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.
I've used it now for four months and I can't think of a single reason to go back to a typical b-n-m. Everything is fast, the mobile experience is bar-none and the goals are one of the most delightful ways I can save up. There are no fees. NO FEES. Plus no minimums so you have nothing to lose for trying.
I have used Simple for a full six months and I can say without a doubt this is the future of banking. My cash is secure, moves fast and all with no fees. I recently went on a vacation and the closest bank to my hotel was a Simple in-network ATM located in the CVS. I can't even begin to explain the ease of use, intuitive app and online banking design and revolutionary budgeting and saving tools. You have to try it for yourself to truly appreciate the power of Simple. However I will tell you that if you're a negative person or generally suspicious of invention you will want to stick with high fees, clunky apps and overly complicated online banking.
Everything seemed to be going great, until the app stopped updating my balance. It stated that I had a few thousand in savings when in fact, it wasn't updating correctly at all. Customer service thought it would be good business to argue with me about how I was reading the app wrong. Little do the know, I design stuff like this for a living. And if it fooled me, I'm sure it fooled others. In fact, I'd find out later that they knew about the issue and sent no warnings to their clients. According to their business model they do one thing. Give you real-time updates on your banking, keeping you informed. Unfortunately, they are failing majorly. I've issued a complaint with BBB and FTC. I've never had to take such measures at any time in my 40 years on this planet. Bummer of an experience. I can't recommend this to anyone.