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Simple Bank Is Closing

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Re: Simple Bank Is Closing

#571

Post by sorbits »

skrtskrt wrote: post #547
fauigerzigerk wrote: post #515

Earlier quoted context omitted.

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…

I did my own budgeting in a spreadsheet for awhile, and those big lump purchases were definitely something that's hard to model. I think it's pretty easy to create a budgeting product for the 90% case but those odd lumpy purchases and split payments are something everyone wants to deal with differently. For example, my girlfriend and roommates often split purchases by one person buying, and the other person adding an…

> That Splitwise entry isn't a bank transaction until maybe weeks later when I get a Venmo payment from a roommate covering several Splitwise requests, and for my budget I want to match up the $100 charge at the grocery store with the $50 Splitwise request with the $250 Venmo payment that was only partially for the $50 owed on groceries... not an easy problem to solve in a general way that makes lots of users happy.

When you spend $100 at the grocery store you make an entry with $100 subtracted from assets:bank, $50 added to expenses:groceries, and $50 added to assets:receivables.

Once your friend pays you $250 for your outlay, you add them to assets:bank and subtract them from assets:receivables.

It’s a little tedious in a spreadsheet, because each transaction results in at least two new rows, so it can feel redundant, but this is basically double entry accounting that can handle this and many other situations.

Re: Simple Bank Is Closing

#573

Post by casualty »

I've had simple for the last 5 years and this is truly upsetting. No other app I've seen tops their mobile app and their customer support is by far the best experience. Any other replacement banks that have joint bank accounts? My wife and I love it.

Re: Simple Bank Is Closing

#574

Post by stingraycharles »

Kihashi wrote: post #531
stingraycharles wrote: post #488

Earlier quoted context omitted.

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.

Yeah that doesn’t seem to be working for any of the banks over here (in The Netherlands) anyway.

Re: Simple Bank Is Closing

#575

Post by spotman »

udfalkso wrote: post #534
spotman wrote: post #485

Earlier quoted context omitted.

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?

Ally Bank

Re: Simple Bank Is Closing

#576

Post by stingraycharles »

volta87 wrote: post #526
stingraycharles wrote: post #488

Earlier quoted context omitted.

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.

Linux, with wine.

Re: Simple Bank Is Closing

#577

Post by simple20200107 »

PascLeRasc wrote: post #529
simple20200107 wrote: post #407

Earlier quoted context omitted.

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.

T-Mobile has phones as cheap as $150 (admittedly probably not great but still work), and quality phones as low as $400 or $500 for lower end or older iPhone/Pixel models. If you don't know if you can spend $150-$500 for a minor emergency, then you don't have an emergency fund which is easily the #1 priority for personal finances. Same for the Aeron - if you don't know if you can afford a $150 chair, you shouldn't buy it. The amount of the sale is irrelevant by the way - buying something you don't need that is 90% off is still a waste of money.

Re: Simple Bank Is Closing

#578

Post by simple20200107 »

toast0 wrote: post #432
simple20200107 wrote: post #428

Earlier quoted context omitted.

If you take control of your finances in other ways, this system just isn't necessary. Set up automatic bill pay, set up recurring deposits into savings and investment accounts, use credit cards with the best rewards to pay for things (set to be fully paid off automatically every month), and then spend within your means so you don't live paycheck to paycheck. I suppose that last one is the thing that envelope budgetin…

Setting up automatic bill pay and recurring deposits reduces the time needed to manage your money (probably), but it doesn't really help with following a budget. Probably a lot of us on HN can get by without a budget, because we are generally highly paid, so just keeping spending within reason is all it takes. If you actually need to budget, then it would be nice to have tools to remind you that you've spent all your…

That's fair, and I hope I don't come across as crass or overly privileged, but the problem is still _what_ you are spending the money on. I could make $250k/year, budget to spend every penny, and still live paycheck-to-paycheck. That is a recipe for disaster for when a real emergency arises. Having an emergency fund is the #1 goal for personal finance, and reduces the severity of a lot of other issues like slightly overspending in a category one month.

Re: Simple Bank Is Closing

#579

Post by skrtskrt »

sorbits wrote: post #571
skrtskrt wrote: post #547

Earlier quoted context omitted.

I did my own budgeting in a spreadsheet for awhile, and those big lump purchases were definitely something that's hard to model. I think it's pretty easy to create a budgeting product for the 90% case but those odd lumpy purchases and split payments are something everyone wants to deal with differently. For example, my girlfriend and roommates often split purchases by one person buying, and the other person adding an…

> That Splitwise entry isn't a bank transaction until maybe weeks later when I get a Venmo payment from a roommate covering several Splitwise requests, and for my budget I want to match up the $100 charge at the grocery store with the $50 Splitwise request with the $250 Venmo payment that was only partially for the $50 owed on groceries... not an easy problem to solve in a general way that makes lots of users happy.…

Yeah I mean I understand the money flows, but it's so tedious to keep my credit card transactions, splitwise, and venmo open while I'm entering things in the spreadsheet.

A budgeting UI that managed this would be amazing, but I understand other people may not keep track of their money flows this way so it doesn't necessarily surprise me that it's not already built.

Re: Simple Bank Is Closing

#580

Post by raspberrychucks »

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.

> I hope this isn't crass

Eh, a little bit. I know for me, I was always afraid of using autopay because I get paid biweekly, so even if all my bills had the same due dates every month, payday was always different every month. Being able to tuck that money away made it less tempting to overspend.

As for getting out of living paycheck-to-paycheck, again, easier said than done. You're basically making the opposing higher minimum wage argument: "Get a better job if you want to make more than $8 an hour." "Get a better job if you want to have better control of your finances."

Plus there have been several studies showing that for many people, as their income goes up, they still have trouble saving because they unconsciously think that since they make more money, they have more money to spend. "Financial restraint" is easier said than done for many people, myself included. Simple's "Safe-to-Spend" has made a world of difference in my life and I'm honestly really concerned about how I'm going to keep it up when that goes away.

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