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I don’t know a lot about bank economics, but it’s not clear to me how they would have made much money. Interest rates are basically 0%, and they didn’t charge much in the way of fees.

I bank with Charles Schwab, which is very low cost in terms of fees, but I’m sure they make money by using my money in all sorts of trading shenanigans. (I feel somewhat guilty for contributing to the financialization of everything, but…no ATM fees, anywhere!)

They made money on the interchange fees from their debit cards, as many other similar services do now.

I think it was murder by acquisition. BBVA USA was recently bought out by PNC bank and there probably wasn’t room for Simple in the new company. For the most part simple provided a superb ui on top of BBVA bank accounts. I’m sad to see them go.

Maybe a murder by acquisition from BBVA?