The Problem with Simple Bank

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Simple is an online bank that looks and sounds great. Outside of their occasional issues, which they are fairly transparent about, they offer a wonderful product. Simple is simply an interface front that is backed by a FDIC-insured bank called The Bancorp Bank.

In August of 2014, Simple launched a major platform update. This update caused many issues to users which they are still recovering from. Their website allows new members to signup and join their waiting list, it implies they are actually adding new members. After signing up, you will receive a wonderful email of inspiration:

Thanks for signing up to try Simple! We send invites daily, and you should expect to see yours in the near future.

The question is, are they actually sending out daily invites? The simple answer is no. What you see on their website and on their emails is a lie. Two company representatives informed us that they have not accepted new members since the problems caused by the August 2014 updates. Who wants a bank that lies to them? We want Simple to be transparent with their marketing and problems, when they fix that and only when, we will signup.

We have attempted to communicate with Simple about this issue and they have not responded.

This is the problem with Simple Bank.

Heat.io Staff
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