I'm sure Al3x will find success wherever he ends up. This is worrisome for Simple though.
I signed up a little over 2 years ago as when Al3x announced he was joining as a cofounder http://news.ycombinator.com/item?id=1355292, it seemed like a great product, and I couldn't wait.
Now, 2 years later they have begun to roll out invites to what amounts to a MVP. No way to deposit cash, no simple way to deposit checks (specifically the deposit via mobile app functionality), no goals or budgeting aspects, no joint accounts or lines of credit, no android app, just a nice looking card tied to an account you have to wire money into.
Don't get me wrong, simple is doing great things, and it could be huge. Two years of dev time for a product that is completely redesigning one of the biggest industries in the world is completely reasonable. I'm just worried the hype will run out or turn negative before they can ship something with enough value to convert the non early adapters. Having a cofounder leave doesn't help their image, regardless of the reasons for the departure.
Just got my invite an hour or so ago...Simple has a big section on "what's in the pipeline" for them.
• Android: click the link above and fill out your info through the "device" step. We'll reinvite you as soon as it's ready!
• Joint accounts: Sign up with Simple now and add your partner when we're ready!
• Mobile check deposit: Coming soon–sign up now and you'll have it as soon as it's ready!
• So much more!
I, likewise, was really excited about Simple. Less excited as time went on, but got really excited again when I received an email earlier in the week.
All of that sort of went out the window when I found out they weren't letting me in because I don't have an iOS device and the Android app was 6-12 months out.
I don't know if there's another way, but that method seems less than ideal.
Were you really expecting all that from a company called "Simple"? :P
Seriously, those are all nice features, and the check depositing is a must-have that I'm sure they're working hard on, but for me and most of my peers, all I really want is a debit card I don't have to think about. That's Simple.
Wow. Okay, this is totally crazy: I also signed up for an invite almost two years ago (when it was BankSimple), and just checked the old confirmation email to see the exact date-- literally as I'm writing this comment I have received, 0 minutes ago, an email inviting me to register. I guess I'll find out how it works :)
I agree that it is in MVP mode now. Practically unusable in my case because joint accounts are not yet allowed, but I immediately jumped on the invite I was waiting on for two years. As Cushman noted, the name says it all – Simple.
The interface is gorgeous and intuitive and unlike anything you find at any other bank. It won't ever be for everybody, but I believe it will be the very best option for many that need only the simplest and smartest of banking options.
I recently needed to write a check for several thousand dollars to an individual for a service provided. This would have been impossible if Simple was my only bank, because they do not issue paper checkbooks. I either could have withdrawn cash each day over a week-long period ($500 daily max) or arranged to set them up to be paid electronically. But I don't think we are to a point yet where paying a local, small-business owner with an electronic transfer for a service is feasible. Can you imagine if someone you were expecting immediate payment from for a service you just provided said "I can't write you a check, but give me your email address or bank routing number and account number, and I will be sure to have that transferred to you, which may take two to five days." No way. Maybe someday.
I have found one bank that encompasses basically all the features Simple has promised from the beginning. Believe it or not, it is State Farm Bank. The interface is clunky compared to Simple, but they deliver on the product: iPhone app with photo check deposit, bill pay and transfers. Real-time account balance. Balance reflecting future planned deposits and payments. Through the website you can send money to anyone through PayPal or direct to their bank accounts, deposit checks by scanning and transfer in and out of your own external bank accounts. Reimbursement for all ATM fees. You get paper checks. I've never had any fees issued or any reason to contact support for anything. I have been extremely happy, but would like to see all of this combined with the technology and interface of Simple.
Can you imagine if someone you were expecting immediate payment from for a service you just provided said "I can't write you a check, but give me your email address or bank routing number and account number, and I will be sure to have that transferred to you, which may take two to five days." No way. Maybe someday.
I wouldn't say "infeasible", I think-- it's basically an information problem, right?
If you think about it, it's very strange that we treat checks as "immediate payment" when they amount to a classy IOU: "I can't wire you the money, but here's a piece of paper with my account number on it, and if you take it to your bank they'll call my bank and they might give you the money in a day or two." Initiating an EFT from your smartphone should be at least that credible, right?
But of course, it will be some time before small business owners at large internalize that.
Right. Infeasible in the sense that both parties have to understand and agree to the terms. A paper check is an immediate and clear documentation of the transaction.
I guess one other option Simple and other banks offer is to mail a physical paper check to a person or business. Again, it is unlikely this would be acceptable when the terms are "due upon receipt" and credit/debit is not an option. I think we are moving away from these scenarios, but we still live in a world where paper checks may be a necessity in some situations and certainly very convenient.
I signed up a little over 2 years ago as when Al3x announced he was joining as a cofounder http://news.ycombinator.com/item?id=1355292, it seemed like a great product, and I couldn't wait.
Now, 2 years later they have begun to roll out invites to what amounts to a MVP. No way to deposit cash, no simple way to deposit checks (specifically the deposit via mobile app functionality), no goals or budgeting aspects, no joint accounts or lines of credit, no android app, just a nice looking card tied to an account you have to wire money into.
Don't get me wrong, simple is doing great things, and it could be huge. Two years of dev time for a product that is completely redesigning one of the biggest industries in the world is completely reasonable. I'm just worried the hype will run out or turn negative before they can ship something with enough value to convert the non early adapters. Having a cofounder leave doesn't help their image, regardless of the reasons for the departure.