App-based banking service Simple is shutting down

Online-only bank Simple is shutting down, its parent company announced in an email to customers Thursday. BBVA USA, which acquired Simple in 2014 for $117 million, said it would be transitioning Simple customers to BBVA accounts but did not provide details about when the change would occur. BBVA USA was acquired by Pittsburgh-based PNC Bank in November.

In the email to users, which many shared with The Verge, BBVA said the decision to close Simple was a strategic one and said customers did not need to take any immediate action.

There is no immediate impact to your accounts at Simple and nothing you need to do at this time. Since your deposits are already housed at BBVA USA, they will remain in FDIC insured accounts there, up to the...

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