We wired proceeds from a house into a new Simple account. Here is my first 7 days trying to get my money to use.
Day 1: Wired funds do not show up in my account. According to Simple customer service, it has shown up in their "partner bank", but it will not show up in Simple's account until the NEXT DAY. Which kind of defeats the purpose of wired funds, doesn't it? We set up an external account transfer to another bank, which they limit to $5,000.00 for the entire first 30 days of your account, apparently. Simple says the transfer will show up on Monday. We also "mail a check" to ourselves for $5,0000.00 on 7/20. Simple says it will be delivered by 7/24, Thursday.
Day 2-3: weekend
Day 4: The transfer does not occur. Our fault, actually because we sent it to an account that wouldn't accept personal names. However, Simple does not notify us that this does not occur. We find out later after we have written checks which have cleared and are getting NSF charges. Customer service will not reimburse any NSF charges and is happy to close the account. They make zero attempt at trying to retain you or being accountable for your awful experience. They send me a message letting me know I can always "transfer all the money to another external account." But when I bring up the $5k limit, they say, "oh yeah. But you can mail yourself a check". Yes, I want to mail myself a check that will take over a week and then take a check to another bank who will promptly put a 10-day hold on it. Brilliant idea, Simple!!!
Day 5-6: Try and transfer $5k out but am prohibited as the max is $5k/month for ALL EXTERNAL ACCOUNTS. I am stuck either having to "mail myself a check" which takes 5 business days, or using the debit card for an ATM, which just arrived today finally.
Day 7: The check I set up on Friday 7/20 has not arrived it is now 7/24. Apparently this takes 6 business days to get your check. I have sent a message to them, but not holding my breath.
Customer service hours are very limited. If you have an emergency after 6pm, you have to wait for them to call you back when they can squeeze you in on the next business day. Or you can email them which takes even longer. If someone has stolen your info, your money will be drained while you wait for them to get around to helping you!
This brings up another point -- security. They will accept any screenshot (which could be easily photoshopped) document as acceptable credentials to change your account information. Meaning someone can change your info with a simple image made up in MS Paint! Highly insecure.
Go to a real bank. These guys don't have their system together and you are the guinea pig they're testing on.
This sounded very good but I sent in the invite and filled it out including all my bank info. A week later, I got an information stating federal law required this. One thing they wanted was a notarized statement saying I wanted to open an account. Hmm they have my bank info and now they want proof I want to open an account. I have opened many accounts and never have had to provide a notarized statement. I don't trust banks that lie. I will be going to my bank to make sure they can not debt my account.
This is a great bank for those that are progressive and want a new way of banking that is innovative and easy but, be willing to accept a little change.
Wonderful user interface.
Easy and fun way to track your money.
Setting goals is a great way to save money. - I wish you could setup start dates.
One of the best banking phone apps I've ever seen.
It really makes personal banking fun.
Great customer service with the app and phone
NO checking - I cant say this is a con. They have ways to send checks from the website. I'd love to be able to write my own. I only write about 10 checks a year. So, maybe I have to try it from the website.
NO Joint accounts. - I'd like to be able to add my wife to my account - She signed up and we links accounts so I can send her money. So this really isn't a HUGE deal.
It takes 7 days for transfers to actually hit my account. This is only in the case if I transfer money from my etrade acct to simple. My paychecks hit my Simple account on payday so no worry there.
I wish they offered a Credit Card - It would be nice to be able to link the credit card to my activity report.
Bank rate. I don't think they offer any type of interest on your deposits. That is probably how they make money.
All that said. This is a great bank if your looking for something that really changes the way you bank. Things are a little different from your traditional bank but, that's why I signed up! Change is a good thing and Simple make banking.. Well... SIMPLE.
I love Simple's straightforward, user-friendly approach to banking. The tools that it provides have made me more financially responsible. If I had to list the most useful apps of all time on one hand, Simple would deserve a finger (and not the finger that most other banks deserve!).
- The Safe to Spend feature is amazing. It's almost like placing your money in digital envelopes dedicated to goals such as rent or a food budget. This lets you glance at your account and instantly realize how much you can spend without performing mental math. Yes, most banks let you create separate accounts, but it isn't convenient or practical to create separate accounts for dozens of everyday savings goals.
- As others have said, the customer support is unrivaled. I can always reach a person in the U.S. within seconds if I have an important question about my account. No waiting; no automated tellers.
- You can instantly transfer money to other Simple customers.
- Simple is not for you if you often need to deal in cash. There isn't a convenient way to deposit cash into your account. But I rarely carry cash and I know very few other consumers who use it as their primary medium of exchange.
- Simple handles check sending and check deposits in a way that might not be familiar to you. For sending checks, it deducts the amount of the check instantly instead of waiting for the recipient to cash it. (If the recipient does not cash it, they'll refund the money.) For depositing, you may need to wait a day or two for the money to become available.
