@BlendahTom because they focus purely on SPENDING and not actually helping you proactively with your money. A Passbook in the 60s was more informative on saving/spending balance than a debit card and checkbook is today...
At first sight @brettking your product looks great. I'm always up for a no fee approach to banking that has a killer app attached to it so I am intrigued by what Moven has to offer though not ready to sign up just yet. Here's why...
After using Simple for a time there are a few key things that keep me attached to my traditional bank.
1. The ability to make cash deposits and depositing larger checks.
2. Slow transfer to / from external accounts
3. No immediate prospect of joint / business accounts where multiple users could withdraw, deposit and access the same account.
Are addressing any of these issues in the roadmap for Moven's future?
I'd also love to hear more about the "Unite Your Accounts" feature and if that encompasses transfers between a Moven account and say a Chase account? Or is it more about just tracking your spending across accounts?
@rustydingo fantastic feedback - #1 and #3 are underway. #2 is a limitation of the US ACH system right now and we're looking for ways around that, but most involve us having to absorb huge amounts of risk which our investors are not prepared for us to do. The real issue is the FED and NACHA accepting Expedited Payments Services - which we are lobbying for.
@brettking thanks for chiming in Brett. Did not know that about #2, good to know.
Either way not the biggest deal as #1 and #3 are definitely more interesting and would essentially knock out the need for #2. I will continue to follow Moven with great interest.
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