51–60 of 166 posts
Earlier quoted context omitted.
I doubt he's walking away from much equity at all. He's been with Twitter a long time. If he isn't 100% vested, he's got to be pretty close.
Yeah but would it be worth anything pre-IPO?
I'm sorry, but I want my bankers to be grave old men in suits. I also want my bank to have offices all over the world and I want to know that they are handling money many hundreds of times larger than whatever I have. I don't want a bank started by a guy called al3x, and who just left twitter. It sounds innovative, but it doesn't sound...dependable. And if there is one feature I want my bank to have, it's dependable.
That's why I'll be using it first, and lots of my fellow college students who have a lot less to use and a lot more to gain from using a bank like BankSimple. Time is in short supply, and fees eat away at my little pool of cash. I'm willing to take the risk, and willing to put my money in the hands of people who are young, smart and innovative, instead of bureaucratic, slow and set in their ways. Not only that, but i…
This is not something I'm willing to take their word for without seeing a copy of a legal opinion from someone independent. I don't want to find out after they go under that they've simply been depositing their reserves in an FDIC-insured account with another bank, and that as long as that partner bank stays afloat the FDIC won't pay out.
I'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…
FWIW, This may be true in the US, but certainly isn't a worldwide phenomenon.
For example, UK banks pretty much work really well. Seeing US banking in comparison is like using a time machine to go back to the 1950s.
This sounds interesting. I don't know how they'll succeed at this while making money, keeping risk low, and beating the rates that something like Ally Bank will give you.
I'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 the…
But agree that they are one of the very, very, very few banks where this applies.
We'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'.
startups like WePay seem to be overcoming this.
I'm sorry, but I want my bankers to be grave old men in suits. I also want my bank to have offices all over the world and I want to know that they are handling money many hundreds of times larger than whatever I have. I don't want a bank started by a guy called al3x, and who just left twitter. It sounds innovative, but it doesn't sound...dependable. And if there is one feature I want my bank to have, it's dependable.
Yes I want my bank to be dependable but you don't have any real point why online only bank can not be dependable? Before Amazon came along people probably thought that retailing can be done only in physical stores but it changed. Another example is Netflix over Blockbuster. I think its time for online only bank. I don't remember visiting my bank ever after opening my account with them. We definitely need ATMs but not…
Earlier quoted context omitted.
USAA Banking and Investing isn't accessible to most of the public, and is locked down as to be almost indistinguishable from other credit-unions for their non-veteran, non-military customers.
Not true. USAA Banking, Investments and Life Insurance are open to everyone, regardless of prior military service. https://www.usaa.com/inet/ent_utils/McStaticPages?key=why_ch...
USAA's insurance is top-notch, too.