Simple bank is closing its doors – customers to be transitioned over to BBVA

Simple bank customers are getting an email informing them of the impending closure of the online bank, and the intention to transfer them over to BBVA. Having launched as an online bank offering high-interest savings accounts, the current economic climate has resulted in BBVA pulling the plug.

The email from Simple Bank (via Android Police) reads as follows:

“We have an update for you about your banking relationship with Simple, a subsidiary of BBVA USA.

BBVA USA has made the strategic decision to close Simple. There is no immediate impact to your accounts at Simple and nothing you need to do at this time. Since your deposits are already housed at BBVA USA, they will remain in FDIC insured accounts there, up to the applicable limits. In the future, your Simple account will become exclusively serviced by BBVA USA, but until then you can continue to access your account and your money through the Simple app or online at simple.com. You will receive additional information in the near future about the transition of your account servicing to BBVA USA.

We want to assure you that we are committed to making this transition as smooth as possible for you and that we will provide ongoing transparent and open communication, so you know what to expect each step of the way.

Our customer services agents will not be able to address questions about this announcement at this time. We will contact you proactively as we have more details. Please only contact customer support for your regular banking needs.

Thank you for being a Simple customer, it’s been an honor to serve you.

— The Team at Simple�

When a bank shuts down, it’s usually a worrying situation but seemingly not in Simple’s case because its customers are just being transitioned over to its owner, BBVA. As such, the accounts remain FDIC insured and will have no impact on deposits. Simple’s cards, app, and website will continue to work, so there’s no need to worry about that either. It seems that BBVA is intent on making it as smooth a transfer as possible.

Via: Android Police