I was initially upset about the way Simple handles checks, but it became a moot point because Simple also made me more financially responsible. I've gotten into the habit of saving / investing money and planning ahead financially so that it's no big deal if a check takes a day or two longer to process.
I would strongly recommend Simple to a friend. It's one of the most useful services I've ever seen.
I had Schwab Investor Checking (a free checking account with worldwide ATM fee reimbursement) and was perfectly content, but I read about Simple and was very into the whole idea and it felt progressive and innovative, so I tried it out for a while. The no checks/no banks/no fees, the pretty app and website, and the great customer service were definitely appealing. I convinced three friends to join. I regret that.
The holds on deposited checks are wholly unreasonable and unnecessary - other banks do not do it. I personally found the website complicated and the goals feature confusing, especially when trying to account for recurring bill withdrawals. That may be just me. I live in NYC and need cash on hand at all times and everything now now now, which means going to the ATMs. Their ATM network was not convenient enough for me (especially when my old bank reimbursed all ATM fees) and having to login to my account on the app to locate a branch on the go was tedious. The fact that there are no checks did not seem to be a problem in concept, but proved to be, especially with rent checks and timing that with paycheck deposits. "Check's in the mail" concept did not sit well with me, so much so that I never used it and would go into the Post Office to get money orders instead. Delays between account transfers were way too long. I was glad to have kept the Schwab account open, to which I am returning.
I love this bank! I have accounts with big name banks before but nothing ever like simple! When I need them they are there and when my account my hacked back Target and Michaels. They alerted me to let me know that it happened and even sent me a card ASAP to replace my old one. I honestly don't think I will ever look at another bank other than them!
Saw an ad, been a happy Wells Fargo customer for years, before that Regions Bank. (Actually still have Business @ Regions, and still have my WF Personal accounts.)
Simple is giving me a better tool to budget my spending, keep track of my funds, and to be honest, the goal feature and Safe to Spend amounts are amazing!
I like the fact that I can #tag transactions. I can tell you right now how much I have spent this week for Mother's Day, how much I have spent on flowers for my girlfriend. I can tell you how much Gas I have spent with just a look, and see if I need to buy a car with better gas mileage next time around.
As far as the people not getting approved, experienced a Chapter 13 (still on going) and I don't have a major credit rating 500-something. I opened my simple account with $0.00.
I'd like the ACH Transfer from my other accounts to be a little faster. I'd like to see a faster way to deposit funds as well.
But other than that, the fact that I am now seeing things better than pending transactions on my other accounts this is so much easier.
I have commitment issues. The longest bank I have ever stayed with for my checking account needs has been 3 years. It's not my fault, really! High fees, too many minimum requirements, mistakes on my checks, horrible customer service and more. Then came simple. I waited for an invite and then signed up. It was actually "simple" and easy. In a few days came my debit card. I was all set! Since then, I've had nothing but pleasurable experiences. There are no minimum requirements. I haven't had a mistake on my check, the customer service is quick, pleasant and personal. With a quick look at my phone, I can easily see if I can safely use my debit card (and not use money that was meant to go for payments or other goals.) The user interface on the website and on the app is simple and easy to maneuver. I am never leaving.
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 and I applied on 3/18. I 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.
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've had Simple Bank for 3 months now. The initial sign-up process was easy. The main problem is that transfers of money to Simple take entirely too long. Every transfer I've done has taken a week or longer and that is just too long to have money in limbo. Also, I don't understand exactly what type of account this is. It's not really a checking account, as there is no way to write a check or deposit cash. It is not a savings account because it does not have withdrawal restrictions. This is really more like a low-fee pre-paid card account.
I haven't found the "goals" feature to be very intuitive, so that has not been helpful at all. I have only used the card for gas once and it literally took 2 weeks for the actual charge to post. I also used the account once to pay a credit card bill. It has been over a week and that transaction has yet to post on my Simple account, even though it has been posted to the credit card. (It does not even show pending.)
Service has been decent. I've only done "chats" and I've gotten speedy responses and they were very good about handling the Target data breach. They sent me a new card automatically, which was great. The main reason why I feel uncomfortable with this bank is because they have fees listed that I've never seen before, such as "faxing fee" and "legal response" fees if someone files litigation related to your account. Big Banks like Chase, etc. handle that stuff for you without a charge. I also don't think their actual identity theft guarantee is very strong. I would definitely not use Simple as my main bank. One feature I do like is the ability to block your debit card temporarily.
Depositing money is impossible and I have yet to find a free ATM. For my main banking needs, I'm stuck with Chase for now. I would need more security and robust features, including identity theft protection, from Simple before I could switch over to them.
