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BBVA's purchase of digital-only "neobank" Simple provides both parties with new strengths. For the bankers on the sidelines, it shines a spotlight on the need to attract affluent young customers with trendy mobile services.
February 21 -
Ally Financial has extended the cutoff time for accepting check deposits that are credited the next day.
September 4 -
Old-fashioned banks and neobanks are both finding the battle for acquiring customers to be treacherous. So BankMobile, a mobile-first banking service, has launched an innovation lab-like division seeking new tech that could attract thousands of new customers per month.
August 28
BBVA Compass' Simple said it has removed fees for its checking accounts and other banking transactions.
The online bank will no longer charge "pass-through" fees for services such as treasurer's checks, over-the-counter cash withdrawals and expedited deliveries, according to a
Simple said it did not profit from such fees and will absorb the cost of eliminating them. Simple's revenue comes from interest and interchange when customers use their accounts, the company sad.
"Simple exists to help our customers feel confident with their money," Simple's chief executive, Josh Reich, said in the release. "Wiping our fee table clean is the right thing to do."
Simple competes with other online-only banks, including the $156 billion-asset Ally Financial's Ally Bank and the $7.1 billion-asset Customers Bancorp's BankMobile.
Simple was
