Live data from Hacker News

Chime has been suddenly closing accounts, not returning customers’ money

propublica.org

71–80 of 144 posts

Re: Chime has been suddenly closing accounts, not returning customers’ money

#71
post #31

> The sudden account closures have put financially vulnerable customers under stress. Of course they have. It's no accident that accounts like these are heavily marketed to people with terms like "faster access to YOUR money" and "virtually no fees" and "manage YOUR MONEY from anywhere, down to the penny!" These companies are targeting people for whom every single dollar is of vital importance. To then yank the accou…

With regard to “automated customer handling” (I.e. intentionally wasting customers’ time and energy in the hope they give up) - I can’t help but feel that society has lost a critical social regulatory mechanism, in the form of being able to physically beat up people who repeatedly exhibit scummy behavior. If some airline or bank puts you on hold for 4 hours, there’s no way to throw a few punches or whatever at the pe…

Back in the banking crisis days, I applied for a mortgage modification. I’m on top of paperwork and fax like a boss, so I made sure all of our documentation was in order and submitted ahead of schedule. Regardless, the bank tried to use every trick in the book to delay. I ended up war dialing all the extensions around my contact to find someone who worked there with access to my files to push it along. Ended up succeeding and receiving my modification.

Imagine trying that with google or Facebook or chime.

I don’t agree with the need for physical violence. Historically, we have had decent regulatory protections for customers. I feel like those protections are rapidly being eroded. The threat of reporting to the bank/insurance/etc regulator was real and triggered a response even in the most dense bureaucracies in my experience.

Best story ever along these lines is when an angry homeowner who was wrongfully foreclosed upon ended up suing the bank, winning, then foreclosing on her local branch when they neglected to pay: https://abcnews.go.com/Business/bank-america-florida-foreclo...

Re: Chime has been suddenly closing accounts, not returning customers’ money

#72
post #37

Their terms are awful.[1] They can do whatever they want. Compare the terms from Bank of America, especially the "Withdrawal" section.[2] There are restrictions on how soon you can withdraw how much, and they tell you those up front. You can get at least $225 the day after a deposit. For new customers within 30 days of opening the account, withdrawals over $5,525 may be required to wait up to 5 days. For large cash w…

>[1] https://www.chime.com/policies/chime/chime-user-agreement/#t...

>You may terminate acceptance of this Agreement at any time by permanently deleting the Application in its entirety from the Authorized Device

Who wrote this agreement? Clearly they have no idea how apps or online accounts work.

Re: Chime has been suddenly closing accounts, not returning customers’ money

#73
post #55

> The sudden account closures have put financially vulnerable customers under stress. Of course they have. It's no accident that accounts like these are heavily marketed to people with terms like "faster access to YOUR money" and "virtually no fees" and "manage YOUR MONEY from anywhere, down to the penny!" These companies are targeting people for whom every single dollar is of vital importance. To then yank the accou…

To be fair, any bank can freeze your account for any reason. You can mitigate this somewhat by having accounts with multiple banks, but even then they can all be frozen at once. The benefit of a traditional bank is at least you can show up with an ID and beg for your money. Chime does indeed market to those who aren't financially doing great, but it's a very complicated situation. Everyone should have a minimum of 3…

But if any bank could freeze these assets, where do you suggest the 3 months be stored? Bitcoin? Under your mattress?

Re: Chime has been suddenly closing accounts, not returning customers’ money

#74
post #69

Earlier quoted context omitted.

And what good does it do me to have three months, six months, or heck 3 years worth of living expenses saved if the financial institution I've saved it with tells me that the account has been closed and the funds have been confiscated? We make fun of old people who lived through the Great Depression for keeping their money as cash or gold, but if this is the future of finance, well, gold bars under the mattress are l…

>And what good does it do me to have three months, six months, or heck 3 years worth of living expenses saved if the financial institution I've saved it with tells me that the account has been closed and the funds have been confiscated You have those funds spread out across multiple accounts, so if one goes down you still have access to some cash. you know, like a high availability cluster.

They're talking about an event such as being put on the terrorism no banking list, or being abused with lawsuits that you can't win and having your money stolen via those lawsuits.

It'd take having physical, inconfiscable assets to protect from that.

