Simple Bank Is Closing • Hacker News Board

Re: Simple Bank Is Closing

#531

Post by Kihashi » Fri, Jan 08, 2021, 2:19 PM UTC

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.

Other than getting transactions automatically imported, which at least for me is the difference between using it and not using it.

Re: Simple Bank Is Closing

#532

Post by JamesSwift » Fri, Jan 08, 2021, 2:23 PM UTC

lgregg wrote: post #434

fb42 wrote: post #333

Earlier quoted context omitted.

It’s all automatic. You do have to approve and categorize transactions though. But the import is automatic if you’re using a major bank.

not for all major banks, mine (usaa) forces 2fa which broke ynab and made it useable because i don't want to do data entry for every transaction.

USAA works fine for me. It just asks you to enter the token during login.

EDIT: and I think it migrated to OAuth anyways so no more tokens

Re: Simple Bank Is Closing

#533

Post by PascLeRasc » Fri, Jan 08, 2021, 2:28 PM UTC

jsjohnst wrote: post #301

While it was never my primary bank, I’ve been a Simple customer since it was in beta and still known as Bank Simple. I’ve searched my email, checked the announcements in the app, and checked the website, but there’s no mention of them closing. You can even still apply for accounts online. Talk about mismanagement!

This letter wasn’t phrased how they usually communicate, and it was word-for-word the same as Azlo’s shutdown notice. Simple usually sends out really good regulatory document explanations with easy examples. I think BBVA forced them to do it this way.

Re: Simple Bank Is Closing

#534

Post by udfalkso » Fri, Jan 08, 2021, 2:34 PM UTC

spotman wrote: post #485

chipotle_coyote wrote: post #86

I loved Simple for a long time -- I was one of the "beta" customers -- but I switched away from them over a year ago. I'd already been annoyed with them over something seemingly trivial; I go by my middle name and last name, not first and last, and want my credit/debit card to match that, reading "Middle Last". Everyone else allows me to do this and Simple did allow that... until we all had to migrate our accounts fr…

Ya same here. The name issues, the killing of the ability to auto mail paper checks (bills), and seemingly over time extremely strict policies on everything from deposits, to addresses, Simple has already been going down hill for awhile. Personally I have gone out of my way to submit polite and concise feedback, as I really wanted them to win. I used to be so happy here as a customer but inch by inch it had just beco…

Which competitor?

Re: Simple Bank Is Closing

#535

Post by melenaboija » Fri, Jan 08, 2021, 2:38 PM UTC

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?

It's hard for them to do it and that is one of the reasons BBVA bought simple. Did it work? No, now they sell it.

Banks are too busy updating their legacy systems to process their batches. They are barely catching up with mobile applications and to show transactions in real time there so they do not have resources to implement this type of things.

Of course it is a matter of priority buy that is how it works now and traditional banks still have the power to drive the industry.

Re: Simple Bank Is Closing

#536

Post by Scoobs » Fri, Jan 08, 2021, 2:44 PM UTC

czechdeveloper wrote: post #474

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/

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.

Crazy. I somehow got locked in to $45/yr pricing. I really like YNAB but I don't know if I like it for twice the price I'm currently paying..

Re: Simple Bank Is Closing

#537

Post by imtringued » Fri, Jan 08, 2021, 2:50 PM UTC

justrudd wrote: post #304

kipple wrote: post #194

Earlier quoted context omitted.

Depending on your mortgage interest rate, have you considered continuing the 18 years and investing your extra cash in index funds? Market returns ~10% over 20 years, so if your mortgage is 6% or less it's in your best 'interest' to continue.

Financially this makes sense. But for me, I’m sitting in a house that’s paid off. If I lose my job (or have to quit for medical reasons) and I can’t get a new job, I’ve got shelter. I can live Indefinitely where I am right now just paying utilities and property tax. Granted there is the reality of things just break on houses and require $$$. Maybe it isn’t the best strategy. But there’s a nice feeling to know that I’…

If you have the discipline to pay off a house you can easily create a stock portfolio. The only important advice is to stop staring at the charts for too long. If you are an investor you derive zero value from it. Your decision to sell should not be driven by the market. It should be driven by personal goals.

Re: Simple Bank Is Closing

#538

Post by Scoobs » Fri, Jan 08, 2021, 2:51 PM UTC

lgregg wrote: post #434

fb42 wrote: post #333

Earlier quoted context omitted.

It’s all automatic. You do have to approve and categorize transactions though. But the import is automatic if you’re using a major bank.

not for all major banks, mine (usaa) forces 2fa which broke ynab and made it useable because i don't want to do data entry for every transaction.

It's been said elsewhere but just in case, they recently started using different import provider(s) and many accounts that were broken before now work great, including MFA ones.

Re: Simple Bank Is Closing

#539

Post by indymike » Fri, Jan 08, 2021, 2:53 PM UTC

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.

This is no different than a spreadsheet or a personal accounting system, it's just opinionated and made easy for people to implement. I could see why some people would like it. I can also see where it's extra for many people.

Re: Simple Bank Is Closing

#540

Post by Scoobs » Fri, Jan 08, 2021, 2:53 PM UTC

noahtallen wrote: post #445

bumpkinjunkie wrote: post #387

Earlier quoted context omitted.

Simple's Safe-to-Spend® feature was ahead of its time and today is still a really unique feature among digital banks (standalone budgeting apps notwithstanding). I wonder if a challenger bank could buy that IP from BBVA.

It really is excellent. I’m finding with YNAB, I would micro manage every detail of my money. With safe to spend, I can carve out the major expenses like rent and debt payments automatically. Basically every recurring payment and savings goal. Then you know exactly how much extra you have for miscellaneous expenses. It’s a lot less work, and has basically been on autopilot for a while. I’m worried now that micromanag…

You could do this easily with YNAB as well but only budgeting for the things you list and throwing everything else into a 'spending money' category.

But you'd be missing out on a lot of features that YNAB offers if you did this.