Originally Posted by Village Genius
They're just reselling Bancorp Bank accounts with a bunch of fancy features. If opinions on them are generally high I don't see why not. Their profit scheme seems relatively straightforward so I don't think they're a scam.
My only concern is that I can't find much of anything on them via Google. All I could find were articles discussing what they do, not anything else about them.
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I'd assume, the lack of information is due to them being relatively new and not open to the general public yet. The only information/feedback I found, outside of the official website, was a friend's twitter discussion with another bank user. This is a friend who's opinion I respect a lot. He is usually on point with everything. This is how I discovered the bank as well. Anyway, they both discussed how happy they were with Simple, and how they haven't encountered any problems so far.
I've been with Wells Fargo since I was a child, but their rules and fees are driving me crazy. They once tried to give me three $30 charges for transferring money from my savings to checking account more times than aloud. This was a new rule which I had no idea about, apparently they sent a letter...
They also wouldn't wave a $35 overdraft fee from when I spent $1 more than I had. I even wired money into the account the next day. You would think that it would be a professional courtesy to wave it, considering how long I've been with them, and that I'm under my parents account who holds a lot of money with them.
Anyway, all I'm trying to say is wells fargo's is very frustrating to deal with. Simple bank seems like they're a lot more lenient and less of a hassel to deal with. I think I'm going to give them a try.