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Simple is "just Bancorp" which you could probably say equal things about.
by awinder 11y ago
Simple is "just Bancorp" which you could probably say equal things about.
- tjohns 11y agoAs I understand it, Bancorp is just contracted by Simple to hold the funds and interface with the banking system. All of the policies, support and user-facing parts are handled by Simple itself. Ally, on the other hand, literally is GMAC.
- trevorg75 11y agoActually it's the other way around. Simple is the public facing interface that is beholden to all of the policies and inconveniences of Bancorp. Don't get me wrong I love the service but full disclosure it's Bancorp with makeup. Now I have had instances where they where Bancorp was closed for a holiday and my direct deposit didn't get processed and I had bills that were going to hit that I needed access to my funds and they were very helpful and happy to do a temporary credit to my account to make sure that I got what I needed.
- freehunter 11y agoI could say horrible things about them. Like when I was in school and my student loan disbursement came on a Bancorp debit card, and they charged me money to withdraw funds. Yup, if I wanted to buy books with my student loan disbursement, I got charged bank fees on money I got from a loan and paid interest on, and had absolutely no choice in the matter. Yeah it was my school's decision, but that doesn't excuse Bancorp from offering a product that is designed specifically to cheat people out of their money.