7 ms·

That's why I'll be using it first, and lots of my fellow college students who have a lot less to use and a lot more to gain from using a bank like BankSimple.

by ihodes 16y ago

That's why I'll be using it first, and lots of my fellow college students who have a lot less to use and a lot more to gain from using a bank like BankSimple. Time is in short supply, and fees eat away at my little pool of cash. I'm willing to take the risk, and willing to put my money in the hands of people who are young, smart and innovative, instead of bureaucratic, slow and set in their ways. Not only that, but if you'd checked, your cash will be FDIC insured through their partners. I certainly don't have a quarter of a million sitting around. Finally, the way things are going now, the government is the only reason those "grave old men in suits" still have your money at all.

mdg 16y ago
Being FDIC insured is pretty standard nowadays. Also, you only get charged fees if you use a "service" of the bank, such as overdraft protection. If their revenue model of "interest margin" uhm.. interests you, I would suggest joining a local, state-chartered credit union. It is how they have been doing it for years! [EDIT] and if you are young, time is not in short supply and is actually on your side
dfranke 16y ago
your cash will be FDIC insured through their partners This is not something I'm willing to take their word for without seeing a copy of a legal opinion from someone independent. I don't want to find out after they go under that they've simply been depositing their reserves in an FDIC-insured account with another bank, and that as long as that partner bank stays afloat the FDIC won't pay out.
- ryanhuff 16y ago
  Is it clear that they are actually going to be a real bank? That bit about FDIC insured through their partners implies that they are more of a marketing driven company that off-loads the actual banking business to real banks providing white-labeled services.
billpaetzke 16y ago
ING Direct (ingdirect.com) is an amazing online-only bank that has virtually no fees. They've got amazing customer service. And they have the best bank web user interface I've ever dealt with. BankSimple will need to differentiate themselves from ING Direct somehow. edit: Why the downvotes? I use ING Direct as my main bank. I love it. BankSimple will need to differentiate themselves from ING Direct to win me over. edit #2: I have nothing against BankSimple. I hope they succeed. The market could use another friendly, efficient, tech-savvy bank. Perhaps they will drive innovation in the banking industry.
- deleted 16y ago
  [deleted]
  - johnpickens 16y ago
    They most certainly do have ATM access - more so than any other institution I've banked with. It's completely free at every CVS and Walgreens.
  - billpaetzke 16y ago
    ING is part of AllPoint's network. You can get instant withdrawals. There are 32,000 surcharge-free ATMs located in all 50 states, including major retailers like Target, Rite Aid, 7-11, and many others. For deposits, I use direct deposit via my employer which works great. I get my money the same day everyone else does. For depositing checks, I use my credit union (2nd bank). Since I only get a few checks/year, this is not an issue for me. I use ING direct for checking, savings, bill pay, and personal money transfers. It is, in fact, a competitor.
    - dzlobin 16y ago
      Whoa, well look at that. I've not checked on them since their very early days
    - drusenko 16y ago
      I use e*trade's "Max-rate checking" product and it's amazing: - Until recently they had a great interest rate on your checking account (2.5% APY). - I also get direct deposits, and mail in checks (is more convenient than going to the bank for me, and I don't need the money right away). - They offer ATM fee refunds at ALL ATMs. That's just awesome. Not only do they not charge you a fee, they'll instantly refund the fee the ATM charges you (comes in very handy in Vegas ;) It's no-fee with great customer support. I've been very happy with them.
deleted 16y ago
[deleted]
devinj 16y ago
Er, you pay fees as a student? My bank (RBC) is run by old men in suits, plus I pay no mandatory fees. Optional fees are another thing. If I want the convenience of using an ATM not run by the bank, I pay a surcharge. But, it's a big bank, with ATMs everywhere I go. The surcharge is never paid. :)

by ihodes 16y ago

mdg 16y ago

Being FDIC insured is pretty standard nowadays. Also, you only get charged fees if you use a "service" of the bank, such as overdraft protection. If their revenue model of "interest margin" uhm.. interests you, I would suggest joining a local, state-chartered credit union. It is how they have been doing it for years! [EDIT] and if you are young, time is not in short supply and is actually on your side

dfranke 16y ago

your cash will be FDIC insured through their partners This is not something I'm willing to take their word for without seeing a copy of a legal opinion from someone independent. I don't want to find out after they go under that they've simply been depositing their reserves in an FDIC-insured account with another bank, and that as long as that partner bank stays afloat the FDIC won't pay out.

ryanhuff 16y ago
Is it clear that they are actually going to be a real bank? That bit about FDIC insured through their partners implies that they are more of a marketing driven company that off-loads the actual banking business to real banks providing white-labeled services.

billpaetzke 16y ago

ING Direct (ingdirect.com) is an amazing online-only bank that has virtually no fees. They've got amazing customer service. And they have the best bank web user interface I've ever dealt with. BankSimple will need to differentiate themselves from ING Direct somehow. edit: Why the downvotes? I use ING Direct as my main bank. I love it. BankSimple will need to differentiate themselves from ING Direct to win me over. edit #2: I have nothing against BankSimple. I hope they succeed. The market could use another friendly, efficient, tech-savvy bank. Perhaps they will drive innovation in the banking industry.

deleted 16y ago
[deleted]
- johnpickens 16y ago
  They most certainly do have ATM access - more so than any other institution I've banked with. It's completely free at every CVS and Walgreens.
- billpaetzke 16y ago
  ING is part of AllPoint's network. You can get instant withdrawals. There are 32,000 surcharge-free ATMs located in all 50 states, including major retailers like Target, Rite Aid, 7-11, and many others. For deposits, I use direct deposit via my employer which works great. I get my money the same day everyone else does. For depositing checks, I use my credit union (2nd bank). Since I only get a few checks/year, this is not an issue for me. I use ING direct for checking, savings, bill pay, and personal money transfers. It is, in fact, a competitor.
  - dzlobin 16y ago
    Whoa, well look at that. I've not checked on them since their very early days
  - drusenko 16y ago
    I use e*trade's "Max-rate checking" product and it's amazing: - Until recently they had a great interest rate on your checking account (2.5% APY). - I also get direct deposits, and mail in checks (is more convenient than going to the bank for me, and I don't need the money right away). - They offer ATM fee refunds at ALL ATMs. That's just awesome. Not only do they not charge you a fee, they'll instantly refund the fee the ATM charges you (comes in very handy in Vegas ;) It's no-fee with great customer support. I've been very happy with them.

deleted 16y ago

[deleted]

devinj 16y ago

Er, you pay fees as a student? My bank (RBC) is run by old men in suits, plus I pay no mandatory fees. Optional fees are another thing. If I want the convenience of using an ATM not run by the bank, I pay a surcharge. But, it's a big bank, with ATMs everywhere I go. The surcharge is never paid. :)