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Simple Bank Is Closing

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Re: Simple Bank Is Closing

#271

Post by gdsdfe »

remir wrote: post #246
drewpc wrote: post #224

I'm a Simple customer and incredibly upset by this decision. For those not familiar with their value add, Simple is essentially "envelope budgeting" built into a banking application. Sure, it's a bank and does bank things. What sets Simple apart is that I can allocate $n/month for an expense and it takes it out of my paycheck and puts it into that expense "envelope". When a charge comes in for that expense, it pulls…

A couple of days ago, I opened a YNAB account to test it out and had the same reasoning: why can't my bank do all of that envelope budgeting stuff?

there's no money for them in doing that, they want you to borrow money (via credit card or other) and pay them back hopefully with interest that's how they make money

Re: Simple Bank Is Closing

#272

Post by cactus2093 »

drewpc wrote: post #247
kritiko wrote: post #241

Earlier quoted context omitted.

A few questions: -Why do you need to actually move the money around? -What happens if you overspend in an envelope? -Do you actually have different accounts/routing numbers for the envelopes?

I hope this answers your questions: 1. I want to move the money around so I don't spend it and I know I have enough to pay my bills. I don't want to see $1,000 and think "I'm going to spend that". Similarly, I don't want to see a charge come through for a bunch of bills that I don't have enough money for. 2. In Simple's app, if you overspend in an expense or goal, it takes it out of your "safe-to-spend" amount (think…

I still don't get how it's different in practice than something like the budget feature in Mint?

Basically it's pre-allocating the money instead of just watching what you spend and bucketing it as you go. But unless it's actually going to overdraft the account or decline your card somehow when a bucket is empty instead of taking it from the total amount, those are equivalent.

Re: Simple Bank Is Closing

#273

Post by dhruvrrp »

drewpc wrote: post #224

I'm a Simple customer and incredibly upset by this decision. For those not familiar with their value add, Simple is essentially "envelope budgeting" built into a banking application. Sure, it's a bank and does bank things. What sets Simple apart is that I can allocate $n/month for an expense and it takes it out of my paycheck and puts it into that expense "envelope". When a charge comes in for that expense, it pulls…

Have you tried privacy? (https://privacy.com) seems to be pretty similar to the enveloping you’re talking about.

Re: Simple Bank Is Closing

#275

Post by baby »

drewpc wrote: post #224

I'm a Simple customer and incredibly upset by this decision. For those not familiar with their value add, Simple is essentially "envelope budgeting" built into a banking application. Sure, it's a bank and does bank things. What sets Simple apart is that I can allocate $n/month for an expense and it takes it out of my paycheck and puts it into that expense "envelope". When a charge comes in for that expense, it pulls…

Two things:

- Monzo and Revolut are better products

- they discriminate against permanent residents who are not citizens (you can’t use their service)

So from my point of view: heh

Re: Simple Bank Is Closing

#276

Post by sdan »

acjohnson55 wrote: post #254
drewpc wrote: post #224

I'm a Simple customer and incredibly upset by this decision. For those not familiar with their value add, Simple is essentially "envelope budgeting" built into a banking application. Sure, it's a bank and does bank things. What sets Simple apart is that I can allocate $n/month for an expense and it takes it out of my paycheck and puts it into that expense "envelope". When a charge comes in for that expense, it pulls…

I use Robinhood's banking feature for this (I don't use them as a brokerage, though). It lets me do direct deposit and automatic withrdrawals from a single account, while earning savings account interest. The interest isn't significant at the moment, but it was nice for a few months, before COVID. I use Mint and Personal Capital for monitoring my budget, rather than earmarking funds.

I do this. I've moved everything from my bank into RH because its far easier to play around with money to both deposit and withdraw. I'm seeing similar trends among my college friends.

Re: Simple Bank Is Closing

#277

Post by baby »

remir wrote: post #246
drewpc wrote: post #224

I'm a Simple customer and incredibly upset by this decision. For those not familiar with their value add, Simple is essentially "envelope budgeting" built into a banking application. Sure, it's a bank and does bank things. What sets Simple apart is that I can allocate $n/month for an expense and it takes it out of my paycheck and puts it into that expense "envelope". When a charge comes in for that expense, it pulls…

A couple of days ago, I opened a YNAB account to test it out and had the same reasoning: why can't my bank do all of that envelope budgeting stuff?

Some banks do (monzo and revolut)

Re: Simple Bank Is Closing

#278

Post by qmarchi »

dhruvrrp wrote: post #273
drewpc wrote: post #224

I'm a Simple customer and incredibly upset by this decision. For those not familiar with their value add, Simple is essentially "envelope budgeting" built into a banking application. Sure, it's a bank and does bank things. What sets Simple apart is that I can allocate $n/month for an expense and it takes it out of my paycheck and puts it into that expense "envelope". When a charge comes in for that expense, it pulls…

Have you tried privacy? ( https://privacy.com ) seems to be pretty similar to the enveloping you’re talking about.

Privacy would be an addition on top of the envelope, where only one card can access the envelope. But Simple's UI hid the total value of everything (+ the envelope).

Privacy is a proxy, not the destination.

Re: Simple Bank Is Closing

#279

Post by bichiliad »

rige wrote: post #193
bichiliad wrote: post #172

A while ago, I had a landlord who withdrew rent directly from my bank account[1] and who kept charging me rent after I had left. They also refused to return the money to me and insisted I file an ACH dispute through my bank, Simple. I was responsible for rent for me and my roomate, so being double charged rent for a month meant I was suddenly short two peoples' worth of rent. Simple was super, super good about the wh…

On your note [1] - could you explain more about using a 3rd party? I currently use auto-withdrawals, but it sounds like I should switch before I get in a bad situation like you mentioned.

As long as your landlord doesn't have your literal bank numbers, you are probably ok. If anyone has your bank numbers, they can initiate ACH withdrawals from your account, which is something I didn't know. There are protections on ACH transfers, which is why you can dispute things, but it also means a lot of your money could be in limbo for a long period of time, which is scary.

As for 3rd parties, most landlords I've had since use services like ClickPay and AppFolio (there are probably dozens, but those are two I've had the option of using with past landlords). They have automatic payment options, but they won't charge payments without your approval.

Re: Simple Bank Is Closing

#280

Post by immad »

tylermenezes wrote: post #225
tmcpro wrote: post #169

Earlier quoted context omitted.

Try out Novo [1] https://banknovo.com

I have a very ordinary LLC and Novo rejected my application for no obvious reason, with no details whatsoever. I don't think I have anything unusual going on, so IDK how easy they actually are to work with. Mercury is another option but my experience has been that some of their offerings are at best misleading (I would argue they're deceptive), and they can't do normal things like export a QBX statement to reconcile…

(I am the ceo of Mercury)

We do have an export feature. Let me know what its missing (email in bio).

Also, what did you think was misleading? We try to be fairly straightforward and transparent with everything we offer.

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