In an email to customers, Simple Bank, the all digital Portland-based banking service, is shutting its digital doors. It’s noted to be a strategic decision by Simple’s parent bank, BBVA USA.
If you use Simple, here’s what you need to know: Right now, nothing is happening to your money and accounts — yet. Soon, though, you’ll be pushed to the BBVA banking experience. If you don’t want that to happen, you’ll need to begin the process of transferring your money out of Simple. In the meantime, your Simple debit card, app, and online will work as usual.
Here’s the email headed to customers.
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
As one of Simple’s original customers, I’m mad, but only because this means I have to go find myself a new bank.
Who do y’all recommend?
Breaking: Simple Bank shutting down
— Tim Wrobel (@Timotato) January 7, 2021