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.
There is nothing simple about this "bank". Just to deposit a money order, it takes two weeks to hold and clear. I did not expect this at all, and this has ruined Christmas for me. I thought I would be able to deposit my money in, and within the week I would be able to buy my gifts online. Nope. Today is the 23rd and it is not cleared. They claim this is to prevent fraud. Well this was a money order, not a personal check. So really? Two week hold? I could have signed up at a bank, gotten my card, and used it online all within three days time. I thought this would be simple. Nope!
Beware of this "bank". Unless you want to wait weeks at a time to use your money, just open an account at a branch. Seriously the worst experience I've had with a bank.
Their online site is also very confusing, and there is like nothing to it. It feels empty and doesn't function properly half the time
Just make sure that you don't have to transfer any money to or from the account ever. I spent two days with no money because an accidentally doubled transfer cleared out my account and now there is a screwed up 500 dollar transfer that doesn't seem to be going anywhere and actually shows up as "unknown" on the Simple interface.
There is a severe lack of information on the interface itself when it comes to transfers. Mostly because it relies on you adding everything. Interestingly enough, that's just a teeny bit difficult when you haven't the slightest idea what is happening to your money.
Customer service was fantastic. I received calming redundant information about the amount of time a transfer takes (thanks, I've never done banking before) and was also basically told to just wait and see what happens. Awesome. So, yeah. Problem not resolved. All I know is that $500 dollars is missing from my account and I don't even know if this stupid account is going to send it back to my original account so that I can get rid of Simple and be done with it.
Clearly my case is a rare one. I'm guessing based on all of the unhelpful information I've received. Between Simple and my old bank, I've paid an extra 35 dollars dealing with return transfers and I guess I'm about to pay another $35 for what just disappeared from my account. Really feeling great here. Really.
Oh, but at least customer service is nice. Right? Because that just changes everything.
After dealing with a bank that gouged me with fees for years, Simple is a refreshing experience. I can actually pick up my phone and talk to a real person without even having to go through a menu! I don't get charged $20 a month just for using their bank! I really like the iPhone app too. Since I don't have checks with them, to mail my rent and other bills, I simply set up a monthly check that gets mailed by the folks at Simple for me automatically- and there's no fee for that either! I haven't used this bank long enough to come across anything I don't like, but so far, so good! It's so easy to budget for vacations and other goals and see where my money is going each month. For a 20-something who is concerned more with getting help with questions when I need it and assistance with budgeting, and less about getting a better interest rate, this bank is perfect for me.
Eventually got my invite, signed up. In my mid-20s, always liked the "separate envelope" approach to saving for goals. So I loved the concept to begin with. However, over time, four things annoyed me:
(1) "Check Hold" for all deposits over $200 is confusing. Bottom line - you have to wait to access your money
(2) On two separate occasions, I had duplicate entries. One time I had six releases of $600, meaning I suddenly had $3,000 in the bank that I should not have had. The second time was a small check for $20. Both entries are permanently stored in my record. Confusing and annoying. Should I really trust my money with them?
(3) Today, I went to transfer $1600 to my local bank. It was expected to arrive in 8 days. That float period is too long.
(4) I have had a few errors with check deposits either not getting accepted or the processing getting pushed back a day. Solution - mail the check. If they'll accept it. I was told a check of mine is void, even though it doesn't say so on the check. I'll go to a local bank to have it taken care of.
The responses from customer support were cute and friendly, complete with smiley face emoticons. Nice for conversation with friends. But not what I expect when my money is in question.
All that, given, it is a new startup. I may continue to use Simple to save for small personal goals, but I won't continue to use the bank for any significant banking because I have found it unreliable.
Well, that was disappointing. After I signed up, gave them my social, bank info to deposit, and birthday, they emailed me a letter saying my application was denied. What a way to get all my information. What a scam!
I am a Senior in an undergrad Computer Science program. Therefore, I am tech-y and young, kind of the key market for this bank.
The app is wonderful. My parents bank with a larger bank and they have a similar app, but I looked into it and it still reeked of old world trying to be 'hip. They took their current clunky online banking solution and painted it up to look 'hip', but it just was still terrible.
Simple's app is both beautiful, responsive and to the point. Whenever I had to bank mobile on my old bank account (which I still have and hate), the app was slow and I had to type in my full password, it took four or five clicks just to see my balance! With Simple, I open the app, punch in a four digit number (Not your PIN number obviously!) and it is there, bam. It took 10 seconds.
