251–260 of 350 posts
2(!!) months to find a whole new bank for a startup or small business is a ridiculously small amount of time. I've never heard of Brex before this but this is really bad marketing for them. Don't put your faith and one of the most important aspects of your business in these "hip" fintech companies hands. They will not feel any shame pulling the rug out from under you.
Remember Vimeo? They started as an alternative to Youtube, letting anybody upload. Then they decided to dump their small users and go for large ones. Vimeo is publicly held, so we can see how this worked out.[1] Price one year ago, at the peak, $49. Price today, $6.54. [1] https://www.msn.com/en-us/money/stockdetails/fi-c26vvh?ocid=...
> Then they decided to dump their small users and go for large ones If they didn't, they'd stay "shitty youtube" and lose. They decided to differentiate themselves to have a chance at finding their target market.
As others have mentioned some of the “go-to” options like SVB have terrible (digital) services.
I’m biased but Grasshopper Bank has one of the best digital experiences, and is an actual FDIC insured bank. They are also much cheaper once you start needing services like Letters of Credits, etc.
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I could care less about UX. If it looked like Larry Wall's personal site, but functioned well and was reliable (tech and relationships), I'd pick them every time. If it ain't broke, don't break it. ;) PS: SVB's site has always looked a bit behind the times like that they never cared enough to make it look glitzy because functionality and communication were considered first. Slick websites also give a captological imp…
"functioned well and was reliable" _is_ UX. Having a pretty site might improve the user experience, but being broken and unreliable will have a far bigger impact.
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SVB site UX has been "dated" since at least 2014. Good service tho.
It's almost sort of endearing, but not actually. The fact that they use SMS-based 2FA (at least through 2021) is a travesty and a bit concerning, though. Edit: since I can't reply to response below (I think due to thread depth topping out). To clarify: they ONLY support SMS-based 2FA. No TOTP. Sure, other services offer SMS as well, but you wouldn't want to use that for securing any serious amounts of money (millions…
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1. Zelle: all of the big banks have it. Credit unions are slower to adopt. 2. Mobile apps: big bank mobile apps are pretty great these days. 3. Credit cards: Bank of America rebates 2.625% for top customers. 4. Bill pay: the big bank bill pay integrations with vendors and ebills is better
Zelle should be avoided for almost every transaction. There is no fraud protection.
The title of this page says “why” but there is exactly zero on this page which explains why. There’s half of one sentence that introduces what (“we are less suited to meet the needs of smaller customers”) but even that is dressed up to the max. This is a poster child in what everyone hates about corporate communication: entirely opaque, misleading word salad. Do better.
With such a vague explanation, my cynical side kicks in and fills in, "You're too poor, bye." Maybe there's a better reason, but they don't even try to explain.
Not surprised by any of this. Feels like it comes from the top, culturally. I had a terrible experience "onboarding" with Brex last year. They actually "approved" my bootstrapped startup and sent me a physical card only to rescind it a shortly thereafter, because--even though we met the funding minimum--it wasn't "professionally invested" on further review. Bootstrapping apparently required a $1MM minimum. Here's wha…
Yuck. Brex comes across as risky, mercurial, and snobby rather than useful, professional, and reliable. Does anyone else know about or use Silicon Valley Bank? How do they compare to Mercury?
Customer trust is hard to earn (I loved their product!) but so, so easy to lose.
The title of this page says “why” but there is exactly zero on this page which explains why. There’s half of one sentence that introduces what (“we are less suited to meet the needs of smaller customers”) but even that is dressed up to the max. This is a poster child in what everyone hates about corporate communication: entirely opaque, misleading word salad. Do better.