I came across Banksimple.com, and I was wondering whether or not it is safe to entrust your money to.
The About Us page says
We partner with select deposit-taking institutions. We spend our time making banking easier for you, while our partners manage treasury and compliance. Through our partners, your deposits are FDIC insured.
We have an established regulatory process derived from the affiliate banking model. Modern, real-time technology connects us to payment networks such as ACH, SWIFT and paperless billing.
The above mentions an affiliate banking model. Are there any other online banks that operate this way? It seems unsafe to have an intermediary in between me and the bank actually holding my funds. What are your thoughts?