The online bank, Simple, is being discontinued, its parent company announced in an email to customers on Thursday. BBVA USA, which bought Simple in 2014 for $ 117 million, said it would switch Simple customers to BBVA accounts, but did not provide details on when the change would take place. BBVA USA was acquired by PNC Bank in Pittsburgh in November.
In the email to users, with whom many shared The edgeBBVA said the decision to close Simple was a strategic decision and said customers do not need to act immediately.
There is no immediate impact on your accounts at Simple and you do not have to do anything at the moment. As your deposits are already housed with BBVA USA, they remain in FDIC-insured accounts up to the applicable limits. In the future, your Simple account will be exclusively services of BBVA USA, but until then you can continue to access your account and your money via the Simple app or online at Simple.com.
Stimulus payments and other direct deposits are not affected, according to the notice to customers. “We will provide continuous transparent and open communication so you know what to expect each step,” the company wrote. According to the emails, more information will come in the future.
At the time of the BBVA acquisition, Simple had about 100,000 users. When launched in 2010, Simple quickly put together a waiting list of 125,000 people who were attracted to the online, streamlined experience that Simple promised. When Google Wallet was discontinued in 2016, Google recommended Simple as a possible replacement.
BBVA said in a statement on Thursday that it was closing Simple as part of the PNC acquisition because it “accelerates some changes and stops work on others.” Once the acquisition closes, the former Simple customers will become PNC customers, the company said.