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Simple Bank Is Closing

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Re: Simple Bank Is Closing

#521

Post by rattray »

caycep wrote: post #472
kfriede wrote: post #413

Earlier quoted context omitted.

I was forced to ditch Simple after their ridiculous application policies wouldn't allow my spouse to create an account for us to have a joint account. Since doing so, I've signed up for YouNeedABudget (YNAB) [1], and couldn't be happier. Simple was a great service and I'm sad it is calling quits, but I've outgrown it. [1] https://www.youneedabudget.com/

I'm still trying to decide between Personal Capital vs. YNAB...

Tried both, found YNAB far better for budgeting.

Re: Simple Bank Is Closing

#522

Post by rattray »

skapadia wrote: post #233
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 can't get myself to pay for services like YNAB or mvelopes.com I could see someone wanting to pay for a year or two until they've established the habit of disciplined saving. But to perpetually pay a service to present a (useful) facade over your money doesn't seem right if it's not also instilling habits in you that don't depend on software.

I'm pretty certain I've saved more than $86 in my first year of using YNAB for what it's worth. Ymmv of course.

Re: Simple Bank Is Closing

#523

Post by christophilus »

Shank wrote: post #156

BBVA is also closing Azlo, the business bank that Stripe Atlas uses (used?) for LLCs. Looks to me like BBVA is attempting to annoy as many customers as possible. I love Simple to death. They overnighted a cashier's cheque for me, for free, on holiday. They've been nothing but kind and I truly hate to see them go. I really really loved being a Simple customer.

I switched from Simple to USAA, and have been really happy with their customer service. Their app sucks compared to Simple, though, but that’s probably true of 100% of banking apps.

Re: Simple Bank Is Closing

#524

Post by madeofpalk »

SecurityLagoon wrote: post #514
madeofpalk wrote: post #346

Earlier quoted context omitted.

it’s not really helpful to provide UK banks as an alternative to a US bank

Revolut is in the US https://blog.revolut.com/revolut-launch-united-states/ Monzo is launching in the US but got held up by the pandemic. https://monzo.com/usa/

Ahh, silly me. I actually knew this, but was still locked into "UK only".

Re: Simple Bank Is Closing

#525

Post by fennecfoxen »

fauigerzigerk wrote: post #499
cookiengineer wrote: post #496

Earlier quoted context omitted.

Counter-question: Does your operating system have all its files directly placed in "/"? Why not? Human nature of thinking needs a context, therefore it makes sense to provide folders or categories to get an architectural structure into a huge amount of data that needs to be processed. Additionally, if you need to manage a business account; having multiple accounts to balance the differences and to trace money expense…

>Counter-question: Does your operating system have all its files directly placed in "/"? Why not? Because my files are not fungible. I understand keeping business transactions separate from personal transactions. But creating lots of little pots of money for different personal expenditures makes no sense to me at all.

They are tools for accounting: both as in actually making a count of the matter, and as in actually holding yourself “accountable” for meeting them.

It’s easier for some people to not waste money by setting up boundaries. You need detailed enough boundaries that it’s not all a fungible blob. Tada, envelope budgeting.

Re: Simple Bank Is Closing

#526

Post by volta87 »

stingraycharles wrote: post #488
czechdeveloper wrote: post #474

Earlier quoted context omitted.

They used to have pay-once app. Now you have to pay $12 a month and you are stuck in ecosystem that has your data and require payments forever. That is too steep, especially outside of USA. I'll kill my first unnecessary expense by not buying it.

I’m actually still using the pay-once app. There are hardly any functional changes between that app and the new web-based app.

Where are you running it? The MacOSX one stopped working on newer MacOSX versions.

Re: Simple Bank Is Closing

#527

Post by 1123581321 »

fauigerzigerk wrote: post #515
zhte415 wrote: post #509

Earlier quoted context omitted.

It makes sense to me. I channel 100 per month for the winter heating bill, no need to think about that, it's automatically there. I channel 500 per month for petty cash, don't dive into the rest, it's automatically there. I channel 200 per month for annual insurances, no need to think about that, it's automatically there. Etc. It's a personal direct-debit, like using rules on one's email.

I know a lot of people like to do it that way, otherwise these features wouldn't support an entire new category of fintech startups. For me, this is a mental burden and too much busy work. What's more useful to me is forecasting. If the app knows how much money I'm going to need (e.g for rent, bills, groceries, insurance, etc) and it knows how much I will probably receive by then, it can show me whether I'm on the ri…

In the computer example, someone using the envelope system would decide not to buy the computer if the balance in the appropriate account was short. It’s just a different approach to timing and limiting purchases.

Re: Simple Bank Is Closing

#528

Post by imtringued »

jimmaswell wrote: post #260
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?

For people who have no self control without resorting to playing tricks on themselves I guess. I can't empathize at all, all I need is a spreadsheet at most, but I guess it works for some people.

That's how it happens to people. They believe they are right and it's others who have no self control. How do you know you have more self control than these people? Can you confirm it?

Re: Simple Bank Is Closing

#529

Post by PascLeRasc »

simple20200107 wrote: post #407
drewpc wrote: post #248

Earlier quoted context omitted.

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.

Let’s say your phone breaks. Can you afford to buy a replacement today? Where will that money come from? Or you’re out somewhere and see something you want, say an Aeron chair for $150, a great deal. Can you afford to get it? Safe-to-spend is how we had relied on knowing that we could buy something and all of our necessities would already be covered.

Re: Simple Bank Is Closing

#530

Post by imtringued »

breckinloggins wrote: post #240
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…

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://…

Your gnu cash article doesn't contain any screenshots so I'm sure you've spared us the horrors of looking at it but I feel like I can't trust you. I'll have to suffer through this myself, just to make sure.
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