March 13, 2015

Online Banking Using Simple

I wanted a new bank account I can use for research without tying up my main personal account.  Why am I not using my personal account?   Well paranoia.  I want to start researching Bitcoin and digital currency and the best way to acquire Bitcoins is through Coinbase, which requires a linked bank account.    More on Bitcoin on follow up articles.

So this is the digital age right?  Why do I have to get in my car and drive down the street to start an account?   Well you don’t.

Online Banking Using Simple

Online Banking Using Simple

Simple is an online bank that is affiliated with Bancorp and they named the bank right!  Sign up on Simple needed your basics:  Name, SSN, Address and Phone.    They take a day or two to verify your information before enabling your account.   Once enabled you download and sign in with an iPhone or Android mobile application and provide a signature using the touchscreen.

A feature I really like is they ask what countries is this account going to be used.   This helps red flag bogus transactions if someone got your debit card.

Depositing Funds

Funds can be deposited by linking other accounts, setting up direct deposit or take a picture of a check you want to deposit.   Since I don’t want to link my other personal accounts I simply wrote myself a check with my personal account and took a picture of the front and back check to deposit with the mobile application.   Accounts newer then 30 days will put a hold on the check for 9 days.

Using Funds

It’s a bank so they will issue you a VISA debit card for daily use. They also have all the conveniences of setting up automatic bill pay and fund transfers.

Activity

The online site is a very simple layout and you can see all transactions on the account and also setup spending and saving goals to manage your budget.