I'm closing my account with Simple this week because of their arbitrary and inconsistent application of their policies, and don’t give notice to customers when they decide to change their policies (or in this case, enforce an unknown policy that was never enforced before).
I normally have a direct deposit split between my traditional credit union and Simple. Pretty frequently over the past year or two, I would write a check from my credit union and deposit it in Simple with their app. Easy, secure, never had any problems with deposits. It is also much faster to deposit a check than an external account transfer, which is usually a couple of days late if they work at all.
Three days ago, I went to do the same thing and my deposit was rejected. I was informed because my name was on both accounts I cannot deposit that check. Now, this normally wouldn’t be a big deal, although frustrating, but I just switched jobs and my direct deposit has not been set up yet. In my budgeting timeframe, I had planned on that deposit working, just as it has in the past. That means all my automatic payments - think housing payment, student loans, car payment, everything, will be late and I’ll be hit with late fees (and probably a credit score drop) because their customer service flat out refused to help me out with depositing this check and told me it was impossible. They have taken a “hard line” in June 2016 with this policy that I’ve never heard of and was never informed of. Well, it’s November I have certainly deposited many of my checks since June. Impossible? No. Stubborn? Yes. Completely unwilling to help a customer? Absolutely.
So if you want impersonal, canned customer service (“I’m sorry”, “I understand that must be frustrating”, “Have a great day!”), you will never change jobs or direct deposit methods, and you’re OK with external transfers that always complete two business days after the date they quote you, then go ahead, sign up with Stupid Simple.
And this was all to put a few thousand dollars INTO the bank. That’s what a bank wants their customers to do, right?