Easy, the In style Banking Service, Is Shutting Down

After greater than a decade in enterprise, on-line banking service Easy is shutting down. Information reached prospects e-mail Thursday that their financial institution accounts beneath the Easy banner will quickly be transitioned to Easy’s dad or mum firm, BBVA.

Accounts will proceed to be housed in these FDIC-insured deposit accounts however beneath the full-time account servicing of BBVA USA as an alternative of Easy. Within the e-mail, BBVA known as this transfer a “strategic determination” and mentioned that prospects can count on to obtain extra data within the close to future about when their accounts might be absolutely transitioned.

The choice comes not lengthy after the late 2020 acquisition of BBVA USA the PNC Monetary Providers Group. In a press launch from PNC on Nov. 16, 2020, PNC CEO William S. Demchak mentioned that the acquisition of BBVA would “speed up [the company’s] development trajectory and drive long-term shareholder worth.”

Prospects had been instructed they will proceed to make use of the Easy app in the meanwhile. In response to an e-mail from a BBVA USA spokesperson, “As a part of BBVA USA, Easy prospects may have entry to a wider suite of services, alongside the financial institution’s award-winning cell app, which incorporates BBVA Monetary Instruments.”

The e-mail to prospects advises that BBVA’s customer support representatives will not be capable of tackle questions on Easy’s closure right now, though prospects can nonetheless attain out about common banking wants.

Options to Easy

The abrupt information of Easy’s closure led some prospects to take to Twitter to precise their dismay, involved that they’re going to lose its ease of use and budgeting instruments. For these soon-to-be former Easy customers who’re on the lookout for different on-line banking choices, there are alternate options that provide stable rates of interest and tech-friendly options; Easy’s rivals within the area embrace establishments like RadiusChime and Varo.

BBVA modifications additionally embrace the closing of the Azlo enterprise banking platform. Prospects had been notified that there could be no instant modifications to their enterprise checking accounts or service, however initially acquired no extra updates.

Effectively-known for its fee-free, on-line enterprise checking accounts, Azlo has been a pacesetter within the digital banking area since 2017. Small-business homeowners on the lookout for alternate options to this account would possibly think about BlueVine, Novo or Radius for his or her banking wants.

NerdWallet author Randa Kriss contributed to this report.

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