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Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

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Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#31

Post by davidw »

My Credit Union (in Oregon)

* Offers Checking accounts

* Has ATM's

* Are open as much as most banks are.

* Are exceptionally friendly.

* Have an online presence that... well it's not exceptional, but it's not that bad either as far as these things go.

That's why I've always kept my personal and business accounts there over the past 20 years.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#32

Post by niallpaterson »

taybin wrote: post #4

I think you'll need to define "bank" first. What services does a bank offer that you could replicate? Would it offer interest? I strongly believe that this will go nowhere unless you spec out exactly what you want to accomplish. Just saying "we should make a better bank. Let's talk about it" won't progress much.

Agreed, I think it would make most sense to keep it really simple for now. So like a checking account at heart. No loans or anything like that. I think that's what most people would need - if you need a savings account you don't need an accessible online back.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#33

Post by TarpitCarnivore »

jessaustin wrote: post #30

I've heard good things about Simple and Ally, but for myself I find my local podunk bank supplemented by Amex Bluebird is enough.

Simple is still incredibly restrictive to me. Ally or Schwab would be my first choices if I ever moved off my current bank.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#34

Post by rickhanlonii »

jessaustin wrote: post #30

I've heard good things about Simple and Ally, but for myself I find my local podunk bank supplemented by Amex Bluebird is enough.

I have Simple and I love it! I have a few invites if anyone is interested.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#35

Post by niallpaterson »

jmillikin wrote: post #7

How would this be different from http://www.creditunion.ie/ ?

- Open Source - Online (no physical presence) - Available 24/7 - Checking account - Debit card

I think people have seized on the non profit word here. I think credit unions and this would be non profit in different ways if that makes sense.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#36

Post by niallpaterson »

davidw wrote: post #31

My Credit Union (in Oregon) * Offers Checking accounts * Has ATM's * Are open as much as most banks are. * Are exceptionally friendly. * Have an online presence that... well it's not exceptional, but it's not that bad either as far as these things go. That's why I've always kept my personal and business accounts there over the past 20 years.

That's cool. Business accounts aswell? CU's seem much more developed in the US. I think if you were to look at the three things I mentioned - online, non profit and open source, non profit is the one I think is least differentiable if that makes any sense. I think an online open source bank is the real innovative part, not the non profit part.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#38

Post by niallpaterson »

rodrigosetti wrote: post #27

+ A nice, well documented, and secure API for developers to create all sort of applications to integrate with the bank. I'm a software developer, glad to spend some of my time in this project: rodrigosetti [at] gmail [dot] com

You read my mind :) Was one of the ideas I had. I think that'd be really cool. Will let you know thanks!

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#39

Post by flatlandguy »

davidw wrote: post #31

My Credit Union (in Oregon) * Offers Checking accounts * Has ATM's * Are open as much as most banks are. * Are exceptionally friendly. * Have an online presence that... well it's not exceptional, but it's not that bad either as far as these things go. That's why I've always kept my personal and business accounts there over the past 20 years.

Same basic idea for my credit union in the Atlanta area. Sure nationwide banks have better mobile apps and on-line features, more branches, and are not regional... but my credit union is still usable as a bank.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#40

Post by niallpaterson »

nollidge wrote: post #18
niallpaterson wrote: post #11

Earlier quoted context omitted.

My issue with Credit Unions is that they don't offer stuff like current accounts, atms etc, are really open, are exceptionally slow at allowing you withdraw. That's just my experience, but I don't think you could actually bank with a credit union, which is what I'm trying to get at

I don't understand what you mean by "bank with", then. I put my money in and take it out as needed with my credit union. I have direct deposit, a credit card, checking, and savings. I have web-based tools where I can immediately shuffle money between accounts. What is missing from that set of use cases? EDIT: Oxford comma

I think the US (like always) is maybe a little lucky when it comes to CU's, but copying from my postscript I think if you were to look at the three things I mentioned - online, non profit and open source, non profit is the one I think is least differentiable if that makes any sense. I think an online open source bank is the real innovative part, not the non profit part.
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