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Wait a second, name one bank that does it better in the US. The problem is the US banking system is in the dark ages. The bullshit that we put up with in the

Wait a second, name one bank that does it better in the US. The problem is the US banking system is in the dark ages. The bullshit that we put up with in the US is unfathomable in Europe. If you hand someone a check (cheque?) in the UK they look at you like you're from 1957. Why? Because banks provide a modicum of modern service. Bank transfers are fast, cash machines are free, debit cards are secure, etc etc. Of course people complain about banks equally as they do in the States, but that's only because they don't realize how truly asinine banking can get. Now even though I've live in the UK since 2011, I opened a Simple account and it's been a breath of fresh air. The transfer to and from my other accounts is far simpler than any of my other US accounts. Also, I can receive wire transfers for free (imagine that, receive money for free!? The Wells Fargo founder must be spinning in his grave at the sound of that). Contrast this with the old experience of calling up a bank and saying I want to transfer money to another account and they tell me I have to call the other bank, because ACH is a "pull" system. Sorry to get off on a rant, but Simple is the best of the best in my opinion as a customer having dealt with at least 10 different banks over the last 20 years in both the US and UK.

shortformblog 13y ago
Please see the part I said about there being a "glaring incompatibility" between startup culture and the banking industry. I'm not saying it's Simple's fault. I'm saying that what it's offering (easy to use banking done mostly from your phone) is ultimately beholden to all the stuff it loses from not being a traditional bank (long delays between transfers, no easy way to deposit a check). And that ultimately holds back Simple's promise. The banking system sucks and is way behind where it should be. Simple, for all the amazing stuff it does, exposes some of those huge faults by tripping into them. And in many cases, they're problems they simply can't avoid because of the way the system's set up now. I hope Simple becomes more successful and uses its corporate parent's clout to fix these problems once and for all.

shortformblog 13y ago

Please see the part I said about there being a "glaring incompatibility" between startup culture and the banking industry. I'm not saying it's Simple's fault. I'm saying that what it's offering (easy to use banking done mostly from your phone) is ultimately beholden to all the stuff it loses from not being a traditional bank (long delays between transfers, no easy way to deposit a check). And that ultimately holds back Simple's promise. The banking system sucks and is way behind where it should be. Simple, for all the amazing stuff it does, exposes some of those huge faults by tripping into them. And in many cases, they're problems they simply can't avoid because of the way the system's set up now. I hope Simple becomes more successful and uses its corporate parent's clout to fix these problems once and for all.