by John Kim

How Do I Transfer Funds to Simple?

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External Accounts

We’re stoked to bring you a fee-free option for transferring funds into and out of Simple. We’ve worked hard with our partners at The Bancorp Bank to build a beautiful funds transfer experience, and we hope you’ll love using it as much as we’ve loved building it.

How does it work?

With External Accounts, Simple customers are now able to electronically transfer funds between Simple and other personal bank accounts they own. To provide this service, we connect to the Automated Clearing House (ACH) network through our bank partner. We generate our customers’ ACH transfer files and manage any transfer issues that might arise.

Cost

At Simple we charge nothing for ACH transfers–in or out. At several of the major banks, you can expect fees of up to $6 for outbound ACH funds transfer requests. One of the most interesting things we learned while building our ACH service: It costs banks just a fraction of a cent to send an ACH transfer.

Get Started

We’re on a mission to help you spend smarter and save more. Personalize your purchases with photos and memos, get help from some of the smartest and friendliest people working in support, and save more than you’ve ever saved by using Goals. External Accounts is a great way to transfer funds into Simple and get started.

Learn more about Simple’s features that help you be more confident with your money.

Learn More

Disclaimer: Hey! Welcome to our disclaimer. Here’s what you need to know to safely consume this blog post: Any outbound links in this post will take you away from Simple.com, to external sites in the wilds of the internet; neither Simple or our partner bank, BBVA USA, endorse any linked-to websites; and we didn’t pay/barter with/bribe anyone to appear in this post. 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! This account is for your personal use only

An increasing number of customers are being targeted by fraud scams. Before you apply, review these guidelines to help prevent you from being involved in fraudulent activity.

Do not open an account on behalf of someone else
If anyone asks you to open a Simple Account to receive funds, it is an attempt at fraud. Common fraud attempts include requesting that you open an account to receive a gift or bonus offer, obtain a job or job training, or help someone else receive funds (such as unemployment benefits).

Do not share your login or account information with anyone
Neither Simple nor any other legitimate institution will ever ask for your account information. If any third party requests your Simple Account login information, it is an attempt at fraud. Sharing your account information with another person or allowing someone else to use your account to receive funds is a violation of the Simple Deposit Account Agreement terms and conditions and can expose you to fraud.

Actions we may take if fraud is suspected

We take fraud and security very seriously at Simple, and take rapid action in the instance of suspected fraud attempts.

We may freeze and close accounts
We may freeze and close accounts if fraudulent activity is suspected, including the following circumstances:

We will report fraud attempts
We are responsible for reporting fraud attempts to authorities, including attempted unemployment fraud. 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.

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