Online bank closures, customers couldn’t access their money

Simple online banking closed on Saturday and customers transitioning to the bank’s parent company, BBVA, were unable to access their accounts.

In January 2021, the application bank officially announced, via an email to its users, its closure, The edge reported. The company is committed to remaining open during the transition period so that its customers can transfer their money to BBVA USA. S

Unfortunately, instead of a smooth transition, customers were faced with error messages, such as a “system error” and prompts claiming their account information did not exist, “reported The Verge.

(Photo: Simple)
Online banking Simple closure on Saturday and customers transitioning to the bank’s parent company, BBVA, were unable to access their accounts.

BBVA USA website now displays a red warning to users. “Our customer service is experiencing longer wait times than usual,” the parent company said on its website.

If, however, a user visits the Simple transition page, they will be greeted with a different red banner.

Read more: 9 ways to protect your information online

“To single customers who are converting to BBVA: It hasn’t been a good conversion experience for many of you,” the company said on the transition page.

Additionally, the company apologized to its users and informed them that it had extended its call center hours to accommodate everyone.

The company explained on its website that it was experiencing a high volume of traffic that was overwhelming the system. Thus, the waiting time has been extended.

Simple closing

BBVA acquired Simple in 2014 for $ 117 million. BBVA, on the other hand, was later acquired by PNC in late 2020, Forbes reported.

After the purchase, PNC announced cost reduction plans to focus on its core banking platform.

It was reiterated in the said ad that customers don’t have to worry about their accounts.

“You can continue to access your account and your money through the Simple app or online at Simple.com,” the company told users in an email, as reported by The edge.

Additionally, the bank also assured users that they will be communicating openly about what to expect every step of the way.

Simple as a game changer

In 2012, Simple was a fintech company that was changing the banking landscape in the United States. It was to offer the first digital approach to banking.

One of its co-founders simplified the vision of the game-changing bank to: “a bank that doesn’t fear,” reported The Verge.

Additionally, the app was helpful to its users in terms of budgeting and organizing their money. Customers were able to set savings goals and allocate their spending transparently.

When it was launched in 2010, these features were not readily available in other traditional banks.

The Verge also reported that when Simple broke the internet, its waiting list exploded to 125,000 people. These were people drawn to the new app store that promised a more streamlined experience of managing their finances.

It’s also worth noting that Google Wallet, which stopped working in 2016, suggested Simple as the preferred replacement, CNET reported.

Related article: Massive new hack: emulators mimic 16,000 customers’ phones, stealing millions of dollars from online banks

This article is owned by TechTimes.

Written by: Teejay Boris

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