Earlier this year, we found out that the much-loved bank Simple would be shutting down, with customers transferred over to parent company BBVA. At the time, a precise date had not yet been set for this change, but today the company has sent out an email blast, notifying customers that they can anticipate the change to happen on May 8th. And if you were hoping there would be a softer transition, you're out of luck: both the Simple app and site will go dark on that date as well.
Simple customers won't need new account or routing numbers, and your existing debit card will continue to work. However, there's one big gotcha all our readers should pay attention to: BBVA is apparently automatically enrolling all customers in paper statements, which come with a $3 monthly fee, so opt-out of that ASAP. Fees are sadly also changing. BBVA will impose a $3 out-of-network ATM fee, while Simple customers had no bank-imposed fees there. BBVA also has a replacement debit card fee and both ingoing and outgoing wire transfer fees. And, of course, as a more traditional bank, you'll have to suffer the indignities of overdrafts and associated fees to the tune of $32 per item. In short: BBVA isn't Simple, and it isn't even trying to be.
After the transition on the 8th, your account balance will transition seamlessly over to your BBVA account, and when you sign in, you'll be prompted to create new BBVA-associated credentials. BBVA contradicts itself a little, but it sounds like your account history and statements will also make the trip to BBVA, though they'll no longer be available at Simple's site.
If you don't want to be moved to BBVA, you can simply close your account before then or maintain a $0 balance for 60 days before the transition.
Customers will get a paper copy of the new terms and conditions associated with the new account in the mail, and two weeks before the transition, BBVA will email instructions for how to access BBVA Online Banking.
If this doesn't sound like something you're interested in, there are a lot of alternatives out there — though none are a good replacement, really.