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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

#121

Post by ynniv »

al3x wrote: post #57
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/ .

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.

Perhaps your FAQ should say that your money will be kept at a specific institution that you will be informed of.

Re: BankSimple invites first customers; rebrands itself as Simple

#122

Post by i2pi »

damoncali wrote: post #101
al3x wrote: post #77

Earlier quoted context omitted.

What questions would you like us to answer, or where do you think we can be more specific? We're always trying to improve the way we explain what we do, so we're open to suggestions :)

Can I withdraw my money directly from the partner bank, and is it in an account with my name on it?

Yes - we provide you with the account & routing numbers so that you have direct access to your funds at the underlying account.

(Josh - CEO, Simple)

Re: BankSimple invites first customers; rebrands itself as Simple

#123

Post by mrgordon »

deltaqueue wrote: post #109
286c8cb04bda wrote: post #81

Earlier quoted context omitted.

Not the OP, but I have a bank account at Schwab[1], and they refund all ATM fees that other banks charge. [1] http://www.schwab.com/

This is correct for their high-yield investor checking account (don't let the name fool you, the interest is a fraction of a percent). This account requires a credit check and a linked brokerage account; although, I don't think that brokerage requires a minimum balance. While I hold options, my cash balance is ~$3. Anecdote: I have been with Schwab for years and love their offering. One weekend in Vegas I accumulated…

It's only possible from trade commissions/fees they've generated in general, but not specifically from you. Some people definitely come out ahead.

And yeah, you have to open a brokerage account but you can leave it with $0 and no positions forever. That said, Schwab has some pretty killer deals on ETFs on the brokerage side..

Re: BankSimple invites first customers; rebrands itself as Simple

#124

Post by ohyes »

wmf wrote: post #59
buro9 wrote: post #16

I'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.

I'd go with 'scary.'

I put my money in a bank because there is an assurance that I'll be able to get it out later and that it is safe there.

Re: BankSimple invites first customers; rebrands itself as Simple

#126

Post by samstave »

gojomo wrote: post #27
schraeds wrote: post #10

Earlier quoted context omitted.

Mint, Square, Ally. I think the naming convention fits other examples of successful startups in this space.

'Ally' is not a successful startup. Ally is the rebranded GMAC, whose founding dates back to 1919. GMAC was renamed (and officially transformed into a registered bank) as part of a series of changes which included receiving over $16 billion in federal bailout assistance. http://en.wikipedia.org/wiki/Ally_Financial Though I suppose 'Ally' was a spectacular renaming, and their advertising is working, if it gives people…

Avoid GMAC (Ally now) like the plague.

Rife with fraud internally (My mother used to work there and told some horrible stories of how they screwed over customers).

Re: BankSimple invites first customers; rebrands itself as Simple

#127

Post by i2pi »

i2pi wrote: post #122
damoncali wrote: post #101

Earlier quoted context omitted.

Can I withdraw my money directly from the partner bank, and is it in an account with my name on it?

Yes - we provide you with the account & routing numbers so that you have direct access to your funds at the underlying account. (Josh - CEO, Simple)

On the naming of the account, it is a little more complicated. Everyone gets, at least, two accounts with us. One is a joint account, that is named 'Simple', but titled for the benefit of (FBO) our customers. But titling it such, all FDIC insurance flows through to the individual customers.

In addition to the co-mingled account, everyone gets an individual interest baring account, which is directly titled in the name of the customer.

Either way, you can access your funds at any time.

In the case of the co-mingled account, we generate pseudo-account numbers that correspond to your portion of that account.

It is a complicated answer, but unfortunately, banking is complex. We do a lot of heavy lifting on the back end to make it as simple as possible for you.

Re: BankSimple invites first customers; rebrands itself as Simple

#128

Post by noodle »

steve8918 wrote: post #39
noodle wrote: post #25

Earlier quoted context omitted.

https://www.simple.com/faq/ > your cash is deposited with our bank partners in FDIC-insured products.

I still don't get it. When I deposit $1000 into Simple, will I get a statement from Simple or the "banking partner". Can I go directly to the "banking partner" and withdraw my money or must I always go through Simple?

i don't work for them. read their FAQ and their site. if it doesn't answer their questions, ask them. if you're not convinced, don't use it. i suspect this isn't for everyone. it might not be for you. not everyone "gets" mint either.

Re: BankSimple invites first customers; rebrands itself as Simple

#129

Post by Joeri »

kr1shna wrote: post #55

How soon can we something like this in Europe?

The banking market in europe is not as unified. Simple would have to approach europe country by country. For example, retail banking in italy is nearly ten times as expensive as in the netherlands.

There's a study by the EU on this topic: http://ec.europa.eu/consumers/rights/docs/study_bank_fees_en...

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