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Online banking Simple is shutting down, its parent company said in an email to customers on Thursday. BBVA USA, which acquired Simple in 2014 for $ 117 million, said it would transition from Simple customers to BBVA accounts, but did not provide details on when the change would occur. BBVA USA was acquired by PNC Bank, based in Pittsburgh, in November.
In the email to users, which many shared with The edge, BBVA said the decision to close Simple was strategic and that customers did not need to take immediate action.
There is no immediate impact on your accounts at Simple and you don’t have to do anything right now. Since your deposits are already hosted with BBVA USA, they will remain in FDIC insured accounts in that country, within the applicable limits. Going forward, your Simple account will become exclusively BBVA USA services, but until then you will be able to continue accessing your account and money through the Simple app or online at Simple.com.
Stimulus payments and other direct deposits will not be affected, according to the note to clients. “We will provide 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 BBVA’s acquisition, Simple had approximately 100,000 users. When it launched in 2010, Simple quickly built up a waiting list of 125,000 people attracted by the simplified online experience only Simple promised. When Google Wallet closed in 2016, Google recommended Simple as a possible replacement.
BBVA said in a statement Thursday that it was shutting down Simple as part of the PNC acquisition because it “was speeding up some changes and stopping work on others.” Once this acquisition is complete, Simple’s former customers will become PNC customers, the company said.
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