This is very intelligently done. I'm glad they are releasing the cards to just a small set of people first to check that everything works. People are very wary of any issues with their money/with their bank and absolutely any problem at the beginning would seriously hurt user adoption. Start slow and make sure it works.
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?<p>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.<p>Let's hope that happens.
Only 4 days after losing their Lead Engineer.
<a href="http://twitter.com/#!/KirinDave/status/70217986962751488" rel="nofollow">http://twitter.com/#!/KirinDave/status/70217986962751488</a>
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."
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.)
In traditional banking, UX is an afterthought but from what I see, for BankSimple, banking takes the backseat but UX rules. I say this coz there's no details on FDIC, interest rates, etc.
IMO, instead of doing Banking; they can sell their product to banks
This sounds great. Props to them if they can disrupt banking.
The fact that they're not a real bank but some entity that works with partners to provide FDIC insured products is reassuring from a customer point of view. Not sure about how they will do their marketing though.
Now, I hope that we, non-American customers, won't have to wait too long for this service.
I'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...<p>With that said, how is BankSimple anything but a middleman? In my eyes, they fill one of two potential roles:<p>1. They're a customer service wrapper for banks, which means banks pay them to provide support. So banks are their customers, right?<p>2. They actually manage your money for you---a "broker for personal accounts." How do they generate revenue in this case?<p>#1 and #2 are both problematic. In a way, I'm the opposite of Aloisius: I clearly see BankSimple's benefits (Mint + support + SmartyPig), but I cannot understand how they will generate revenue while staying loyal to customers.
So, this prob isn't the place, but instead of cards or short range radio, I thought plugging into headphone jacks and having the phone do transactions (akin to what short range radio would do). Doesn't require any modification to phone and is backwards compatible with almost all phones (that have their won sdk (Symbian, iOS, Android, RIM) or use J2ME or BREW.<p>I wouldn't be able to bring this up myself (I just do code, hardware and banking is beyond me at times), but I would never object to being included with people who could:-D<p>Anyway, ::shrug::, just thought I'd place the idea out there since I feel it's good and like to see someone do it.
What's the big deal about BankSimple? They look about the same as most credit unions. My credit union has a good website & iPhone app, and doesn't charge hidden fees. They pay interest on my checking account.
Is it just me or does it seem sort of odd that they don't mention the FDIC anywhere on the page (whether they will be insured) You can't advertise that you will be FDIC insured?
I think BankSimple is going to struggle to find customers with its current proposition. The fact is that people are not as unhappy with their banks' fees, customer support or websites as BankSimple thinks (or at least suggests). People like branches and brands. The one thing people do like is products which is how ING broke into the business but an approach that BankSimple appears not to be pursuing.
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.<p>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.<p>When shit hits the fan, you can expect the US govt. to bail out Bank Of America. SimpleBank? I am not so sure.