September 09, 2015
by Josh Reich

Goodbye Fees

Money coming out of a wallet

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.