@BlendahTom because they focus purely on SPENDING and not actually helping you proactively with your money. A Passbook in the 60s was more informative on saving/spending balance than a debit card and checkbook is today...
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At first sight @brettking your product looks great. I'm always up for a no fee approach to banking that has a killer app attached to it so I am intrigued by what Moven has to offer though not ready to sign up just yet. Here's why...
After using Simple for a time there are a few key things that keep me attached to my traditional bank.
1. The ability to make cash deposits and depositing larger checks.
2. Slow transfer to / from external accounts
3. No immediate prospect of joint / business accounts where multiple users could withdraw, deposit and access the same account.
Are addressing any of these issues in the roadmap for Moven's future?
I'd also love to hear more about the "Unite Your Accounts" feature and if that encompasses transfers between a Moven account and say a Chase account? Or is it more about just tracking your spending across accounts?
@rustydingo fantastic feedback - #1 and #3 are underway. #2 is a limitation of the US ACH system right now and we're looking for ways around that, but most involve us having to absorb huge amounts of risk which our investors are not prepared for us to do. The real issue is the FED and NACHA accepting Expedited Payments Services - which we are lobbying for.
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@brettking thanks for chiming in Brett. Did not know that about #2, good to know.
Either way not the biggest deal as #1 and #3 are definitely more interesting and would essentially knock out the need for #2. I will continue to follow Moven with great interest.
When I saw this hunt I got excited because I personally think mint is a huge letdown. Their UI is nice but it never seems to work just right.
Anyway, I clicked through from twitter bc the headline said, Mint on steroids. Unfortunately, this is not true. Moven is a completely different product and serves a completely different purpose. Whereas mint helps me budget each month and allows me to link all my accounts, Moven helps me track my spending in real time w only one card.
My question is, why does this product need to exist - what pain point is it solving? Do people really need to receive a notification for every single purchase? Are people budgeting themselves so poorly that they need a notification each time?
Also, I love the points on my CC's.... To use Moven, do I lose access to those benefits?
Finally, if Moven is a debit card, that probably means the money comes out of my account immediately. Also means I'm not building credit.
I could see how this card is great for first timers and people who are extremely bad at managing their finances but I worry if it could reach broader use cases, like Mint can.
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@benhoffman_ had the same issue with the Mint on Steroids tag line. I am actually looking for an alternative to Mint that has better transaction management and categorization (to select transactions from a certain period you actually have to modify the URL?!). Anyhow enough about my frustrations with Mint...
@benhoffman_ We're definitely not Mint on steroids - in fact, we're anti-budgeting and goal setting.
We're all about creating positive behavior - changing your savings velocity.
At the end of the day Mint does NOT create the imperative for savings for most people - you need to be very disciplined to actually use it properly. For Moven, you don't need any discipline - improving your ability to save is as easy as using Moven everyday.
@mzuvella we're HUGE fans of @Simple - but they are focused on a very different strategy.
Simple is essentially the BEST PRACTICE of internet banking, but they aren't focused on behavioral change via mobile. That's where Moven has focused all of our effort and it produces a very different direction from an engagement and interaction perspective - I don't expect @SImple will ever get where we are on that front.
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@brettking I wouldn't say very different, you are acting as bank and so are they. Curious on how the 'Unite Your Accounts' feature works? @coin like? Or something different?
Appreciate the response...this is what makes Product Hunt so awesome.
@mzuvella we like to think that we've actually changed the nature of the bank account or bank. They've optimized it. I see that as two very different strategies, but I understand why the distinction may be lost on some.
We allow users to aggregate all of their banks accounts into our App so you can see your financial health across the board, but you get the most benefit from using Moven everyday where you get real-time feedback as you pay at the POS. Simple doesn't do aggregation or real-time notification through the app.
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@brettking That clears it up for me. Thanks.
Are all the cards linked to the Moven card? If so how do you specify which one to pay with? Or is Moven it's own account?
@mzuvella real-time feedback only comes when you use the Moven card, but all your other accounts are updated via the aggregation service as the data is made available (typically within a few hours). The real addictive part of Moven is the real-time receipting and financial wellness feedback - you only get that when you use our card.
So while we incorporate all your accounts to give you a picture of your overall financial health - the sexy, real-time stuff only comes when you use our card. Typically we see most customers using Moven for discretionary spend and keeping their old accounts for mortgage payments and the like
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