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 was an early simple adopter and loved it, and have used it as my primary checking account. But since they were acquired this year and have been transitioning their operations, i have had terrible problems with my account and the website that a bank should never have. My scheduled payments disappear or do not display (you never know which). My available balance is incorrectly reported.
A check for over $1,000 was returned by the post office and simple never notified me or credited the money back to my account (until i called them to ask what was up). Their customer service is good but without a reliable banking experience, sadly i have to leave it. Too bad because they still have the best online banking interface, although other banks like chase have begun to catch up.
I don't know where all these glowing reviews are coming from. My experience with Simple has been nothing but frustration. Here, in roughly the order I experienced them, are the problems.
- You can't write a check. Granted this isn't something most of us need to do very much anymore, but occasionally you need one, and can't wait for one to be mailed.
- They won't issue a check made out to a government agency. Renewing your license plates? Paying your taxes? Go buy a money order.
- They rejected my tax refund check deposit because it was joint-payee, in spite of their own policy allowing it.
- Payments come out of your account immediately but take ages to reach the payee.
- Recurring payments always count against your safe-to-spend even if they are a month away.
- They haven't issued statements since August (it is now late October) due to unresolved bugs.
- Lately the balances shown on the website are often incorrect, with outbound payment amounts being randomly added back in for a while and then removed again. The mobile app balances don't agree with the web app balances.
- They LOST my mortgage payment. It just never got there, and the money was dropped back into my account with no notice. I didn't know about it until my mortgage company called me looking for their money.
- They rejected a check deposit due to a signature crossing a digit. The phone rep could read the number fine but they told me to go clear it through some other bank anyway.
The customer service people are always polite and try their best to help, but I finally asked myself: if I keep having to go to other financial institutions to make up for Simple's shortcomings, why do I need them?
Statements, accurate balances, deposits, and correct transfers are all basic to banking, yet Simple did none of these things consistently. I give them two stars only because they are polite on the phone and in email, otherwise it would be one star.