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I recently closed a bank account (due to Simple being acquired and the debacle of BBVA and now PNC) and it was quite difficult. I just wanted a "you send me a c
by ghayes 5y ago
I recently closed a bank account (due to Simple being acquired and the debacle of BBVA and now PNC) and it was quite difficult. I just wanted a "you send me a check with my remaining balance and we're done," and instead they told me I needed to withdraw my cash to zero (with limits that would have taken months), and only then could I close my account.
Eventually, I was told a workaround where I could "Bill Pay" my own credit card for an unlimited amount and then close the account. But it's not like banks are strictly easy in comparison.
- greenyoda 5y ago> they told me I needed to withdraw my cash to zero (with limits that would have taken months)... I think that some state or federal banking regulators might have expressed displeasure if you had informed them of that policy.
- edgeform 5y agoSomething doesn't add up in the story here. It seems like they suggested every other way in the book to withdraw funds other than a regular ACH transfer.
- true_religion 5y agoIt seems like the guy doesn't want to have a bank account anymore. If he just is moving to a different bank, then all he has to do is make a ACH transfer. Also, the Bank may have a reporting requirement for over 10k withdrawals in cash but they will let you take even more than that in cash if you want to. You may have to work it out with them to get enough money on site at the branch if you have hundreds of thousands of dollars, but they will let you withdraw in cash.
- edgeform 5y agoYeah, if he doesn't want a bank account anymore yet has thousands of dollars in there ... not sure what he's expecting here, or why he's blaming Simple/BBVA specifically for a predicament of his own creation. He complains about "days" of limits for withdrawals, so we're left to believe this is at least mid four figures or higher in balance. At the time, he may have had issue with walking into a "branch" of Simple. While BBVA was the parent bank for Simple, their branches had zero insight into Simple bank accounts. When the transition happened, BBVA branches were getting hit hard by Simple customers expecting sudden service. However as far as the BBVA branches were concerned officially those customers weren't theirs -- no BBVA account number, just Simple, which they never had insight to when it did exist.
- toomuchtodo 5y agoWhich is incredibly sad because PNC is really a great bank compared to the usual suspects (BoA, JPMC, Wells, etc).
- apple4ever 5y agoHeartily agree. Been using them for about 10 years and never had an issue.
- hn_throwaway_99 5y agoBut two points on this: 1. First off, the Simple/BBVA debacle did receive so much press because the switchover was so royally f'd. The very fact that this bad of a screwup was something so unexpected/unusual is a big reason it received so much press. 2. They did provide (eventually) a workaround. Given the current top comment it looks like Notion may have a workaround as well, but regardless, the answer from support for a bug like this should always be "we'll get you a fix ASAP, even if we need to manually work around it", not "sorry but our engineers have a big backlog".
- otachack 5y agoI had another account tied to it already so it was easy for me to transfer funds out to empty Simple. Sucks it was a hard experience for you!
- edgeform 5y ago> withdraw my cash to zero > workaround where I could "Bill Pay" my own credit card I'm confused on this. When you closed your Simple/BBVA account, did you not have any other checking account to transfer your funds into? Both of these suggestions will drain your account, but neither is the immediately obvious method of simply transferring your money to another checking or savings account. I closed my account prior to the full BBVA transition, moving to Chime (heartily recommend in concert with YNAB for you folks that miss Simple's savings tools) and had no problem connecting my Chime account and transferring the funds via usual ACH transfer. Simple was a real bank, backed by BBVA (and before that, Bancorp -- truly Simple's heyday in my opinion) and thus subject to typical banking rules. You could initiate ACH transfers with your Simple account like you could at your local credit union or bank.