Halfway through my evening’s Netflix binge I feel my phone vibrate, and being the information junky that I am I check it out. It’s a notification from my banking app that there’s been a withdrawal in the amount of $503 at an ATM 2,000 miles away.
Someone stole my information.
Had this happened 6 months earlier it would have been a nightmare and destroyed my life, but now? It was actually kind of awesome. (And it’s all thanks to Simple.)
Let me explain.
Simple is a bank with an approach to managing your money that is so completely innovative that it shouldn’t even be called “banking.” I don’t know what we should call it instead because there’s not a word in the English language for banking-based euphoria. See, when you work with Simple there are none of the usual hoops of fire you’ve come to know (and hate) with the traditional banking experience.
They’ve made getting a handle on your finances so. . . Simple.
The tools you need to wrangle your spending habits are baked right into the app (& website). They’ve created a system designed to fundamentally shift the way you think about your cashflow.
The in-app alert let me know instantly that there was something wrong. I’m in Chicago, and someone just withdrew cash from an ATM in California. I open the app, and the first thing I do is lock down the card. (Simple lets you temporarily freeze your card and restart it again later if you recover it; nice to have another option besides going nuclear & out-right canceling your card only to find it in your other pocket 5 minutes later. Genius.)
Then, I dial support from the app and. . . TALK WITH A HUMAN BEING. He was super chill, talked with me like a normal person, and immediately helped me solve the problem.
Once we figured out that, yes, my card had been compromised (NOT Simple’s fault; more on that in a future post) he cancelled my card for good to prevent any other fraudulent activity.
Then, he sends me a new card via FedEx. Simple knows life happens faster than the 5-7 business days other banks will take to get you a new card, so I got my new card 2 days later. (It’s nice to know Simple respects their clients enough to provide timely solutions that help me get things done, instead of going for the cheapest option for them. Nice to feel loved.)
Additionally, I knew where the card was at all times (and how long it would take to get to me) by using the tracking number Simple sent me through their app. I didn’t have to sort through my email, find the tracking number, copy, open a new tab, go to FedEx.com, find where to paste the number, and then find out where my card is. Nope. Open the Simple app, click, boom, I’m in.
Having all pieces of the puzzle inside one app was so incredibly helpful that it made the whole experience hassle free. Someone stole my money, and it was hassle free. Amazing.
Most incredible, though, is how someone could steal $503, and it didn’t send me into a financial tailspin. For me, that’s only possible because of Simple’s powerful budgeting tools that are intuitive and easy to use. In the 20-something years I’ve been banking, I’ve never been able to wrangle my spending habits. Simple, however, helped me save enough in 6 months that I could laugh about half a grand getting stolen. Tell that to me a year ago and I’d think you’re from another planet.
In fewer than 10 minutes after someone stole my money, Simple had stopped the issue, provided solutions to address it, and inside the span of a couple days the issue was completely resolved (once their fraud department refunded the money & I had my card).
In future posts I’ll be talking about the way Simple has leveraged subtle language tweaks that have a big impact on how their users approach finances, and also what led to someone being able to get my banking info (again, NOT Simple’s issue! I got lax about internet security best practices), and easy things you can do to prevent the same from happening to you.
Go give them a look, and for a lot of you, Simple will be the easiest thing you can do to improve your financial stability (that has massive positive effects). I could go on for days about how amazing they are, but there’s nothing that will convince you faster than trying it yourself.
In the meantime, to find out more about “how to money” check out this episode of the podcast where I talk with certified Fiduciary Phil Ferguson about savings, what books to read for those just getting started, and more. It’s helped a lot of people already, so give yourself the gift of listening to an expert put money in simple terms.
Since I wrote and posted this article, I shared it on Twitter, Facebook, etc. and Simple chimed in on Twitter. This is yet another perfect example of what you’re missing out if you haven’t hopped on board with them yet.