There are so many ways to bank these days. Yet, most people still use traditional banking methods. Why is that? For many, relying on a system that’s relatively new seems overly adventurous. It’s also worth pointing out that many banking services have popped up over the years, so it’s hard to narrow down the selection. One new service, however, called Simple has a great deal of promise.
How Simple Works
When you sign up for Simple (invite-only at this time), you will be sent a Simple Visa card. This card can be used anywhere that Visa or Visa debit is accepted. Every time you complete a transaction, that transaction is then added to your Simple account. You can then look at all of your account transactions to see where your money went – Simple lets you know what your real account balance to-date is, so you don’t have to guess at how much money you have on account of transactions that haven’t gone through yet.
But Simple does more than keep track of your transactions. You can also search through your Simple account to see how much money you spent on food, for example, in one month. You can add notes to each transaction too, so that you remember why you purchased an item when you look back at your transactions. Now, Simple also offers users a way to scan checks.
Scanning Checks: Now a Possibility With Simple
If you use Simple, you can simply scan any check handed to you with your smartphone. Immediately, the scanned check amount will be deposited (and reflected) in your account. This isn’t a new technology, but it still makes cashing checks a lot easier. Simple comes with a smartphone app too, and the site promises to include a bunch of additional features. As mentioned, Simple is currently in startup mode, which means that you can’t use the site openly yet. You can sign up for Simple now, though, and start using the service when you are contacted.
Why is Simple better than a bank? For one thing, Simple doesn’t charge any fees unless an account is inactive for more than 6 months. At that point, the fee is $5. So, your money earns interests and grows in your Simple account (unlike a traditional checking account). The drawback to Simple, right now, is that you have to have an iOS phone to use the service (it only works with iOS at the moment), be a U.S. citizen (Simple is only available to people who live in the U.S), and be over the age of 18.
Otherwise, Simple is a great idea for a website that lets you keep your money instead of, you know, giving it to the big banks. You can pay your bills, withdraw money from ATMs, cash check with your iPhone, keep track of your transactions, and earn interest without paying any banking fees. Does this sound, well, simple? If it does (and you meet all the requirements), sign up for a Simple account.