41–50 of 112 posts
In the meanwhile, I've been very happy with Charles Schwab's checking account. Free as in beer, you're allowed to overdraft with no overdraft fees, free ATM fees at all ATMs (including international!)
Did this happen to anyone else? In any case, best of luck to BankSimple. I can't wait to actually get to try the service. :)
Good work guys. A few text/spelling errors you might want to fix. On the careers page after clicking for more detail in the "smart and talented?" section, there are about 5 places where two words are getting smushed together. Maybe a line break problem or something. And then in the thank you email after signing up, the first line, "thank you requesting ..." should be "thank you for requesting ..."
I'm still trying to nail the business model here. "BankSimple account plus BankSimple debit card replaces your existing personal bank account. Make deposits, withdraw cash, pay bills, earn interest, and more. However, BankSimple is not a "bank." We partner with chartered banks who provide FDIC-insured products, leaving us free to concentrate on designing the complete consumer banking experience, via the web and your…
The Durbin Amendment only applies to banks with >$10bn balance sheets. I don't have the latest numbers, but in '08, the large banks were making closer to 45/55, not 80/20.
I don't know too much about how it works for an affiliate debit card like Bank Simple is proposing -- obviously they are partnering with large banks for the deposits, but I wonder how the process works for the debit cards.
Earlier quoted context omitted.
Doesn't https://www.banksimple.com/faq/ answer your question? Also, as they offer at the end of the faq: Why haven’t you answered X? If there is anything you’d like answered, feel free to shoot us an email at hello@banksimple.com.
My bad, I didn't see the FAQ. I didn't even realize their page scrolled, I was navigating it sideways via their tabs ("putting people first", "no surprise fees", etc) rather than vertically.
I'd pay for Mint + Bank in a single package. It looks great. However, it's hard not to be a little disconcerted when the "meet the team" bit doesn't have a single person who has any sort of financial title like "accounts manager" or anything. It's just a group of devs. That doesn't scream "we know finances" it screams "we know how to make web apps, hope you trust us with money too... it can't be that hard, right?" Mi…
Hi. I'm Josh, the CEO. You can read more about our growing team on the /team/ page, but in summary, I have an MBA in Finance and Accounting, and worked with a multi-billion dollar investment portfolio. Shamir, our CFO (aka 'account manager'), spent the last few years doing banking and payments consulting for McKinsey. In addition to our core team, we have multiple payments systems consultants, banking lawyers and for…
In the meanwhile, I've been very happy with Charles Schwab's checking account. Free as in beer, you're allowed to overdraft with no overdraft fees, free ATM fees at all ATMs (including international!)
Good work guys. A few text/spelling errors you might want to fix. On the careers page after clicking for more detail in the "smart and talented?" section, there are about 5 places where two words are getting smushed together. Maybe a line break problem or something. And then in the thank you email after signing up, the first line, "thank you requesting ..." should be "thank you for requesting ..."
Earlier quoted context omitted.
The Durbin Amendment only applies to banks with >$10bn balance sheets. I don't have the latest numbers, but in '08, the large banks were making closer to 45/55, not 80/20.
That's a really good point about the size issue with the Durbin Amendment, so in that case, then yeah - interchange fees should be a great income stream for Bank Simple. I don't know too much about how it works for an affiliate debit card like Bank Simple is proposing -- obviously they are partnering with large banks for the deposits, but I wonder how the process works for the debit cards.
While our relationship with banks is similar from a regulatory perspective, we have deep technology integrations that allows us to provide a much better end-to-end user experience.
This is why it is possible to launch an 'affiliate' card in a matter of weeks, but it is taking much longer for us. We first had to find banks that shared our vision, were willing to cede control of fees and user experience to us and had the technical chops to integrate with us. It was a tall order, but we'll be making some key announcements on this front real-soon-now.