SmartyPig, a company which offers a goal-based savings account, has switched its partner bank from West Bank to Compass Bank (“BBVA Compass”) as its U.S. bank services provider.
Earlier in the year, it was reported that SmartyPig’s deposit numbers were becoming too large for West Bank to manage and it was expected that SmartyPig would find a larger financial institution to use as its bank services provider.
In an email to customers, Smarty Pig wrote, “On August 1, 2010, with your permission, SmartyPig and West Bank will securely transfer your customer data and funds on deposit in your SmartyPig savings account from West Bank, our current bank services provider, to BBVA Compass.”
The goal based savings account provider also instructed its users to authorize the transfer, writing, “In order to keep your SmartyPig account active and your savings goals current, you must log into your account now and authorize this transfer of funds and the opening of a BBVA Compass savings account. If you do not provide this authorization, your SmartyPig account will be closed and your funds on deposit with West Bank will be transferred back to your linked funding source.”
SmartyPig also re-assured customers that their money would remain FDIC insured and that the transition would be seamless, writing, “Please note that your funds will remain FDIC insured at all times to the fullest extent provided by law. All things being equal, aside from authorizing your new BBVA Compass savings account, you’ll likely never notice a difference.”
