Digital bank Chime will pay a penalty of $3.25 million to the U.S. Consumer Financial Protection Bureau (CFPB) for failing to issue timely refunds to customers who closed their accounts, and will return at least $1.3 million to customers, the regulator said on Tuesday. WHY IT'S IMPORTANTThe fine is
According to the article, customers who had refunds of $10 or more that got delayed received payouts of at least $150 in addition to the fine so it seems like at least this time the customers were made whole.
If the fine is less than they
earnedstole, it’s just a tax on a legitimate practice.According to the article, customers who had refunds of $10 or more that got delayed received payouts of at least $150 in addition to the fine so it seems like at least this time the customers were made whole.
Well there ya go. Once in a while the system works.