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App-based banking service Simple is shutting down

App-based banking service Simple is shutting down
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App-based banking service Simple is shutting down

App-based banking service Easy is shutting down

On-line-only financial institution Easy is shutting down, its father or mother firm introduced in an electronic mail to clients Thursday. BBVA USA, which acquired Easy in 2014 for $117 million, mentioned it could be transitioning Easy clients to BBVA accounts however didn’t present particulars about when the change would happen. BBVA USA was acquired by Pittsburgh-based PNC Financial institution in November.

Within the electronic mail to customers, which many shared with GadgetClock, BBVA mentioned the choice to shut Easy was a strategic one and mentioned clients didn’t have to take any speedy motion.

There isn’t any speedy affect to your accounts at Easy and nothing it’s worthwhile to do at the moment. Since your deposits are already housed at BBVA USA, they’ll stay in FDIC insured accounts there, as much as the relevant limits. Sooner or later, your Easy account will change into solely providers by BBVA USA, however till then you possibly can proceed to entry your account and your cash by means of the Easy app or on-line at Easy.com.

Stimulus funds and different direct deposits gained’t be affected, in response to the observe to clients. “We’ll present ongoing clear and open communication, so you realize what to anticipate every step of the way in which,” the corporate wrote. Extra particulars can be coming sooner or later, in response to the emails.

On the time of the BBVA acquisition, Easy had about 100,000 customers. When it launched in 2010, Easy rapidly amassed a ready checklist of 125,000 individuals drawn to the online-only, streamlined expertise Easy promised. When Google Pockets shut down in 2016, Google really useful Easy as a doable alternative.

BBVA mentioned in a press release Thursday that it was closing Easy as a part of the PNC acquisition, because it was “accelerating some modifications and stopping work on others.” As soon as that acquisition closes, the previous Easy clients will change into PNC clients, the corporate mentioned.

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