The CFPB says: “Until 2021, Chime’s policy, reflected in consumer account agreements, was to process and mail refund checks within 14 days of an account’s closure.”
However, the regulator claims that “thousands of consumers waited for weeks or even months for balance refunds” after closing their accounts, claiming that it found “thousands of instances in which Chime did not get refunds to consumers within 90 days”.
It claims impacted consumers were “often unable to pay for basic living expenses, and likely had to use or search for expensive credit alternatives, such as credit cards or payday loans”.
