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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

#161

Post by useflyer »

i2pi wrote: post #127
i2pi wrote: post #122

Earlier quoted context omitted.

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…

psuedo-account numbers do not inspire confidence that my money is safe. please put a HOW IT WORKS section on your website and go into details, because this just seems insecure and shady

Re: BankSimple invites first customers; rebrands itself as Simple

#162

Post by inmygarage »

I wish Simple would consider supporting all ATMs, not just in-network ones. And by supporting, I mean reimbursing all ATM-related fees. Ally does this. Although Ally is a bank rather than a front-end-for-a-bank, this feature has become increasingly important to me as I find myself increasingly patronizing cash-only establishments.

Re: BankSimple invites first customers; rebrands itself as Simple

#163

Post by Game_Ender »

shamirk wrote: post #31
esrauch wrote: post #21

Earlier quoted context omitted.

Doesn't that mean that you don't actually get any of the legal protections (insurance and assurances) that comes with keeping your money in a bank or credit union?

Guys - the FAQ https://www.simple.com/faq/has all the answers you need. - FDIC insurance is pass through from the underlying banks. - you open your account through us, and manage it through us.

From all the questions here on HN I think you need to much more explicit with people about who actually holds their money, and that they can withdraw it from that Bank directly if they desire.

Re: BankSimple invites first customers; rebrands itself as Simple

#164

Post by jguimont »

al3x wrote: post #64
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 :)

I wish I had this name for my business. Perfect.

Re: BankSimple invites first customers; rebrands itself as Simple

#165

Post by sliverstorm »

al3x wrote: post #140
ohyes wrote: post #124

Earlier quoted context omitted.

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.

If you bank with us, you're money resides in an FDIC-insured bank account. You have the account and routing numbers and can transfer funds in or out at any time. We try to make banking anything but "scary" :)

Sweeping the technical details under a rug is what is making this scary. Many people may not care, but it would be very comforting to those that do if you had a document somewhere that explained exactly, in gory detail, where and how BankSimple fits in between the customer and the bank.

Re: BankSimple invites first customers; rebrands itself as Simple

#166

Post by [deleted] »

al3x wrote: post #106
adamio wrote: post #74

I already have a checking account. The website interface works. Its not trendy glossy HTML5, but that's ok because my money isn't handed over to a third party who gets to profit off its interest on my behalf. What problem are you solving? The user interface for bank's sites are not good? So you are a different user interface and all I have to do is put my money in a black box? Who is funding these startups, wow. I ha…

There's a whole bunch of problems we're solving. More, really, than fits in an HN comment. You're right that user experience is a primary concern for us. The interface that most people have their financial data is extremely poor. This makes answering questions about your financial life slow and clumsy, if it's even possible given the tools your bank provides. That keeps a lot of people from making the right financial…

[deleted]

Re: BankSimple invites first customers; rebrands itself as Simple

#169

Post by [deleted] »

al3x wrote: post #54
Umalu wrote: post #42

Earlier quoted context omitted.

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.

[deleted]

Re: BankSimple invites first customers; rebrands itself as Simple

#170

Post by botker »

i2pi wrote: post #127
i2pi wrote: post #122

Earlier quoted context omitted.

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…

I wish Simple the best of success, but it seems clear that a more technically correct name for the company would be Complicated.

I understand that your goal is to create the appearance of simplicity via complicated obfuscations. Those of us who are concerned about where our accounts live, and how they're structured, are not your prospective customers. So while I have no need for an invite, I wish you the best of success. Certainly some people will enjoy your service.

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