Understanding Hidden Fees in Your Chime Statement

If Chime is hiding fees in your bill, you may have legal options.

Chime is a financial technology company, not a bank. They help users build credit history with secured credit cards and savings accounts. 

Chime says they have no minimum balance, monthly, or overdraft fees, so there should never be any hidden fees on your account. They charge no monthly maintenance fees on your account or overdraft fees and give you access to company-associated ATMs fee-free. In fact, under scrutiny, Chime really holds up well compared to the numerous hidden fees you might get with a traditional bank. 

Are there other hidden fees I can be charged by Chime?

However, this does not mean you will not find something fraudulent on your account you do not recognize or understand. 

Transaction Fees

In your account agreement, you will find that when money is transferred by a third party, it can be subject to fees from the third party. These can come in the form of:

  1. Per transaction fees, there is a fee each time someone transfers money to you.
  2. Daily, weekly, or monthly limit fees

Checkbook and Pay Friends Transfer Service

If you use the Checkbook or the Pay Friends Transfer Service, you might have fees for mobile data when transferring money using the mobile app. 

ATM Fees

There are ATM fees when you withdraw money, based on the bank that owns the ATM and Chime. Chime, for example, charges $2.50 per transaction for over-the-counter withdrawals or ATM withdrawals unless you use a MoneyPass ATM located in 7-11 stores. There are additional fees that the third-party owner may charge too. 

For example: If you use a Chase bank ATM with your Chime card, Chase might charge you $3.00 for the transaction, and Chime will charge you $2.50. So, in total, you get an additional $5 in fees. 

There are ATM fees per transaction, so if you take out money twice in one day, you get charged twice. 

Legal Process Fees

Suppose legal action like a levy, garnishment, or other legal process is brought against your account. In that case, Chime might stop your transfers or withdrawals, only releasing your money to you after fees have been paid for legal expenses incurred during the process. So, suppose you owe back taxes and the IRS places a levy on your account. In that case, Chime might take the money in your account, send what the IRS demands, and then use any leftover funds to pay for the time and legal effort that went into processing the levy, after which remaining funds are given back (if any). 

What can I do if I was incorrectly charged a fee?

If you have an issue with your Chime account, you should first contact Chime customer service. If that does not resolve your issue, you can file an official complaint against Chime

If you still are not getting a resolution, there are two legal alternatives:

  1. You can sue Chime in small claims court. Your user agreement does not usually let you join a class action lawsuit or sue Chime in any other court. However, small claims court might be a good option if you have time on your hands and can ensure the correct legal paperwork is submitted to your local courts. There are limits to how much you can ask for in compensation, so you must confirm your case qualifies first. 
  2. Alternatively, you can start binding arbitration to get a resolution. This gives you more flexibility and usually provides a faster resolution. 

Share your complaint about Chime with FairShake today. 

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