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BankSimple: We have cards

banksimple.com

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Re: BankSimple: We have cards

#81

Post by allwein »

orijing wrote: post #26

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 pro…

> How will overdrafts work? Will the check just not go through?

That's how it used to work, so sure, it's an option. A second option would be automatically taking the money out of your savings account, if available. A third option is, if you have a credit card with them, putting the overage on you your credit card. A fourth option would be to generate an automatic overage loan at a reasonable interest rate, without assessing a ridiculous fee.

Re: BankSimple: We have cards

#82

Post by KirinDave »

tptacek wrote: post #54
Lewisham wrote: post #51

Earlier quoted context omitted.

That's a tweet that suggests acrimonious split if I've ever seen one.

Yes, clearly it means the opposite of what it says, because Dave is like that. I love drama, don't you?

After all, I am known for my reserved, duplicitous, and very guarded twitter account.

Re: BankSimple: We have cards

#83

Post by jrockway »

Goronmon wrote: post #77
tptacek wrote: post #74

Earlier quoted context omitted.

Uh huh. "I was thinking about changing banks, but Dave Fayram left the banking startup I was thinking of using, so I think I'll stick with Chase". Pretty sure this is a popcorn topic and nothing more .

You don't think the Lead Engineer leaving a company not long before it's launch is not something to be worried about?

No? Programmers get better offers all the time. Why make less money at an uncertain startup when you can make more money somewhere that has a certain future?

I have no idea that this happened, but people leave for reasons other than "the product sucks". In fact, I would guess that compensation and getting along with your coworkers are much bigger factors.

Re: BankSimple: We have cards

#84

Post by paulitex »

jrockway wrote: post #83
Goronmon wrote: post #77

Earlier quoted context omitted.

You don't think the Lead Engineer leaving a company not long before it's launch is not something to be worried about?

No? Programmers get better offers all the time. Why make less money at an uncertain startup when you can make more money somewhere that has a certain future? I have no idea that this happened, but people leave for reasons other than "the product sucks". In fact, I would guess that compensation and getting along with your coworkers are much bigger factors.

FWIW, it certainly doesn't sound like it was for a better offer. He's actually on the market right now: http://twitter.com/#!/KirinDave/status/70222704883662848 http://twitter.com/#!/KirinDave/status/70221497888808960

Re: BankSimple: We have cards

#85

Post by tptacek »

paulitex wrote: post #84
jrockway wrote: post #83

Earlier quoted context omitted.

No? Programmers get better offers all the time. Why make less money at an uncertain startup when you can make more money somewhere that has a certain future? I have no idea that this happened, but people leave for reasons other than "the product sucks". In fact, I would guess that compensation and getting along with your coworkers are much bigger factors.

FWIW, it certainly doesn't sound like it was for a better offer. He's actually on the market right now: http://twitter.com/#!/KirinDave/status/70222704883662848 http://twitter.com/#!/KirinDave/status/70221497888808960

Surely, if it's Important to understand why Dave left BankSimple to understand the health of the company, it must also be Important to know what kind of offers Dave has on the table now. Surely this isn't just drama!

Re: BankSimple: We have cards

#86

Post by encoderer »

cpeterso wrote: post #72
mixmastamyk wrote: post #50

Earlier quoted context omitted.

Right, there are already good alternatives to consumer-hostile banks, such as the fantastic Charles Schwab. I always recommend them to people because they pay my banking fees, are insured, ethical/reputable, pioneered the discount brokerage, and have great 24/7 customer service. They've helped me out of numerous jams over the years.

> Right, there are already good alternatives to consumer-hostile banks, such as the fantastic Charles Schwab. Do you mean Charles Schwab is the "good alternative" or the "consumer-hostile bank"?

It's no longer offered, but I have a credit card from Schwab that gives me a flat 2% cashback every month on every purchase, no opt-ins every month, no tiers, no limits. The cash gets ACHd into my checking account. The card has 0% foreign exchange fees, free concierge service, 90 day price-drop match guarantee, doubles every manufacturers warranty up to 5 years (aside from things like cars), and has $0 annual fee.

And the Schwab checking account isn't half bad either.

Re: BankSimple: We have cards

#87

Post by owenmarshall »

lotusleaf1987 wrote: post #41
RexRollman wrote: post #21

Earlier quoted context omitted.

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

FUD.

Sure, it might be fear, uncertainty, and doubt on the part of adopters. But rightly so -- if there's one place where people are going to be conservative, it's with their banks.

The very first thing I did when I hit BankSimple.com was CTRL+F "FDIC". One tiny mention in a blog preview 2/3ds of the page down. That doesn't cut it.

It's BankSimple's job to inspire confidence in their offering. Their front page seems to spends more time talking in vague terms about how their service is going to be mobile centric, and how they're going to put me first. What their service is all about, and how it works -- the things I care about -- are buried and quite vague.

Re: BankSimple: We have cards

#88

Post by Lewisham »

TimH wrote: post #70
xbryanx wrote: post #65

Earlier quoted context omitted.

Interesting that his pic is still in their "Team" mosaic on the homepage.

Twitter's staff pic on their recruitment page shows a lot of people who have left too.

They should put big red X's over each member that left, Battle Royale style.

Re: BankSimple: We have cards

#89

Post by Goronmon »

tptacek wrote: post #85
paulitex wrote: post #84

Earlier quoted context omitted.

FWIW, it certainly doesn't sound like it was for a better offer. He's actually on the market right now: http://twitter.com/#!/KirinDave/status/70222704883662848 http://twitter.com/#!/KirinDave/status/70221497888808960

Surely, if it's Important to understand why Dave left BankSimple to understand the health of the company, it must also be Important to know what kind of offers Dave has on the table now. Surely this isn't just drama!

I personally could care less about his offers. I honestly don't even care about the person in question (no offense, heh). And for most startups this type of stuff wouldn't bother me. If this was a twitter clone, I doubt anyone would care. But when it's a startup whose sole job is to handle and store money, I think it's worth being a bit more paranoid of the goings on within the company.

You may disagree, but that's my line of thinking on the subject.

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