On-line-only financial institution Easy is shutting down, its father or mother firm introduced in an e-mail to clients Thursday. BBVA USA, which acquired Simple 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 Bank in November.
Within the e-mail to customers, which many shared with The Verge, BBVA mentioned the choice to shut Easy was a strategic one and mentioned clients didn’t have to take any fast motion.
There isn’t a fast influence to your accounts at Easy and nothing it’s essential 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 turn into completely companies by BBVA USA, however till then you’ll be able to proceed to entry your account and your cash via the Easy app or on-line at Easy.com.
Stimulus funds and different direct deposits received’t be affected, in accordance with the word to clients. “We are going to present ongoing clear and open communication, so what to anticipate every step of the best way,” the corporate wrote. Extra particulars can be coming sooner or later, in accordance with the emails.
On the time of the BBVA acquisition, Easy had about 100,000 customers. When it launched in 2010, Easy shortly amassed a ready listing of 125,000 individuals drawn to the online-only, streamlined expertise Easy promised. When Google Pockets shut down in 2016, Google recommended Simple as a doable alternative.
BBVA mentioned in a statement 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 turn into PNC clients, the corporate mentioned.