Capital One is shuttering its Level Money personal finance management app, given the changes in the marketplace that ushered in a slew of tools to help consumers manage their money.
In a blog post announcing the news, Level Money said the personal finance management app will be shut down as of Sept. 1. “When we started Level Money back in 2013, there weren’t many tools to help people manage their money. We saw an opportunity to fix that — reinventing the banking experience to make managing money easier and more intuitive,” Level Money said in a blog post. “While we’ve had successes over the years, we are encouraged by how much the financial industry has changed — There are now a plethora of tools available to help you manage your money. As part of Capital One, we will be continuing our efforts to help create more ways for people to save and manage their money.”
The move comes just a couple of weeks after Capital One Financial was the sole bank among the U.S. to struggle through the Federal Reserve’s annual stress tests, with the bank receiving conditional approval to distribute capital to investors.
According to a recent report in Bloomberg News, 33 banks flew pass the review and as a result should pay out more to investors than analysts anticipate. Capital One, however, was ordered to increase its risk oversight to address what the Federal Reserve said was material weaknesses. It has to resubmit a plan for how it will manage its capital by Dec. 28, noted the report.
A Fed official told Bloomberg the banks who were put through the stress tests are likely to pay out close to 100 percent of their projected earnings over four quarters, higher than the 65 percent in last year’s stress tests. It marks the first time all of the banks passed their stress tests since they began back in 2008 amid the financial crisis.