6 ms·
BankSimple is not a bank. Think of them as a user-friendly GUI over a group of banks. As to where money actually gets deposited, it probably depends on which ba
by donpark 16y ago
BankSimple is not a bank. Think of them as a user-friendly GUI over a group of banks. As to where money actually gets deposited, it probably depends on which bank offers the best deal at any given time.
- mey 16y agoDoesn't mean that GUI doesn't have control of your financial interactions, moving your financial accounts between underlying banks, or being involved in any of the interchanges (ACH/Debit/Credit Rails, etc)
- joevandyk 16y agoYour statement confuses me. Are you suggesting that GUI has control?
- steveklabnik 16y agoThat is how I understand it to work, yes.
- cosmicray 16y ago> As to where money actually gets deposited, it probably depends on which bank offers the best deal at any given time. Is this what is referred to in the industry as a 'brokered deposit' ?