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Simple Bank Is Closing

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Re: Simple Bank Is Closing

#431

Post by edoceo »

tylermenezes wrote: post #404
immad wrote: post #389

Earlier quoted context omitted.

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…

Your accounting software doesn't support CSV templates? I had a similar issue with a different bank and in the reconcile feature you can pick the template (eg QBO, CSV, etc) and under CSV are the templates I made (along with stock templates for $BigBank). So I only made the template once with a little drag/drop page and was done. All subsequent imports are "one click" easy

Re: Simple Bank Is Closing

#432

Post by toast0 »

simple20200107 wrote: post #428
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://…

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 X money for the month/year, so either no more of that, or you need to adjust the budget.

Re: Simple Bank Is Closing

#433

Post by cultofmetatron »

stevehawk wrote: post #417
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…

Was this maybe a BBVA feature? Azlo did this as well and referred to them as envelopes.

sadly, they are also being shut down!

Re: Simple Bank Is Closing

#434

Post by lgregg »

fb42 wrote: post #333
frankus wrote: post #316

Earlier quoted context omitted.

I'm not familiar with how YNAB ingests transaction data, but I seem to remember when I looked at it last that at least some transactions have to be logged manually. If you used Simple pretty much exclusively you wouldn't have to manually enter any transactions, although you might occasionally have to categorize things. The obvious exception would be cash transactions, which I don't believe Simple ever tracked in any…

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.

Re: Simple Bank Is Closing

#435

Post by ramraj07 »

Spooky23 wrote: post #403
ramraj07 wrote: post #375

Earlier quoted context omitted.

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.

You make amex points if you spend money. I barely spend anything I make (and whatever I spend mostly can't be on cards) so for people like me this will be ideal. Given the pandemic and wfh boom I doubt I'm alone. I'm also extremely averse to every speculative investment bin right now, so if someone guarantees coverage for 3% inflation I'll happily give them my money.

Re: Simple Bank Is Closing

#436

Post by SamBam »

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…

What of you do most transactions with a credit card. (I use a credit card for almost everything for the points, and pay it off in full every month.)

Can it categorize specific CC transactions, and pull the money out of that envelope when you pay your CC bill?

Re: Simple Bank Is Closing

#437

Post by im3w1l »

gdsdfe wrote: post #271
remir wrote: post #246

Earlier quoted context omitted.

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

Lazy people prefer having one bank for everything. Savings, mortgage, credit card, investments. The way you get all that business is by having better pricing and/or a more polished app than the competition. If people want envelope budgeting (and I don't claim to know whether that's the case) then you should probably implement it.

Re: Simple Bank Is Closing

#438

Post by SamBam »

drusepth wrote: post #290
SV_BubbleTime wrote: post #243

Earlier quoted context omitted.

What are your “envelopes”/accounts and what do you actually do with them? For example if you have a groceries envelope. How does that change anything for you? Would you buy more or less food at some point? Would you rebalance it at the end of the year? Is there some calculation of I are too spent too much this week so we’re making food? I ask because I have a reasonable I does what I spend money on and it’s not reall…

Most of the accounts are for things that have a mostly-fixed price per month (e.g. utilities/insurance/investing that might cost more/less month-to-month, but average out to $X, which gets automatically put in them each month), or things that build up each month and get spent whenever (e.g. gifts/travel budgets that I put $X into each month, then pull from as-needed whenever it's someone's birthday or the $ is high e…

So you have a separate account for your rent, for your utilities, for your insurance, etc?

If these are all roughly fixed costs, I have trouble understanding what you're gaining from this rather than having them all in one account, except additional headaches.

Re: Simple Bank Is Closing

#439

Post by robotresearcher »

cshift wrote: post #296
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.

> Mint on the other hand is totally useless. That's hyperbole. Having a bird's eye view of every single account, transaction, investments, net worth, etc. is "totally useless"? No. I use Mint and it works quite well for keeping an eye on your financial life at a glance. I don't need some micro-managey software like YNAB (that I'd have to pay for monthly!) to continually increase my wealth and keep debt in check - her…

> There's no real "need" to budget

You just described your ... budget.

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