Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Simple Bank Is Closing

oregonlive.com

Post reply on HN
Print view View original

181–190 of 615 posts

Re: Simple Bank Is Closing

#181

Post by thebean11 »

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.

That's surprising to me, one time my card got blocked because I used it at (I guess?) a sketchy ATM. I called them but they had zero customer service outside of business hours. Opened up a Chase account after that.

Re: Simple Bank Is Closing

#182

Post by Diederich »

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 also used ING Direct, and switched to Simple when it turned into Capital One. About three years ago, I switched from simple.com to ally.com, and it's been pretty great.

Re: Simple Bank Is Closing

#183

Post by cosmie »

noirbot wrote: post #72
_jal wrote: post #48

Earlier quoted context omitted.

I understand liking modern-feeling apps, but am more than happy to put up with the slightly old-feeling credit union app because they are just such a better institution - no bullshit fees, actually happy employees, far better rates on credit cards/loans... There's just no comparison. I do have a commercial bank account, too, but that's just for access to quicker interchange with other commercial banks, when that's ha…

My worry with most credit unions is that most of the ones commonly recommended have requirements for who can be a member, or are geographically tied. I'm unlikely to live in the same city for as long as I'd want to keep a bank account, and I'm not military or otherwise. Do you have a good recommendation for a CU that's more generally an option?

That's a legally required quirk of credit unions; in order to get a federal charter/license to operate, they have to define a field of membership[1].

That said, I've never had a credit union bring up membership requirements post-joining, and have been able to both use existing accounts and open additional accounts at credit unions long after no longer qualifying for their field of membership.

A lot of credit unions even participate in shared branching[2], which lets you use the physical branches of one credit union to manage the account you have with another. Which comes in handy for the few things you can't use ATMs or online banking for, such as large transactions beyond ATM limits or depositing cash.

[1] https://www.ncua.gov/support-services/credit-union-resources...

[2] https://www.thebalance.com/co-op-shared-branches-how-custome...

Re: Simple Bank Is Closing

#184

Post by chepurko »

Nothing in banking that is good and pleasant to use for clients ever lasts indefinitely. This is a business that can only survive on making customers’ lives miserable. I’ve been a Simple client for some time after closing PNC. It’s always been just “out of the way” and has never caused problems or cost me money unfairly. Which is why I’ve been waiting for them to either be acquired by a bigger, horrible bank or go under for some time.

Re: Simple Bank Is Closing

#185

Post by lotsofpulp »

chipotle_coyote wrote: post #101
minton wrote: post #93

Earlier quoted context omitted.

I can’t find any details on BoA having an equivalent feature to Simple’s Goal. Do you remember what it’s called?

There's a "Goals" section in my BoA app for my checking account which appears to let you set savings goals and target amounts. (I'll underline my "haven't tried it" disclaimer above, though! While I didn't use Simple's functionality for this, I recall it as being pretty well-designed, and design hasn't really been one of BoA's strengths...)

Also

https://www.bankofamerica.com/online-banking/mobile-and-onli...

Re: Simple Bank Is Closing

#186

Post by red_hare »

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.

I'm also crushed.

Simple has been my only checking account since 2011. I think I learned about them on HN. The UI is snappy and slick and their support team have always gone above and beyond. They're really the model for what a checking account should be.

Re: Simple Bank Is Closing

#187

Post by joaoreynolds »

Simple was a game-changer for our personal finances. We tried Mint but it was too much work. When I look for "alternatives to Simple" all I find are other online banks. What I want though is the budgeting part. Monthly expense allocation + safe to spend. Anybody here know of a good alternative to this?

Re: Simple Bank Is Closing

#188

Post by nichos »

chepurko wrote: post #184

Nothing in banking that is good and pleasant to use for clients ever lasts indefinitely. This is a business that can only survive on making customers’ lives miserable. I’ve been a Simple client for some time after closing PNC. It’s always been just “out of the way” and has never caused problems or cost me money unfairly. Which is why I’ve been waiting for them to either be acquired by a bigger, horrible bank or go un…

You should look into a local credit union.

Re: Simple Bank Is Closing

#189

Post by umeshunni »

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.

Or you could reduce the barriers required for companies to go public/IPO.

What has changed over the last 20 years in the US is how much more expensive / difficult it has been for a company to go public. A lot of that is a result in 'consumer protections' that came into place after the .com bust and the financial crisis, but as with every short sighted government regulation, it has unintended consequences.

Re: Simple Bank Is Closing

#190

Post by umeshunni »

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.

Great, now there's even less reason to do a startup and it's even better to just take a FAANG job.
Post reply on HN