Re: Chime has been suddenly closing accounts, not returning customers’ money

#75

This is a good reminder that the best way to get your money back from an institution that is unfairly keeping it from you is either to file suit (in CA, you can sue for up to $10,000 in small-claims court), or hire an attorney. Self-help and complaining online rarely works. Phone calls work even less.

Hiring an attorney is a good way to not have any money since you used it to pay the attorney. (And you have to find one - for some reason there's a phrase "my lawyer" but what kind of person "has a lawyer" and why would that lawyer know how to do everything?)

Just file a CFPB complaint: https://www.consumerfinance.gov

Re: Chime has been suddenly closing accounts, not returning customers’ money

#76

> The sudden account closures have put financially vulnerable customers under stress. Of course they have. It's no accident that accounts like these are heavily marketed to people with terms like "faster access to YOUR money" and "virtually no fees" and "manage YOUR MONEY from anywhere, down to the penny!" These companies are targeting people for whom every single dollar is of vital importance. To then yank the accou…

This is absolutely asinine. Find lawyers who will take these cases. Let’s make them feel the pain!

Re: Chime has been suddenly closing accounts, not returning customers’ money

#77
If you had been aware of this before opening your Chime account would you still have done so? I would not. Losing my money, and then having it tied up in a frustrating and incompetent process is just not worth the risk. I will be closing my Chime account immediately. This needs more attention.

Re: Chime has been suddenly closing accounts, not returning customers’ money

#78
post #70
post #57

Earlier quoted context omitted.

What are you suggesting, that without telephones, you can beat the front line worker up, in hopes that he'll get mad and beat his boss up, and the violence will continue up the chain until it reaches the person responsible?

Translation for ya: Viva la Revolution - IE Off with the aristocrat's heads, is far less likely these days for lots of reasons. Though neither the parent author, nor I, are advocating for that response, I'm using it as an extreme to tug your frame of focus along the correct discussion axis. The least of which is that the super wealthy have both private and public security forces on speed dial. Even minor protest grou…

But how does that have anything to do with being "shielded from repercussions by either minimum wage support reps or automated phone systems"? If you really have a grievance against Chime's CEO or whatever, you can still inflict violence on them. Look up their corporate office address, procure a weapon, wait outside until they leave work, and then do... whatever. There are many reasons why we don't see people inflict violence on "the people who are actually responsible for your problems", but it's not because of "minimum wage support reps or automated phone systems".

Re: Chime has been suddenly closing accounts, not returning customers’ money

#79
post #74
post #69

Earlier quoted context omitted.

>And what good does it do me to have three months, six months, or heck 3 years worth of living expenses saved if the financial institution I've saved it with tells me that the account has been closed and the funds have been confiscated You have those funds spread out across multiple accounts, so if one goes down you still have access to some cash. you know, like a high availability cluster.

They're talking about an event such as being put on the terrorism no banking list, or being abused with lawsuits that you can't win and having your money stolen via those lawsuits. It'd take having physical, inconfiscable assets to protect from that.

> They're talking about an event such as being put on the terrorism no banking list, or being abused with lawsuits that you can't win and having your money stolen via those lawsuits.

That's not the impression I got. I was thinking of your account being closed by mistake because of fraud/AML system false positives, not because the legal system was invoked against you.

Re: Chime has been suddenly closing accounts, not returning customers’ money

#80
post #42

Earlier quoted context omitted.

Do they? I mean, even if that's how someone talks to their friends, from some faceless company's mass communication it's at best inauthentic and try-hard.

I am really looking for a Jeeves[0] like demeanor when you have thousands of my dollars. "Yes sir, right away sir." not "Sure bro ;) *eggplant emoji*" [0] https://en.wikipedia.org/wiki/Jeeves_and_Wooster

Except Jeeves would add "...but is sir sure that investing such a large sum in Cousin Eddie's racehorse is wise? You will recall his "sure thing" at the parish tombola."

And then later when you lose your shirt, you'd find he'd not actually bet on the horse you asked for, because he'd spoken to Captain Aykroyd's man who'd explained that the fix was in, Greased Lightning had had a plate of porridge to slow him down for breakfast; he'd instead put it all on Dreadnought at 8 to 1, which had won by a length.

You know come to think of it that's exactly who I want managing my finances.

Post reply on HN