> Like transferring money to another bank. Or transferring money to another bank to an account that isn't mine.
These sound like good avenues for fraud, i.e. places where a bank would need to put in a fee so they can afford computers and people to watch for fraud when someone attempts one of these transactions.
> Or a savings account
My Simple account bears interest every month. I suspect they implemented this automagic movement of money without actually exposing it to the user.
Just because something is a possible attack vector for fraud, doesn't mean it shouldn't exist. Other US banks offer the feature. And, at least in the UK, it's a standard thing to do. If they combined with two-factor auth, then it's no less secure than the debit card and PIN they offer.
The interest of a Simple checking account is no more than the interest on any other banks checking account, so I don't think they're doing it at all. Checking accounts usually accrue some tiny amount of interest.
Help me out here, I'm not sure if I'm following: Is it _not_ possible to transfer money from Bank A, your account, to Bank B, your brother's account with that system? I.. guess I'm missing something, because that surely cannot be true - that's how I pay my bills.
Yes, it's not possible. This is the very same way my wife and I were running bills for years, and yes, that's why I didn't move to Simple due to that feature not being there.
Interesting. So, if you forgive my ignorance once more: How do you use a Simple account? I mean.. What can you do with it? Grab cash from an ATM only? Write (oh my god, please say no) checks backed by that account?
In other words: If you cannot transfer the money to a different account, how do you USE the money at all?
These sound like good avenues for fraud, i.e. places where a bank would need to put in a fee so they can afford computers and people to watch for fraud when someone attempts one of these transactions.
> Or a savings account
My Simple account bears interest every month. I suspect they implemented this automagic movement of money without actually exposing it to the user.