Banksimple: A Revolution in Worry-Free Banking?
Are you searching for an alternative to greedy, fee-charging banks that don’t have your best interests at heart? If so, Banksimple may be just what you’ve been looking for. With consumer trust in traditional banks eroding Banksimple is looking to gain from other banks’ losses by offering a new spin on banking. Banksimple’s approach to banking will feature an emphasis on customers, and automatic, socially integrated money management.
Banksimple is set to launch later this year, but its innovative features are worth knowing about now. The first thing you should know is that Banksimple isn’t even a bank! It will operate with FDIC insured institutions that will serve as the company’s backbone. Since Banksimple won’t be its own financial entity, it will have no hidden agendas to keep you as a customer. What exactly does that mean for you? It means freedom from miscellaneous, mystery fees charged at every turn. Banksimple is reporting that they will not charge ATM withdrawal fees, nor overdraft fees.
Other innovative features offered by Banksimple include a one-card system. That’s right, one simple card for debit and lines of credit. No more searching through your wallet for the right card. Banksimple will also offer blunder-proof money management. I know I’m guilty of overdrafting my accounts on more than one occasion, but with Banksimple that will no longer be an issue. All you worry about is a single account, while behind the scenes, Banksimple tracks your checking, savings, and credit accounts and transfers money between the accounts when necessary. Banksimple will also ensure that your money is in the account which will earn it the most interest.
If you are already on top of your finances, or very controlling with your money, Banksimple may not be for you. I, however, am not the most money-savvy person and plan to hop on board with Banksimple as soon as they go public, and I’m sure I won’t be alone. It would seem as though the financial dreams for many have been solved, thanks to Banksimple. Visit www.banksimple.net if you’d like to learn more.
