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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

#91

Post by al3x »

sector wrote: post #88
al3x wrote: post #30

Earlier 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/ .

I don't understand who I call when a problem arises. Do I call you, the anonymous partner bank, or is it simply impossible to call somebody if I have an issue?

Hi, cofounder of Simple here.

You call us if you have a problem or question. We'll let you know what bank your funds reside at, but you should never need to contact them. We have our own in-house customer relations staff.

Re: BankSimple invites first customers; rebrands itself as Simple

#92

Post by al3x »

rapind wrote: post #66
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.

None taken. "Simple" is a generic term, and it's up to us to build it into a strong brand over time.

Re: BankSimple invites first customers; rebrands itself as Simple

#93

Post by damoncali »

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.

I dont' think that's exactly true. There is such a thing as the CDARS program, which allows you to spread your money between accounts at multiple banks. Not sure what the limitations are on that, but I would be weary of assumptions on this.

If the money were not in my name, that would be deal killer.

EDIT: for clarity.

Re: BankSimple invites first customers; rebrands itself as Simple

#94

Post by maaku »

al3x wrote: post #38
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…

Hi, cofounder of Simple here. From a regulatory perspective, we're a lot like a prepaid card. It's a well-known model that banking authorities, legal experts, and the government is comfortable with. You probably already use financial products that work similarly to the way we do. That said, we hold ourselves to the same security standards that "real" banks do. I'd like to think we're going above and beyond when it co…

"a lot like a prepaid card" doesn't answer the question. In what ways is it like a prepaid card? In what ways is it not? As the OP asked, where does the money actually go? It's a concern that you couldn't really answer the question.

Re: BankSimple invites first customers; rebrands itself as Simple

#95

Post by al3x »

lowglow wrote: post #61
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.

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

Nope, sorry ;)

Re: BankSimple invites first customers; rebrands itself as Simple

#96

Post by jarek »

al3x wrote: post #52
roc wrote: post #28

Earlier quoted context omitted.

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…

Stating this in terms this harsh makes me extremely curious as to who your bank partners are.

Re: BankSimple invites first customers; rebrands itself as Simple

#97

Post by maaku »

bradleyland wrote: post #68
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?

First republic bank Free ATM checking (firstrepublicbank.com).

Also no foreign transaction fees (very nice for a traveller).

Re: BankSimple invites first customers; rebrands itself as Simple

#98

Post by al3x »

Lewisham wrote: post #84

Did anyone else see this in the FAQ? Who can use Simple? To be eligible, you must: - Be a resident of the United States and over the age of 18; - Have a Social Security number; and - Own a smartphone (iPhone or Android). Do I really need to have a smartphone? Well, you need to have an iOS (version 4.2 or higher) or Android device. Android phones and iPhones are preferable so that you can deposit checks using your sma…

Hi, cofounder of Simple here.

We require a smartphone for more than just mobile check deposit. We want people to have our app installed so we can use it for multifactor authentication, for example. We also want to do rich push notifications of account activity, and SMS (the only viable non-smartphone option for that) isn't a great experience.

Today, there's still a bunch of people who don't have smartphones. But the previous generation of iPhone is now basically "free" at some carriers, as are many Android phones. By the time we're off our invite list and open to anyone who wants to sign up, it's going to seem crazy to support anything that isn't a smartphone.

Re: BankSimple invites first customers; rebrands itself as Simple

#99

Post by sector »

al3x wrote: post #91
sector wrote: post #88

Earlier quoted context omitted.

I don't understand who I call when a problem arises. Do I call you, the anonymous partner bank, or is it simply impossible to call somebody if I have an issue?

Hi, cofounder of Simple here. You call us if you have a problem or question. We'll let you know what bank your funds reside at, but you should never need to contact them. We have our own in-house customer relations staff.

Okay, so let's take a real situation that happened to me: an ATM debited my account $600, but only dispensed $300. In that situation, I call you, and what happens from there?

Thank you for taking the time to answer some of our questions on what is surely a busy day.

Re: BankSimple invites first customers; rebrands itself as Simple

#100

Post by damoncali »

bradleyland wrote: post #68
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?

USAA reimburses third party fees, has a nice iphone app for deposits, and a generally sound web interface. If you can get in, I highly recommended them.
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