The parent company, which operates online only, announced its shutdown, in an email to clients on Thursday. BBVA USA, which It was awarded Simple in 2014 For $ 117 million, it said it would transfer minor clients to BBVA accounts but did not provide details on when the change would happen. BBVA was USA It is acquired by Pittsburgh-based PNC Bank In November.
In users’ email, which many shared with the edge, BBVA said the decision to close Simple was a strategic one and said customers don’t need to take any immediate action.
There is no immediate effect on your Simple accounts and you do not need to do anything at this time. Since your deposits are already in BBVA USA, they will remain in FDIC secured accounts there, up to applicable limits. In the future, your simple account will become exclusive services from BBVA USA, but until then you can continue to access your account and funds through the simple app or online at Simple.com.
Incentive payments and other direct deposits will not be affected, as per customer note. “We will provide continuous, transparent and open communication, so you know what to expect every step of the way,” the company wrote. More details will come in the future, according to the emails.
At the time of its acquisition of BBVA, Simple had around 100,000 users. When it was launched in 2010, Simple quickly amassed a queue of 125,000 people who were drawn to the only simplified online experience Simple promised. When Google Wallet closed in 2016, Google Simple recommended As a possible alternative.
BBVA said in statement Thursday it was closing Simple as part of the PNC acquisition, as it was “speeding up some changes and stopping work on some others”. Once the acquisition is completed, the company said, former Simple customers will become PNC customers.