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Comment by welder | Hacker News Reader

Posting as top-level comment because my original post was downvoted a ton for some reason:

I like https://mercury.com and have been using them for a few years. It's a bank wrapper, but your money is in a real bank (Evolve bank). [0] I recommend them because:

* $1M FDIC insurance for your cash [1]

* Business banking features I use work great (paying vendors, receiving wires)

[0] https://mercury.com/how-mercury-works

[1] https://mercury.com/security

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I'd be very wary of using a fintech as your window to a real bank. Mercury as a company is much more likely to fail than a bank. In that scenario, you are going to face a similar operational disruption as folks are facing with SVB today. You might go several days or even weeks without the ability to access your funds.

The regulation is very light right now on how to handle the situation when a fintech partner goes under (although is an area of focus and should mature over the next few years.

I used Azlo before Mercury, which was very similar... a wrapper around a bank. Mercury is way better. When Azlo closed they gave a month's notice and required every customer transfer their money out.

I love Mercury. Their interface is dream, a world apart from TD, Chase, BofA etc. Merucry is online-only so nothing requires a branch, ever. Wires are free and take 1 min to initiate. I don't have more than $1M in the bank but if I wanted FDIC insurance or a large institution guarantee I'd just put the excess somewhere and do 1-2 transfers a year between them.

I've heard spotty results about Evolve's responsiveness to customers, and while there may be a wrapper, that's not always who you talk to, and certainly not who is setting the rules you have to abide by.

Your original post was probably downvoted because of the referral link.

Why? It's $100 for you and nothing for me, I think. Here's what I see on that page:

https://wakatime.com/static/img/ScreenShots/Screenshot%20202...

Edit: Now I notice the "Referral payout" column. I guess that means I get something too, but I didn't think that was the case when posting the link originally.

Maybe because it looked like you were only suggesting the app for monetary gain?

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