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Important information

• Government Actions:

  Government Action: BBB reports on known government actions involving business’ marketplace conduct:

  UNITED STATES OF AMERICA CONSUMER FINANCIAL PROTECTION BUREAU vs CHIME FINANCIAL, INC.
  

  The following describes a government action that has been resolved by a settlement with an administrative agency.

  
  

  On May 7, 2024, Chime Financial, Inc. agreed to a consent order (File No:2024-CFPB-0002) with the Consumer Financial Protection Bureau (CFPB). According to the
  
  CFPB, Chime was in violation of the Consumer Financial Protection Act of 2010, when the company allegedly failed to timely issue certain post-account-closure refunds according to
  
  their policy of 14 days that was in effect “until 2021.” It was alleged that certain consumers waited longer than the 14 days and many of those waited longer than 90 days to be issued their refund.

  
  

  Without an admission or denial, as part of the consent order Chime has agreed to notify and pay $1.3 million in redress to those defined as “affected consumers” and $3.25 million in
  
  civil penalties to the CFPB, and must be in compliance with the law pertaining to the issuance of refund checks on closed accounts.

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• Government Actions:

  Government Action: BBB reports on known government actions involving business’ marketplace conduct:

  THE COMMISSIONER OF FINANCIAL PROTECTION AND INNOVATION, v. CHIME FINANCIAL, INC.
  The Following describes a government action that has been resolved by either a settlement by a decision by a court or an administrative agency. If the matter is being appealed, it will be noted below.
  
  
  
  On February 21, 2024, Chime Financial Inc. entered into to a consent agreement for allegations brought against the company by the Consumer Financial Protection Bureau (CFPB).
  
   
  
  According to the CFPB, Chime was in violation of Financial code section 90003 subdivision (a), when the company engaged in unfair acts with respect to consumer financial products or services. The findings of the investigation show occasional mistakes that occurred in Chime’s responsiveness to complaints. 
  
   
  
  Without an admission or denial, as part of the consent order Chime has agreed to pay $2.5 million to the CFPB and to make internal changes that will ensure customer service support 24 hours a day, ensure sufficient customers support staffing and training and to investigate and implement policies and procedures to maintain the proper handling of consumer complaints.