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Simple Bank Is Closing

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Re: Simple Bank Is Closing

#161

Post by pjscott »

gowld wrote: post #135
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.

This isn't necessary. All the government has to do is block these acquisitions or shutdowns on simple antitrust grounds.

That would reduce the expected net present value of startups to investors, making it harder for them to get investment money in the first place and probably reducing the number of successful startups, acquired or otherwise. It's not obvious that this would be a net improvement.

Re: Simple Bank Is Closing

#162

Post by pradn »

cweagans wrote: post #84

I don't know how many Simple employees are in this thread. I'm very sad to hear this news, and I'm sure you were too. Just want you to know that you all made a really meaningful difference in the lives of at least my wife and I. Before I switched to Simple, I had a really hard time budgeting for things/planning for expenses, and was frequently toeing the line of overdrawing my account. I was essentially financially i…

It's refreshing to hear someone write well about some technology that has improved their lives. :)

Re: Simple Bank Is Closing

#163

Post by jdpedrie »

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…

If you're a veteran or the child of a veteran, highly recommend USAA. Tech is fairly good (they had online deposit years before anyone else I was aware of) and the service is unbeatable.

Re: Simple Bank Is Closing

#165

Post by kstrauser »

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)

Alternatively, look for a local credit union. I belong to one that was originally set up for firefighters and their families but is now open to people living and working here.

Pros:

- Most credit unions cooperate on a shared ATM network, so I have zero-fee access to way more ATMs than any bank does that I know of. Also, they reimburse any other ATM network fees (but I try not to rack up too many of those because I don't want to cost my CU money).

- They also usually cooperate on physical location resources: although my CU doesn't have a branch nearby, I can walk into another CU's location around the block to make deposits and withdrawals. Try walking into Wells Fargo and depositing money in your Bank of America account.

- Their lending rates are SO good. When I wanted to buy a new vehicle, I emailed the loan manager who gave me a pre-approval for about 50% more than I needed (just in case I stumbled over an awesome offer on something more expensive that I was looking for) at a ridiculously low rate. Then they recommended a dealership to me. My wife and I went to the dealer and picked out our vehicle. The sales manager said "I know you have financing, but let me see what I can do for you. What's your APR?" I told him and he started laughing: "yeah, I'm not gonna be able to touch that. Congratulations on it!"

- They have amazing customer service. Any time I've need something, from adjusting the date my loan payment is due to asking them to please stop putting a hold on the deposits of my wife's paychecks, has been a call or email and they just do it.

Cons:

- Nothing that I can think of after being with them for 5 years.

Re: Simple Bank Is Closing

#166

Post by hinkley »

pradn wrote: post #148
ac29 wrote: post #105

Earlier quoted context omitted.

FYI: "Credit unions generally follow the principle of "once a member, always a member", which allows a member with a current credit union membership to remain a member even if they would otherwise no longer qualify to be such, such as leaving the company with whom they initially gained membership or moving outside the credit union's defined geographic area." This is certainly true for the credit union I am a member o…

Moreover, credit unions seem to have good relationships with each other. I've never actually even seen a branch of the credit union I've been using for ten years in real life. But, if I need a notarization or to deposit a cheque, I can easily visit a branch of any credit union and they are usually happy to do it for me. I've been hit with fines for my mistakes (transferring money out of the wrong account) but I've ne…

The majority of credit unions share a vendor that handles a lot of their logistics for them. That's one of the reasons why they're so accommodating about certain inter-credit-union transactions. It's a value added service of a shared vendor, who just pushes some numbers around in a database.

Re: Simple Bank Is Closing

#167

Post by nahtnam »

leafmeal wrote: post #79
nahtnam wrote: post #25

Been a huge fan of SoFi. They have similar features to Simple but offer a wider range of services

Just looked into them and apparently they are not a bank which I'm guessing means not FDIC insured. That gives me pause...

I believe they are also based on BBVA or something similar but they applied for a charter license[1] which I think would allow them to run without any underlying bank.

This is what it says at the bottom of their website:

> 5 The cash balance in SoFi Money cash management accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC Insurance does not immediately apply. Coverage begins when funds arrive at a program bank. There are currently six banks available to accept these deposits, making customers eligible for up to $1,500,000 of FDIC insurance (six banks, $250,000 per bank). If the number of available banks changes, or you elect not to use, and/or have existing assets at, one or more of the available banks, the actual amount could be lower. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits in SoFi Money or at Program Banks are not covered by SIPC.

[1] https://www.reuters.com/article/us-sofi-bank-charter/fintech...

Re: Simple Bank Is Closing

#168

Post by brobinson »

cko wrote: post #29
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'm a happy Schwab customer. Their app isn't what you would call simple, but you can do almost all your investing and banking there (I say almost because I own some physical assets) and they refund ATM withdrawal fees.

They even refund international ATM fees which is awesome. If you're an investor, their margin rates are usurious, though.

Re: Simple Bank Is Closing

#169

Post by tmcpro »

Shank wrote: post #156

BBVA is also closing Azlo, the business bank that Stripe Atlas uses (used?) for LLCs. Looks to me like BBVA is attempting to annoy as many customers as possible. I love Simple to death. They overnighted a cashier's cheque for me, for free, on holiday. They've been nothing but kind and I truly hate to see them go. I really really loved being a Simple customer.

Try out Novo

[1] https://banknovo.com

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