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.
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.
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.