I may be in a minority here, as I never used simple and this autonomous banking is new to me, but I didn’t realize that each envelope has its own account number and should be used individually for bills and such. Instead, I thought the share account details option was the main account and it pulled individually from the envelopes. Setting up bills to that account, which I now realize should only be used to set up direct deposits with your employer, leads to some failed transactions and some unhappy bill collectors.
Truthfully, I’m not too sure how to implement some form of “warning” but there may be a creative way to let new users know that the share account details button should only be used to set up deposits and should not be used for withdrawals. And if there already is something in place when you first create the account, I apologize, I have a terribly short attention span, I may have missed it
Hey, I don’t work for Envel but just thought I’d chime in with the knowledge I have so far from asking Envel myself a lot of questions.
Yes, each envelope is its each own bank account. Simple had it where it was just one account and their “goals” (virtual cash envelopes) were all apart of one account so transactions would still go through, even if you had auto selected the charge to come from a certain goal or vice versa (spend something more than your main balance [safe-to-spend]). Its a bit different coming from Simple but all found alternatives also use this same approach.
Mainly, the issues with having bills come from Envel’s bill envelope is currently an envelope (other than the cash envelope) can only be selected for 5 minutes. They currently have a poll discussing how long/to extend this time, HERE is the poll. They are also testing a bill sorter option which would automatically pull payment from the bills envelope regardless if it was selected or not.
You can use the account details in each envelopes for payments as well. For example, if your biller accept it, you can use your acct and routing number of your bills (or any envelope) envelope and they will be able to pull the payment directly (as long as you give them your acct and routing numbers).
Hey there @Trantorian, welcome to our forum!
Overall I’d say you are actually in the majority, in that the large majority of the world has never experienced (or even heard of) the concept of autonomous banking. That’s what this forum is for, so any questions please don’t hesitate to ask!
As @ryy mentioned, the card link feature allows users to link the card to the bills envelope whenever you need to make a payment. And luckily the AI will always make sure you have enough in that envelope to cover your bills as you entered them in the sliders.
That being said, a common piece of feedback is that 5 minutes may not be enough for the card link. We actually have a poll up on reddit about the time limit, I would encourage you all to vote if you haven’t!
And I love your idea about some sort of warning about withdrawals, it shouldn’t be too hard to include! What do you think it would ideally say?
Jacqui from Envel