Simple has 3 specific offerings that make it the best consumer banking solution in the US.
1. Simple's financial incentives are in line with their customers. Simple makes money on interest and interchange. No fee revenue. While not the "sexiest" detail, this makes them fundamentally different from every other retail banking experience.
2. Simple is a technology company. Their web and mobile offerings are in a different class then any other bank. Design and UX are huge priorities.
3. Customer service. Contact Simple. Seriously, do it. (888) 248-0632 or @simplify on Twitter. Real people who really care. I know it's hard to believe, but try it for yourself.
I've been using simple since they first started, it used to be so fantastic. Their mobile platform is light years ahead of everyone else. But after their upgrade in august they have been having some serious issues. My current bank statement is over $150 off right now, they are several days behind on transactions and my statement for august is still unavailable (it's september 21st! ).
If i wasn't tracking my money dollar for dollar i'm sure i'd be in a huge hole and get declined everywhere. I'm moving my money elsewhere this is just unacceptable it's been almost a month since their "upgrade" it's a bank their fundamental business is to track how much i spend, and they can't even do that right now.
Their concept is really good; but after an infrastructure upgrade, they cannot do simple banking. Last week through the weekend, my safe to spend fluctuated daily from $15 to $400. There was a recurring payment that i was going to send on the 15th of oct, but i could not get rid of it, so the safe to spend still remains below by that amount. Fortunately the debit card is tied to available funds rather than the safe to spend.
I sent two bill payments. While both got to their destinations, one still does not show up in my transaction list. Then i did a transaction calculation over the weekend and found that i had over $500 missing. I started with my direct deposit and ran the transactions. I was over $500 short. It wasn't in my available balance, nor in my transactions. I called monday morning. The representative said that the tech team would look at it and get back to me this morning. When that did not happen, i called this morning.
The representative said that the tech team would get back to me this evening. I also asked to speak to a manager. She said that there was no manager available, but one would call me this evening. That did not happen. I called them this evening. The representative said everything looked fine in my account and that the tech team needed more info. I went through the exercise with her on the phone by doing simple math. Still had the shortfall.
Then she did the exercise and said she would get this to the tech team first thing in the morning, since they had left for the day. Now i should feel a little more urgency when money can't be accounted for.