Simple Bank Is Closing • Hacker News Board

Re: Simple Bank Is Closing

#111

Post by JMTQp8lwXL » Thu, Jan 07, 2021, 8:43 PM UTC

zepto wrote: post #73

JMTQp8lwXL wrote: post #21

Earlier quoted context omitted.

The problem was assuming anybody, much less Silicon Valley, would be breaking the narrative of banks being honest institutions.

They really executed well on the promise up until the acquisition, which was why the change was so obvious and jarring. I very much appreciated the straight talk at every level from their corporate communications to their support agents. I don’t think it’s fair to be cynical about them in a more general sense. It’s just a classic problem with the model of acquisitions, and a misaligned new CEO.

You can't exclude the exit and say "oh, they changed the narrative". Because the exit is the whole point of embarking on making the business in the first place.

At least in other areas -- like say, solar energy or battery charging, the startup would have be left us with something had a tangible mark on society. Here, I don't see any of that. No lasting impact. No changed narrative.

Re: Simple Bank Is Closing

#112

Post by orange_tee » Thu, Jan 07, 2021, 8:46 PM UTC

zepto wrote: post #76

orange_tee wrote: post #43

Earlier quoted context omitted.

I cannot blame the founders. They worked hard and risked a lot and were successful so they want to cash out. Here's a radical idea. Maybe if countries care so much about keeping markets competitive, they could buy out late-stage startups to allow them to keep operating independently.

The obvious retort would be to mention the problems with state ownership/control of companies. However maybe you have a model in mind that doesn’t result in control ending up in the hands of the government. If so, I’m curious!

Government could buy it out and sell shares back to the public, sort of like an IPO, but with some conditions attached, so that it ensures the company remains independent for a specified number of years post IPO.

Re: Simple Bank Is Closing

#113

Post by kgwxd » Thu, Jan 07, 2021, 8:48 PM UTC

I had Simple from 2012 until 2015. I was buying a house and the unusual parts of the bank were making it difficult to get it done, so I transferred everything to a local bank. I remember liking it a lot at the time, but now I'm having a hard time remembering what set it apart. I think by the time I switched, most banks had all the features that made it unique.

Re: Simple Bank Is Closing

#114

Post by elliekelly » Thu, Jan 07, 2021, 8:53 PM UTC

jason_slack wrote: post #109

Does anyone have thoughts on a replacement? I'd love to stay with a more modern approach to banking.

I briefly used Simple when they first launched (and so were lacking some important features). Eventually I switched back to Schwab and I’ve yet to find a better bank. I even banked with Schwab when I worked at a bank that wasn’t Schwab. Their customer service was much better.

Re: Simple Bank Is Closing

#115

Post by whoisjuan » Thu, Jan 07, 2021, 8:54 PM UTC

sman591 wrote: post #77

whoisjuan wrote: post #37

I hope they don't do the same with Azlo, because that would suck a lot.

Just got an email that Azlo is closing too. Messaging was almost exactly the same as Simple's email.

Yeah! Just saw that! fuck.

Re: Simple Bank Is Closing

#116

Post by thelean12 » Thu, Jan 07, 2021, 8:57 PM UTC

I joined a long time ago when I was broke and they were one of the few online banks I found with no minimum balance or fees and had a good network of ATMs near me.

Then they stopped allowing me to send checks, so I had to open an account with another bank just so I can have checks when I need them.

Then in the few times I needed support, I couldn't get it. One time I tried to buy a car and was having trouble with the payment. I tried to call them and it turns out that their support phone line closes at 3pm PT! How is that acceptable?

I'm glad they're shutting down, because it'll get me to actually fully switch over to another bank, which I expect to be a lot of effort.

Re: Simple Bank Is Closing

#117

Post by bovermyer » Thu, Jan 07, 2021, 8:58 PM UTC

Earlier today I opened an Axos account and transferred everything over to that from my Simple account.

Direct deposit, Venmo, Paypal, everything's now been switched to Axos.

Simple really helped me get a handle on my finances and turn my net worth black, so I'm sad to see this.

Re: Simple Bank Is Closing

#118

Post by zepto » Thu, Jan 07, 2021, 9:00 PM UTC

orange_tee wrote: post #112

zepto wrote: post #76

Earlier quoted context omitted.

The obvious retort would be to mention the problems with state ownership/control of companies. However maybe you have a model in mind that doesn’t result in control ending up in the hands of the government. If so, I’m curious!

Government could buy it out and sell shares back to the public, sort of like an IPO, but with some conditions attached, so that it ensures the company remains independent for a specified number of years post IPO.

How would the price be determined?

Re: Simple Bank Is Closing

#119

Post by whalesalad » Thu, Jan 07, 2021, 9:02 PM UTC

I highly recommend Charles Schwab for a checking account in the US. https://www.schwab.com/checking

(I was a Simple customer at one point)

Re: Simple Bank Is Closing

#120

Post by nine_k » Thu, Jan 07, 2021, 9:05 PM UTC

whalesalad wrote: post #119

I highly recommend Charles Schwab for a checking account in the US. https://www.schwab.com/checking (I was a Simple customer at one point)

Why not BoA or Chase, for instance? Can you please highlight the key differentiating features?