App-based banking service Simple is shutting down

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App-based banking service Simple is closing down

Online-only bank Simple is closing down, its parent company revealed in an email to consumers Thursday. BBVA U.S.A., which gotten Simple in 2014 for $117 million, said it would be transitioning Simple clients to BBVA accounts however did not supply information about when the change would happen. BBVA USA was gotten by Pittsburgh-based PNC Bank in November.

In the email to users, which many shown The Edge, BBVA said the choice to close Simple was a strategic one and said consumers did not require to take any immediate action.

There is no immediate impact to your accounts at Simple and nothing you require to do at this time. Given that your deposits are already housed at BBVA U.S.A., they will stay in FDIC guaranteed accounts there, up to the suitable limits. In the future, your Simple account will end up being specifically services by BBVA U.S.A., but till then you can continue to access your account and your money through the Simple app or online at Simple.com.

Stimulus payments and other direct deposits won’t be affected, according to the note to consumers. “We will provide ongoing transparent and open communication, so you understand what to expect each action of the method,” the business wrote. More information will be coming in the future, according to the emails.

At the time of the BBVA acquisition, Simple had about 100,000 users. When it released in 2010, Simple rapidly amassed a waiting list of 125,000 individuals attracted to the online-only, streamlined experience Simple promised. When Google Wallet closed down in 2016, Google advised Simple as a possible replacement.

BBVA said in a declaration Thursday that it was closing Simple as part of the PNC acquisition, as it was “speeding up some modifications and stopping work on others.” As soon as that acquisition closes, the previous Simple consumers will end up being PNC clients, the business said.

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( the heading, this story has not been published by Important India News staff and is published from a syndicated feed.).

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