Challenger bank Simple is shutting down, according to parent company BBVA USA, which acquired the company in 2014.
BBVA USA said that it will transfer all Simple accounts to its own accounts, but didn’t say when that would happen, according to The Verge.
BBVA USA cited strategic reasons for the decision to close Simple.
“There is no immediate impact to your accounts at Simple and nothing you need to do at this time,” BBVA USA said in an email sent to customers and shared with The Verge.
“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 services 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.”
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