I would like to disagree regarding the fact that over-draft fees are the realm of the poor. I've had the misfortune of being charged overdraft fees twice and both times were because I accidentally swiped my debit card and then realized I'd overspent. Both times, I wasn't spending more than I had. I had a substantial amount of cash in a separate saving account as well as my investment account. It was just my checking account that was low of cash.
As for BankSimple becoming the bank of the poor, I feel that it wouldn't be that big an issue. They site focuses on integrating technology for pretty much everything you need to do. Check depositing is by smartphone. There are no branches - everything is online/phone based. This will probably deter the poor to sign-up since people who have < $500 balance on their bank account probably aren't going about with a smartphone and a data plan.
What the heck bank is this? I bank with the reviled BofA, and once a year or so I misjuggle my accounts and bounce something, and every time they courtesy credit the fee, which is their official policy.
Usually when this overdraft sob story is posted to a forum with a call for revolution,
it is by someone who is a habitual line skater who is miffed they keep geting caught out.
I would rather depend on the market to correct the problem for people like you. There are many banks that will draft your Savings account if you overdraft your Checking account. Choose a new bank, and keep the government out of it.
It only becomes a regulatory issue because it is catastrophic for poor people. But once again, it's just a bandaid regulation if you make the practice illegal, because poor people will remain poor.
As for BankSimple becoming the bank of the poor, I feel that it wouldn't be that big an issue. They site focuses on integrating technology for pretty much everything you need to do. Check depositing is by smartphone. There are no branches - everything is online/phone based. This will probably deter the poor to sign-up since people who have < $500 balance on their bank account probably aren't going about with a smartphone and a data plan.