Warning: US-centric semi-relevant rant inbound
As a hardcore online banker: I don’t want another fucking bank. I want the actual problem that is the slow-ass ACH network (looking at you NACHA) to be solved. Online banking was as perfect as it was going to get under Simple until they sold out.
While I’m on a rant: fuck companies that sell out. Fucking tired of amazing companies kicking ass in their field selling out. That goes for Simple → BBVA, ONE Finance → Walmart, Truebill → Rocket.
Shit man. I’m a programmer and I just want to write my own bank at this point, but that won’t happen because I’m not a multimillionaire.
Seriously I asked ChatGPT how to solve this shit and it just said “use personal finance apps” but okay? They all suck. Whose dick I gotta suck for instant ACH (remember Dwolla?), multiple checking accounts and an automated “money manager?” And don’t give me “pOCkeTs.”
Ugh, I miss Simple so much. I was alright with ONE until they stripped the virtual card function from pockets… What is the actual point of Pockets now if I have to transfer the money directly back to my main checking area??
I ditched ONE pretty quickly after they sold out. A few times I’ve logged in just to see what’s up and the UI sure went to hell. I always knew it was just a wrapped React app but now it’s like they’re not even trying. The Walmart color scheme was a hasty change that seems to break a lot too.
I wish they’d support Webauthn or 2FA with the QR rather than the 2012-era SMS/email code. Why would I want SMS/email OTP codes for a bank? Seriously guys you’re like 10+ years too late but I guess a lot of other websites think this is “modern” too lately. 🙄
Have you found any other decent online-centric banks to switch to? I’ve been wanting to switch away from ONE for pretty much the reasons you listed, but through a basic search I didn’t see anything else to was too appealing to me.
And the 2FA thing is ridiculous, at one point they didn’t actually have the email option (or it was very well hidden) - had a bit of a rough month at some point and wasn’t able to pay my phone bill which got it suspended, I also happened to have my card locked and got kicked out of the app so… I couldn’t unblock my card to pay the phone bill, which I needed to get the 2FA code to login in… Ended up having to reach out to support and they were able to show me how to request a 2FA code over email.
This wouldn’t even be a problem with most sites because I always use TOTP/Webauthn via my Yubikey when I have the option, and for something as critical as my bank account I really do not want SMS/Email to be an option for 2FA (I get why they have it, but I’d like to be able to turn it off for my account).
Not really. I love Betterment to death but they’re more geared toward investing (which is fine). I do know they use nbkc and have only heard good things about them; maybe give them a shot?
Interesting, I will have a look at them - thanks!
Simple selling to BBVA was shit. Simple was never my main bank, but it was a nice, simple service. That was free. Then they moved to BBVA, which almost immediately got bought up by PNC, and then PNC started charging monthly fees. Closed my account before the first fees hit.
I still have a Varo account. Surprised that hasn’t gotten vacuumed up yet by one of the traditional banks.
I’ve looked at Varo a few times but each time I’m always like “nah” and never take the plunge.
These days I’m rocking Betterment. I’ve got two checking accounts but I didn’t realize both would be tied to the same debit card as a toggle; lame.
Maybe it’s time to give Varo a chance.
Isn’t that what FedNow is?
It’s been a hot minute but IIRC it’s “next day” or “same day” but opt-in on the bank’s side. And of course a bank will never tell you flat out what they use.
I might be petty on this topic. Many times in my life I’ve been screwed due to slow/unpredictable transfers and I go into a research frenzy but I quickly forget the results of said frenzy.
I’m also comparing this to like, what other countries have. Recently I discovered that in the Philippines you can instantly move funds between two debit cards simply by using the card details. It’s like the Visa/Mastercard proprietary P2P stuff (think Cash App) but at the bank level (ACH).
Canada has had e-transfer for ages. You can securely transfer cash to anyone in the country using their email address or phone number. If you have auto-deposit enabled it’s instant, too.
Oh, and it’s free. It only costs money if you use the e-transfer system to request money from someone (for obvious reasons.) And even then, it’s only like $1ish.
The US not having a system like that is frankly ridiculous.
Hard agree. I always hear about how easy it is in other countries and get so jealous.
You’ve described a big part of why I hate startup culture. “Let’s build cool thing then sell it to a huge company and get rich.” I’m never doing it again, such a waste of time and energy.
Hahahahahahahaha.
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Even if this wasn’t Elon Musk, the very idea of your boss having control over your finances sounds dumb as a brick.
[Musk] "And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.”
