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Simple did have low fees -- but almost certainly unsustainably so, given the evaporation of their interchange-based revenue model with the passage of the Durbin
by abalone 12y ago
Simple did have low fees -- but almost certainly unsustainably so, given the evaporation of their interchange-based revenue model with the passage of the Durbin amendment. Unsustainable pricing does not constitute a good product.
As for the others, linking external bank accounts for transfers is actually a super common feature? Not sure what you mean. And lots of banks have apps for checking charges (I don't know about realtime alerts, but that seems like more of a design choice).
I think this supports my claim that Simple was more of a premium UI on top of standard banking features than anything really disruptive. But in the end we agree on that.
- dasil003 12y agoWhat bank lets you link accounts for ad-hoc push/pull of funds? I have had major headaches just trying to get one bank to transfer funds to another, at least involving Wells Fargo. Also not sure why you are using past tense for Simple. I am still using it and the fees have not changed so far to my knowledge.
- coldpie 12y agoAre you talking about transfers between accounts owned by different people, or accounts owned by the same person? I've got accounts at three banks, one of them Wells Fargo, and have never been charged a fee for transferring funds between them.