Terrible Bank. No Fees are not enough to recommend.
This could be a good bank for some people. Not for me. Yes, no fees is a very good thing and they are serious about not charging ANY fees. That part is great but far outweighed by their overly conservative rules that in my opinion, are inappropriate and not competitive in a mobile society such as we live in today.
If you are a retiree planning to travel, a couple seeing the US from a motorhome, a digital nomad who can work anywhere there is an Internet connection or someone who works on a cruise ship or is a year-round tour guide, this is the worst bank imaginable. I can’t begin to describe just how awful they were to me.
I discovered that customers must live in a house or apartment to be a customer of Simple Bank. If you decided to travel and gave up a permanent residence and now get your mail (like I do) at Mailboxes Etc. Postal Annex, The UPS Store, Virtual Post Mail, or any of the myriad other USPS approved mail handling facilites, Simple simply does not want your business.
Because they would not send me a DEBIT CARD to access my own money unless I am physically living in a verifiable house or apartment.
I had to be prepared to send in pictures of me standing in front of my residence with the address visible, holding my drivers’ license for the camera. And since I live in a building that has multiple apartments at the same address, they wanted me to send a second picture of myself standing in the doorway of my specific unit, with the unit number clearly visible.
Or I could send in a copy of my lease or mortgage, as long as it was signed in the last six months. I have been here 6 years.
Been at your rural house for twenty years and have no residential mail delivery by the USPS? Sorry, you are SOL. No PO Boxes are acceptable.
Paid off the mortgage? A property tax bill is not an acceptable proof that you are living there. Neither is a mobile phone bill. Or a bank statement. But an NYC ID card is good as gold.
Maybe there is someone who owns millions in rental property spinning off positive cash flow with no mortgage debt, and an American citizen to boot but choosing to live outside the country. Sorry. No debit card for you from Simple Bank.
Then they have a whole list of countries where my debit card simply will not work. Now Cuba or Yemen I can understand. I have been to Cuba and American credit cards don’t work there. Nor do American cell phones. Only non-US citizens can use credit cards in Cuba. Only Greenbacks for American visitors.
But the people running Simple have been watching too many episodes of Narcos.
My card will not work in Colombia. A country safer today than many American cities. And a desirable retirement destination for Americans like me. What’s worse, I can use my card (which they won’t send me) in the corrupt and dangerous country of Mexico. Home of numerous drug cartels killing people in the streets. Mexico? Sì. Colombia? NO!
They cite fraud as the reason for letting the lawyers have a field day with the rule book. It was my experience that these rules were designed to protect THEM, not me.
In all my interactions with their slow to respond customer service, I never felt they cared about me and my needs and specific situation. They remained inflexible and doctrinaire in their responses. “We hear you,” they would say, but they were unmoved.
My recommendation: Stay away. Far, far away.