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Simple Bank Is Closing

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Re: Simple Bank Is Closing

#401

Post by goleary »

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…

Does Stripe treasury actually enable people to build independent banks?

My understanding was that it was a way of enabling companies to offer bank like functionality to their existing users. For instance Uber could give drivers an "Uber" bank account.

Not that you could build your own bank on top of it...but perhaps I'm mistaken.

Re: Simple Bank Is Closing

#402

Post by byproxy »

tomjakubowski wrote: post #382
byproxy wrote: post #363

Earlier quoted context omitted.

https://www.hmbradley.com/ currently does, with the caveat that you have to save at least 20% of your direct deposits.

Interesting. Seems like you could work around the caveat by splitting your paycheck's direct deposit allocation between your checking account bank and HM Bradley, so that from their perspective you're saving 100% of your direct deposit.

Exactly what I’m doing! Uh... I hope they don’t catch on.

Re: Simple Bank Is Closing

#403

Post by Spooky23 »

ramraj07 wrote: post #375
byproxy wrote: post #363

Earlier quoted context omitted.

https://www.hmbradley.com/ currently does, with the caveat that you have to save at least 20% of your direct deposits.

Wait what's the catch? It's insured and still able to give so much interest? Even CDs don't give anywhere close

People who make enough money to save 20% of their deposits probably aren’t going to bother with some convoluted system to earn a maximum of $3000 interest annually. You could make more with AMEX points.

Re: Simple Bank Is Closing

#404

Post by tylermenezes »

immad wrote: post #389
tylermenezes wrote: post #367

Earlier quoted context omitted.

Exporting -- unless I'm missing something, it's only possible to export a CSV for transactions matching a filter. For better or worse, QBO etc formats are the standard for importing a statement to reconcile and there's extra friction each month to import a CSV. Misleading -- Tea Room (for us) does almost nothing which was advertised: - Treasury was marketed to be available to everyone who isn't taxed as a sole propri…

Thanks for the details Tyler. Exporting - From my understanding the CSV format matches the QB specification. Are you saying that it matching the filters is an issue or that the format is incorrect. Treasury for nonprofits - We only just launched Treasury (in December) and nonprofits are a relatively small part of our business so this hadn't come up during our alpha. I am going to investigate why our clearing house do…

Thanks for the response. (And for anyone else watching, he also DMd me on Twitter which was nice.) I didn't realize Mercury was a startup which makes the oversights more understa

I did not see the perks, thanks for clarifying that. They are not linked on the dashboard and homepage cannot been loaded when logged in.

And to clarify we don't use Quickbooks. QBO/QBX is a specific file format which most accounting systems expect when reconciling a statement. CSVs /work/, but require you to remap the fields manually which is tedious.

Re: Simple Bank Is Closing

#405

Post by gonehome »

waynesonfire wrote: post #352
gonehome wrote: post #289

Earlier quoted context omitted.

YNAB is excellent - its design forces people to budget properly. It also lets you track all expenses and let’s you keep lifestyle inflation in check. I’ve found it well worth it (and I’m pretty responsible financially). Mint on the other hand is totally useless.

I agree, Mint is a joke compared to YNAB. It didn't even come close to addressing my budgeting needs or giving me an insight into my finances.

That and the ads really add insult to injury.

Re: Simple Bank Is Closing

#406

Post by repsilat »

refurb wrote: post #294
massysett wrote: post #219

Earlier quoted context omitted.

Market returns are not guaranteed, unlike a fixed mortgage rate.

Sure, but the return on paying off a 3.5% mortgage, after interest tax deduction is maybe 2.5% which adjusted for inflation is ~0 to 0.5%.

Inflation affects both in the same way and by the same amount. Ditto taxes, mostly. It's probably best and simplest to compare nominal returns.

Re: Simple Bank Is Closing

#407

Post by simple20200107 »

drewpc wrote: post #248
breckinloggins wrote: post #240

Earlier quoted context omitted.

Agreed. I've been using envelope budgeting since college and I simply can't fathom why most people don't do it. Actually, I can fathom it: it's because no one has been willing to keep this incredible feature in an easy-to-use product and support that product long enough for people to see the value. In college I used gnucash for this and even wrote a (now very old and somewhat embarrassing) article about it ( https://…

Yes; this. I also have no idea how other people pay any bills without a system like this.

I hope this isn't crass, but many people 1) set up automatic billpay and then 2) get out of living paycheck-to-paycheck. That combination along with some financial restraint is enough to skip complicated budgeting systems.

Re: Simple Bank Is Closing

#408

Post by pocketgrok »

jdgoesmarching wrote: post #348
codazoda wrote: post #253

Earlier quoted context omitted.

Try Ally Bank for this. I use it in a similar way. They used to let you create a bunch of accounts but they now have "buckets" in their accounts. I find it pretty useful either way.

Only for savings, which is neat but not as useful.

Simple was savings only until pretty recently too so I’m not sure it’d be a deal breaker for most.

Re: Simple Bank Is Closing

#409

Post by monsieurbanana »

jimmaswell wrote: post #378
monsieurbanana wrote: post #300

Earlier quoted context omitted.

I can't empathize with your lack of empathy. All I need is to try to put myself in someone's else shoes to feel empathy, going through what they're going through is not required.

I understand it like I understand some people are allergic to fish, but I can't directly empathize with them either because I've never had an allergic reaction. You knew what I meant.

I know what you meant, and you meant contempt.

> For people who have no self control without resorting to playing tricks on themselves I guess

Re: Simple Bank Is Closing

#410

Post by stu2b50 »

goleary wrote: post #401
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…

Does Stripe treasury actually enable people to build independent banks? My understanding was that it was a way of enabling companies to offer bank like functionality to their existing users. For instance Uber could give drivers an "Uber" bank account. Not that you could build your own bank on top of it...but perhaps I'm mistaken.

I think what he's saying is to just have a service that emulates what he described simplebank doing for him with Stripe Treasury and the banks that support it.
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