41–50 of 157 posts
Earlier quoted context omitted.
It's right on their page. Under 'Find a new alternative:' "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 smartphone."
I hope that never leads to a "hot potatoe" situation when there is a problem.
As I understand it, banks make a large amount of revenues from fees and such. How will BankSimple succeed if it doesn't use that? How will overdrafts work? Will the check just not go through? I love that they are trying to revolutionize the banking industry, and I wish them well. But I'm afraid that they'll succumb to adverse selection to the greatest degree. The reality is that most of a bank's customers are not pro…
However, while traditional banks make a lot of revenue from fees and such, traditional banks also have a lot of costs. Traditional banks have very large staffs that BankSimple won't have, traditional banks have lots of real-estate that BankSimple won't have, etc.
So, there is the potential that BankSimple is cutting out the fee revenue, but they're also cutting out a lot of the costs and that they'll offset (or it'll be enough that they can succeed, even if succeed with lower than average profit margins for the banking industry).
I'm also guessing that online banks get a higher percentage of their clients from the no-fee club. There are already e-banking divisions of many banks that offer higher rates, ATM reimbursements, etc. So, there's some wiggle room there.
It will be difficult, but they're going for it. Again, I'm skeptical. There are a number of e-banks that offer better terms than physical banks, but haven't quite gone all the way on no-fee. It isn't a sector where there aren't competitors already. So, BankSimple is going to have its work cut out for it.
Earlier quoted context omitted.
Agreed. usaa.com already addresses all of these pain points.
USAA is also available only to members of the military and their families (they've been getting more lax over the years, though).
Eligibility description here: https://www.usaa.com/inet/pages/why_choose_usaa_eligibility_...
I'm pulling for BankSimple's success thanks to the abysmal nature of banking customer service. Hidden fees, long wait times on phone calls, ATM fees, ridiculous procedures to dispute charges... With that said, how is BankSimple anything but a middleman? In my eyes, they fill one of two potential roles: 1. They're a customer service wrapper for banks, which means banks pay them to provide support. So banks are their c…
I was able to do a lot of things like dispute charges, change address, and get information very easily on the phone with less than outlandish waiting times.
And I never incurred ATM fees either by using ATM's from my bank or just by using a credit card when I didn't have any cash.
The only real advantage I'd want is more ATM availability and higher interest rates. Otherwise, I can't say I've had that bad of an experience with a bank.
As I understand it, banks make a large amount of revenues from fees and such. How will BankSimple succeed if it doesn't use that? How will overdrafts work? Will the check just not go through? I love that they are trying to revolutionize the banking industry, and I wish them well. But I'm afraid that they'll succumb to adverse selection to the greatest degree. The reality is that most of a bank's customers are not pro…
The 1.5% they get from every single credit (and debit) card transaction as the issuing bank. I also understand that they'll have no branch locations. My local credit union has no fee checking and savings accounts, and in the years of using them they have only given me fees for the occasional coverdraft and absolutely nothing else. Just like how netflix is usurping cable companies $100 bills for a $10 + Internet bill,…
As I understand it, banks make a large amount of revenues from fees and such. How will BankSimple succeed if it doesn't use that? How will overdrafts work? Will the check just not go through? I love that they are trying to revolutionize the banking industry, and I wish them well. But I'm afraid that they'll succumb to adverse selection to the greatest degree. The reality is that most of a bank's customers are not pro…
As I understand it, banks make a large amount of revenues from fees and such. How will BankSimple succeed if it doesn't use that? How will overdrafts work? Will the check just not go through? I love that they are trying to revolutionize the banking industry, and I wish them well. But I'm afraid that they'll succumb to adverse selection to the greatest degree. The reality is that most of a bank's customers are not pro…
The 1.5% they get from every single credit (and debit) card transaction as the issuing bank. I also understand that they'll have no branch locations. My local credit union has no fee checking and savings accounts, and in the years of using them they have only given me fees for the occasional coverdraft and absolutely nothing else. Just like how netflix is usurping cable companies $100 bills for a $10 + Internet bill,…
I thought many places here (Canada) accepted debit but not credit because it was a fixed fee per transaction not a %
Earlier quoted context omitted.
The 1.5% they get from every single credit (and debit) card transaction as the issuing bank. I also understand that they'll have no branch locations. My local credit union has no fee checking and savings accounts, and in the years of using them they have only given me fees for the occasional coverdraft and absolutely nothing else. Just like how netflix is usurping cable companies $100 bills for a $10 + Internet bill,…
Do debit cards typically incur the same fees as credit cards? I thought many places here (Canada) accepted debit but not credit because it was a fixed fee per transaction not a %
Can someone please tell me the benefits of BankSimple over all the other online banks or your local credit union? I'm afraid I don't get it.
I always recommend them to people because they pay my banking fees, are insured, ethical/reputable, pioneered the discount brokerage, and have great 24/7 customer service. They've helped me out of numerous jams over the years.