They refused my business because I didn't have SV VC money
Chase got it instead, but they are losing it next month because of their shenanigans and greed
Wish crypto hadn't been co-opted by the same people and worse
Chase got it instead, but they are losing it next month because of their shenanigans and greed
Wish crypto hadn't been co-opted by the same people and worse
Well, on a related note: https://oag.ca.gov/news/press-releases/attorney-general-bont...
"Capital One marketed its 360 Savings accounts as “high interest” accounts with “one of the nation’s best savings rates”...However, while interest rates rose nationwide...Capital One kept the interest rates for its 360 Savings accounts artificially low...Instead, Capital One created “360 Performance Savings,” a nearly identical type of savings account that provided much higher interest rates than 360 Savings..."
“Capital One misled consumers through false marketing and a lack of transparency regarding its savings account system, cheating consumers nationwide. Given an opportunity to make loyal customers whole, Capital One sank their teeth in even more, attempting to underpay people it harmed and continue its deceptive practices"
Unless you really think you might need the money immediately, chances are that keeping your money in a brokerage account and using a money market fund (say, VMFXX or something like that) will lead to less headaches with rate manipulation, as the funds aren't playing games with the general public.
It's not a bank account so you will still need a backup checking account if you need Zelle or similar, and it has no way to deposit cash - but the CMA has direct deposit, ACH transfer, debit card access, and check writing, so 95% of the time it does all you need.
Now I have a good job, and have been fortunate, but I don't live in a tech hub or am I surrounded by other high earners.
It struck me in that moment that these banks offer high convenience to people who never really have ever had true savings. The interest rate is largely meaningless when your account is chronically in the $250 to $1250 range. Things like app integration, and easy user friendly deposits and withdrawals are much more important.
I think if you are someone who financially made your way to a place where interest payments are meaningful in size, you probably left those "convenience" banks a long time ago. The thought has made me more mindful about my bank rants now.
(in the industry, but not at a startup)
I'm doing a consolidation / rebrand around the verdverm pseudonym this year
The new qualifications to be a Brex customer at that time were:
> Received an equity investment of any amount (accelerator, angel, VC or web3 token);
> More than $1 million a year in revenue;
> More than 50 employees;
> More than $500k in cash;
> Tech startups who are on a path to meeting the criteria above, and are referred by an existing customer or partner.
1. halving the interest every time my CD renews, "it's the market...", no -2% is not market fluctuation
2. they force you to go to an office to cancel renewal
3. I did this and told them if they did it again, I was leaving them. Guess what they did the first opportunity they got...
4. Their tech is trash too
Of course, the VCs take a cut, but overall the redistribution seems net positive to me.