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Let's chat about the new(ish) online only bank, Simple.Simple bank propaganda posted:Simple is an online only bank that offers, "A simple Visa card, no overdraft, minimum or monthly fees, 55,000 free ATMs, automatic saving and budgeting, photo check depositing, and free check sending." It's important to know that Simple only offers a single FDIC insured account and doesn't do any of the other normal bank "stuff." They don't do loans, offer credit cards, mortgages, etc. At this time, opening an account with Simple...isn't. They're limiting customers through an invite system where if you're lucky you can get an invite through their site but you will have a better chance of finding someone with an extra invite who can get you in. The reviews for Simple have been mixed. Everyone seems to agree that the way their accounts, features and apps are setup is top notch while at the same time they have experienced service outages causing major problems for customers. I'm interested in trying Simple as a secondary, online only bank (still waiting for an invite) but I'm curious if any goons have or had an account with Simple and if so, how did you like it? Also, if you have invites that's you're willing to part with, feel free to use this thread to offer them up.
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Mar 13, 2015 00:50
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| # ? May 4, 2024 10:27 |
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I used simple for a while last year. The big problem was that it took 1-2 weeks minimum to make any deposits, so I'd transfer money from their site to my account there from my main USAA checking account on like the 3rd of a month and it wouldn't get deposited until the 10th or 12th, consistently. Other than that, it functioned like any other debit card with a visa logo on it.
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Mar 13, 2015 00:57
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I had read that the first time you sent a check it was pretty slow but was supposedly fast after that. Sounds like that wasn't the case for you though? It was always slow no matter what? Also, what about the account features? One of their big claims was their built in budgeting tools, I'm guessing like Mint. Were those any good or did you find them useful?
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Mar 13, 2015 13:01
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I'm curious what the draw is? My Credit Union does all of that and more, also with no monthly fees. I am not really sure how the built in budgeting works but I can create any number of arbitrary sub accounts and set up automatic transfers.
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Mar 13, 2015 21:02
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I think Simple had a good opportunity when it launched, but since then every single major bank / credit union just stole all of their ideas and implemented them. And simple still has the insanely long deposit times, it happened every month, forever. I remember getting an email saying they were working on improving the times, but by that point I had given up.
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Mar 13, 2015 21:20
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When Simple transferred to a new bill payment system, my balance was incorrect for two weeks and I became delinquent on my car payment because their system said it had been sent out when it wasn't. Deposits take FOREVER. Safe-to-spend is useless if you manage your finances like an adult and don't constantly overdraw. Simple is awful. Radbot fucked around with this message at 22:26 on Mar 13, 2015 |
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Mar 13, 2015 22:24
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I use another online-only bank (Schwab) and the limitations have gotten more grating over time. What does Simple offer over everyone else?
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Mar 13, 2015 23:00
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I guess the big draw is that Simple is new and hip but it sounds like their execution is horrible. I have a local credit union that I have some accounts with but the they're pretty meh. Their customer service is fantastic but beyond pretty basic service offerings, they're nothing to write home about. I like the idea of an online bank but really dislike having accounts with big banks. For me banking with Capital One 360, Schwab, etc. is a non-starter. Simple is appealing because it fits the bill for what I'm looking for but if they're really that at doing basic "bank" things then I'll have to keep hunting.
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Mar 14, 2015 02:19
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Just for kicks I requested an invite on their web site, and got it a few days later. How many people do you suppose have this exact XKCD password on their accounts now?  Beast of Bourbon posted:I used simple for a while last year. How do Simple's budgeting and tracking tools compare to USAA's? I use USAA and so far have found theirs too cumbersome to bother with. slap me silly fucked around with this message at 15:57 on Mar 14, 2015 |
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Mar 14, 2015 15:53
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slap me silly posted:Just for kicks I requested an invite on their web site, and got it a few days later.  Looks like their invite process hasn't changed much. Those rotten bastards. (still want to try it despite everyone saying it's horrible)
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Mar 14, 2015 19:21
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"Simple" sounds anything but simple and like they are touting services like they are something new when in reality you can get that an more just about anywhere you go. slap me silly posted:How do Simple's budgeting and tracking tools compare to USAA's? I use USAA and so far have found theirs too cumbersome to bother with.
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Mar 15, 2015 16:44
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TouchyMcFeely posted:I guess the big draw is that Simple is new and hip.
