Simple Bank To Close Down, Accounts will Transition to BBVA

Simple Bank, a subsidiary of BBVA, has announced they are closing down and transitioning all existing accounts to become BBVA accounts. No clear timeline is given on when that transition will occur, but it doesn’t matter as much given that all the account info will apparently be staying the same.

Update: Readers note that other fintech banks operating under the BBVA parent company are closing now as well, such as AZLO and apparently some others.

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
 
What does it mean for me?
You can continue to access your account and your money through the Simple app or online at simple.com and with your Simple Visa^® Debit card. We will begin posting updates on the transition as we have them on simple.com.
 
Does this affect my stimulus payment?
No. Your stimulus, unemployment aid and any other deposits will continue to be deposited in your account as they are received. If you have not received your IRS payment please use the IRS Get My Payment tool for status.