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tmcgill

Chime Bank Leaves Customers Stranded

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There are a lot of these toy banks out there.  A new one seems to crop up every few weeks with an app and debit card. They then manage to get a few articles written on the web that they're "disrupting" the banking world.  I have several of these accounts, but I wouldn't rely on them.  I agree, make sure you've got back-ups, with at least a couple accounts with the major banks.  The toy banks are FDIC insured (often through another bank they use), but that won't stop you from being inconvenienced by lost access to your money at a needed time, if something goes wrong or the toy bank you have an account with goes under.

 

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The sad thing is many customers that were burned by Wells Fargo moved to Chime.  Chime was growing and increasing depositors. I can't recommend them as a second chance account again without a strong advisory, citing this incident.

 

My accounts:

Local Bank Checking - Primary household account for monthly bills

Local Credit Union Checking/Savings - Backup account for monthly bills and emergency funds
Chime Bank - Point of sale and internet purchases

Online Bank - Money market (savings)

Roth IRA  - Retirement Account

 

 

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22 hours ago, Burgerwars said:

There are a lot of these toy banks out there.  A new one seems to crop up every few weeks with an app and debit card. They then manage to get a few articles written on the web that they're "disrupting" the banking world.  I have several of these accounts, but I wouldn't rely on them.  I agree, make sure you've got back-ups, with at least a couple accounts with the major banks.  The toy banks are FDIC insured (often through another bank they use), but that won't stop you from being inconvenienced by lost access to your money at a needed time, if something goes wrong or the toy bank you have an account with goes under.

 

Well, it is definitely CORRECT to say they were disrupting...just that the articles fail to discuss that the 'disruption' is NOT a good thing for the customers in this case...

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I have been using Chime as my main bank since 2014(/15?) and received emails from them about issues that were effecting some users recently. One was even from the CEO (which I'm sure is actually sent by his assistant or whomever). Anyhow, I've had multiple deposits go through during the time that others were having issues with and I used my card a few times this week, no issues on my end. I do have back-up accounts incase the ... hits the fan and I need something else but my monthly direct deposit goes to this account soley because it's been my most reliable, cost efficient, easy to use account. Customer service has always been helpful whenever I had any questions or needed help. Just wanted to add my personal experience with using them and dealing with them. 

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For several days, account holders had periodic outages for using the card. Leaving many stranded during travel, or in the middle of certain transactions; car repair, etc.

 

Also, the mobile app and desktop access was down. You couldn't see balances or transactions. The only way to get a balance was at an ATM. Also, many reported the balances were not accurate.

 

The time it took to restore full functionality was unacceptable.  The CEO sent emails asking for feedback, and I advise all account holders to respond and give him specifics.

 

For future outages, here is how you get real time status updates:

https://www.chimebank.com/status/

Edited by tmcgill

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