Chime has been at the center of many customer complaints about things like potential fraud issues with Chime accounts, hidden fees from Chime, and more. Customers try to contact Chime customer service with little to no results. So what are your options after that?
You can file a complaint against Chime. The problem that many customers have found is that Chime is not a bank so it’s not subject to the same regulations that state and federal governments place on other banks. This makes it harder to get a legitimate resolution especially when they do things like suddenly closing access to accounts and not returning your money.
But can you sue them?
When you take a look at the fine print of your Chime agreement it probably prohibits you from suing them except in small claims court because of an arbitration clause. Small claims court takes a lot of time and effort and you have to make sure you make no mistakes. That is why consumer arbitration is a good alternative.
Class action lawsuits are lawsuits filed on behalf of a group of people who all have the same issue. If you have an arbitration clause in your contract or user agreement you probably can’t join a class action lawsuit.
However, that doesn’t mean they aren’t filed, they are just usually filed by agencies or groups of people who are not restrained because of an arbitration clause.
Your first option is to sue them in small claims court. If your case qualifies, you will have to attend a court hearing, pay legal fees, and present your case before a judge.
Or, you can do things from the comfort of your home using consumer arbitration. With this you argue your case before an independent arbitrator who can force the company to fix the problem and give you compensation.
Chime bank outage lawsuit
Chime was subject to a lawsuit in 2020 which they settled in 2021. In this lawsuit the company agreed to pay 1.5 million dollars to resolve allegations stemming from 2019 that a major service disruption caused Financial damages for users. The settlement was reached in order to compensate users who were unable to access their accounts between October 16th and October 19th of 2019.
Chime arbitration settlements
Chime has been the subject of multiple arbitration settlements each year since 2018. In one of these proceedings, the company allegedly violated the electronic fund transfer act. Similar claims have resulted in settlements worth thousands of dollars for individual customers. Similar settlements have been awarded for violations of Regulation E of the US Treasury Department.
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