Simple Is Closing: Here’s What it Means for Our Customers

Simple will be ceasing operations in 2021. There’s no immediate impact to our customers, and you can still access your account as usual. Account servicing will be transitioned to BBVA USA later this year—we’ll keep you updated every step of the way.
Simple Finance

As you may have heard, a strategic decision has been made to close Simple in 2021. We’ve been honored to serve our customers for the last 10 years, and we’re here to make this transition as smooth as possible for you.

What’s happening now?

There is no immediate impact to our customers right now—you can still access your Simple Account online or through our app and use your Simple Visa® Debit card as usual.

Your money is safe: all deposits are already housed with BBVA USA, and all accounts are FDIC insured up to the applicable limits.

What happens next?

In the future, servicing of all Simple Accounts will be transitioned to the BBVA USA. We’ll let you know the timeline for this transition as soon as we have details.

Will this affect my stimulus payment?

No—any direct deposits (including stimulus payments, unemployment benefits, and any other deposits) will be deposited into your account as usual. If you have not yet received your stimulus payment, please use the IRS’s Get My Payment tool to check the status (remember that our customer service agents are unable to check the status of your payment for you).

How can I get updates?

Our customer service agents can’t address questions about this announcement at this time. Rest assured that we’ll proactively communicate with you as we have more details and make sure you know what’s happening every step of the way.

While we’re all very sad to make this announcement, we’re grateful we’ve had the opportunity to help so many people build their financial confidence over the years. From all of us at Simple, thank you for being part of our community.

Disclaimer: Hey! Welcome to our disclaimer. Here’s what you need to know to safely consume this blog post: We do our best to make sure information is accurate as of the date of publication, but things do change quickly sometimes. Any outbound links in this post will take you away from, to external sites in the wilds of the internet; neither Simple nor our partner bank, BBVA USA, endorse any linked-to websites; and we didn’t pay/barter with/bribe anyone to appear in this post. Individual situations will differ; consult your favorite finance, tax or legal professional for specific advice. And as much as we wish we could control the cost of things, any prices in this article are just estimates. Actual prices are up to retailers, manufacturers, and other people who’ve been granted magical powers over digits and dollar signs.

Important! This account is for your personal use only

An increasing number of customers are being targeted by fraud scams. Before you apply, review these guidelines to help prevent you from being involved in fraudulent activity.

Do not open an account on behalf of someone else
If anyone asks you to open a Simple Account to receive funds, it is an attempt at fraud. Common fraud attempts include requesting that you open an account to receive a gift or bonus offer, obtain a job or job training, or help someone else receive funds (such as unemployment benefits).

Do not share your login or account information with anyone
Neither Simple nor any other legitimate institution will ever ask for your account information. If any third party requests your Simple Account login information, it is an attempt at fraud. Sharing your account information with another person or allowing someone else to use your account to receive funds is a violation of the Simple Deposit Account Agreement terms and conditions and can expose you to fraud.

Actions we may take if fraud is suspected

We take fraud and security very seriously at Simple, and take rapid action in the instance of suspected fraud attempts.

We may freeze and close accounts
We may freeze and close accounts if fraudulent activity is suspected, including the following circumstances:

We will report fraud attempts
We are responsible for reporting fraud attempts to authorities, including attempted unemployment fraud. There are state and federal penalties for unemployment insurance fraud (including potential fines and incarceration). If you suspect you are a victim of unemployment fraud, contact the appropriate state fraud hotline listed here.

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