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 Wednesday news release. The Portland, Ore., company also will not charge for overdrafts, account closings or minimum balances.
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 purchased by Spain's BBVA Compass in February 2014 and provides its services through The Bancorp Bank.