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Facts About External Accounts

Everything you need to know about External Accounts

Perhaps you've already used External Accounts to make a transfer, and you're curious to learn more. Perhaps you're getting ready to set up your first transfer, and you just want to make sure you've done your homework. Either way, you're in the right place. Here are all the facts you need.

How long do transfers take?

Incoming Transfers Outgoing Transfers
3-4 business days 1-2 business days
  • When you schedule a transfer, we'll show you both date the funds will be withdrawn from one bank, and the date the funds will be credited to the other.
  • A transfer request that is submitted before 8:35 p.m. ET (5:35 p.m. PT) on a business day will start processing that day.
  • Incoming transfers arrive around 11:30 a.m.-12:30 p.m. ET (8:30-9:30 a.m. PT) on business days.

Canceling a transfer

  • Transfers can only be canceled for a brief window of time after they're scheduled.
    • To do this on the web, go to the edit screen and then scroll down to find the cancel button.
    • On an Android device, tap on the scheduled transfer, and then tap the overflow menu (three little dots in the upper right corner of the screen) to find the cancel button.
    • It's not currently possible to cancel a transfer with the iOS app, but you can tap on the transfer to edit the amount or the date. You can give us a call at 888-248-0632 so we can cancel it for you, or schedule it for a later date so you can cancel it the next time you're at a computer.
    • If you don't see the option to edit or delete the transfer, it has already begun processing and we're not able to cancel it on this end. If the transfer is moving money from another bank to Simple, however, your other bank may be able to stop the transfer on their end.

Things to keep in mind

  • We're only able to link to domestic accounts, since we don't currently offer international transfers. If you'd like to send or receive money internationally, wire transfers or third party payment services are great alternatives.
  • We can only link to personal accounts in your name. Joint accounts are fine as long as you are listed as one of the account owners.
    • If you need to transfer funds to someone else, and they're not a Simple customer, we recommend exploring third party transfer services. If they are a Simple customer, you can use Instant.
  • The other bank must participate in the ACH (Automated Clearing House) network. Most banks are part of this network, but prepaid cards, some credit unions, and certain types of savings accounts may not allow this type of transfer.
  • If your other account is a savings account, transfers out of that account are limited by Federal Regulation D. If you schedule more than 6 transfers per month out of a savings account, the other bank will have to block the transfer, and they may charge a fee. Transfers into savings are not subject to this limit.
  • You may link up to 5 external accounts with this feature.
  • There are lots of juicy banking details in the Electronic Funds Transfer Disclosure, located within our Account Agreement.
  • For now, transfers have to be scheduled individually. We're looking into offering recurring transfers in the future.
  • If you happen to have a Shared account, you can link external accounts and transfer funds in or out—just like with your individual account. However, your partner won't be able to see any external accounts you've linked, and they won't be able to schedule transfers with that account.

Transfer Limits

Age of Account Under 30 Days Over 30 Days
Daily Limit $5,000 $10,000
Monthly Limit $5,000 $30,000
  • "Daily" means a rolling 24 hour period, and "monthly" means a rolling 30 day period.
  • These limits only apply to transfers initiated through Simple—we don't place any limits on transfers that are initiated by other institutions.
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