After much anticipation (at least around the Betabeat offices!), BankSimple is finally accepting its first users. And it couldn’t come at a more opportune time for the innovative financial startup, which works with chartered banks to offer a better, more transparent experience for customers in managing their money.
In a blog post today, CEO Joshua Reich said the service is still invite-only, but pointed out that its the first time non-employees get to test drive the system.
On the heels of Occupy Wall Street’s criticism of big banks and an email from MoveOn.org urging folks to “Close Your Bank Account,” consumers have been fleeing traditional banks for credit unions. ABC News reports that 650,000 people switched to credit unions since Bank of America announced its (since-cancelled) plans to institute a $5 debit card purchase fee. After “Bank Transfer Day” on Nov. 5, 54 percent of credit unions reported an increase in share growth.
It’s easy to see consumers looking for an alternative turning to BankSimple instead, although it will be under a different name. Read More