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BankSimple: We have cards

banksimple.com

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Re: BankSimple: We have cards

#21

Post by RexRollman »

jonprins wrote: post #12
truthseeker wrote: post #8

I am surprised that so many people are willing to open a bank account with someone you've never heard of. I couldn't even find if they are FDIC insured. I know several friends who wouldn't use mint.com. For them, it is a single point of failure. You can explain all the technical details you want but there is no way to get past their fears. When shit hits the fan, you can expect the US govt. to bail out Bank Of Americ…

It's right on their page. Under 'Find a new alternative:' "However, BankSimple is not a "bank." We partner with chartered banks who provide FDIC-insured products, leaving us free to concentrate on designing the complete consumer banking experience, via the web and your smartphone."

I hope that never leads to a "hot potatoe" situation when there is a problem.

Re: BankSimple: We have cards

#22

Post by eli »

jsm386 wrote: post #13
olivercameron wrote: post #3

Earlier quoted context omitted.

They list all the advantages here: https://banksimple.com/#vision In short, no surprise fee's and simple online banking (with extensive mobile support).

Obviously different banks have different issues but Chase (third largest US by deposits) already does everything in that vision. I really don't get Bank Simple. Integrating planning in a way that looks like Mint is nice, but Mint brings in your other accounts - and if they are trying to out Mint Mint, that is a pretty tall challenge. I can't speak for other banks but I don't see anything special here. - The plain sim…

largest fee-free nationwide ATM network

That's gotta be Allpoint. They run nearly all of the non-bank ATMs (Think: 7/11, pharmacies, gas stations). ING Direct has the same deal: http://app.ingdirect.com/atmlocate/index.html

That's actually a significantly worse deal than the banks and credit unions that refund ATM fees (to a point) so you can use literally any ATM on any network.

Re: BankSimple: We have cards

#23

Post by noodle »

jsm386 wrote: post #13
olivercameron wrote: post #3

Earlier quoted context omitted.

They list all the advantages here: https://banksimple.com/#vision In short, no surprise fee's and simple online banking (with extensive mobile support).

Obviously different banks have different issues but Chase (third largest US by deposits) already does everything in that vision. I really don't get Bank Simple. Integrating planning in a way that looks like Mint is nice, but Mint brings in your other accounts - and if they are trying to out Mint Mint, that is a pretty tall challenge. I can't speak for other banks but I don't see anything special here. - The plain sim…

1) their intent is to do for banking what mint did for financial information. mint wasn't the first site to do what it did, it just did it very well and sold itself well. banksimple isn't looking to solve the backend of banking, their sales pitch is a good user experience and customer support structure.

2) just because you don't have those problems doesn't mean that others don't. in the past 4 years, i've probably hit upon each of those problems. perhaps they aren't enough of a pain point for me to switch away from my bank, but they're valid points nonetheless.

3) their ATM network is the largest because its any ATM (i believe, based on what i've read). use their card in any ATM and they waive all fees. this exists in some other cards already, though usually in a limited capacity (my HSBC card waives the first 3 ATM transaction fees iirc)

Re: BankSimple: We have cards

#24

Post by mtogo »

dublinclontarf wrote: post #7
olivercameron wrote: post #4

If any industry was waiting for a startup to come along and revolutionize it, it's the banking industry.

That's already happened you didn't notice (yet), it's called bitcoin.

You might want to add something to indicate that you were being sarcastic.

Re: BankSimple: We have cards

#25

Post by r00fus »

jonprins wrote: post #11
RexRollman wrote: post #6

BankSimple sound interesting but they will have to be offering something really awesome for me to even remotely consider doing business with a commercial bank ever again. (There days, I only deal with credit unions.)

They themselves aren't a bank. They partner up with banks that provide FDIC insured products. They just provide the customer service and the user interface.

This may sound like a perfect match, but honestly most banks can't be trusted: http://www.amazon.com/Best-Way-Rob-Bank-Own/dp/0292706383

BankSimple, not being terribly large, can't force the incumbents to play their game (like say, Apple could with AT&T to some degree - and they got lucky getting in with Cingular).

It will be interesting to see how this fares when the "financial service" supplier(s) starts yanking the chain.

Re: BankSimple: We have cards

#26

Post by orijing »

As I understand it, banks make a large amount of revenues from fees and such. How will BankSimple succeed if it doesn't use that? How will overdrafts work? Will the check just not go through?

I love that they are trying to revolutionize the banking industry, and I wish them well. But I'm afraid that they'll succumb to adverse selection to the greatest degree. The reality is that most of a bank's customers are not profitable (without the fees), which is why they institute these ridiculous fees to either drive them off or make them profitable. If BankSimple can make these previously-unprofitable people profitable again without surprise fees, they'll be a great success.

Let's hope that happens.

Re: BankSimple: We have cards

#28

Post by r00fus »

olivercameron wrote: post #4

If any industry was waiting for a startup to come along and revolutionize it, it's the banking industry.

The industry isn't just "waiting" they are actively suppressing the revolution.

They know that once you get an upstart with lots of momentum, it could derail the racket they have going on right now.

Good luck to BankSimple... it'll be interesting to see how this turns out. For me, USAA is quite adequate for the time being.

Re: BankSimple: We have cards

#29

Post by lurker14 »

steve_b wrote: post #9

I've always wondered why after winning something (or in this case, getting 50k sign ups), people say "I'm humbled." I think the truth would be the opposite: "Wow, looks like I'm pretty awesome after all."

It's either misuse of English, or deliberate double-talk.

Original: http://www.jewishsightseeing.com/jewish_humor/punchlines_and...

Re: BankSimple: We have cards

#30

Post by mseebach »

r00fus wrote: post #25
jonprins wrote: post #11

Earlier quoted context omitted.

They themselves aren't a bank. They partner up with banks that provide FDIC insured products. They just provide the customer service and the user interface.

This may sound like a perfect match, but honestly most banks can't be trusted: http://www.amazon.com/Best-Way-Rob-Bank-Own/dp/0292706383 BankSimple, not being terribly large, can't force the incumbents to play their game (like say, Apple could with AT&T to some degree - and they got lucky getting in with Cingular). It will be interesting to see how this fares when the "financial service" supplier(s) starts yanking th…

What exactly would the chain-yanking look like? "Make your online banking suck!" "Charge random fees in an opaque manner!" "Make your customer service worse!" ?

And if they do have their chains yanked, they can switch their provider. It's not like banks have "coverage" to lock you in, like mobile networks.

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