Chime Card

Documented events with consequences still open. Each entry carries a source and a date.

1. May 7, 2024 Regulatory action Moderate $3M ● open

   CFPB order: 3.25 million dollars in penalties and at least 1.3 million in redress over balances not returned on time to customers closing their accounts

   On 7 May 2024 the Consumer Financial Protection Bureau, the US federal consumer finance regulator, issued an order against Chime Financial, Inc. The charge concerns neither a cyberattack nor a loss of funds, but how long the company took to return money to customers closing their accounts: according to the regulator, Chime "failed to refund consumers' balances within 14 days in thousands of instances, including thousands of instances when Chime failed to issue consumer refunds within 90 days". The CFPB found the conduct unfair under the Consumer Financial Protection Act, noting that the delay prevented people from accessing their own money needed for basic expenses. The order requires Chime to come into compliance, to pay a 3.25 million dollar civil money penalty and at least 1.3 million dollars in consumer redress, and imposes compliance, regulatory reporting and enhanced recordkeeping obligations for a period of five years — so until 2029. The figure recorded here as the amount is the penalty, not a loss suffered by users. One clarification is needed to avoid confusing two different companies: in November 2023 the CFPB closed another matter, for 3 million dollars, against "Chime Inc.", operator of a remittance app — a separate entity from Chime Financial, the card company, and unrelated to this order. Chime operates as a fintech: accounts are issued by FDIC-insured partner banks, not by Chime itself.

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verified on Sep 25, 2026

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