Only 4 days after losing their Lead Engineer. http://twitter.com/#!/KirinDave/status/70217986962751488
That's a tweet that suggests acrimonious split if I've ever seen one.
Twitter blocked by evil firewall at work. What does this tweet say?
BankSimple: We have cards
61–70 of 157 posts
Re: BankSimple: We have cards
#62Earlier quoted context omitted.
That's a tweet that suggests acrimonious split if I've ever seen one.
Twitter blocked by evil firewall at work. What does this tweet say?
"I've stepped down from my position as lead engineer of BankSimple. I wish them good luck, with or without me." by KirinDave (Dave Fayram)
Re: BankSimple: We have cards
#63Earlier quoted context omitted.
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.
That's kind of like saying you won't use web services because you don't want a "hot potatoe" [sic] problem between your ISP and their ISP when there is an issue.
Businesses contract out services all the time. In this case, BankSimple is using some established company to store your money. They just provide the web interface and someone to yell at when there is a problem.
Re: BankSimple: We have cards
#64Re: BankSimple: We have cards
#65Only 4 days after losing their Lead Engineer. http://twitter.com/#!/KirinDave/status/70217986962751488
Interesting that his pic is still in their "Team" mosaic on the homepage.
Re: BankSimple: We have cards
#66I'm pulling for BankSimple's success thanks to the abysmal nature of banking customer service. Hidden fees, long wait times on phone calls, ATM fees, ridiculous procedures to dispute charges... With that said, how is BankSimple anything but a middleman? In my eyes, they fill one of two potential roles: 1. They're a customer service wrapper for banks, which means banks pay them to provide support. So banks are their c…
I cannot understand how they will generate revenue while staying loyal to customers
By skimming off a percentage of the interest your money is earning in their institutional account.
Re: BankSimple: We have cards
#67Earlier quoted context omitted.
USAA is also available only to members of the military and their families (they've been getting more lax over the years, though).
That is apparently no longer the case. The only major services non-military are ineligible for are auto and property insurance. Eligibility description here: https://www.usaa.com/inet/pages/why_choose_usaa_eligibility_...
You are correct. It's just the insurance that's restricted to military. They are the best bank you'll ever use IMO.
Re: BankSimple: We have cards
#68Competition is always good!
Re: BankSimple: We have cards
#69I'm pulling for BankSimple's success thanks to the abysmal nature of banking customer service. Hidden fees, long wait times on phone calls, ATM fees, ridiculous procedures to dispute charges... With that said, how is BankSimple anything but a middleman? In my eyes, they fill one of two potential roles: 1. They're a customer service wrapper for banks, which means banks pay them to provide support. So banks are their c…
I cannot understand how they will generate revenue while staying loyal to customers By skimming off a percentage of the interest your money is earning in their institutional account.
I thought about this, but I wonder if it is legal given that they're not a financial institution.
Alternatively, what kind of margin would they take off? 50 basis points? 100? Interest rates are already low, so a small cut right now looks very big to consumers.
EDIT: posts above suggest BankSimple will offer better rates than industry competitors. Where are the margins, then?