I haven't gotten to the best part! The goals! I love the goals. I am always telling myself "Oh, I need to save for this. No I can't, the money is for this." With Simple, you create a goal, set the amount and the time (or not if you just want a pot to transfer money into at will) and it will set that money aside. That money will still exist, but it will not be "Safe-to-Spend" and as a result, won't show on the app (which is one of my few complaints. The app doesn't show your 'real' avaliable balance, only your safe-to-spend)
Anyway. If you are looking for a clean and intuitive banking solution: try Simple. It may do what you need without overcomplicating things like many banks do.
The few things I do not like:
- Paying traditional bills is next-to-impossible. Yes, there is a 'Send Check' feature, but I am still weary about it.
- Occasionally, if you get gas, you will get a massive hold. Send them a message and they will fix it quite quickly.
- Some places are misclassified, not a big deal.
Fantastic customer service, fantastic app, everything makes sense, simple and doesn't over complicate their app and website with ads and other non-sense.
So, I have been with Simple for a couple of months and for most part have been happy.
Until today, payday..
My paychecks were always showing up very early in the morning as they do with most other banks. Here it is 9:30 AM and no paycheck. I call Simple - can't reach anyone by phone says they are closed. Keep trying and eventually get through to a message that says "Let me see if anyone is available to take your call". After a couple minutes waiting it says No one is available to take my call leave a message.
I have been trying repeatedly to get through to someone and I can't even speak to a live person! I don't know how they think it's even acceptable to say no one is available - leave a message during normal banking hours.
Now, I have serious trust issues with this bank when direct deposits don't show up and I can't reach anyone. I will be switching to another bank very shortly.
I was not aware that the Simple team never even thought about making a windows app. This upset me very much. How can an online bank not make an app for all smartphones. This is ridiculous. Up until a week ago I could not even log in from my mobile browser. Transfers also take far too long between accounts. I hardly use my account and I have yet to make a single purchase with my debit card. Don't think I will ever if my transfers continue to take days/weeks to go through.
They have re-invented banking. I admit, it's not "natural" yet, but I know it's the way it was supposed to be. There is a learning curve to re-think banking, but they are headed to the right place. I've already transferred my money to Simple and can't wait for them to add more features, such as the ability to pay others electronically (e.g. QuickPay, Venmo). I really hope they also increase their photo deposit limits of $3000. Their customer service is absolutely amazing! It's like you're talking to a knowledgable friend, not some dumb robot who keeps copying and pasting canned responses. All of this come at $0 of fees--no games. With my last bank I'd get a *free account* if I had to jump through hoops, like if I had an monthly automatic deposit into a savings account. So I had setup an automatic $25 into the 5 savings accounts and then right out of them again to avoid fees. With Simple you don't need multiple savings accounts. You just have goals. They are like virtual accounts. You can create as many as you like; there are no applications to fill out, no time to wait, to credit check. Nothing. Just click, enter amount, click: Bam! You have a new pot of money.
I am in the process of rebuilding my credit. The application for Simple states that your information will not be used to obtain a FICO credit score. This is correct, but only on a technicality. A different credit score will be used, and you may be denied an account based upon it. If you have credit problems, don't bother applying.
All the nice features you hear about are true, great, and cool. My customer service experience was good. Yes it is clean, nice, simple.
The problem for me, is that I can't add my wife to the account. Unfortunately, this does not seem to be a big enough priority for simple. I've called and asked customer support on an estimated time frame on when they think that will be and they pretty much only have plans for separate accounts only "but with ability to share goals". Little else was given. Friendly but not informative enough for us. I'm not entirely sure why they can't just allow you to add someone to your account and assign them the same card number with their name on it. My speculation is simple needs some metrics to sell to get other banks on board. Maybe something like "Hey potential bank, Bancorp bank has doubled it's numbers in opened accounts since using our services! Sign up now!". For folks who enjoy doing their budgeting/spending as a collaborative/team effort, as a family, by sharing their bank account with their significant other, simple bank might not be for you. We aren't married with a prenup, we save & spend collaboratively and we don't like that simple does not provide this need that any other notable bank/banking service provides.
I looked for everything that this bank has to offer except it didn't even occur to me to check to see if I can add someone to the account for joint access! That's like going to a sandwich shop and not realizing you should call to see if they sell drinks there first! Why wouldn't they offer that!??? Is it an system architecture limitation? If so that is pretty ****** design. Good thing I only opened this account as a test trial. Does not fit my joint account access needs and will be closing down my account.
Would gladly open up an account again if they actually allow joint accounts in the future.
I've had my account now for weeks now and eagerly await until my account become a months old and I don't have anymore 9 day holds.
I've been a customer for banks like chase and wellsfargo and already am fully impressed with simple. When ever you have a question for them I like how they take the time to really explain things to you. It's honest and open support, not support from rude agents who barely speak and comprehend English!
Yeah the nine day hold on checks on new accounts really does bite! But the rep provided a plethora of ways around it like direct deposit or cashing it out and getting a USPS money order with no hold!