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Im consistently disappointed with the state of banks in the US (Aussie here). This looks amazing. Would it be possible for me to build something for personal use on top of this? Or are you only targeting business at this stage?
I've come across a couple companies such as Mercury but they're only for business use.
Hey founder (and OP) here. This has been a labor of love for the past few years and I'm super stoked on what we shipped. Would love any and all feedback, thoughts and questions!
I just want to vent about something bank-related, and hopefully bait someone to tell me how this solves it. Or something else solves it.
Have you ever heard how you could pay off your mortgage a lot quicker by making bi-weekly payments instead of monthly? Or how you can include extra with your payment and instruct your bank to apply it directly to the premium, helping you reduce your interest?
TLDR, I think people giving this advice haven’t tried applying it.
Well, I wanted to do that - but in practice I found it near impossible to accomplish. First - any form of electronic bill-pay is right out of the window, because any extra payments or amount - the bank will apply as pre-paying your next scheduled payment, which means you are pre-paying not just principal, but the interest as well. Why would anyone want to do that? The bank helpfully told me that “some people maybe are going on vacation and will be away when the bill is due”. Yeah…
You can try to submit a paper invoice with special instructions by postal mail. Then it may or may not work. I don’t know if it’s incompetence or outright customer-hostile behavior from the bank, but this method succeeded only some of the time. You have to follow up by phone to find out and even so making any corrections after the fact is difficult and requires multiple call transfers and waiting on hold.
That said, are you a tad worried about the future of "fintech apps"? It seems like a lot of the revenue growth in this space was heavily related to ZIRP and/or super low rates in the preceding few years, which made these apps more attractive to consumers. So, is there an existential worry that the success of the apps that will build on top of your bank is too closely tied to potentially unrealistic Fed policy?
Could you talk more about the monthly minimums? Also can I create personal accounts with this or is it just business accounts?
Im consistently disappointed with the state of banks in the US (Aussie here). This looks amazing. Would it be possible for me to build something for personal use on top of this? Or are you only targeting business at this stage?
Tacking onto this question, does anyone have recommendations for US banks that have API access and allow personal use? I've come across a couple companies such as Mercury but they're only for business use.
I really just want a bank account with an API, that would be so, so nice.
Congrats on launching! I just want to vent about something bank-related, and hopefully bait someone to tell me how this solves it. Or something else solves it. Have you ever heard how you could pay off your mortgage a lot quicker by making bi-weekly payments instead of monthly? Or how you can include extra with your payment and instruct your bank to apply it directly to the premium, helping you reduce your interest?…
It sounds like the bank/site your loan is under is actively hostile towards such payments. I don't know enough about mortgages to know how to help you solve your side, though.
Earlier quoted context omitted.
Super interesting - what would you like to see? Like USD/USDC swappable accounts or something?
Right now I have an account now where I can deposit USDC and spend via tap to pay/debit card. Basically just a debit card linked crypto account, rewards are $$$ (4%) and adjusting balances is fast and easy. Also programmable so I can replace what is spent without having to manually transfer. This helps tremendously with managing the families access/budgeting of funds. Would also be nice to have an account where legac…
Is use case only to build products on top of your platform or could it be used for personal finances and, as a developer, add automations and such over the API?
Congrats on launching! I just want to vent about something bank-related, and hopefully bait someone to tell me how this solves it. Or something else solves it. Have you ever heard how you could pay off your mortgage a lot quicker by making bi-weekly payments instead of monthly? Or how you can include extra with your payment and instruct your bank to apply it directly to the premium, helping you reduce your interest?…