We get it – these days, it’s all about the images. Hit any recipe or cooking website and you’re going to be hit with a ton of up close photos of that tempting cheesecake. It’s going to be so focused, you can see the ginger crumbs and know what kind of extract was used. That’s fine for a website like that: after all, if our taste buds aren’t stirred, it defeats the purpose right? But what about your finances? Do you really need to attach photos of your financial expenditures? Is it necessary to add images to every Visa transaction or debit card swipe you make? One company is hoping you do feel the need (or have the time) to “pretty up” your financial spreadsheets and programs. And if you don’t, that’s OK too – Simple is all about providing the modern consumer anything he needs for all of his banking and financial efforts.
Simple
Simple is not a bank, rather, it serves as what it says is a “replacement” of your bank. It’s partnered with Bancorp Bank, but Simple provides the “meat and potatoes” of the service. It comes with a Visa debit card and mighty spiffy smartphone apps for both Android and iOS. You can easily take images of paper checks and make deposits through your phone, manage your various credit card accounts, pay bills and even contact customer service right from the transaction you see on your account. When you click the icon for customer service from the transaction, the information feeds right into what the representative sees.
There are more than 50,000 ATMs and the magic is found in the spectacular interfaces for the smartphone apps. The technology truly is remarkable, even if you don’t wish to attach an image of a ferris wheel to associate your trip to the amusement park last weekend with the kids. Fortunately, that’s not requirement, just another option for what’s sure to become its millions of customers.
You don’t have to close your bank accounts, but the purpose of this program is to really hone in on a safer, streamlined and “one stop” method of managing your finances. Seriously, the platform is clean, no-nonsense and a true effort of seeing it through a consumer’s eyes. Your funds are FDIC insured through Simple’s partner bank, Bancorp.
Not Mint
Interestingly enough, many folks are asking how much like Mint this new platform is. Verbatim, this is what Simple has to say to that question:
Yes and (mostly) no. Simple replaces your bank. Simple offers budgeting tools like Mint, but that’s where the similarities end.
Here’s what’s likely to be the one reason that convinces more folks than any other feature: it’s unlike any other third party platform out there. We’ve grown unaccustomed to those apps and programs that allow us to do “most” of our banking, but never before has there been an offer that was designed to cover, in its entirety, our entire banking and credit experience. Using extensive research and data collection, Simple truly honed in what was lacking in other platforms and then ensured it was included in its efforts. The result is a beautiful and seamless effort that allows you to spend, save, pay bills, budget and use your credit.
Fees
Oh and if you’re wondering how much this all costs? You should know the fees are minimal,
We believe that sort of business model creates an adversarial relationship between banks and their customers, since the bank benefits when customers make mistakes. That’s not right.
You will never be hit with monthly debit card fees (and you receive a Simple Visa debit card with your account), no maintenance fees, no overdraft fees, no low balance fees and no fees for transfers or using an out of network ATM (unless the ATM owner charges a fee). You will, however, be hit with a $5 monthly fee if your account goes unused for six months – and even then, those fees are paid to the government in its efforts of claiming unused or abandoned bank accounts. Simple will send notifications should consumers near that six month inactivity threshold.
When you become a Simple customer, you’ll receive the Simple Visa debit card, the ability to make purchases, deposit paper checks or set up direct deposit, withdraw from ATMs (Simple uses the Allpoint network which has more than 50,000 ATMs around the nation), earn interest on your savings and manage your credit cards. You may set up bill pay, too. It offers Goals, which is described as a way to set aside money into different accounts to save for those things you want. Safe to Spend is a balance that’s calculated including any pending authorizations in your account and Reports, which allows you to sort and calculate your finances using any number of specific functions (How much will I have if I save $18 a week for six months and $42 a week for 8 months?)
Availability
Now the downside. Simple isn’t available just yet; however, it is accepting requests for invitations and as soon as it unveils, it will allow customers aboard. Is this something you should consider? Only you can answer that, but from our research efforts, it would appear this is a strong contender in the new mobile platform programs. It truly is a beautiful design and even though you might not ever see yourself snapping photos to make your transactions pretty, it’s a crisp program with handsome fonts that are easy to read.
Navigation
The program itself is easy to navigate, too. Interestingly enough, you can tweet right from the program if you’re in that new restaurant and it’s something all of your Twitter followers must experience. Hashtags are even allowed. We’re not entirely sure if anyone would want those options, but it doesn’t really matter – we’re just excited to see what great things lie ahead for this impressive new offering.
Until the invites are extended, you can follow Simple on Twitter and Facebook. For our part, we received an email welcoming us to do that very thing in order to stay on top of the latest news and offerings.
Will you give Simple a whirl? If you do, let us know your experience and whether you agree that it’s a fine new presence on the financial landscape of it’s another misguided effort.
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