Simple Bank Is Closing • Hacker News Board

Re: Simple Bank Is Closing

#121

Post by zepto » Thu, Jan 07, 2021, 9:06 PM UTC

JMTQp8lwXL wrote: post #111

zepto wrote: post #73

Earlier quoted context omitted.

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.

‘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.’

I agree that this is essentially a failure.

However, for many years they provided exactly the service they said they were going to provide.

As for ‘the exit is the point’. Maybe for those who controlled the stock, but definitely not for everyone involved.

And even for the founders, do you think this was the exit they planned on? I very much doubt that.

The end result is a bad one, but I don’t think you’ve made a case for being cynical in some broader sense.

Re: Simple Bank Is Closing

#122

Post by ww520 » Thu, Jan 07, 2021, 9:09 PM UTC

nine_k wrote: post #120

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?

One thing I like about them - no ATM fee worldwide and they would refund any ATM fee charged by the local bank.

Re: Simple Bank Is Closing

#123

Post by gst » Thu, Jan 07, 2021, 9:14 PM UTC

Simple was one of the few US-based checking accounts that required US citizenship in order to open a new account (a Visa or a Green Card was not sufficient): https://medium.com/@bartclaeys/simple-bank-discriminates-aga... (this has only been an issue since BBVA acquired them).

Re: Simple Bank Is Closing

#124

Post by whalesalad » Thu, Jan 07, 2021, 9:14 PM UTC

nine_k wrote: post #120

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?

No fees. I can go to any ATM and I will get reimbursed for the fee.

I was once behind on a payment to the State of California but due to moving multiple times in a short period of time they were unable to get the notice to me. I had no idea that I owed them such a big chunk of cash (taxes). Chase took the money out of my account on their behalf and charged me an additional fee. Smaller banks don't do it - but the big banks make a ton of profit fom things like this. Suffice to say I closed my account with Chase more or less immediately afterwards. I felt violated, frankly.

For a while I was making close to 2% return which is pretty impressive for a regular free checking account. Once interest rates went to hell that stopped, though.

Citi, Chase, Wells, BoA, USBank, they are all the worst.

Re: Simple Bank Is Closing

#125

Post by dang » Thu, Jan 07, 2021, 9:15 PM UTC

We changed the url from https://www.reddit.com/r/SimpleBanking/comments/ksize0/simpl... to what seems to be the best article about the subject.

Re: Simple Bank Is Closing

#126

Post by dang » Thu, Jan 07, 2021, 9:18 PM UTC

blacksmith_tb wrote: post #91

CamelCaseName wrote: post #51

The linked thread has been removed by the moderators and the entire subreddit is locked. You can view a backup of the original thread below (will take a few seconds to load). https://www.removeddit.com/r/SimpleBanking/comments/ksize0/s... Edit: Here is another article with the same information: https://www.androidpolice.com/2021/01/07/simple-bank-is-shut...

Our local newspaper has also chimed in: https://www.oregonlive.com/silicon-forest/2021/01/simple-por...

We've changed to that from https://www.reddit.com/r/SimpleBanking/comments/ksize0/simpl.... Thanks!

Re: Simple Bank Is Closing

#127

Post by asenchi » Thu, Jan 07, 2021, 9:18 PM UTC

da02 wrote: post #104

asenchi wrote: post #95

I spent four years working at Simple, there are a lot of great humans there. Please reach out if there is anything I can do to help. As for the product, it was great to work on and there was so much potential simply left on the floor. Really a shame to see that none of that will be realized.

Why did you leave? Did they downsize after the BBVA acquisition?

I took an opportunity at Heptio in 2019 (which was acquired by VMware soon after). They did not downsize and in fact we were growing when I joined a couple of months after the BBVA acquisition.

Re: Simple Bank Is Closing

#128

Post by takklz » Thu, Jan 07, 2021, 9:19 PM UTC

fml

Re: Simple Bank Is Closing

#129

Post by resynthesize » Thu, Jan 07, 2021, 9:19 PM UTC

roberto8647 wrote: post #5

alwillis wrote: post #4

Is there something that’s reasonably close to Simple as a replacement?

People are mentioning One Finance on the Rediit thread. Not sure about the feature parity though.

I'm an engineer at One and would be happy to answer any questions people have.

Re: Simple Bank Is Closing

#130

Post by dnautics » Thu, Jan 07, 2021, 9:20 PM UTC

orange_tee wrote: post #43

uses wrote: post #16

I've been a Simple customer since launch, and have used it as my primary bank since ING Direct was turned into Capital One. It's mildly depressing to be reminded once again that the dream of startup founders these days isn't to build something, but to sell something... specifically to a bigger company. Which will inevitably delete the thing, once it serves its use. Which is to provide presence in some kind of defensi…

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.

What tricks should I, as a founder of a company, maximize the valuation of my startup at government acqusition time, which revolving-door ex-regulator consultant should I hire to make sure my i's are dotted and t's crossed on all of my applications (and how expensive are they), who in the bureaucracy should I make friends with to ensure the smoothest possible acquisition.