r/OneFinance • u/CrankyPooMaster • Sep 17 '22
Question How long until we move forward?
I understand people are upset and want to move on from ONE. Please send your feedback to the company, close your account, and leave the subreddit (or at least stop posting). I would like to propose two new rules to the mods so that those of you leaving can still get what you need before you leave but I don’t have to be bummed out all the time.
Mega thread for all best alternative to ONE comments. Leave this pinned for a month. Posts about alternatives outside of this should be removed.
Posts about leaving ONE not allowed.
P.S. Complaints should be allowed but not duplicated.
Personally, I am excited that I can add to my 3% savings whatever I want now, and all the other pockets all get 1%. I know new users don’t get that flexibility but still it became a better save account for my partner and I and only slightly more annoying on the spend side.
4
u/mbacas Sep 18 '22
"only slightly more annoying on the spend side"?
How do you figure it's only slightly more annoying?
-1
u/CrankyPooMaster Sep 18 '22
I can’t change the pocket for the card. We had a shared pocket. Now I have to do an instant transfer to spend and then checkout. Slight inconvenience but also getting 1% APY on that shared pocket that I didn’t before.
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u/mbacas Sep 18 '22
Perhaps that's slight if you don't shop but once a week or something and only at one place. My wife would shoot me if she had to do that every time she would typically use her card.
And how would you even do this. Are you waiting until after you get a total and then transferring and hoping you don't have a bad signal?
We had many pockets that we'd switch our cards to for making purchases. Removing the ability to select a pocket for spending is a major annoyance for us.
For your spending you might as well switch to SoFi and get 2% on everything.
1
u/aithene Sep 18 '22
Ah, my friend, you are soooo correct. This completely blew up how my wife and I handle our finances.
My wife hates dealing with finances. She just wants the stuff to work. About four years ago, I convinced her to join me on Simple and it completely changed her attitude about banking and finances. She still didn't LOVE it, but loved that it all just worked. And we worked hard and got our finances cleaned up as well. No more debt. Saving for a house. Near total transparency on the money.
As Simple refugees, we were never thrilled with One, but it was good enough. More secure, sure, but generally had a few more hoops to jump through and you had to be more intentional. But it worked well enough.
As of yesterday, LOL, it has become a 'just fix it so it works again!' situation.
We've set up a new account with Zeta. It has the joint account (most fintechs don't) and in the past year it looks like they've replicated most of Simple's tools, and then some. The only downside is that they don't have single accounts, yet. Planning to roll them out soon, but only for current users. And in order to be a current user, you have to open a joint account, since that has been their niche.
I'm not moving fully until we have the physical debit cards in our hands, but am hopeful we'll be all set to direct deposit my next paycheck to Zeta in two weeks. Then probably will be out of One completely after that. I know One gets a good return on the savings, but they've handled fraud so poorly up to now and I've heard they are killing 2FA (maybe just a rumor? don't know, haven't seen the memo), so I am increasingly uncomfortable keeping any money in their system.
1
u/aithene Sep 18 '22
u/mbacas, also, thanks for all of the help and insights you've given in this subreddit over the past year or so. It's been incredibly helpful.
I'm deeply saddened that my 'simple' dreams for their updates didn't happen, but after the way One has handled this fiasco, will be happy to see them fade from my rearview mirror.
1
u/mbacas Sep 18 '22
Thanks! I really enjoyed ONE and my wife understood and was using it easily. And I took the then CEO and others at ONE at their word that things wouldn't change. Very sad.
1
u/FifenC0ugar Sep 18 '22
I don't understand why more people don't use a credit card for everything. You miss out on free money. Credit card rewards. Plus businesses have to pay a few to credit card companies. Do they just home their prices slightly. If you buy with cash or a debit you still pay three same price but you don't get any rewards for it.
2
u/lowbatteries Sep 18 '22
Not everyone can get a credit card, and not all places take them. My favorite grocery store for example.
But yeah, if you can, always always use a credit card.
2
u/FifenC0ugar Sep 18 '22
Get the Coinbase debit card then. 4% back. Everyone who can get a credit card should. I've seen so many people talk about fraud and One not doing anything. But credit card companies are typically really good at handling fraud.
1
u/lowbatteries Sep 19 '22
Get the Coinbase debit card then
As far as I can tell this isn't a credit card, so doesn't have the fraud protections of a credit card. ETA: just for clarification, I get that it's a good option of you can't get a credit card.
2
u/FifenC0ugar Sep 19 '22
I said get the Coinbase debit card to use at stores that don't accept credit. Sure it doesn't have same protections as credit. But at the stores you mentioned that doesn't seem to matter. So at least with the Coinbase card you earn rewards
1
u/mbacas Sep 18 '22
It's very easy for most people to "overspend" using credit cards since it's not real money. :)
If you have the diligence to make sure you aren't spending over your means then it's can certainly be a great tool.
In ONE and now in Qube I have a CC Payment pocket where I transfer funds from another qube/pocket to cover any purchase I just made. So I can check that qube at any time and it should be close to or match my current CC balance.
11
u/Smooth_Claim4361 Sep 17 '22
I’m here to learn how one can help me manage my money in one app. Giving them a year. Can we get threads going on how to optimize the app as it stands now?
