MyBankTracker rated Simple based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.
I've been looking for a banking tool like this for ages, and i can't express how happy i am with the free structure (free) and transparency into how that works (the float as compared to mint's ad supported model). The ios app is amazing, everything has been great so far. Had a few questions and called customer support today and spoke to ryan in portland and he was able to both help me with my questions and explain the whys and hows behind what is currently available and what is coming down the pipe. Never in my life have i had an api conversation with a financial services representative. I'm very impressed - no complaints here.
I moved to Simple after my local credit union hired a new bill pay servicing company. Simple seemed simple. I am beyond frustrated with this bank - the website drives me insane, the app looks neat but really only does half of what my local banks do, and every time I call customer service for assistance (I have to call customer service for simple things like how to use bill pay) I spend an eternity waiting for someone and invariably get put on hold while they try and "figure out my issue." An example of an issue, wanting to update a recurring payment and not being able to tell if one payment had been effected or the entire series. Seems like it should be simple...
The nominal interest rate is a joke at 0.01%
The average processing time for payments is approximately a week, which means they withdraw the money from your account (not earning 1/10 of a penny on those funds!) and hold the money for a week before delivery. Sure there is processing time, but this is obviously a means for them to hold large amounts of funds from the spectrum of accounts to generate revenue.
Check deposits take FOR EVER. My first deposit was held for 11 days. Subsequent deposits will be held for 7-9 business days. My local bank does it in one.
The "goals" feature doesn't automatically catch up when funds are deposited, nor is there a single button for catch up all.
The coup de gras for me, every time I want to add or edit a payee for billpay, I have to get a text message confirmation code, adding 10 payees took an hour and a half, 10 texts, and then additional texts for "simple" things like changing a nickname.
This account is FAR more effort than it could possibly be worth. I am entirely dissatisfied with all aspects and am deleting my account less than 2 months after initiating it.
When I told them that I was unhappy and looking for a new bank, they said "oh, ok." Glad I found out now that customer satisfaction is not a priority.
My previous bank took more in fees than what I put in, and that didn't feel right. (I reward them with a deposit, and they steal my money...). I overdraft by 12¢, and they charge me $35.00. That isn't fair.
Moving my funds to Simple, and banking with them for the past 3-4 months has been the most rewarding, refreshing banking experience I've ever had. The customer service is excellent, the software interface (both web and iOS) are pleasing to look at, and the goals feature built into the program works and is geared toward helping me save for my needs.
The customer service reps for Simple are humans. They care about their customers. They're professional, and sometimes respond with memes.