Would You Bank in the Cloud?

I will admit that there are some apps out there that I do not know about until they arrive on the Android platform. Sometimes, even a very popular app, like Flipboard, can slip through unnoticed. I attribute this to the fact that I have no iOS device. The girlfriend has an iPod that is used for an alarm clock, but that is the only Apple branded object in our home. For that reason, I am behind the curve when it comes to iOS apps. And I got a little behind again.

Quick back-story: 10+ years ago, I was a customer of Bank of America. I had been a customer of theirs for many years (it was still NationsBank when I opened the account), even though I wasn't overly thrilled with their services. At some point, there was an overdraft in my account, and while it was corrected fairly quickly, the matter was still sent to a collection company. The whole ordeal with getting Bank of America to update their files to reflect the correct data took close to 2 years, and left an extremely bitter taste in my mouth. Needless to say, I closed my account shortly thereafter and  moved to a local credit union and have been somewhat happy ever since.

Unfortunately, I am not very adept at keeping track of my finances or following a budget, so I am constantly disappointed when I find a great service (such as the personal finance tool, Mint) is incompatible with my credit union for one reason or another. Earlier this morning, I got wind of an app that has been on iOS for a while and just arrived on Android called Simple Bank. Unlike Mint, which is a read-only system to help you budget and keep track of your finances, Simple Bank is an actual, functioning, banking system with a debit card, direct deposit, bill-pay, check deposit via photo and more, with no fees! It was that last part that made me take notice. From the FAQ:

• No hidden fees, no monthly debit card fees, account maintenance fees, low balance fees, overdraft fees, or anything of that sort; and
• No fees for domestic funds transfers, or for using a domestic out-of-network ATM (although the out-of-network ATM owner may charge a fee).

What's not to like? It seems like this is a dream scenario for someone like me who lives in the cloud as much as possible. Simple offers a website and smartphone app to help you keep track of your finances, as well as help you save to meet a goal, all in a simple to use interface, no matter where you are. And it can sync with Mint and other personal finance managers just in case you don't like Simple's offering. That's just what I've been looking for!

So what is the downside? Well, Simple is still fairly young, and they're still growing. Currently they don't offer small business accounts or shared accounts, but the Simple FAQ states they will offer them in the future. Since it is an online only service, depositing cash can be a bit of a hassle, though still possible (I can't remember the last time I had physical cash in my possession). Nor do they have any sort of Rewards program, which isn't a selling point to me anyhow. I'd like to be able to give you more info about the service and the accompanying app, but it is currently invite-only and I haven't received an invite yet.

Cloud banking, like Simple, isn't for everyone... but if you make all your purchases with a debit/credit card, pay all your bills online, and haven't been inside your bank in a while... then what's the difference? You are cloud banking now! Allow me to ask you a question... would you give up your 'brick & mortar' bank for an online only bank?

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Feel free to leave a comment and tell me why you would or wouldn't change your bank.