topic Re: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money in Credit in the News

A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

pizzadude — Thu, 08 Jul 2021 19:29:10 GMT

Chime, which provides app-based banking services to an estimated 12 million customers, has according to experts been generating a high rate of complaints, with 920 filed at the Consumer Financial Protection Bureau since April 15, 2020.

https://www.propublica.org/article/chime

Re: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

gdale6 — Thu, 08 Jul 2021 22:11:26 GMT

This is the second such app I have heard about in the last few months that is doing this and refusing to refund customers money. I would never ever open an account with someone that operates like these guys do. Since they have no brick and mortar offices they can disappear overnight along with all their customers money..

Re: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

gingerflower — Sun, 11 Jul 2021 20:00:53 GMT

@pizzadude I was told by my Son his Axo bank account was closed . Out of the blue the bank asked for identification so my son send a copy of his ID. Then the bank got back to him and said account is closed. This is strange bcuz my son SSI gets deposited to the account and when my son said what about my SSI deposit the bank claim it was not posted. So my son is checking with the SSI dept. I believe Pay pal has been doing this to people to.

Re: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

Anonymous — Fri, 09 Jul 2021 21:52:17 GMT

@gingerflower wrote:
@pizzadude I was told by my Son his Axo bank account was closed . Out of the blue the back asked for identification so my son send a copy of his ID. Then the bank got back to him and said account is closed. This is strange bcuz my son SSI gets deposited to the account and when my son said what about my SSI deposit the bank claim it was not posted. So my son is checking with the SSI dept. I believe Pay pal has been doing this to people to.

After reading this I checked my Axos bank account and all is fine with mine.

Chime opened accounts with little or no credit checks or ID checks so sure they are loaded with fraud. They have to have some sort of standards like most banks have or this will happen to them. By doing this they only opened themselves up to fraud which an established bank would never do.

Thanks

Mark

Re: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

gingerflower — Sun, 11 Jul 2021 20:08:50 GMT

@Anonymous

I am glad your account is fine! I am confused bcuz my son has been with Axos bank over 2 years. When he signed up he uploaded his ID and direct deposit info and for Axos to ask for ID to verify identity for second time is beyond me. I mean Gov't direct deposit to account for over 2 years.

Re: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

Anonymous — Thu, 12 Aug 2021 21:52:12 GMT

I foolishly opened a Chime account a few months ago. They are horrible.

At one time, I thought I was a smart person. Evidently I was incorrect.

I had no idea that Chime accounts are not insured. If you read the fine print, it states clearly that "banking services are provided by Bancorp or Stride." What is the typical consumer supposed to extrapolate from that?

The worst part is the float time between the day I set up a transfer from my Schwab account and the day Chime finally concedes that the received the money. Try 7 to 10 days. Seriously.

I linked my Ally account to the same Schwab checking account, the funds show up the next day.

What exactly is Chime doing with depositor' money during the ridiculously long float? Before computers, it didn't take over a week for one bank to transfer funds to another.

Of course, I quit using the account. Fortunately, I only have $70 in it. Sounds like I had better grab it. Fast.

Re: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

Rottweilerlvr — Fri, 13 Aug 2021 04:04:31 GMT

This is why I no longer have my deposits with them. Yes it was nice getting early paychecks- usually by Monday at noon but I couldn't risk it. My money is hard earned. I've kept it open. Ironically, scammers got access to my debit card last month and called me trying to say they were from Chime, even had Chimes posted number on Google show up on caller ID. They almost got me but my spidey senses went on alert when he asked for my email. Not to mention it was 0630. Nobody legit calls that early.

Re: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

Horseshoez — Fri, 13 Aug 2021 12:04:11 GMT

@Rottweilerlvr, many credit unions offer early access to direct deposit money as well; you might want to consider switching your checking account over to one of them.

Re: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

Rottweilerlvr — Fri, 13 Aug 2021 12:36:35 GMT

@Horseshoez wrote:
@Rottweilerlvr, many credit unions offer early access to direct deposit money as well; you might want to consider switching your checking account over to one of them.

My direct deposit goes to NFCU now.. They aren't early by any means but I'm ok with that.

Re: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

Horseshoez — Fri, 13 Aug 2021 12:43:35 GMT

@Rottweilerlvr, I said, "many" not "all".

https://ficoforums.myfico.com/t5/Personal-Finance/Credit-unions-with-early-direct-deposit/m-p/5163453