Mercury Personal Banking | Hacker News Reader

Mercury Personal Banking

mercury.com

5 pointsgregimba9 comments

Mercury's customer data breach was soooo damaging.

For those unaware, there was a breach at mercury that gave attackers the following information (from their site):

  - Business and Beneficial Owner Information:
      - Name(s)
      - Phone numbers
      - Addresses
      - Email addresses
  - Account Details:
      - Overall account balance
      - Business bank account numbers
      - Business EIN
  - Transaction Information:
      - Entities you transact with
      - Sender and receiver’s address
      - Account number
      - Transaction amounts

Despite all that, a web search does not reveal a post-mortem by Mercury. I don't know why you'd trust them.

$240/yr what?

You’d be surprised how hard it is to find an API driven bank account. They might be able to charge this just fine, maybe they could charge even more.

Automating my bank account is definitely worth that to me, and probably others as well

[EDIT] aaaand in ~17mins I’m signed up and have put in a wire to fund the new account already.

Easiest decision I have made today. <$24 a month for an API to my bank is a price I am certainly willing to pay — I expect I’m not alone.

Well done Mercury.

My bank has for nearly 3 decades an implementation of an standartised api banking API called FINTS. There are quite a few clients for that use the api, including the app of my bank on my phone.

Calling this banking is incredibly misleading as it is not FDIC insured. Not a bank.

"Access $5M FDIC insurance or more"

Only with multiple caveats.

The first line on the page is "Mercury is a fintech company, not an FDIC-insured bank.".

Ultimately the money is stored in actual banks. We're stuck with "fintechs" because banks seemingly can't/won't modernize and the government won't allow new banks to be created.

At least I know that bunq, an European „NeoBank“, applied for an FDIC license in the US and received one. It’s offers a lot of cool features and an API.

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