"We're Not A Bank. We're Better."

Bold Statements from BankSimple… especially since they’ve been saying it for over a year now and have yet to open their doors. 

Okay… you’re not a bank. So what are you exactly? Co-founder Jason Reich calls is a “banking experience” — delivered online and via mobile. No branches. No hidden or overdraft fees. They aim to be exactly what their name says. Simply without headaches, complications, or poor customer service. I heard someone say, “Like banks used to be in the old days.” :)

I signed up today. (Well, I signed up to get on the beta list and got to a screen that says they are not quite ready).

“The idea is to provide a bank experience more akin to Twitter than to Chase,” reports BusinessWeek.You are talking my language, my friend! I imagine that many like me in the social spaces will be open to exploring how this could fit into their lifestyle.

What does this look like? It means web chat and call center service. It means fee-free ATM use. It means a multipurpose credit/debit card… these are all things us digital moms do already! Perfect. It means a smart phone app to deposit checks. Wow!

And how timely! Last week, Bank of America announced that it was going to start charging a $5/month fee for debit card use. WTH? As Money Cone cleverly summizes, “BofA has come up with a novel way to earn people’s trust after battling one PR disaster after another for the fraud perpetuated by the bank over the past few years.” Apparently, Chase and Wells Fargo are contemplating the same.

Until now, we had no alternatives. I’m crossing my fingers that BankSimple is for real. And it works. And it lasts.

I’m ready to replace my bank. When will you be ready, BankSimple?!

photo credit: stock xchng

Article Posted 5 years Ago
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