"BankSimple is creating a better interface for banking through the Web and mobile apps. In partnership with financial institutions which will hold the actual deposits, BankSimple is focusing on creating a better customer experience and simplifying the banking process by unifying all accounts into one, accessible through a bank card. Rather than making money from different fees, BankSimple plans to split the net interest margin with its partner banks (the difference between the rate they lend at and the rate they pay to depositors), thus eliminating the incentive to push more confusing products at consumers."
"The largest financial institutions no longer have a monopoly on the way funds travel through the system. Take, for example, banking alternative BankSimple, which was co-founded by one of Twitter’s first employees, Alex Payne. The premise of BankSimple is this: Each consumer should only need one card and one account — and there should be no annoying transaction fees for ATM machines or penalties for bank overdrafts. BankSimple refers to its service as “banking online” not as “online banking” — the company is not a bank as much as it is a personal banking alternative. To top it all off, BankSimple has made customer service the very bedrock of its approach: When people call for information about their accounts, they shouldn’t have to wait 30 minutes for someone to talk to them." (http://www.washingtonpost.com/blogs/innovations/post/the-real-wall-street-occupation-is-online/2010/12/20/gIQAFKANfM_blog.html)