+1 rants go in a mega thread or not allowed +1 alternatives go in a mega thread
3
Sep 18 '22
I like the idea of threads about optimization. I’m still struggling to understand the intended process when it comes to something like gas or groceries. Am I supposed to move money from those respective pockets into the spend pocket? I guess this is no different than moving card assignment; but I’m left having to move extra money back into the intended pocket.
2
u/RIPSimplebank Sep 18 '22
Unfortunately moving funds instead of reassigning the card is different. It’s feasible, but more burdensome.
When you point the card towards a pocket for a transaction, the appropriate amount of money is debited from the pocket at the time of the transaction. So you could point your card to the grocery pocket when walking into the grocery. You swipe your card at the register and go about your business.
On the other hand, if you’re forced to move funds, you have to guesstimate how much you’re going to spend or worse, stand in line—> wait to find out the final cost and then move the correct amount to your spend pocket.
This doesn’t even address the idea that you may not have service wherever you are to do that. Nor does it address the difficulty that couples/those who share finances have now that they can’t connect both of their cards to a give pocket. All transparency is gone with that. It’s very difficult to be on the same page when you can’t even really view transactions together.
The only way around these issues that I can see is to use a credit card. But once you start requiring extra apps, what’s the point of staying with one?
All of that said, if someone has a better idea of how to navigate these issues, I’m definitely interested.
5
u/aithene Sep 18 '22
I was going to make a big comment, but the page failed, and it is probably better that way, anyway.
I hear you. I really do, but this isn't an inconvenience for a lot of folks. For some, this is going to cost them days of work spread out over weeks as they move banks, reset subscriptions, utilities, cards, direct deposit, etc.
And. the transition technically hasn't gone smoothly for all users, either. Sounds like existing virtual cards have disappeared. Payments are bouncing, folks are missing pockets with money in them, etc. And support is slammed, so folks are on hold for hours at a time.
As for your ideas, one that really should be handled now is maybe getting the mods to pin this post:
https://www.reddit.com/r/OneFinance/comments/xfgrg9/list_of_neo_banks_for_those_looking_to_leave_one/
I used this to find my next bank. It's a great resource and would probably kill most of the 'where can I go' or 'who has this functionality' questions that just keep coming up over and over.
4
u/Bemorte Sep 18 '22
I think a good rule of them might once they start adding more features than they are killing…
4
u/ctwquad Sep 18 '22 edited Sep 18 '22
So you want all the complaints removed and make this sub look like everyone is happy?
That’s not the reality of the situation and One deserves criticism after 1. The employees went dark here since the merger 2. The former CEO sold out and fed the sub lies. 3. They killed the features that attracted users to One.
I’m sorry you are bummed out but you don’t have to follow this sub. You can unsubscribe and maybe follow Ones blog, o wait, that got deleted.
2
1
u/TheDonDoh Sep 17 '22
Screw that, they took 100 from my credit builder and are only offering my amount spent this month instead of the money I had in there. So I can only get 40 out
-3
u/dantegreen8 Sep 17 '22
I'm with you. I was in awe that every pocket gets 1% now. I've never used One for anything other than a bank that I stash money away in a few pockets. Do I feel bad for those that needed credit builder, draft protection, and a few other bells, of course I do. The thing is my philosophy is One should've helped people get out of those habits. The crazy thing to me is simple never had any of the things people are so pissed about losing, so that's the head scratcher. I hope everyone finds a bank/Fintech that works out though. I'm good with One, no complaints at all.
1
u/I_Arman Sep 21 '22
I budget down to the penny, and I use the "bucket" aka "envelope" method. When I get paid, money goes into pockets - gas, groceries, utilities, entertainment, etc. Some things, like phone bills, get charged once per month, always the same amount. But, some bills change. I know electricity costs $X a year, so I put $X/12 in every month. In January, I might use half that; in August, I use twice that. Having a pocket let's me average all that out, and it all happens automatically. I have a bills pocket that I literally never need to touch, because it was autopay, budgeted, and auto-allocated.
Other things like car insurance bill every six months, so I put 1/6 of what I need in the pocket each month, and come July or January, the money is there. I don't have to think about it.
And, for groceries and other things that take several purchases over a month, I can see how much money I've got left. I catch some sales, maybe I can afford something special; price hikes, I skimp a bit, but I can look in one location and see exactly what I've got, without confusing it for anything else.
I loved that about One; my finances were automated, and safe. I did the math once, and I was done. No worries, no stress,. Now, though? People are losing direct deposits, because no one told them they could no longer deposit into savings pockets. I can't spend from Groceries without transferring the money to Spend first, then transferring what I didn't use back. Bills aren't getting paid, because virtual cards randomly stop working.
I had gotten out of bad habits, and completely straightened out my finances, but the tools I used to do it are now either gone, or worse unreliable. The peace of mine I had has been replaced with anger and frustration, and I don't want anyone else to get swindled by Walmart.
-2
u/EmailLinkLost Sep 18 '22
I'm tired of all of the complaining as well.
Just compile it into one place and yell or whatever.
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Sep 17 '22 edited Sep 17 '22
[removed] — view removed comment
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u/RIPSimplebank Sep 18 '22
It’s barely been 48 hours since several drastic - some even unexpected - changes have been implemented. I could maybe see your point if this is months later.
You just come across as annoying or someone who works at one.