With a growing number of challenger banks taking on the U.S. market, one of the original startup banks, Simple — now owned by BBVA — has taken the unusual step of removing a core banking feature: bill pay. The company claimed the feature was under-utilized and usage was trending downwards, which is why it decided to sunset the option to pay bills through its app. That decision, not surprisingly, has angered a number of customers who are taking to social media and online forums like Reddit, threatening to switch banks as a result.
It’s likely true that fewer people today use bill pay than in the past.
The feature is something of a holdover from an earlier era before electronic payment options and auto pay became as ubiquitous as they are now. And many customers may still have bill pay set up even though another electronic option has … Read the rest