Rob Wile is a breaking business news reporter for NBC News Digital.
The Biden administration has fined online banking group Chime $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.
The agency said Chime is responsible for processing account payments, though acknowledged the company does so by contracting with a third-party payment processor. It said Chime is also responsible for nearly all consumer communications concerning accounts, as well as how they are serviced, including with the company’s partner banks. In a statement, Chime said the majority of the delayed refunds were caused by a 'configuration error' with a third-party vendor in 2020 and 2021.
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