Chime’s “MyPay” Sounds Good

But if past behavior is any indication . . .

Photo by Rami Al-zayat on Unsplash

Get paid between paychecks. Get a cash advance up to $500 with no interest and a $2 fee.

Pay it back with your next direct deposit.

It sounds easy and straightforward and like a positive way to manage cash flow.

It’s from Chime, a fairly popular fintech provider of banking services.

Chime Financial Fined $4.5 Million for Harming Customers | Advocate Andy | NewsBreak Original

The Consumer Financial Protection Bureau (CFPB) issued the penalty after finding that Chime Financial delayed customer refunds for weeks and sometimes months, inflicting significant financial harm on individuals who simply wished to close their Chime accounts.

Takeaways:

1. Chime’s earned wage access cash advance may be the best deal out there in the space
2. User beware. Chime is not always nice to customers who want to end a relationship

MORE CONSUMER NEWS

LendUp Customers to Get $40M Refunds | Advocate Andy | NewsBreak Original

Victims of Think Finance Deception to Receive $384 Million | Advocate Andy | NewsBreak Original