There’s a new player rolling on to the banking landscape, and it doesn’t like the hidden fees that big banks have come to love. The bank’s name is BankSimple and its goal is to change the face of the industry.
But can it survive without charging onerous bank fees?
BankSimple was founded by entrepreneur Josh Reich and by Alex Payne, a key player in the creation of Twitter (he developed the social networking giant’s technology platform).
Looking to cash in on the same user experience success captured by Web sites like Mint and Obopay, BankSimple is an online bank that relies on creative technology ways to improve the customer service experience.
For example, BankSimple plans to:
- Charge no fees on its nationwide network of ATMs.
- Reimburse fees from out-of-network ATMs.
- Accept bank deposits from photo images via a smart phone app (or as the bank says on its Web site: “Take a photo of the check with your smart phone and send it to us with our app. Pretty simple, right?”
- Will offer traditionally fee-heavy services like online bill pay and cash transfers with no fees.
- The bank will charge no overdraft fees.
- All deposits will be FDIC insured.