by Josh Reich

Goodbye Fees

Money coming out of a wallet

This blog post was published on September 9th, 2015. All information included in this post was true as of the publish date. To see the most current fees and rates please visit the Simple Checking Account Truth in Saving Disclosure.

Today, we’re eliminating all our fees from the Schedule of fees.

Why we’re doing this

It’s been just over three years since we launched Simple with the belief that when it comes to banking, people deserve better.

All too often, when customers are confused about their finances, banks benefit. In fact, 61% of bank revenue from consumer checking in the United States are generated by Overdraft and Insufficient Funds fees.

But we have a different philosophy. Simple’s true innovation lives in our business model, far beyond technology and design, where we hold customer experience at our core.

Simple exists to help you feel confident about your finances, which is why we are so happy to be wiping our fee table clean.

How we make money

Rather than generating revenue when customers make mistakes, Simple earns money from interest and interchange, or rather, when our customers use their accounts. This revenue model is a manifestation of our belief that you should have access to your money when you need it, without paying fees.

Historically, we only charged fees that were passed through from partners to our customers. Today, we’re getting rid of all of our fees.

Simple without fees

Today’s elimination of all fees is one example of how we’re constantly working to remove any inconvenience our customers feel from using a branchless service. It’s also the right thing to do. You shouldn’t have to worry about how much it’s going to cost to access your money. So, we’ve removed Over The Counter Cash Withdrawal, Treasurer’s Check, Inactivity, International ATM, and Expedited Card Replacement fees. As most customers know, we’ve never charged Overdraft, Minimum Balance, Monthly Account Maintenance, or Account Activation fees.

We’re proud to advocate for our customers at every stage of the banking experience. We believe financial services can be a force for good when people are given the support needed to feel confident with their money. Every day I’m thrilled to hear from customers who share how Simple’s helped to transform their lives.

And perhaps above all, we’re proud to operate a successful business that does good for people.

Thank you for being our customers. We wouldn’t be here without you and we hope you enjoy the newly simplified Simple. Learn more about Simple’s fee-free banking and other features.

Learn More

Disclaimer: Hey! Welcome to our disclaimer. Here’s what you need to know to safely consume this blog post: We do our best to make sure information is accurate as of the date of publication, but things do change quickly sometimes. Any outbound links in this post will take you away from Simple.com, to external sites in the wilds of the internet; neither Simple nor our partner bank, BBVA USA, endorse any linked-to websites; and we didn’t pay/barter with/bribe anyone to appear in this post. Individual situations will differ; consult your favorite finance, tax or legal professional for specific advice. And as much as we wish we could control the cost of things, any prices in this article are just estimates. Actual prices are up to retailers, manufacturers, and other people who’ve been granted magical powers over digits and dollar signs.

Important! Keep your account safe from fraud

As fraud attempts are on the rise recently — especially related to unemployment funds — help us keep your account safe by following these guidelines.

Use your Simple Account only for your own personal use. Don’t share your account with others or receive funds on behalf of third parties.

Don’t share your username or password with others. Never give out your login information. Simple will never ask you to tell us your password — if any third party makes such a request, it’s an attempt at fraud.

Don’t open an account at someone else’s request. If someone else asks you to open a Simple Account — such as a real estate company, prospective employer, or someone you met online — it is likely an attempt at fraud.

Be alert for unemployment insurance fraud. You may be violating the law and the terms of your Simple Account if you receive deposits of unemployment funds on behalf of someone else. There are state and federal penalties for unemployment insurance fraud (including potential fines and incarceration). If you suspect you are a victim of unemployment fraud, contact the appropriate state fraud hotline listed here.

Don’t receive funds on behalf of a third party. Keep in mind that receiving funds on behalf of a third party violates the terms and conditions of your Simple Account; in such instances, we may restrict and/or close your account and hold the funds while we await direction from enforcement agencies.

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