Bank Report Card
Overall Rating
About Simple
Simple is not a bank. Simple replaces your bank. Funds live in FDIC-insured accounts with their partner bank, The Bancorp Bank, and Simple provides everything else. Simple allows members to make purchases with a Simple Visa® Card, deposit checks using their smartphone app (coming soon), set up direct deposit, earn interest, pay bills, transfer money, withdraw cash from over 40,000 ATMs, and more. Beautifully-designed web and mobile apps, no surprise fees, and real customer service.
Average Customer Reviews4 out of 5 marks for 10 reviews |
Fair |
|
Bank Financial HealthTexas Ratio |
Good |
|
Bank FeesAccording to National Average |
Good |
|
Interest RatesAccording to National Average |
Fair |
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Remote Deposit AccessMobile deposit, scan remote deposit checks |
Good |
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Mobile Bank ServicesMobile access (iPhone, Android or Website) |
Good |
Simple Fees & Rates
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Type Fee National average Monthly Inactivity $5 $6 Non-Sufficient Fund (Overdraft) $0 $30 Stop Payment item $15 $27 Return Deposit $0 $16 Domestic Wire Transfer (Outbound) $0 $22 Domestic Wire Transfer (Inbound) $0 $8 Non-Bank ATM $0 Non-Allpoint ATMs: No Fee, No Refund
$1
Most Helpful Customer Reviews
4 out of 5 marks
“Amazing Mobile and Online Banking. Terrible Rates.”
Simple is definitely a different kind of online bank.
While many of todays top online banks focus on offering the highest interest rates for savings, cds and checking accounts. Simple chooses to be the best when it comes to the actual online banking experience. This is obvious by the 0.01% APY currently being offered on their checking and/or savings account.
Mirroring an almost Mint link money management interface, both their online and mobile app are a thing of beauty. While still missing features such as mobile deposit (& remote deposit), the ability to set and track goals as well as categorize my purchases is better than any other bank I am a member of (Chase and Ally).
If you don't care about interest rates or debit rewards, but instead want a checking account that helps you become a smart spender, than Simple is probably right for you.
2 out of 5 marks
“Most COMPLICATED and customer-unfriendly bank ever”
This is THE MOST COMPLICATED bank to deal with I have ever encountered, making a mockery of their name. They are the epitome of all the jumping-through-hoops that they claim to be the opposite of.
After waiting many weeks, I finally was allowed to apply. Now they are insisting that I must send them many documents, NOTARIZED, by POSTAL MAIL ONLY. It would take me many hours and much expense to get that done, and who knows whether they would then deign to accept me.
This is all based on some reason that their customer service guy says they don't know; only the so-called "partner bank" does. Totally ridiculous. My advice: Open an online account at a bank like Sallie Mae or American Express, and hook it up to Mint. Done in ten minutes. All the same services, plus about 1% interest instead of nothing, and paper checks for the times when you really need them. And joint accounts! How primitive that Simple can't do even that basic level of service.
Just for fun, here's the text of their demand. Welcome back to the 20th Century:
"Please send [by postal mail; no fax or email] us clear, notarized copies of each of the following items:
Proof of Identification (for example: current, unexpired driver's license, U.S. military ID card, or passport)
Proof of Date of Birth (for example: current, unexpired driver's license, U.S. military ID card, or passport)
Proof of Social Security Number (for example: U.S. tax form, such as a Form W-2 or recent annual return (only need one page, reflecting your SSN); or Social Security card)
Proof of Residence (for example: current, unexpired driver's license or vehicle registration card; lease agreement; or utility bill or bank statement generated within the past 30 days)
Signed Request to Open an Account (handwritten or typed statement signed by you confirming that you are applying for an account with us)"
PatrickBatemann reviewed Simple
May 14th 2013
1 out of 5 marks
“Stick With Your Own Bank”
If you're thinking a Simple card will simplify- think again. Just got charged $75 for gas until the actual $20 payment clears. What a joke. If this is the behavior filling up on gas, then who knows what other transactions you're going to get bend over for because of Simple. I'm dumping this card immediately. Simple is a joke.
See all 10 customer reviews »
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