Is Simple still around or why did simple bank close down? These are some of the most questions asked on the internet. The simple bank was considered as an American Neobank or a kind of direct bank that operates online without having a physical branch and based in Portland, Oregon. The online banking platform was known to be the first neobank. Simple best known to provide FDIC-insured checking accounts to citizens in the United States and but not to permanent residents.
The simple bank serves as a free digital checking account that operates on PC and smartphone. The services were no longer available in early 2021 because Simple Bank was shut down. The online banking services offer members free and online checking accounts where people can make transactions online. It actually wasn’t considered as a bank, but associated with several banks to provide insurance on its accounts. It comes with a Visa debit card to withdraw money and also built with powerful first-rated mobile banking tools through the Simple app.
Why did Simple bank close?
BBVA which partners with Simple said that the operation on Simple will be shut down. The reason for the shutdown came as a result of the company reassessing its goals based on the fact that they plan to sell the company to PNC Bank. But the acquisition hasn’t been finalized year.
While the online bank Simple was shut down, activities on the platform weren’t accessible. Initially, the platform was to redirect customers’ accounts to its parent company BBVA. But instead while trying to access the platform users were not able to access their bank account. The BBVA website was showing an error message from its system error.
However, accounts from Simple were successfully transferred to the BBVA, but a technical error was indicated preventing account users from logging into their account on the BBVA website. The simple was a good platform to bank with because it offers members no monthly maintenance fees or minimum balances. Over 40,000 surcharge-free domestic ATMs, and no overdraft. But the disadvantage of the banking service is that it has no way to make a direct deposit of a check, but a no-bill-pay feature.
Aside from Simple bank, there are other alternatives you can try. That includes LendingClub, Chime, Varo, Personal Capital Cash, or you can continue with BBVA. For users that lost their account, the BBVA is the dedicated place where you can continue managing your account.