BankSimple launched its operations as an American neobank located in Portland, Oregon. Simple started the neobank market in 2009 and served customers until 2021.

Before transitioning to BBVA USA in 2016, The Bancorp Bank helped Simple offer FDIC-insured checking accounts only to US citizens who needed access to these services.Simple linked to Allpoint ATMs as a part of their nationwide no-fee network. During 2014 Spanish bank BBVA acquired Simple which became part of its European banking operations. On May 8, 2021 Simple ceased operations and converted its customer accounts to BBVA USA checking and savings products.

Business model

Unlike other consumer banks Simple operated without any physical office locations. Customers got Visa debit cards and internet banking access through Simple.com and its mobile apps for both Android and iOS systems. Simple made money from deposits through interest payments and payment transactions.

Features

Users received Simple mobile apps for both iOS and Android during the month of May 2011 and January 2013.

Customers deposited up to $9,500 USD through Simple apps on their phones while sending checks for any amount by mail or express courier delivery. The highest check amount customers can deposit depends on how long they have maintained their account and how many checks they have added before. Any deposit order underwent a waiting period without preference for our customers.

Through its bill pay service the company printed checks then sent them to designated recipients. Simple did not let customers order checks nor did they accept checks from external printing services. In February 2018 Simple introduced a limited beta program to selected customers who could get free books of 25 checks sent through postal mail without paying ordering or banking fees for example returned checks or NSF fees. Simple launched this experimental product program in beta phase and expanded it step-by-step to customers during the initial six months of 2018. Simple discontinued its Bill Pay service on July 9, 2019.

Simple let users search their financial history by hashtag plus view memo notes and place information through its online banking system.

Users could set up daily automatic savings through the Goals feature of their account.

Through Expenses account holders could set pre-defined rules to move money into specific goals for bill payment.

Frequently asked questions

Som of the  most asked questions include:

Does Simple Bank have any direct competitors

Several online banks including Simple now operate and new ones keep launching their services. 

How can people replace the Simple card functions

The online banks highlighted in this guide provide their customers with cost-free debit cards for making purchases and withdrawing cash. These serve exactly the same functions as the Simple card for buying goods and obtaining cash. Users can take advantage of unique spending rewards alongside their basic account services.

Will Simple Bank come back

The bank stopped operating in 2021 so customers should not expect its return in the near future.

Which financial institution acquired simple bank

In 2021 Spanish multinational finance company BBVA took over Simple Bank and its operations. BBVA moved its existing Simple Bank customers into its banking services.

Sale to PNC

PNC’s acquisition of BBVA US subsidiary led to both Azlo and Simple financial institution closures.

The bank eliminates independent business units that have lost their purpose to operate alone. The bank conducted this action before bringing PNC into the BBVA organization.

During the recent year the bank ended its Covault mobile identity service. BBVA discontinued Denizen because the fintech business did not achieve effective growth after its 2018 launch. BBVA USA has adjusted its business goals because of PNC acquisition preparations. The Spanish bank invested $11.6 billion to acquire its US unit which brings in $20 times more revenue than the US operations did in 2019. This purchase price equals half of BBVA’s current stock market value. The BBVA US subsidiary leads American sunbelt markets with strong positions in Texas, Alabama and Arizona. With $100 billion in holdings and 637 branches BBVA operates a strong presence in the market. BBVA states that this transaction offers hidden value because financial analysts predicted a result of €3.8 billion which is much lower than the actual value of €11.6 billion. The deal should close in mid-2021.

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