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BankSimple: We have cards

banksimple.com

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Re: BankSimple: We have cards

#101

Post by Zev »

mdasen wrote: post #31
Aloisius wrote: post #2

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.

In some ways, they're over-reaching. Sure, people hate the banks right now and it seems like a cash-cow industry that one could really disrupt. However, banking has a lot of competitors including not-for-profit ones in the form of credit unions. It will be very difficult to offer higher rates, better service, etc. than a non-profit credit union while one is trying to make a profit. However, if I were BankSimple and y…

Chase has an iPhone app that lets you scan checks.

Only for small amounts. If the check is for a large amount (over $750? I'm not sure exactly what the limit is), the app will refuse to let you scan it in and tell you to go to a branch instead.

Re: BankSimple: We have cards

#102

Post by KirinDave »

al3x wrote: post #93
newman314 wrote: post #55

Earlier quoted context omitted.

Anyone know the reason why? I'm not asking because the popcorn factor but rather to understand if there's something fundamentally broken about the concept & company.

I'm the CTO of BankSimple. I can confidently say that there's nothing fundamentally broken about the concept or company. BankSimple wasn't the right place for Dave, but he's a brilliant programmer – seriously, one of the best I've ever worked with – who will end up doing great things no matter where he ends up. I'm really grateful that we got a chance to work with him. To be clear: this is not the easiest business in…

It is almost like we are professionals.

But be careful, Al3x. Being professional about these sorts of things generates almost no News Forum Karma, which as we all know is a critical resource for startup fund raising. I suggest you edit your post with a few tactical emoticons.

Re: BankSimple: We have cards

#103

Post by paulitex »

KirinDave wrote: post #100
paulitex wrote: post #84

Earlier quoted context omitted.

FWIW, it certainly doesn't sound like it was for a better offer. He's actually on the market right now: http://twitter.com/#!/KirinDave/status/70222704883662848 http://twitter.com/#!/KirinDave/status/70221497888808960

It is flattering to be under such scrutiny. I feel as if the slightest motion of my fingertips could send startups spinning into chaos. Would my medical records and long-form birth certificate be of any use? My cancer history might change how you want to invest your money.

To be fair, these links all came from twitter - you broadcasted into a very public channel. To an entirely outside observer (eg me) it's worth noting... Personnel is a very big deal in startups, BankSimple is relatively high profile, and you were their 'Lead Developer'. The scrutiny comes with the territory.

Re: BankSimple: We have cards

#104

Post by rglullis »

allwein wrote: post #81
orijing wrote: post #26

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…

> How will overdrafts work? Will the check just not go through? That's how it used to work, so sure, it's an option. A second option would be automatically taking the money out of your savings account, if available. A third option is, if you have a credit card with them, putting the overage on you your credit card. A fourth option would be to generate an automatic overage loan at a reasonable interest rate, without a…

In Brazil it is standard practice for banks to attach a credit line to every checkings account, and if you overdraw it counts as a loan against that credit. Some even include a grace period (10 days or so) where you don't pay anything if you bring your balance back to black.

However, you definitely don't want to keep using that credit line. Interest rates are on the order of 120%/year.

Re: BankSimple: We have cards

#105

Post by dsl »

paulitex wrote: post #84
jrockway wrote: post #83

Earlier quoted context omitted.

No? Programmers get better offers all the time. Why make less money at an uncertain startup when you can make more money somewhere that has a certain future? I have no idea that this happened, but people leave for reasons other than "the product sucks". In fact, I would guess that compensation and getting along with your coworkers are much bigger factors.

FWIW, it certainly doesn't sound like it was for a better offer. He's actually on the market right now: http://twitter.com/#!/KirinDave/status/70222704883662848 http://twitter.com/#!/KirinDave/status/70221497888808960

I heard Wells Fargo kidnapped his family...

Re: BankSimple: We have cards

#106

Post by tptacek »

paulitex wrote: post #103
KirinDave wrote: post #100

Earlier quoted context omitted.

It is flattering to be under such scrutiny. I feel as if the slightest motion of my fingertips could send startups spinning into chaos. Would my medical records and long-form birth certificate be of any use? My cancer history might change how you want to invest your money.

To be fair, these links all came from twitter - you broadcasted into a very public channel. To an entirely outside observer (eg me) it's worth noting... Personnel is a very big deal in startups, BankSimple is relatively high profile, and you were their 'Lead Developer'. The scrutiny comes with the territory.

You're talking about it because it's fun to talk about. You don't care that it has practically nothing to do with the topic at hand. And despite the fact that you're talking about a person who's in the room, you're fine with speculating about his career.

And, whatever, but don't try to pass it off as high-minded.

Re: BankSimple: We have cards

#107

Post by pasbesoin »

al3x wrote: post #95
achompas wrote: post #32

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'm BankSimple's CTO. To your points: 1. We're more than a "customer service wrapper". We don't license our technology or outsource our support staff to other banks. Banks are our partners, not our customers, and we only partner with a small number of banks who share our values and are willing to set aside things like fee revenue to work with us. We have a symbiotic relationship with those banking partners: we bring…

I may be a corner case, but I suggest you https your entire site. I have my browser set to alert upon transitioning from https to http, and the alerts quickly become annoying while navigating your site.

That aside, I'm one more hoping you can bring some sanity, on behalf of the consumer, to this market.

Re: BankSimple: We have cards

#108

Post by rdl »

nhangen wrote: post #67
mschwar99 wrote: post #44

Earlier quoted context omitted.

That is apparently no longer the case. The only major services non-military are ineligible for are auto and property insurance. Eligibility description here: https://www.usaa.com/inet/pages/why_choose_usaa_eligibility_...

You are correct. It's just the insurance that's restricted to military. They are the best bank you'll ever use IMO.

Navy FCU and Pentagon FCU are also great (and open to anyone for a charity donation of around $25). I notice a trend!

Re: BankSimple: We have cards

#109

Post by [deleted] »

achompas wrote: post #32

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…

[deleted]

Re: BankSimple: We have cards

#110

Post by devicenull »

eli wrote: post #22
jsm386 wrote: post #13

Earlier quoted context omitted.

Obviously different banks have different issues but Chase (third largest US by deposits) already does everything in that vision. I really don't get Bank Simple. Integrating planning in a way that looks like Mint is nice, but Mint brings in your other accounts - and if they are trying to out Mint Mint, that is a pretty tall challenge. I can't speak for other banks but I don't see anything special here. - The plain sim…

largest fee-free nationwide ATM network That's gotta be Allpoint. They run nearly all of the non-bank ATMs (Think: 7/11, pharmacies, gas stations). ING Direct has the same deal: http://app.ingdirect.com/atmlocate/index.html That's actually a significantly worse deal than the banks and credit unions that refund ATM fees (to a point) so you can use literally any ATM on any network.

I have an ING Direct account, and I've never been terribly happy with the allpoint ATM's. They tend to .. not look trustworthy. When you've got an awful looking ATM tucked away in a corner somewhere, I really don't want to give it all my account info.
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