Biden administration orders online banker Chime to pay $4.55 million over delayed refunds to customers

The Biden administration has told the online banking group Chime it must pay $4.55 million for failing to issue refunds in a timely manner to customers who had closed their accounts with the firm.

The Consumer Financial Protection Bureau announced Tuesday that Chime must provide at least $1.3 million in compensation to consumers who were harmed, and pay a $3.25 million penalty, for continuously failing to debit consumers in a timely manner who had closed their accounts with outstanding balances — including thousands of instances when Chime waited at least 90 days.

Source: CNBC