healthnut

Looks like I will be exiting Simple; however, I really enjoy their customer service, I have to say. I feel as if it is a very casual relationship with them and they can reply within 15 minutes (almost like chat!). Great for an online banking service.

If they dare ask about the MO's, I'm thinking I should tell them I'm re-selling my no longer wanted Girl Scout cookies after so much gluttony.

jiffyjiff

Exiting why? Nothing has happened as of yet other than a bank asked a simple question about source of funds. Seems harmless (as of now).

jyx

Let us know if you guys hear anything further back from Simple on the MO deposit inquiries.

vodkashine

Since I'm guessing I'm going to get shut down anyway; I'm leaning towards responding with the truth. If I don't get shut down then at least I don't have to tiptoe around with my deposits.

silver6054

I responded with the (near) truth, and asked if there are limits I should be aware of. No response but my account still seems to work. Last week for the first time I deposited some into my "real" bank (Everbank) and they didn't complain yet, so I will try some more! They appear to be into more esoteric vehicles (currency accounts and metals) so maybe money orders are below their radar.

vinhboy

I don't think that's a good idea.

At best they will shut you down -- because let's face it, what FI would want to deal with this, it just sounds bad.

At worst, they are going to use the info you provide them to create new guidelines to restrict access for everyone else.

I am with you though. I wouldn't straight up lie to them.

But the truth is something like

"I have a cash based business. And the easiest way to deposit cash into your bank is by money order. I am not selling drugs or anything, if that's what you are worried about. I have a full time job. But as a hobby and part-time business, I mainly buy and trade goods and bargain hunt shopping and extreme couponing"



Then who knows, maybe in a couple of months, if they continue to allow you to use them without trouble, you might like them to the point of using them as your main bank. Then that becomes a benefit to them.

And then other FTers will continue to use them, and recommend them to others. And one day in a corporate meeting, they can tell all their board members about how adoption rate is great, which is REALLY hard to for startups, and they will acquire more funding and continue to grow and become a successful business.

All because of us.

healthnut

You could also say that it is the sole purpose for creating the account. Keep your hobby separate from your main account. The constant in and out may be a question though, but you could say it just happens because you purchase so much and you're in a constant state of flux with your hobby!

frogdog51

Copy of Photo ID, S.S. card and 2 utility bills which I emailed to them securely (as secure as you can get online--double encryption). They also wanted explanation on high use of MO in short amount of time (15k over a month). The last part, I said..."Aren't the limits 15k in 30 day period."....."Yes..but..."

Oh, then they wanted to verify the source of where I the funds to BUY the money orders came from (via a list of transactions from that source showing the activity...in my case BOA AS Debit.) Actually, they wanted a copy of the BOA statement showing the activity but my statement hadn't closed yet, plus I had already given them everything they asked for.

I can actually see where they're coming from...."This guy said he purchased MO on a rewards debit card..where's the proof of those transactions though?" I get that. I'm just pissed my money hasn't been released yet as it's been almost a week now.

I gave them all the info. We'll see. I'd be shocked if they wound up NOT closing my account after this (because, well, they can if they want) but I don't really care. Just give me $800 back. I'm glad I got the $14000 out before the decided to "verify account transactions" The level of pissedoffness would probably be a little higher right about now.


Suntrust did this to me several months back but they said it will take 2-3 months to release my funds (that was $5000). Filed a complaint w/ FDIC and my money was sent back less than a week later. Hopefully the same works here. Complaint has been filed. https://www2.fdic.gov/starsmail/index.asp

I'll post end results here when I find out

jiffyjiff

wowzers, guess it is time to tread lightly here, unfortunately.....

Think they would have less of a concern depositing BB checks into account, since it's an actual check, rather than a MO?

frogdog51

IDK, maybe so. But yes, I'd probably tread lightly w/ the mo's at least not go all in like I did. I'm trying to milk the BOA card as much as I can before the program ends in May.

You know, I actually really like the customer service with Simple. The MO's deposit a lot faster and with such ease compared to other institutions. The costumer service people get back to to in a timely manner to if you have a question/issue. They've also been really polite even with holding my money hostage, lol.

pier11

Bancorp in action.
No different than with prepaid cards.
It doesn't matter how polite front end in Simple face is.

May be bank statements are to much. May be MO purchase reciepts or stubs would please them. (To issue check)

jyx

I cannot even provide any bank statement since mostly they were from VGCs. I definitely will dial down my activity with Simple.

silver6054

They responded to my question about limits:

No hard limits, it's just that usually we don't see *quite* so many Money orders deposited!

Thanks for responding and we'll review your responses and let you know if we need any documentation.

So I just checked. Since opening it in mid Nov, I have deposited 9, totalling about $8,500 in 3.5 months. I expressed surprise that that was considered a lot

vodkashine

I responded with a series of carefully chosen (mostly) truths and I got back a very nicely worded thank you and a bit of what Silver says above about Simple not being use to seeing *quite* so many MOs.
I agree wholeheartedly with Pier11 above...they have no tolerance for our activities regardless of how we may think it not at all nefarious.
I'm still open and still have a bit less then $3k in (I'll BP out this W/E) but I think I'm done.
I've been down this road with Bancorp many times and I know how it ends and I'm tired of it. To me it's not worth the aggravation. I'd rather spend the time and effort on trying to find an alternative.

KYBOSH

Simple is a frontend for Bancorp.
Bancorp's backend is alive and well but Simple's CS team seems to be much better dealing with ppl. Dont be surprised if Simple takes their responses to Bankcorp and are told to shut you down. Account openings were at the grace of Bancorp and so will be account closings.