BEWARE & AVOID!!!
If you open a checking account with Simple, they may, and probably will, block your account at some time, especially if you make a large deposit, and you will have to jump through hoops to get access to your money. I had banked with them for about 8 months before I made a larger than usual deposit, about $5000. The minute the deposit hit their system, they blocked my account and said I was ‘unverified’. I followed every instruction they gave me and still couldn’t become ‘verified’. They had never notified me of any problems with my status until this deposit. The only problem I had before this was that utility companies and a number of other companies can not process payment through Simple because Simple does not process debits as many companies do. More than once, I received unpaid notices and penalties from utility companies because their charges came back from Simple unpaid. There was plenty of money in my account, Simple just wouldn’t pay because they later said they didn’t have the ability to process. They don’t tell you about this problem when you open an account with them. I opened my account on the telephone - I asked plenty of questions and they had plenty of opportunities to mention the problems with their accounts. The rep did not mention any potential limitations or problems, nor did they mention that Simple is notorious for blocking accounts sporadically. This has happened to each and everyone I know that opened an account with them. They even blocked my elderly mother’s account and froze up her only source of income - her monthly Social Security retirement payment. She was told by their Customer Service Supervisor that she was too old to understand how to do things their way and he recommended that she get an account elsewhere. A complaint through the Federal Reserve had to be brought into this. The folks at Simple quickly got to the point that they would not respond when contacted by phone or email. There is absolutely no way to speak with anyone above their phone support team, although they often speak of the ‘people who make their decisions’. Their representatives are rude, arrogant and generally speak in a goofy, childish vocabulary that is inappropriate when speaking to someone about their money. I also had to contact the Federal Reserve and other government offices (complaint still in process). Another financial institution finally assisted and retrieved my money from them.
BBVA Compass and Simple are bottom-feeders and should not be allowed to exist in this country.