Simple online banking is closing its doors after 11 years – here’s what it means if you have an account
On January 7, Simple Bank announced its closure.
Customers have learned via email that their Simple accounts will eventually become accounts with BBVA USA, Simple’s parent company. Single accounts will remain open for the time being.
The Simple mobile app, website and Visa debit card will continue to function for the time being. Simple says it will keep customers informed via email.
Stimulus checks, unemployment benefits and paychecks are expected to continue arriving in Simple bank accounts without interruption, according to the company.
- Check out Personal Finance Insider’s guide to the best online banks »
On January 7, Simple Bank announced its closure. In an email to customers of the bank, Simple explained that its parent company, BBVA USA, had made the “strategic decision to shut down Simple.”
Simple launched in 2009 with the aim of simplifying banking operations. It was acquired by BBVA USA in 2014. In 2020, PNC Bank began the process of acquiring BBVA USA.
For now, Simple customers will still be able to manage their money through Simple’s website and mobile app. Here is what you can expect if you are a Singles customer.
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What will happen to my money?
According to BBVA, single accounts will remain open for the time being. You do not need to take any action to move or protect your funds.
Since Simple was acquired by BBVA, Simple’s customer accounts are already hosted at BBVA USA and will remain there. These deposits are insured by the FDIC. In the future, your Simple account will become a BBVA account, and possibly a PNC account once the acquisition is complete.
You can continue to use your Simple Visa debit card.
What about Simple’s account features?
Simple offered a number of customer preferred account features, including its budgeting, its savings “envelope” and shared current account option. We are awaiting the bank’s feedback on the future of these features.
In a statement to TechCrunch, BBVA said: “Simple’s customers already have a dual relationship with BBVA USA and Simple. We will be migrating these customers to the award-winning BBVA USA mobile app. These same clients will become PNC clients upon closing of the acquisition, which is subject to customary closing conditions. As part of BBVA USA, Simple customers will have access to a much broader range of products and services, as well as the bank’s award-winning mobile app, which includes BBVA Financial Tools.
We will update this story as we have more information.
Will I still receive my stimulus check?
Yes, Simple says dunning checks will be deposited into the bank accounts of eligible customers without issue. If you received a stimulus check by check or debit card the first time, you will receive your second stimulus check in the same way. You can check the status of your dunning check using the IRS “Get My Payment” tool.
Will I still receive my unemployment benefit?
Yes, you will continue to receive direct deposit unemployment benefits without interruption to your Simple bank account.
Will I still receive my paychecks?
Yes, as with stimulus checks and unemployment benefits, your direct deposited paychecks will continue to arrive in your bank account without interruption.
Is there anything else i should know?
Simple told customers via email that their customer service agents wouldn’t be able to answer questions about the bank closing, so you’ll have to hang in there and wait for more information. Simple asks customers to call customer service for banking matters only.
If you’re looking for a new bank, check out Personal Finance Insider’s guide to the best online banks.
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