“And for some reason not only they didn’t implement a lot of my stupid ideas, but they reverted some of my dumbest takes that still went through. And 23 years later I still didn’t learn.”
He’s gonna fire a lot of employees in about a year.
I don’t even trust most banks. I like my credit union, thank you very much.
Why would I ever want to bank with Twitter, especially while that mentally unstable idiot owns it?
He’s never going to get this past the regulators. Financial break points and buffers make sense, every financial crisis and crisis of stability has taught us that. If you continue to build too big to fail systems, it’s going to be a complete disaster. Deposit institutions shouldn’t be involved in speculative investment banking , which is what high yield usually is. You can’t pay high yields if you aren’t in turn doing any sort of high yield activity with investor deposits. Or without any sort of prop trading. Which he’s sort of suggesting this is going to be. Some of this sounds like it’s going to break the Volcker rule.
Not to even mention this might not qualify for FDIC protections.
Hmm, this seems like the sort of addition where it might have been nice to have a bunch of world leading developers and designers hanging around. Seems odd to fire them all if this was the plan.
Indeed that does seem like the sort of mistake that someone who made the largest purchase of thier life after staying up alll night playing Elden Ring would make, but i’m sure it was really a cunning 5d chess move and not evidence that our overlords who are born into wealth are just as dumb as the rest of us.
Oh they’re not as dumb as the rest of us, that’s the scary thing. They’re even dumber.
Sometimes I wonder if he’s doing it on purpose. Like, this has to be a joke, right?
The level of absurd stupidity from someone who’d once seemingly tricked us all into thinking he was really smart is just… baffling.
You need to watch Glass Onion
from someone who’d once seemingly tricked us all into thinking he was really smart
Well, …
Indeed that does seem like the sort of mistake that someone who made the largest purchase of thier life after staying up alll night playing Elden Ring would make
Hey, playing Elden Ring takes some skill and dedication. Did you see the build he put on Twitter that time? It was hilariously stupid. In fairness, maybe he was playing all night with it just to get past very basic foes.
I’m torn between wanting him to go hard on this so I can watch it burn and being terrified he’ll somehow succeed and it will be hard to avoid.
It’s already painful to stay out of Facebook’s clutches.
It’s already painful to stay out of Facebook’s clutches.
How so? NoScript and a pihole make it pretty darn easy.
Because of the number of groups that literally only communicate via Facebook and Facebook marketplace replacing everything else like it.
In my case, that but WhatsApp. Can’t live without it, as much as I’d like.
Don’t you feel that WhatsApp is sufficiently insulated from the normal practices of Facebook/Meta/the Zuckerverse though?
Perhaps it’s my naivety, but I’ve never really seen the point of them owning WhatsApp, especially since it integrated e2e encryption and has fought the EU to keep it. From an end-user perspective, it’s just a pretty polished, widely used (and thus useful), and decently private/secure messaging application. I could see the appeal of moving to a Signal, Session, etc., except for their relatively low uptake among the general public where I am.
I’ve just seen the actions Meta’s taken, and as such I believe nothing they say. I was on my family’s WhatsApp group chat until the buyout.
SMS is fine for most things domestically. Signal’s there for international and edge cases. Most of my family are on Signal; there’s just not a group there, and I view this as a feature.
Yeah, it’s a decent app with less overreach seeping in from Meta compared with Facebook, Instagram and Threads. Still, it makes me uncomfortable that many communities that I value greatly would be out of my reach if it were to stop using it. For now it’s not a problem, but I’m hyper-aware of the danger.
this genuinely made getting an apartment such a total nightmare. Every “group” online for finding apartments in my city is Facebook only. Sure, craigslist works but it’s filled with out-of-date realty company spam. If you want to avoid facebook the easiest way is just word of mouth but that’s difficult for people moving in from out of town. I ended up getting my current place by emailing a guy who I heard about from a friend.
In some places Messenger is the default communications platform, more so than SMS or WhatsApp or iMessage or whathaveyou.
…Meta owns Whatsapp
Oh hell no. I’ve seen how he manages his money. Like fuck I’m letting him anywhere near mine.
Well he can fuck right off. The moron strikes again with yet another in a long line of “no one asked for this bullshit” features that hopefully completely destroys his $44,000,000,000 toy.
This is an onion, right?
“Unless you give us all your money to put in our new bank, we might be facing insolvency issues.”
Yes. Also commenting on your Dig Dug icon, which I love!
I’m waiting for him to say something about involving crypto and AI