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Mar 15, 2015 17:30
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Sounds lame. I started using Ally a few months ago and it rules so far.
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Mar 15, 2015 17:42
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moana posted:You want bands to be new and hip, not banks. I use Alliant Credit Union, it's online, it's great if you don't want to go big-bank style. I say "new and hip" but it's more that they have features I'm interested in trying out that my credit union doesn't have. I'll give Alliant a peak. Maybe they're more along the lines of what I'm looking for. Thanks for the recommendation. I also took a look at Ally. Unfortunately they're former GMAC and their reviews are less than stellar.
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Mar 15, 2015 21:18
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TouchyMcFeely posted:Unfortunately they're former GMAC and their reviews are less than stellar. Ally is FDIC insured - if it goes tits up, your money is safe
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Mar 15, 2015 21:55
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They're all FDIC insured. Unfortunately FDIC insurance doesn't dictate a level of quality or service. I'm less concerned about them going under than I am about 58% of Credit Karma reviewers giving them 1 out of 5 stars. I banked with and loved ING Direct but won't touch Capital One 360 with a ten foot pole. I also banked with Wells Fargo for years and was satisfied until a cockup on my part that should have been easy to fix turned into a complete mess. Maybe the focus of this thread is too narrow and should be a broader "recommend me a bank/let's talk about banks" thread.
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Mar 15, 2015 22:42
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TouchyMcFeely posted:They're all FDIC insured. Unfortunately FDIC insurance doesn't dictate a level of quality or service. I'm less concerned about them going under than I am about 58% of Credit Karma reviewers giving them 1 out of 5 stars. I've been with Captial One 360/ING Direct since 2007 and essentially nothing has changed with it since the switch to 360 (except nice things like no more foreign ATM withdrawal fees/currency conversion fees and a much bigger free ATM footprint with the combination of Allpoint and Capital One ATMs. Capital One 360 still operates as a separate entity from Capital One. Unless they gently caress that up, no reason to leave. I also use Ally and they're fine, most of the reviews on that site are people yelling about getting behind on their car loan payments it seems. Their ATM fee reimbursement policy is great. What more do you need out of a bank account besides "holds my money" "lets me access my money easily" and "no BS fees?" You're being too picky.
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Mar 15, 2015 23:23
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mishaq posted:I've been with Captial One 360/ING Direct since 2007 and essentially nothing has changed with it since the switch to 360 (except nice things like no more foreign ATM withdrawal fees/currency conversion fees and a much bigger free ATM footprint with the combination of Allpoint and Capital One ATMs. Capital One 360 still operates as a separate entity from Capital One. Unless they gently caress that up, no reason to leave. I have a bank like that, it's called my local credit union. My original intention for this thread was specifically to discuss Simple because Simple seems to be taking a different approach than any other bank I've come across. Their focus on the use and tracking of cash as opposed to finding new and imaginative ways of loaning people money is appealing to me. Thanks for telling me my business though. Quite useful.
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Mar 15, 2015 23:50
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TouchyMcFeely posted:They're all FDIC insured. Unfortunately FDIC insurance doesn't dictate a level of quality or service. I'm less concerned about them going under than I am about 58% of Credit Karma reviewers giving them 1 out of 5 stars. I've had Ally for 3 years now and love it. I've contacted customer service several times and never had any issues getting things fixed. I quick look at Simple has its APY at 0.01%. I had that terrible of APY at Wells Fargo, and I don't see what Simple offers that you would opt to use it over any other credit union. If you take the "risk" of having an online only bank, what do they do with the money they save from not having local branches? Ally offers .99% APY for not managing those branches. I just don't get what Simple offers over any other bank. Edit: Maybe the tracking of cash, I guess? My local credit union has that with their online banking tools, and you always have Mint.
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Mar 16, 2015 00:21
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I guess I'm the only one here who's had a generally positive experience with Simple. I've been using them as my primary bank for almost two years now, and the only real issue I've ever had was when they switched to their homebrew credit card processing stack, which disrupted a bunch of things including their ability to issue new cards. That's something that's pretty annoying when your card number got used for some unauthorized purchases and you need to block it and get a new one. It took about two weeks to get a new card because of that. On the other hand, the time I had an issue with my debit card being rejected (which turned out to be an issue with the merchant), they were incredibly helpful. I called after hours, decided to not leave a message and instead to try again the next day, but when I got home, they called me since they saw I'd called. Overall, I'd say it's been a decent bank, but they need to stop being so cavalier about software updates. They've burned a lot of people as a result of maintenance, and it's really hurt their image.
