Directing Automatic Charges to Envelope

Hello! 8-year-Simple user who is checking out Envel as a possible option once they shut down. I like a lot of what I see so far! The Expense feature at Simple for budgeting was top notch. I think I can get close to it between Envelopes and Goals with Envel, but the need to select the Envelope you’re drawing from ahead of time has me stumped a bit, particularly for automatic charges (like bills).

For example, Netflix only allows a credit or debit card number to be entered for it’s monthly charge. When that charge comes through to Envel via my debit card, how can I be sure it’s drawn from my Bills envelope? Or does Envel’s AI recognize recurring charges and start pulling from Bills automatically?

(I assume if Netflix or another institution allows for banking routing/account numbers to be entered, I can just enter my Bills envelope account numbers and all will be well).

Any more information/documentation you can put out there on how Envel actually works day to day would be helpful. Hard to take the plunge when I don’t fully understand the process!

Very hopeful,
Kyle

1 Like

I have tied my bills envelope to virtual cards in Privacy, and used those card numbers for bills that I can’t put in banking information. Now, there’s a bit of an issue with that for most people, since Privacy doesn’t have Envel support via Plaid yet, but Privacy is currently beta testing adding accounts via routing and account numbers. I think Paypal has a similar feature, but I haven’t used it, so that might be worth looking into as well.

1 Like

This is really interesting (and a great idea for Envel to support natively — generating virtual cards per envelope)!

Curious how you got to be a part of Privacy’s beta program to add via routing/account number rather than using Plaid. Searched around a bit in Privacy, but couldn’t find it.

1 Like

I think I saw that creating virtual cards via Envel were being considered by the team, but I’m not certain. That’s where a roadmap/Kanban/Trello board would be really useful.

As for Privacy, my understanding is that it’s currently invite only. I believe I was let in because of previous experience beta testing software combined with asking around to the right people. It seems pretty solidly implemented so far, so I hope it’s not too far off from public release.

Also, Envel’s team can work with Plaid and get Envel approved on the other pathways/“products” (there’s something like seven different ones, and I think Envel only has one or two), it should just work then. I’m not sure of how the Envel team is broken down, but looking at the Plaid API documentation, it shouldn’t be too hard.

2 Likes

They’ve posted about a workaround using venmo or PayPal to make Auto payments, and having those funded by the bills envelope from Envel. But I have no doubt that we’ll see something soon to help bring this more in house - it’s been one of the most discussed issues.

2 Likes

Hey Kyle,

Thank you for your feedback, and welcome to the community! We were sad to see Simple go, it sounds like a lot of users really relied on them as their go-to banking/budgeting app. One of the goals of this forum is to allow Simple users to voice their feedback and suggestions. We have already begun incorporating these changes into our newest update which will be out in a few days, and as our crowdfunding (https://wefunder.com/envel) and team grows we will be able to incorporate these suggestions more quickly!

That being said, we are confident that we have and are continuing to build a suitable alternative, which will ultimately function as an all-in-one banking/fintech/financial management app. Especially with all of your help!

One of our goals this week is to get started on a roadmap of our upcoming plans and features, as this has been brought up. As well as requests for more transparency into how our AI works (we can’t give away all of our secrets but if you have any specific questions I can do my best to answer here).

For Netflix, yes you can always enter the routing/account number of your bills envelopes if that’s possible, but if not then I recommend using the card link feature to make sure it’s coming from the right envelope. I checked with our engineering team to see whether Envel would do this automatically, and I will keep you posted!

Cheers,
Jacqui + the Envel team

Keep us posted, we are curious too! If enough of our users bring this up we can definitely look into allowing folks to connect to Privacy through Envel. As well as other common apps that we don’t currently support!

The more people mention Trello, the more I think Envel should get one! I will bring up to the team on Monday.

We meet frequently with Plaid, so if you know of other common apps we should link to, let us know!