I have been with simple four a couple of months now and I am happy for the most part with my experience. The one thing that really drives me crazy is that they don't allow you to write your own checks. I am smart to know why its setup that way and the limitations they have from being on-line based. You process the request for a check on the app or on the site it instantly pulls the money out of your account (which i really like) and it arrives in the mail. They use an external processing company to send you (or your payee) the check. It normally takes them two days of processing a couple days to mail it and then your check lies at the mercy of the infamous USPS. I'm averaging 12 days between requesting a check and receiving it. It's just too long of a process, and i would have known about these types of delays i'm not sure I would have signed up. Checks should arrive within 48 hours anywhere in the US. They should also provide another way for you to receive a check if you need one at a moments notice (buying a car, or lending someone money). I certainly wouldn't mind paying a fee to have an option to have one overnight-ed to me. I gave up on requesting checks from them and use my local bank to handle my checking. I love simple, i love the customer service, the app, everything... everything except this check system. They have to add some flexibility to this process to make it my one and only checking account.
Received an invitation on 3/17, applied 3/18, was asked to provide address verification documentation, uploaded a current copy of my paystub. Received same address verification request 4/9 with no explanation other than "Dang, it didn't work." Called same day to cancel application, spoke to Elaina, got a vague "It will time out in 30 days, but we will retire your email address" response.
Not clear, not concise, not professional.
I received an invitation to apply and filled out all of the information including my SS#, bank account number and routing number to transfer my money.
After about 10 minutes I received an email saying my application was denied due to my credit score not meeting their standards. My credit score is currently 660.
Now they have my ss#, bank account # and routing information and an email with no reasonable explanation as to why I was denied. Now I am very concerned!!
This bank might be worth having, if I could have ever gotten into it. Three weeks of waiting and waiting for them to accomplish one simple (pun intended) task just to never make it to the finish line.
They begin the process by you putting in your email and waiting 1-2 weeks.... that should have been my first warning - that without even any information but my email, they need 1-2 weeks. After that, they ask for my other bank account info for a transfer. I put in for a $500 transfer excited to have a large sum to work with on the new app. It has been three additional weeks of waiting, waiting, sending in one document, and waiting some more.
By this time, bills have been paid and purchases have been made, and my other account is now below $500. I called customer service to ask them to change that withdraw amount and express my dissatisfaction at my money being held captive for over a month. I was informed that my other option was to cancel completely, and begin the whole process all over again. No! I opted to cancel outright and be done with the headache that is "Simple". I was then informed that it was too late, and even thought I had just minutes ago submitted a piece of paper work that they said would take 2-3 weeks to process, they could not cancel the process, and my account would soon be overdrawn. Now this "simple" "fee-less" bank has cost me time, stress, and money. Useless!
-amazing mobile app experience.. Really its that good.
-Safe to spend feature is the cat's meow. Makes it so easy to save money without even realizing it.
- quick customer service.
- waiting period to deposit checks is too long. I mean I get it, but why go backwards on something most banks allow regardless of how long your account has been opened.
- slow direct deposit
- had some issues with direct deposit. There was a system glitch on their end that quite frankly left a bad taste in my mouth. Customer service was apologetic, but in their own quirky way. People's money isn't a joke. Why is it that most banks can deposit funds on or close to midnight the day the funds are expected to be in the account?? Hell some banks like USAA, deposit a day early. Simple seems to only run batches for direct deposits from Bancorp once a day.. How about investing in better technology to have these batches occur more frequently.. This especially sucks for us east coasters as direct deposits don't usually post until 8 or 9am... I get it, what's a few more hours, but its 2014, everything is almost instant these days.
Here is the deal folks, Simple needs to ditch Bancorp and become a REAL bank. Go take a look at Bancorp reviews and you'll see what I mean. Simple has some potential, but all they are at this point is a fancy app. I won't be closing my account, because I do think they'll pull it together eventually.. But as others have said, if you need to access your money quickly; this isn't the bank for you. Might be a good rainy day bank account for now, but don't make it your primary checking account just yet.