a pleasant experience.
Given the switching cost/inconvenience, I think this is going to be a hard sell for most people.
Re: Twitter's Alex Payne quits, heads onto something new.
#23From their about faq page: How do I deposit checks? Take a photo of the check with your smart phone and send it to us with our app. Pretty simple, right? Is this really secure? I know there are some people doing cardreaders as an attachment to the phone, but pictures of checks?
I imagine it's as secure as the USAA method of doing it.
Re: Twitter's Alex Payne quits, heads onto something new.
#24From their about faq page: How do I deposit checks? Take a photo of the check with your smart phone and send it to us with our app. Pretty simple, right? Is this really secure? I know there are some people doing cardreaders as an attachment to the phone, but pictures of checks?
USAA's iPhone app has been doing this for a while: https://www.usaa.com/inet/ent_utils/McStaticPages?key=deposi...
Re: Twitter's Alex Payne quits, heads onto something new.
#25From their about faq page: How do I deposit checks? Take a photo of the check with your smart phone and send it to us with our app. Pretty simple, right? Is this really secure? I know there are some people doing cardreaders as an attachment to the phone, but pictures of checks?
USAA lets you deposit scanned check images. The only requirement is that you have to have a credit card setup as overdraft protection. Decent photos seem like they'd work ok.
Re: Twitter's Alex Payne quits, heads onto something new.
#26From their about faq page: How do I deposit checks? Take a photo of the check with your smart phone and send it to us with our app. Pretty simple, right? Is this really secure? I know there are some people doing cardreaders as an attachment to the phone, but pictures of checks?
[deleted]
Re: Twitter's Alex Payne quits, heads onto something new.
#27From their about faq page: How do I deposit checks? Take a photo of the check with your smart phone and send it to us with our app. Pretty simple, right? Is this really secure? I know there are some people doing cardreaders as an attachment to the phone, but pictures of checks?
There's no reason it can't be if the app is well-implemented (though this is a big if). I suppose it opens up a concern about phone malware, but with checks that's pretty much the least of your problems. It's not like they're terribly secure to begin with.
Re: Twitter's Alex Payne quits, heads onto something new.
#28From their about faq page: How do I deposit checks? Take a photo of the check with your smart phone and send it to us with our app. Pretty simple, right? Is this really secure? I know there are some people doing cardreaders as an attachment to the phone, but pictures of checks?
Its like Check 21 I guess .. http://en.wikipedia.org/wiki/Check_21_Act
Re: Twitter's Alex Payne quits, heads onto something new.
#29We've had the bank discussion here before, and some of it seems to come down to the fact that banks are required to do a lot of regulatory stuff that is not 'simple'.
Link to previous discussion? I'd be curious if incorporating outside the U.S. is the best option for them here to avoid the regulation. Or going on a SeaStead :) They'd still need relationships with Visa and Mastercard though.
Also, I'd be interested in a bank which didn't use the fractional reserve system, and did something more like the process described at the end of this video:
http://www.youtube.com/user/khanacademy#p/p/CECDA315A8848B99...
It may then be tough to compete with existing banks whose insurance is subsidized by the gov though.
Re: Twitter's Alex Payne quits, heads onto something new.
#30From their about faq page: How do I deposit checks? Take a photo of the check with your smart phone and send it to us with our app. Pretty simple, right? Is this really secure? I know there are some people doing cardreaders as an attachment to the phone, but pictures of checks?
USAA lets you deposit scanned check images. The only requirement is that you have to have a credit card setup as overdraft protection. Decent photos seem like they'd work ok.
So do you think we'll move away from paper checks completely and just move around echecks from phone to phone? I've never really understood how checks are secure. They just have a routing number, an account number, and your signature right?