After Simple Bank launched as an online bank specializing in high-interest savings accounts, the current economic climate ended up making it unfeasible. So BBVA pulled the plug.
Talk Android posts a letter from the company in which it says there will be “no immediate impact” to accounts and that users don’t need to do anything right now, with their funds housed in FDIC insured accounts with BBVA.
The letter says that in the future, those accounts will solely be operated under BBVA, but customers will be able to access their money normally until then.
And, the company says it wants to make the transition “as smooth as possible” for customers.
Being FDIC insured won’t have any impact on deposits and Simple’s app, cards and website will continue to work, the Talk Android report says.
PYMNTS wrote recently that BBVA was one of six banks last year to begin work with Google on “smart” digital bank accounts, with Google Pay used as an app-driven way to broaden digital reach and give better user experiences.
Shayan Khwaja, BBVA executive vice president and director of consumer lending, told Karen Webster at that time that the five-year plan for BBVA included digitization, but done in a way to still reach customers who prefer older styles of banking. Doing that, he said, will allow for customers to get real-time money management tips and pay bills on time, while also linking payment and identity credentials to those accounts.
PYMNTS writes that the Google and BBVA partnership could lead to more “super app” combinations in the ecosystem, as Big Tech joins forces more often with banks to meet customer needs.