About a year ago, I opened a bank account with Aspiration. They seemed to have a purpose in changing the way of how banks dealt with your deposits. Aspiration doesn’t use your money to support pipelines and oil drills- stuff of that nature. They still have this same motive, but it seems that the consumer is no longer as important to them as it once was.
One major feature that I enjoyed about Aspiration was how easy it was to deposit physical cash into it. Most online banks do not offer this and in my opinion, it makes you feel isolated from the online bank itself. However, Aspiration no longer offers physical cash deposits either.
I contacted Aspiration via Twitter regarding this issue. It seems that they have no plans in bringing back physical cash deposits.
According to Aspiration, this feature was “lost along the way” during their transition to a new partner bank. Previously, their partner was Radius Bank. It is now Coastal Community Bank.
I am a strong, avid believer in the concept that features should never be taken away. It does not matter if you add a few more, a feature should never be removed. I recently discussed this in Walmart’s decision to discontinue their Savings Catcher program.
Aspiration should have thought more of the consumer when making the switch from their previous banking partner. Cash deposits are an important thing in the lives of some people, as I have seen in numerous posts on Twitter. The switch should not have been made unless all previous features could have been preserved.
I’m all for new features, but when features that have existed before are completely removed, it just gets me fired up. Even more so when there are no plans at all to bring the feature back. I’m disappointed in a bank that I once cherished. I personally have been using Discover’s online checking account more since Aspiration has made their “transition.”
Discover’s online bank has no monthly fee, first fee forgiveness, a cashback debit card, and a savings account that earns a whopping 2.10% APR. Although they do not offer cash deposits either, I’d highly recommend checking them out. They have more experience in the banking business and actually know what they are doing.