Chime may owe you money if you closed your account without receiving a refund
If you’ve ever 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 some money – up to $150, to be exact. 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.
Chime was supposed to automatically refund money from closed accounts within 14 days, but in thousands of cases, customers had to wait much longer. This delay could have caused financial hardship for those who needed the money for essential expenses.
If you believe Chime owes you money, you may be eligible for a refund of $25 if your balance was less than $10, or up to $150 if your balance was higher. Chime has set up a $1.3 million fund for issuing these refunds, and you should expect to receive a letter if you qualify.
To protect yourself from similar banking setbacks in the future, consider having emergency savings at a separate bank from your day-to-day accounts. This can help ensure you have access to funds in case of a banking mishap or emergency. Additionally, aim to save at least three to six months of essential living expenses in case of unforeseen circumstances.
It’s always a good idea to be prepared for the unexpected when it comes to your finances. By taking proactive steps like having emergency savings and keeping your funds in a high-yield savings account, you can better protect yourself from potential banking issues. Stay informed and stay prepared to safeguard your financial well-being.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.