Chime has been suddenly closing accounts, not returning customers’ money
1–10 of 144 posts
Re: Chime has been suddenly closing accounts, not returning customers’ money
#2Could you change the title to include "Chime" as the name of the company?
Re: Chime has been suddenly closing accounts, not returning customers’ money
#3This happens on the regular with established "normal" banks in the UK and other EU countries.
I believe US banks also have the right to suspend accounts for "fraudulent activity", correct me if I'm wrong.
Therefore, you can't expect banking startups to be any better. Fix it on a higher level.
Re: Chime has been suddenly closing accounts, not returning customers’ money
#4This happens on the regular with established "normal" banks in the UK and other EU countries. I believe US banks also have the right to suspend accounts for "fraudulent activity", correct me if I'm wrong. Therefore, you can't expect banking startups to be any better. Fix it on a higher level.
The article starts out by comparing Chime to "normal banks" that haven't attracted nearly the same level of complaints; the situation may not be unique to Chime, but those banking with, well, banks apparently haven't been running nearly the same risk of "we took your money too bad so sad".
Re: Chime has been suddenly closing accounts, not returning customers’ money
#5This happens on the regular with established "normal" banks in the UK and other EU countries. I believe US banks also have the right to suspend accounts for "fraudulent activity", correct me if I'm wrong. Therefore, you can't expect banking startups to be any better. Fix it on a higher level.
One issue is that, as stated in the article, Chime seems to be much worse and have an order of magnitude more complaints per customer than actual banks.
The other issue is that Chime is not legally a bank so is not regulated in the same way that banks are.
Re: Chime has been suddenly closing accounts, not returning customers’ money
#6That’s why I don’t trust any of these new trendy banking apps; better to stick with established institutions IMO. Not that they’re great either but at least you won’t be in a situation like this, or at the very least they’ll have better customer support.
Re: Chime has been suddenly closing accounts, not returning customers’ money
#7This happens on the regular with established "normal" banks in the UK and other EU countries. I believe US banks also have the right to suspend accounts for "fraudulent activity", correct me if I'm wrong. Therefore, you can't expect banking startups to be any better. Fix it on a higher level.
>If you don't like it go somewhere else
>Also crypto should be illegal
Re: Chime has been suddenly closing accounts, not returning customers’ money
#8This happens on the regular with established "normal" banks in the UK and other EU countries. I believe US banks also have the right to suspend accounts for "fraudulent activity", correct me if I'm wrong. Therefore, you can't expect banking startups to be any better. Fix it on a higher level.
One issue is that, as stated in the article, Chime seems to be much worse and have an order of magnitude more complaints per customer than actual banks. The other issue is that Chime is not legally a bank so is not regulated in the same way that banks are.
>The other issue is that Chime is not legally a bank so is not regulated in the same way that banks are.
"The rules don't apply to us" is one hell of an unfair advantage to tout on a VC pitch deck.
Re: Chime has been suddenly closing accounts, not returning customers’ money
#9I don't see how anyone can take Chime seriously.
I have a habit of checking out most new free banking apps, looking for the best deals, UI, security, etc.
Chime immediately started sending my phone notifications with tons of emojis in them. It felt completely childish and I couldn't believe this was a legitimate company that people would put tons of money into.
Re: Chime has been suddenly closing accounts, not returning customers’ money
#10This is why crypto is the future