"Drop the 'bank.' Just 'Simple'. It's cleaner."
BankSimple invites first customers; rebrands itself as Simple
201–210 of 295 posts
Re: BankSimple invites first customers; rebrands itself as Simple
#202I'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/ .
So you're a metabank, and you provide mint like tools for analyzing expenses, paying bills, etc.. Then you provide better customer service or a better experience or something like that?
Do you plan to use customers leverage to get better terms with the actual banks? Like could you move all the accounts to another bank if it paid better interest or something like that? Do you take a cut of the action?
Re: BankSimple invites first customers; rebrands itself as Simple
#203Earlier 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…
> "We chose bank partners who are comfortable with our vision, and that includes not charging outrageous fees and engaging in other customer-hostile practices."
I don't mean to snipe, but you did partner with Visa, right? I understand that real life doesn't always present ideal choices, but that was rather part of my point. That people might switch to Simple with the idea that they won't be supporting those kinds of institutions, when via a partner deal, they may still be.
Or, in other words, if BofA woke up tomorrow and offered Simple a great customer-friendly back-end deal, while remaining customer-hostile to individuals who deal with them directly, would Simple's philosophy prevent a deal? And how happy would a customer be, if they switched from BofA to Simple only to find out that their money is technically in a BofA account?
And please don't take the criticism as something that it's not; I'm only posting because Simple sounds interesting and I'd like to see it do well.
Re: BankSimple invites first customers; rebrands itself as Simple
#204Earlier quoted context omitted.
Let's say I'm a customer and I don't have a huge pile of savings - maybe I'm earning $2500/month and the total cash I own at any one time is between $7500 and $10,000. My usage patterns might suggest that every month I spend around $2200, so you could leave that on the card and play around with say $7k. What happens if I then want to go out and, in a single transaction, spend more than $3k. Do you let me go technical…
If you spend more money than what we have placed on the card account, but you have available funds at other accounts we manage, we'll automatically move over the money to cover the cost of your transaction. No fee. Real time. We don't have the notion of 'overdraft'. Instead, we set up a special savings goal for each customer called an Emergency Fund. We automatically start saving a small amount each day towards the E…
Next time you're over here give "streaky bacon" a try, it looks to be closer to the norm in America. And I've made a mental note to eat some bacon next time I'm in LA to see what you're complaining about!
Re: BankSimple invites first customers; rebrands itself as Simple
#205I'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/ .
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Re: BankSimple invites first customers; rebrands itself as Simple
#206I 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.
I have some idea of the regulatory nightmare that becoming a bank represents so I understand the approach, but is that on the long term radar?
It seems that a technologically driven bank could offer even more interesting services to individuals and businesses.
Edit: Or would love to chat in person over coffee (on twitter @scottmarkwell)
Re: BankSimple invites first customers; rebrands itself as Simple
#207Earlier quoted context omitted.
Do you have some concrete examples?
What happens to the deposits if Simple (the company) goes under? EDIT: Yes, I know they are FDIC-insured. But inside accounts setup by Simple. Are those accounts also in Simple's name, or jointly setup? What could potentially happen then during the lawful unwinding of the company?
That's a good question. When you make a deposit how long does it (if ever) sit in Simples possession before being put int your FDIC insured account? This may not sound like a big deal, but if Simple were to go under this float would go under with them.
Re: BankSimple invites first customers; rebrands itself as Simple
#208Earlier quoted context omitted.
Maybe you could provide more detail? Simple appears to be very transparent in what service they provide and where they make their money. I said that HN is not a financial forum not because we aren't curious, but because we aren't informed. It's rather like customers fervently demanding to know which web framework you built your photo sharing website on, because "there was that thing that went bad that time before and…
Like others have echoed, I just want to know how this really works. Part of the problem of "disruption" is that it creates confusion and breaks the usual pattern of doing things. Noone will sign up for your service if it's just 1 huge black box that is completely foreign and new to them. You will need to educate how it all works... I mean, I still don't know what you guys do, or are.. You're not really a bank, Ok.. t…
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Re: BankSimple invites first customers; rebrands itself as Simple
#209What if I need to bank in-person? I know it seems odd these days, one example is if you need a lot of cash. I hit my maximum daily ATM withdrawal limit last week, it was extremely annoying. I happen to have accounts at two banks, so I used my other account to get around it. I used to exclusively use online banking (E*TRADE Bank). Not being able to go to a bank in-person, for things like cash or money orders, become a…
Daily ATM withdrawal limits are something we have some freedom to adjust, but ATM owners get to set their own limits as well. We're generally trying to make it easy to make substantial withdrawals purchases and such while still keeping a lookout for fraudulent activity.
We're issuing checks, so you can always make a check out to "cash" and take that into any physical bank if need be. Over time, though, I expect products like Square to make it possible to transact with your Simple debit card in places that might have previously required cash or a check.
Re: BankSimple invites first customers; rebrands itself as Simple
#210Earlier 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…
i guarantee you they dont run a credit check - i have horrible credit and was able to get one.