101–110 of 166 posts
Also a graph and projection of your bank balance would be neat.
Actually, an API for a bank would be really cool.
From 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...
Earlier quoted context omitted.
Can you please read about the other founders and the actual company before you think they aren't "up on all the details"
I did look at the bank website and at the team before I posted . As I mentioned, the features of SimpleBank do not appear to be much different from what is available from my current internet bank. As far as the team goes, they may be bright, but none appear to have worked at a bank before, either brick and mortar or digital.
Earlier quoted context omitted.
The dependable banks... are those the ones that taxpayers just bailed out for hundreds of billions of dollars because they were about to destroy the entire financial system?
Notice how even when they screwed up, they were still bailed out. Obviously I'm not thrilled that any bank would screw up in the first place, but no one's bailing out BankSimple if they do too.
I really hope this works, but due to switching costs, BankSimple will have a very uphill road to climb if they aren't planning to pay very high interest rates or otherwise attract people with some savings.
Starting a bank from scratch is not impossible but will certainly be no easy feat. I wish Alex Payne and the team he is going to be working with good luck in cracking existing banking structures.
The real innovation will be cutting out things like the 3 day "clearing" window for funds. Or eliminating the delay for ACH'ing funds (an all electronic transaction).
The problem, banking is too regulated to really innovate, though I applaud the attempt.
Edit: If they create an iPhone app for depositing checks (Just like USAA). I am sold. I would also like to think that many tech-savvy people would be sold also.
Earlier quoted context omitted.
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…
Must be Stockholm syndrome. Have you tried to pay a friend an amount of money that would be inconvenient to do in cash? The best way to do it through your bank is to have them chop down trees into paper checks, physically mail them to you (this takes a few days), have you scribble down a number on the paper, hand (or mail... wait a few more days) the check over to your friend, who feeds it into an ATM, which scans th…
Earlier quoted context omitted.
[deleted]
ING is part of AllPoint's network. You can get instant withdrawals. There are 32,000 surcharge-free ATMs located in all 50 states, including major retailers like Target, Rite Aid, 7-11, and many others. For deposits, I use direct deposit via my employer which works great. I get my money the same day everyone else does. For depositing checks, I use my credit union (2nd bank). Since I only get a few checks/year, this i…
- Until recently they had a great interest rate on your checking account (2.5% APY).
- I also get direct deposits, and mail in checks (is more convenient than going to the bank for me, and I don't need the money right away).
- They offer ATM fee refunds at ALL ATMs. That's just awesome. Not only do they not charge you a fee, they'll instantly refund the fee the ATM charges you (comes in very handy in Vegas ;)
It's no-fee with great customer support. I've been very happy with them.
Earlier quoted context omitted.
If only they got the check scanning thing USAA-style...
Seriously. USAA may be a very stogy institution in general, but their banking arm has been on an absolute roll the last couple of years. Between their iPhone app, a great web site, and excellent customer service, they're setting the benchmark for online banking. And, by catering to service members who are literally strewn across the globe, they "get" remote banking.