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BankSimple invites first customers; rebrands itself as Simple

simple.com

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Re: BankSimple invites first customers; rebrands itself as Simple

#61

Post by lowglow »

al3x wrote: post #32
cynicalkane wrote: post #3

I thought BankSimple was a great brand, because it tells you what it is and fits well with the current zeitgeist. What is "BankSimple?" A way to bank that's simple. Sounds interesting! Everyone hates how complicated banking is, right? Let's go to the website to find out more. What is "Simple?" Who knows. A website that has something to do with banking--or so I'm told--with yet another web 2.0 one-word "brand", a real…

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.

Can I have your banksimple.com domain name when you're done with it?

Re: BankSimple invites first customers; rebrands itself as Simple

#62

Post by chc »

corin_ wrote: post #36
tdoggette wrote: post #22

Earlier quoted context omitted.

Wells Fargo and Suntrust are well-known banks, too.

Official name "SunTrust Bank", owned by "SunTrust Banks, Inc." Official name "Wells Fargo Bank, N.A." owned by "Wells Fargo & Company".

That's precisely the point vaporstun was making — we commonly omit the "Bank" from those names because it's seen as redundant.

Re: BankSimple invites first customers; rebrands itself as Simple

#63

Post by kr1shna »

al3x wrote: post #44
hemancuso wrote: post #24

Burning money on outrageously priced domain names instead of executive bonuses. I love it!

Hi, cofounder of Simple here. It wasn't a cheap domain, but our investors felt it was worth the expense. It's memorable, flexible, and to-the-point. We're generally not a profligate company, but we felt strongly about this.

I for one, love the branding. I think this is a leap forward in banking. I don't get why so many people are confused about the concept or don't like the name. Seriously...who cares about a statement or where it comes from? Those are old paradigms that need to be destroyed. Good job, Simple! I'm just sad that I can't get in the UK.

Re: BankSimple invites first customers; rebrands itself as Simple

#64

Post by al3x »

lhnn wrote: post #47

I don't get what the confusion is. "Simple" (generic name, weak branding..) is a middle-man between banks and you. Why? -They have multiple backend banks, so I suppose that keeps you the customer from getting locked into one bank's crappy fee policy. -They can focus on customer satisfaction and UI rather than be bogged down by becoming a "real" bank. Any doubts about their trustworthiness because they're not a bank i…

Sorry that you think the name is "weak" and "generic", but I'm glad that you get what we're doing.

"Simple" is definitely a generic term, but brands are built over time. Personally, I love our new logo (by our own @3n), and I think it'll resonate when you start seeing it on actual debit cards and such :)

Re: BankSimple invites first customers; rebrands itself as Simple

#65

Post by rapind »

Umalu wrote: post #42
al3x wrote: post #32

Earlier 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.

1-600-DOCTORB ("The B is for 'Bargain'")

Re: BankSimple invites first customers; rebrands itself as Simple

#66

Post by rapind »

cynicalkane wrote: post #3

I thought BankSimple was a great brand, because it tells you what it is and fits well with the current zeitgeist. What is "BankSimple?" A way to bank that's simple. Sounds interesting! Everyone hates how complicated banking is, right? Let's go to the website to find out more. What is "Simple?" Who knows. A website that has something to do with banking--or so I'm told--with yet another web 2.0 one-word "brand", a real…

I preferred BankSimple too, but I guess having Bank in the name would present too many problems. Simple seems very generic, no offense guys.

Re: BankSimple invites first customers; rebrands itself as Simple

#67

Post by buro9 »

delinka wrote: post #56
buro9 wrote: post #41

Earlier quoted context omitted.

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.

Excellent. That's all I needed to know.

Re: BankSimple invites first customers; rebrands itself as Simple

#68

Post by bradleyland »

basseq wrote: post #58

My 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 rea…

Simple's FAQ says no fees:

https://www.simple.com/faq/

Although you may be referring to third-party ATM fees. I'm curious which banks still reimburse for third-party ATM fees. Can you share the name of your bank?

Re: BankSimple invites first customers; rebrands itself as Simple

#69

Post by rapind »

evan_ wrote: post #13
vaporstun wrote: post #12

Earlier quoted context omitted.

While I think this may be true at first, if they gain any critical mass, the "Bank" in BankSimple would become redundant and wasteful. I think it is good and forward looking to rebrand it Simple before launch so that becomes synonymous with banking. Imagine if Google was instead called GoogleSearch? Google became synonymous for Search and therefore the Search portion of their name is superfluous. I for one applaud th…

Like how the "bank" in "Bank of America" is redundant and wasteful? To clarify, I don't really care either way- I'm sure they had other reasons for dropping the "Bank" from their name, especially since they're not really a bank.

"America" sounds so much better!

Re: BankSimple invites first customers; rebrands itself as Simple

#70

Post by niketdesai »

wwdevries wrote: post #15
steve8918 wrote: post #4

Does someone know exactly what they are? If we deposit money with them, how do we know we will get our money back? What does it mean when they say: "we're not a bank, but we deposit your money in FDIC-insured funds"? I'm all for introducing new types of banking entities, and I'm willing to even try this company out, but in the age of post-Madoff and personally having my identity stolen, how do I know who these guys a…

Coincidentally I noticed that both Simple and Square do not mention anything (anymore) about who they are. No about page, no team page, no nothing. Especially with companies that are all about your money, I'd at least like to know who's running the shop. Since it's pretty much the standard for startups to tell about themselves on their web site, this must have been a deliberate choice. What advantage does it have – e…

I noticed this as well, but I was able to see the team over on their Jobs page (and get a little bit of information about them too). I don't mean for this to be a solution to what you have brought up, but if you want to see something about them now it's a start.
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