Overdrafts

Overdrafts


Can my account become overdrawn? If so, what happens?

It's possible, but rare. Our accounts are designed to minimize overdrafts, so transactions that are greater than your account balance will typically be declined or returned.

We will not charge an overdraft fee if you do end up with a negative balance in your account. (For more information, check out our schedule of fees.)

Of course, it’s still important that you bring your account out of the negative as quickly as possible. Check out the Getting Money Into Simple article for an overview of the different ways to deposit funds.

There are a few extra facts to keep in mind if you happen to have a Shared account with a negative balance. You can find all these details in our Shared Account Ownership article.

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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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