Chime Fined Millions For Not Refunding Customers Fast Enough [Forbes]
The Bancorp, Inc. (TBBK)
Last the bancorp, inc. earnings: 4/30 04:05 pm
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Source: Forbes
Thousands of Chime customers who closed their accounts were stranded without balance refunds for weeks to months. Despite promising to issue refunds within 14 days of account closure, the fintech company kept many consumers' funds for 90 days or more past account closures. Due to the financial harm inflicted upon consumers, Chime must pay $1.3 million to affected customers and $3.25 million to the CFPB's victims relief fund. Why Chime Was Fined Chime—a financial technology (fintech) company that partners with banks to offer online banking products—is responsible for servicing and creating policies for consumer accounts opened through its platform. This includes processing account payments via a third-party payment processor and overseeing consumer communications. Chime's own policy, until 2021, was to refund account balances by mailed check within 14 days of a customer closing their checking or savings account. Chime failed to comply with this policy thousands of times, often l
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TBBK
News
- ONGOING INVESTIGATION ALERT: The Schall Law Firm Announces it is Investigating Claims Against The Bancorp, Inc. and Encourages Investors with Losses to Contact the FirmAccesswire
- IMPORTANT INVESTOR ALERT: The Schall Law Firm Announces it is Investigating Claims Against The Bancorp, Inc. and Encourages Investors with Losses to Contact the FirmAccesswire
- IMPORTANT SHAREHOLDER ALERT: The Schall Law Firm Announces it is Investigating Claims Against The Bancorp, Inc. and Encourages Investors with Losses to Contact the FirmAccesswire
- IMPORTANT SHAREHOLDER INVESTIGATION: The Schall Law Firm Announces it is Investigating Claims Against The Bancorp, Inc. and Encourages Investors with Losses to Contact the FirmAccesswire
- Lowey Dannenberg, P.C. is Investigating The Bancorp, Inc. (“TBBK” or the “Company”) (NASDAQ:TBBK) for Potential Violations of the Federal Securities Laws and Encourages Investors with more than $50,000 in Losses to Contact the FirmGlobeNewswire
TBBK
Earnings
- 4/25/24 - In-Line
TBBK
Sec Filings
- 5/20/24 - Form 424B3
- 5/17/24 - Form EFFECT
- 5/15/24 - Form 4
- TBBK's page on the SEC website