Great! Why haven't I gotten my invite yet? :)
BankSimple invites first customers; rebrands itself as Simple
51–60 of 295 posts
Re: BankSimple invites first customers; rebrands itself as Simple
#52Honestly, I don't understand this rebranding. Are they making things other than banking simple? I love the idea of making banking more simple and easier, and that's why I thought their previous name, BankSimple, was better. Can someone help me understand this?
I think this is just a PR (over-)reaction to the current negative image of "banks" and provides some space between Simple and the "banking" practices it skewers in its marketing. (It is somewhat problematic to say "banks are bad for you" and "we're not a bank" when your name screams "we're a bank") I guess it's also somewhat logically defensible, since FDIC-insured credit unions are just as qualified to be Simple's b…
Hi, cofounder of Simple here.
It's extremely unlikely that we'd ever partner with an institution like BofA. We chose bank partners who are comfortable with our vision, and that includes not charging outrageous fees and engaging in other customer-hostile practices. The big banks have shown time and again that they're not in business to act in the best interest of their customers, and that makes them poor partners for us.
We don't currently have plans to allow customers to select the institution with which their funds reside, but it's something we'll take under consideration. Thanks for your thoughts.
Re: BankSimple invites first customers; rebrands itself as Simple
#53I'm not sure I understand the proposition now. Who is the relationship with? As in... who has my money? I read it as them hiding that from you for simplicity... you get this one interface and customer service which is wonderful, but to achieve this they are the proxy to your bank? So... do they set up the bank accounts, or do you? Do you have the ability to go straight to your bank, or does Simple preclude that abili…
Hi, cofounder of Simple here. We work with partner banks who hold on to deposits. For all intents and purposes, you never have to think about who that partner bank is, but if you ever need to contact them directly, you'll know where your funds are. You might find our FAQ informative: https://www.simple.com/faq/ .
hey al3x. thanks for the explanation. i had a read over the faq and i think it's still not too clear who would have the deposit. am i right in assuming that on opening an account my initial deposit would go to a specific bank partner, and i would be informed of who that partner was in case i ever wanted to approach them directly to access my deposit without your service?
Re: BankSimple invites first customers; rebrands itself as Simple
#54Earlier quoted context omitted.
The "Bank" in "BankSimple" was problematic for us. We're technically not a bank. We also don't want to be associated with the way people have approached banking, particularly in the US. Sorry you're not crazy about the new name, but we're happy with it. It gives us a lot of room to grow.
There are actually laws prohibiting non-banks from using the word "bank" in their name. A lot of bank holding companies (which are not, technically, banks) got around this by replacing the "k" in "bank" with a "c" -- such as "BancAmerica Corp". I'm sure we all breathed a sigh of regulatory relief seeing that "c" there.
Yup. Those laws are pretty loosely enforced and vary on a state-by-state basis, but they're definitely a concern.
Re: BankSimple invites first customers; rebrands itself as Simple
#55How soon can we something like this in Europe?
Re: BankSimple invites first customers; rebrands itself as Simple
#56Earlier quoted context omitted.
Hi, cofounder of Simple here. We work with partner banks who hold on to deposits. For all intents and purposes, you never have to think about who that partner bank is, but if you ever need to contact them directly, you'll know where your funds are. You might find our FAQ informative: https://www.simple.com/faq/ .
Still confused. Is the account at the partner bank in my name, or that of Simple?
Assumption alert: the account at the partner bank is in your name.
Your money must be in your name for it to get the FDIC's "$250,000 limit per depositor" insurance coverage. Having one big mattress with Simple's name on it would preclude your money being insured. Ergo, the account must be in your name.
Re: BankSimple invites first customers; rebrands itself as Simple
#57I'm not sure I understand the proposition now. Who is the relationship with? As in... who has my money? I read it as them hiding that from you for simplicity... you get this one interface and customer service which is wonderful, but to achieve this they are the proxy to your bank? So... do they set up the bank accounts, or do you? Do you have the ability to go straight to your bank, or does Simple preclude that abili…
Hi, cofounder of Simple here. We work with partner banks who hold on to deposits. For all intents and purposes, you never have to think about who that partner bank is, but if you ever need to contact them directly, you'll know where your funds are. You might find our FAQ informative: https://www.simple.com/faq/ .
Answering etherealG's question here because I can't reply to him below:
Yes, you'll know what institution your funds are at. When you get your Simple card, it'll say "issued by {Bank Name}" on the back.
Re: BankSimple invites first customers; rebrands itself as Simple
#58My checking account is fundamentally a revolving cash account between a portion of my paycheck and my monthly bills (cc, mortgage, utilities, etc.). Other than autopay bills, all my purchases go through my credit card (which is then another autopay against my checking acct.). I manage all this at a macro level through Mint.
I never visit my bank website, partly because it sorta sucks, but partly because I have no reason to—I really just care about the balance. Additional views would be nice, but I need it at the macro level to incorporate all my accounts (which Mint, admittedly, falls short on). I don't use my debit card for anything other than ATM cash.
My checklist for a checking account is pretty short:
1. No fees. (Including ATM fees. I'm reimbursed if a third-party charges one, too.) 2. Smartphone check deposit. 3. Features / Customer Service / Interest Rate, etc.
Simple's down in that third bucket (and they don't meet criteria #1).
Re: BankSimple invites first customers; rebrands itself as Simple
#59I'm not sure I understand the proposition now. Who is the relationship with? As in... who has my money? I read it as them hiding that from you for simplicity... you get this one interface and customer service which is wonderful, but to achieve this they are the proxy to your bank? So... do they set up the bank accounts, or do you? Do you have the ability to go straight to your bank, or does Simple preclude that abili…
This is a good example of why "we're not a bank" is more confusing than comforting. IMO Simple should just gloss over that part.
Edit: I would liken it to startups that are built on top of some cloud; I don't need to know that because ultimately I hold the startup responsible for their reliability/security, not their underlying provider.
Re: BankSimple invites first customers; rebrands itself as Simple
#60Earlier quoted context omitted.
Hi, cofounder of Simple here. We work with partner banks who hold on to deposits. For all intents and purposes, you never have to think about who that partner bank is, but if you ever need to contact them directly, you'll know where your funds are. You might find our FAQ informative: https://www.simple.com/faq/ .
Still confused. Is the account at the partner bank in my name, or that of Simple?
I have no affiliation with Simple, but the relationship seems pretty straight forward. "Where" your money is becomes an abstraction. You hold an account with Simple, and are issued a Visa card with which you can access the funds in your account. Everything beyond that is transparent to you.
The accounts would technically be "in your name", since the funds are yours, but you never have to interface with the other bank, so it becomes a question of: do you want to know the technical specifics, or stick to what's pragmatic? Pragmatically, your account would be with Simple. Your money is in an FDIC insured depository bank, so you don't face any additional risk because of the "partner" distribution.