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BankSimple invites first customers; rebrands itself as Simple

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Re: BankSimple invites first customers; rebrands itself as Simple

#251

Post by ganeumann »

sector wrote: post #178
al3x wrote: post #108

Earlier quoted context omitted.

Hi, cofounder of Simple here. Most banks do use "glorified IT systems". Very few of them develop their technology in-house. Think about it this way: you can have a bank that buys their technology from another company, or you can have a technology, design, and customer service company that partners with banks. Both are viable options, but I think our approach is going to better for retail banking customers in the long…

As a customer, I'd feel a lot more comfortable if you worked solely as a technology vendor to my bank. This isn't a knock on the team you're putting together, or your ability to build a great company. It's caused by the realities associated with venture capital. Now that you took VC money, there's countdown to an exit, and I have to think about likely buyers. If you're successful, one of the top possibilities is a st…

I was the first investor in Simple. I can't speak for all the investors, but for me this was an investment in making the world a better place.

When Josh proposed the idea to me I asked a few people about their experiences with their banks. One of my friends told me how she had accidentally double-booked an airline ticket. This overdrew her account and--since she uses her debit card for everything--she started incurring overdraft fees on everything she purchased. She ran up several hundred dollars of overdraft fees before she even realized she was overdrafted. When she called Bank of America to explain, she was given the runaround. They eventually refunded half the fees (their standard offer) but refused to refund the rest without her jumping through hoops.

My friend is a single mom with two kids and a full-time job. She did not have time to constantly monitor her bank, nor the time to jump through the bank's hoops. Paying the fees caused her significant hardship.

The big banks in this country make their living by preying on those least able to protect themselves. They are evil. Again, I can't speak for the other investors, but I am not interested in selling out to a big bank. Success for me is either beating the other banks or forcing them to compete on Simple's terms: by treating their customers like people.

Re: BankSimple invites first customers; rebrands itself as Simple

#252

Post by omarchowdhury »

Game_Ender wrote: post #160
sector wrote: post #99

Earlier quoted context omitted.

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.

According to a video on their site they don't add additional fees for out of network ATMs only forward the fee that ATM charges.

Which ATMs charge $300 in fees per transaction?

Re: BankSimple invites first customers; rebrands itself as Simple

#253

Post by [deleted] »

sjwright wrote: post #239
sector wrote: post #99

Earlier quoted context omitted.

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.

I would have thought you'd contact the ATM operator first.

[deleted]

Re: BankSimple invites first customers; rebrands itself as Simple

#254

Post by [deleted] »

sjwright wrote: post #239
sector wrote: post #99

Earlier quoted context omitted.

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.

I would have thought you'd contact the ATM operator first.

[deleted]

Re: BankSimple invites first customers; rebrands itself as Simple

#255

Post by sector »

sjwright wrote: post #239
sector wrote: post #99

Earlier quoted context omitted.

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.

I would have thought you'd contact the ATM operator first.

Me too, but the procedure actually demands that you file a complaint with your own bank.

Re: BankSimple invites first customers; rebrands itself as Simple

#256

Post by [deleted] »

sjwright wrote: post #239
sector wrote: post #99

Earlier quoted context omitted.

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.

I would have thought you'd contact the ATM operator first.

[deleted]

Re: BankSimple invites first customers; rebrands itself as Simple

#257

Post by antoncohen »

al3x wrote: post #209
antoncohen wrote: post #156

What 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 produ…

Thanks for responding. I like the idea, and Square-like services will make card transactions easier in the future. But I really think you need to focus on this cash/large transaction problem. I've never thought about taking a check for "cash" to a bank, but I highly doubt it will work for a large sum of money, especially if it isn't your bank. My experience with cashing check at banks other than my own is they either refuse, or if the check is drawn on their bank they will do it for a fee.

Here is a list of reasons I have needed large amounts of cash:

* Last week a friend needed cash right away, I loaned it to them. That friend actually had the money in the bank, except that there are no local branches for my friend's bank. After this experience I think my friend will be getting a bank with nation-wide branches.

* I've never taken out a car loan, I've always paid with cash or a bank secured check (money order). Try buying a car with a personal check or debit card.

* Buying a MacBook on craigslist. Random people don't use Square.

* I use to modify/build cars. Buying used engines and parts costs a lot, cash or money order required.

* Neiman Marcus only takes AMAX. Visa debit cards are useless there. There isn't much you can buy at Neiman Marcus that is less than an ATM max.

Re: BankSimple invites first customers; rebrands itself as Simple

#258

Post by app7399 »

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…

That is akin to asking: "What is 'Apple'? A fruit company?"

Re: BankSimple invites first customers; rebrands itself as Simple

#259

Post by galadriel »

Game_Ender wrote: post #158
maaku wrote: post #102

Earlier quoted context omitted.

There are strict rules that govern how banks operate. As bad as that relationship may have gotten recently, there are some basic legally enforced assurances that I can take for granted in how banks will respond to requests about my money. If Simple is a middleman to this transaction, I no longer have those legal protections. That doesn't sound very great to me.

Do you have some concrete examples?

Paypal, but from the seller side. A lot of banking regulations would prevent Paypal from holding money at whim, etc.
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