Chime is a US financial-technology company that offers checking, savings, and credit-builder products through partner banks (The Bancorp Bank, N.A. and Stride Bank, N.A.) rather than holding its own bank charter. Its website discloses cookie-based analytics and advertising practices with a California opt-out mechanism for the "sale" or "sharing" of personal information, while its regulatory record includes a 2024 CFPB consent order over delayed balance refunds, a 2024 California DFPI settlement over complaint handling, an earlier 2021 DFPI settlement over use of banking terminology, and pending 2026 litigation tied to an alleged data-security incident. Sourcing for this assessment rests on cookie-banner disclosures and secondary reporting rather than a full read of Chime's current Privacy Notice.
TRACK RECORD
1 ENFORCEMENT ACTION
[2024-05-07]
On May 7, 2024, the CFPB issued a consent order against Chime Financial, Inc. requiring it to pay a $3.25 million civil money penalty and at least $1.3 million in redress after finding it 'failed to refund consumers' balances within 14 days in thousands of instances, including thousands of instances when Chime failed to issue consumer refunds within 90 days.'
The CFPB's 2024 order states Chime 'designed and services consumer banking accounts' for two FDIC-insured partner banks and 'is responsible for most customer service on the consumer accounts,' indicating Chime directly processes consumers' account and transaction data on behalf of its bank partners.
Reporting states that 'Chime doesn't have a bank charter–it partners with Bancorp Bank and Stride Bank to offer banking products like checking accounts, savings accounts, a secured credit card and personal loans.'
According to secondary reporting, in 2021 the California Department of Financial Protection and Innovation (DFPI) entered a settlement agreement with Chime 'requiring it to cease certain uses of banking terminology and clarify its role as a technology provider,' addressing how Chime's non-bank status was communicated to consumers.
Chime's website states that 'California residents have the right to opt out of the sale or sharing of their personal information to third parties,' and that certain cookie categories 'may be deemed a "sale" or "share" of personal information under California law.'
In February 2024, Chime reached a $2.5 million settlement with the California Department of Financial Protection and Innovation (DFPI) regarding its responsiveness to customer complaints between January 2021 and March 2021.
On May 7, 2024, the CFPB issued a consent order against Chime Financial, Inc. requiring it to pay a $3.25 million civil money penalty and at least $1.3 million in redress after finding it 'failed to refund consumers' balances within 14 days in thousands of instances, including thousands of instances when Chime failed to issue consumer refunds within 90 days.'
Reporting on pending litigation states that on April 1, 2026, an alleged breach attributed to a group called 'Team 313' resulted in an outage and 'potentially exposing sensitive personal data including Social Security numbers and login credentials,' after which three federal class action lawsuits were filed within 17 days alleging negligence, breach of contract, and violations of California privacy law.
Chime's website cookie notice states that certain cookie categories 'collect information for analytics and to personalize your experience with targeted ads.'