FDIC Insurance

FDIC Insurance


Are the funds in my account insured by the FDIC?

Yes, your account is held by our partner, BBVA USA, Member FDIC. Their FDIC certificate number is 19048. Your deposits are insured up to the FDIC limit of up to $250,000 per depositor, per insured bank, for each account ownership category.

If you’d like further details, or you happen to have a Shared account or an account with BBVA USA in addition to your Simple account and you’re curious how that might affect your coverage, you can learn more at the FDIC website: https://www.fdic.gov/.

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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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