Idea #11 – Bank Account Switcher

by Byron on January 17, 2012

The Problem

Switching bank accounts is a pain in the ass.

The Business

A website that automatically handles the switch for every billpay/recurring transaction you have.  The consumer could pay to avoid the hassles.  I know I would pay.  More probably, the acquiring bank could and would pay.  True portability would be worth a lot to the acquirer.  Less so to the bank losing the business.  But you know what they say, “Easy come, easy go.”

Doableness

This is a massive project.  You need to build the technology, then build the brand.

My Thoughts

It’s possible that eventually there will be a standardized way of moving bank accounts.  There is for cell phone numbers.  There is (to a large degree) for brokerage accounts.  This service could become that standardized way, or this service could be put out of existence by banks agreeing on a standardized way.

In addition, I’ve just determined there is a competitor.  No less than Deluxe, the maker of the checks in your checkbook.  (It’s a good thing they are innovating over there.  How much longer are paper checks really going to exist?)

But competition is not necessarily a bad thing.

If this could be a bank selector, instead of just a utility for an already decided on switch, there would be more value.

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