There are more pain points with conventional banking than can be reasonably discussed, but retail bank Simple has set out to kill as many of them as possible. The company’s latest improvement is drastically reduced transfer times between bank accounts.
Where it used to take four days to move funds from an external account into Simple (or nearly any other bank), it now only takes one day. Moving money from your Simple account to an external one used to take five days, and now it’s down to three. The nightly cutoff for taking advantage of this speedier service is 10 p.m. ET — make your transfers before then each day!
From the company’s blog post regarding the update:
Some banks charge a fee for transferring your money to external accounts, and only offer accelerated transfers at a premium. Today, Bank of America and Wells Fargo, for example, charge $US3 to move your money to another bank. If you want that money to arrive the next business day, the fee shoots up to $US10 per transfer. Note that it costs banks less than a cent to send an ACH transfer.
We don’t believe in unnecessary fees. External transfers to and from Simple will remain free for customers.
Free, faster bank transfers sound pretty agreeable to us.