Simple + BBVA Compass.
We're moving and you're invited!
What is BBVA Compass?
BBVA Compass is our new partner bank, a U.S. offshoot of BBVA (whom we also joined in February, 2014). Soon, customers will be able to move their Simple accounts from The Bancorp Bank (our current partner bank) to BBVA Compass (BBVAC). We’re excited to work with them to continue delivering the customer experience you know and love. If you’re curious to learn more about BBVAC, they’d love to introduce themselves.
Why do you have a partner bank? How do you work together?
Our FDIC-insured partner bank safely stores our customers’ money, while Simple does pretty much everything else. We build the web interface and our mobile apps, create features like Goals, Reports, and Instant transfers, and offer kind, thoughtful customer support.
Why are you making this move?
We couldn’t have become who we are today without our current bank partner, The Bancorp Bank. With BBVAC, our new parent company, as our back-end partner, we’ll be building more products, with more features, and more tools, faster, while increasing direct ownership over how we design our banking operations.
Will the move to BBVA Compass change Simple?
Our product and approach to customer service won’t be changing, so we’ll still be the same Simple you’ve come to know (and, we hope, love!). That said, there will be a few small changes. With BBVAC, we’ll be able to process direct deposits faster, so you’ll get your paychecks a couple of hours sooner. Checks will also become available a little quicker (generally, the whole sum will be available after one business day). We’re excited about other changes (like new features and products!) that we’ll be able to offer as we continue growing.
You mentioned new features and products. What’s coming?
Right now, we’re hard at work on a couple of the features our customers want the most, and we’ll start rolling them out later this year. Since this work is complex and the specifics and timelines can change quickly, we don’t have more details to share yet, but we’ll spread the word when we do. We can’t wait until we’re able to tell you more!
How long have you been working on this?
Simple’s move to BBVAC represents our biggest project to date. Everyone on our team of nearly 300 has been a part of this work, which we kicked off immediately after we joined BBVA just over two years ago. We’ve been industriously coding and building the systems to connect to BBVAC, and then exhaustively testing our work. Now, we’re preparing to help our customers seamlessly move to BBVAC, one small group at a time.
If I’m a Simple customer, when will I be moving to BBVA Compass? Is there anything I need to do now?
There’s no action needed right now, so by reading up, you’re already ahead of the game! We’ll be in touch well before it’s time to make the move.