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Old 11th July 2021, 09:03 AM   #1
Bob001
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Chime steals your money.

Chime, described as a "neobank" that functions like an on-line bank but isn't regulated like one, has closed hundreds of accounts and seized depositors' money.
Quote:
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. “For a company that most people have never heard of, I think that’s a lot of complaints,” said Lauren Saunders of the National Consumer Law Center.
https://www.propublica.org/article/c..._content=river

If you use Chime, maybe it's time to get out.
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Old 11th July 2021, 09:27 AM   #2
JoeMorgue
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Well yeah. That's why it's not a bank.

There's plenty of legit online banks. The only reason to start one of these "Online financial companies" is to do stuff that it would be illegal for a bank to do.
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Old 15th July 2021, 10:43 PM   #3
PhantomWolf
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Originally Posted by JoeMorgue View Post
Well yeah. That's why it's not a bank.

There's plenty of legit online banks. The only reason to start one of these "Online financial companies" is to do stuff that it would be illegal for a bank to do.
Not necessarily. Another reason could be that doing everything online without having physical premises of base in a specific country allows for less expenditure, and thus lower fees, charges, and interest rates for customers.
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Old 16th July 2021, 01:43 AM   #4
Warp12
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Originally Posted by PhantomWolf View Post
Not necessarily. Another reason could be that doing everything online without having physical premises of base in a specific country allows for less expenditure, and thus lower fees, charges, and interest rates for customers.
That certainly could be the reason.

But, I've seen a couple of these ventures advertised. It seemed like they were going after the same demographic that goes to a place to get a payroll advance, before then stopping off at the pawn shop. "No fees on overdrafts up to $200, get paid 2 days early...". Option to leave a "tip" on overdrafts. Seems a little shady, to me.
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Last edited by Warp12; 16th July 2021 at 02:02 AM.
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