Simple Says Goodbye to All Banking Fees

PORTLAND, Ore., Sept. 9, 2015 /PRNewswire/ -- Simple, the Portland, Ore. based technology company that's changing the way people bank and think about money, announced today that it has eliminated all fees from its Schedule of Fees.

Though Simple has never profited from common pass-through bank fees, today's shift means the company will now be absorbing the cost of pass-through fees including, Treasurer's Check, Over the Counter Cash Withdrawal Fee, and Expedited Delivery Fee in effort to improve its customer experience.

"Simple exists to help our customers feel confident with their money," said Simple CEO Josh Reich. "Wiping our fee table clean is the right thing to do."

Today's news is an extension of Simple's true innovation; its business model. Simple earns revenue from interest and interchange generated when customers use and love their accounts, not fees.

This change is a dramatic contrast to the prevailing bank business model. The CFPB has reported that 61% of revenue from consumer checking in the United States are generated by Overdraft and Insufficient Funds fees; the average customer now pays between $147 and $298 in checking fees each year.

Simple has been a longtime advocate for innovation on behalf of the consumer, collaborating with the Consumer Financial Protection Bureau on the agency's Project Catalyst and offering continued support with testimony at field hearings pushing for the creation of cheaper financial services with new technology.

By leveraging modern technology and smart design to obviate the need for revenue from fees, Simple has created a successful business that also does good for people.

About Simple
Founded in 2009, Simple combines innovative technology, impeccable user experience, and expertise in behavioral economics to help its customers feel confident with their money. Acquired in February 2014, Simple is an independent company within the BBVA family of businesses. Simple's team of nearly 300 is headquartered in Portland, Oregon. Banking Services provided by The Bancorp Bank; Member FDIC.

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SOURCE Simple

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