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Mar 16, 2015 01:05
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I joined Simple when it first opened way back when, but left shortly after because of something in their terms. I can't remember what though. The app was neat though.
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Mar 16, 2015 13:51
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If you think Simple is awesome, just try asking them a question that isn't in their FAQ and see if you get a response back within the week.
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Mar 16, 2015 18:13
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TouchyMcFeely posted:I have a bank like that, it's called my local credit union. Your local credit union probably has a dog poo poo savings rate actually, so nothing at all like that
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Mar 17, 2015 04:09
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Vomik posted:Your local credit union probably has a dog poo poo savings rate actually, so nothing at all like that Actually yes, exactly like that because all savings and checking account interest rates are dog poo poo. The only thing that really sets banking institutions apart in this day and age is customer service. Sure, you might find a savings account with a fraction of a percent higher return but none of the differences in rate amount to much more than a few dollars in the long run and who in their right mind wants to deal with poor customer service in exchange for a couple of bucks? Funny story: got invited to Simple today. Looking forward to trying it out.
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Mar 17, 2015 04:42
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TouchyMcFeely posted:Actually yes, exactly like that because all savings and checking account interest rates are dog poo poo. They're all lovely yeah, but why not choose the higher. I don't know... I've never had to deal with bank customer service in the last I don't know how many years (I've used schwab since at least 2007 and I've never had to call them.) Maybe I'm lucky
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Mar 17, 2015 04:43
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I use it - I had some frustrations with some of their growing pains but haven't had any issues in a while. I am an idiot with money unless I hide money from myself, so on my payday I set up their "goals" functions with all the bills and transfers to savings I'm going to do with my paycheck money and that way I won't accidentally spend it on something else while the transfer/payment goes through. I love the app and it sends me a notification every time a payment goes through, which is not incredibly useful but I like it. Deposits and transfers have gotten way way faster in the last few months as well. That being said, I don't think their budgeting software is any good and the service issues were pretty bad when that was happening...hopefully that's out of the way now. I also dislike the idea of being like "I want to save $500 by June!" and then it takes a set amount out of your account every day...if it was at a payday or something maybe, but I just manually do that myself instead of using that function since I hate the idea of my bank balance changing willy-nilly. It's just a bank with a good app in my mind. I wouldn't expect it to replace mint for sure, but it's pretty and easy to use. And I get tons of compliments on my card. So...y'know...great reasons to use a bank, basically.
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Mar 17, 2015 05:08
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Simple was purchased by BBVA a year ago, so technically you are supporting a big bank. I closed my Simple account in favor of a local credit union due to the following: It takes Simple a week to send you a cashiers check. Their update last August duplicated a lot of my transactions, causing money to go missing for weeks. (Fixed since) They offer no loan services.
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Mar 17, 2015 19:30
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flowbee abortion posted:Simple was purchased by BBVA a year ago, so technically you are supporting a big bank. I was just going to mention the BBVA thing. There's no point in using them any more. Just go local credit union or get a big bank account; it doesn't really matter as long as your account is insured. I used Simple for a while, maybe a little under a year, and just went back to my Wells Fargo account in the end because it just works and doesn't give me any issues. The app is cool but the saving features are useless so if you need that sort of thing you can just stick with Mint.
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Mar 18, 2015 04:18
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If anyone is interested in looking into Simple feel free to use my referal code: https://www.simple.com/friends/B5MZ4T3 There's no benefit for me if you use it so use and abuse away.
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Mar 21, 2015 17:57
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Simple still doesn't offer joint accounts. I want my wife to be able to use my account, mainly for the convenience factor, but especially if I get hit by a bus. Seems like that situation rules out a lot of potential customers.
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Mar 23, 2015 04:52
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TouchyMcFeely posted:If anyone is interested in looking into Simple feel free to use my referal code: https://www.simple.com/friends/B5MZ4T3 So what's the point then?
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Mar 23, 2015 15:48
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Lblitzer posted:So what's the point then? Because you need a referral to get an account.
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Mar 23, 2015 18:33
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Simple is an awesome choice if you want all the downsides of working with a big bank combined with the downsides of working with a startup. Literally the only reason to use them over a local CU is because their apps are prettier.
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Mar 23, 2015 18:56
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