April 25, 2024

Bucks Blog: Your Finances, Illustrated With Photos

Courtesy Simple

How cool do you want your bank account to look?

That’s what I wondered, as I read about a new feature available to customers of Simple, the new banklike financial service. The service was recently profiled in The New York Times by Jenna Wortham.

Simple, which depends heavily on smartphones for access, set out to be the anti-bank, with a no fee pledge and easy-to-use features. (The start-up has about 20,000 users; you must be invited to participate.) The latest tweak allows users to upload photographs and attach them to transactions. So, for instance, you can see not only that you spent $200 on your anniversary dinner, but also exactly how enticing that lobster looked.

Right now, you must access the account online to attach a photo. But soon, Simple’s mobile app will let you snap the photo and attach it right away. The idea is to make banking more, well, fun. “Attach a movie poster to your ticket purchase, or album art to a music purchase,” says a description of the new feature on Simple’s Web site. “It just looks cool!”

Simple gets credit for trying something new. But do most people really want their bank account to look “cool”? Or do they just want it to be safe, easy to use and relatively inexpensive?

Josh Reich, Simple’s chief executive, explained that the photo feature originally began as a way to add receipts to transactions, making it easier to track business expenses. But it has morphed into a way to keep track of nonexpense items and to “humanize” your finances, he said.

I can see the attraction. Sort of. Viewing a photo of a gift you bought while on vacation, for instance — which Mr. Reich said he recently added to his account — might help make the task of paying the bill for the trip less painful. And perhaps making banking more fun will encourage users to pay more attention to their finances and think about handling them in more creative ways.

And, of course, the addition of photos is entirely optional.

Would you like to add photos to your online bank records? What sort of transactions would you illustrate?

Article source: http://bucks.blogs.nytimes.com/2013/01/23/your-finances-illustrated-with-photos/?partner=rss&emc=rss

Bucks Blog: Is a Penny Rounded a Penny Lost? Ask Chipotle

Customers line up at a Chipotle in New York City.The New York TimesCustomers line up at a Chipotle restaurant in New York City.

My children are fans of the food at Chipotle Mexican Grill. Soft, fresh tacos; black beans; melted cheese — what’s not to like? So I was intrigued when I read about a payment policy that the restaurant chain uses in some locations. It’s called “rounding” (which, by coincidence, my daughter is learning about at elementary school).

The Consumerist recently riffed on a column in The Star-Ledger, which reported on Chipotle’s practice of rounding the change in receipt totals for cash transactions at some restaurants. These locations do this so that cashiers don’t have to handle lots of coins, which tends to slow the lines down. If you’ve ever been to Chipotle, you know that the food is dished out in assembly-line style, where you place your order and then walk along the counter, telling the staff that, yes, you’d like some guacamole, please, but hold the rice. You pay at the end of the line.

As The Consumerist pointed out, rounding to the nearest nickel isn’t really a big deal, as long as the restaurant is rounding down. But if it rounds up, you pay extra — even if it’s just a penny or two.

In one sense, this seems like a smart idea. Who wants excess change clogging up their pockets, anyway, especially if it means you’ll get your food faster? But at least one customer objected to this “Chipotle-style math,” the New Jersey newspaper reported, and sent in his receipts for review:

“On the first, dated July 13, the nine items added up to $32.93. There was $2.31 in tax. The total should have been $35.24, but next to the ‘total’ line on the receipt, it said $35.25. The next receipt, with the same sale date, showed a subtotal of $8.64. The tax was $0.60, so the grand total should have been $9.24. But no. With Chipotle-style math, the total was $9.25.”

I called a Chipotle spokesman, Chris Arnold, who said the chain uses rounding in a few “high volume” markets,  including New York, New Jersey and some locations in Boston. The idea is to reduce the time cashiers spend doling out pennies, to keep the lines moving quickly. (In some locations, he said, “there are lines out the door as soon as we open.”) The total, he said, was previously rounded either up or down, to the “nearest nickel.” The result generally was a wash for the restaurant, he said. And for most customers, he said, “I think generally it’s been a nonissue.”

But a few penny-pinchers (my description, not Mr. Arnold’s) did object. So as of August, he said, the chain is only rounding down. (Also, receipts should now have a line showing the impact of the rounding math.) He said he didn’t know of other outlets that round receipts.

Do you think rounding of meal receipts — up or down — to eliminate pennies is a reasonable policy for a busy restaurant?

Article source: http://bucks.blogs.nytimes.com/2012/08/28/is-a-penny-rounded-a-penny-lost-ask-chipotle/?partner=rss&emc=rss