Chime may owe you money if you closed your account without receiving a refund

Chime Customers May Be Owed Money Due to Delayed Refunds

If you closed a Chime checking or savings account in the past eight years and didn’t receive your account balance refund within two weeks, you may be entitled to up to $150 in compensation. The Consumer Financial Protection Bureau (CFPB) recently issued an order for Chime to pay over $4.5 million in penalties and refunds to affected customers.

According to the CFPB, Chime failed to refund customers within the required 14-day timeframe in thousands of instances, with some customers waiting as long as 90 days. This delay could have caused financial hardship for those who needed the funds for essential expenses.

Chime has been ordered to set up a $1.3 million fund for issuing refunds to affected customers. If you believe you qualify for a refund, you should expect to receive a letter from Chime in the mail. It’s important to update your mailing address with Chime if you have moved since closing your account.

To protect yourself from potential banking setbacks in the future, financial experts recommend having emergency savings at a separate bank from your day-to-day banking. Additionally, consider saving for unforeseen circumstances and keeping some money in a high-yield savings account for easy access.

If you were a former Chime customer and believe you are owed money, be sure to stay informed and take the necessary steps to ensure you receive the compensation you are entitled to.