Today In Digital-First Banking: BBVA To Close Simple Bank; Stimulus Debit Cards Mailed To 8 Million Households
In today’s top digital-first banking news, clients of BBVA subsidiary Simple Bank are reportedly getting emails telling them that Simple is closing and the intent is to move them to BBVA, while the Treasury Department announced that stimulus Visa debit cards are being mailed to homes. Plus, Robinhood is considering selling shares straight to users if it decides to have an initial public offering (IPO).
Clients of Simple Bank, a BBVA USA subsidiary, are reportedly getting emails informing them that Simple is closing and the plan is to move them to BBVA. After Simple rolled out as a digital bank focused on high-interest savings accounts, the current economic conditions made it unfeasible. “There is no immediate impact to your accounts at Simple and nothing you need to do at this time,” read an email from Simple Bank, according to a published report.
The Treasury Department announced that approximately eight million stimulus check Visa debit cards are being mailed to households this week. The MetaBank, N.A.-issued economic impact payment (EIP) cards are part of round two of pandemic stimulus money. Stimulus funding under the CARES Act came out to over $270 billion.
Robinhood is mulling selling shares straight to its users if it chooses to have an IPO. The FinTech is reportedly thinking about setting aside many shares for users if it goes public, but it has reportedly not come to any ultimate decisions. Robinhood is well-used by amateur retail investors, especially Gen Zers and millennials.
Fides Treasury Services, which conducts business in multibank connectivity and communications, has revealed new particulars about its intentions to extend its shop for business treasury and finance offerings. The new marketplace will be available via the Fides Multibanking Suite platform, according to a release.
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