SoFi, which is an online lending company is closing down Zenbanx. It was an online banking, providing company which was bought by the SoFi earlier this year. All the customers were notified via an email that the company will close down all their accounts at the end of next month.

Zenbanx Applied for Bank Charter:

It was the first step SoFi took to add checking and credit cards to its financial services suite, by acquisition of the Zenbanx. Last month an attempt was made by the company to apply for a bank charter using the tech and personnel of Zenbanx. As the application for the charter is still pending. Thus, providing the services under its current structure didn’t make any sense. So the company has decided to close all the existing accounts for now.

Zenbanx’s Email for Accounts Removal:

The email which was sent to the Zenbanx users with the instructions about removing the funds before August 31 was as follows. When Zenbanx was acquired by SoFi in February, we promised to keep our customers and applicants apprised of any changes to the Zenbanx account. In conjunction with our partner Wilmington Savings Fund Society (WSFS), we’ve made a decision to close accounts, effective August 31, 2017 at 12AM ET (“Account Close Date”). Here at SoFi, we are working to build out an expanded line of revolutionary consumer financial products including a new account to be launched in the near future. We apologize for any inconvenience this may cause you. You have our assurance there will be no changes in the Terms and Conditions of your Zenbanx Account between now and the Account Close Date. As of July 1st, our interest rates will be changed to 0% for all currencies in accordance to the Terms and Conditions of your Zenbanx Account. If earning interest on the funds in your Zenbanx Account is important to you, we encourage you to close your account before this date.