The CFPB fined Chime $3.25M for delaying refunds to closed account customers due to a third-party vendor error.

The Consumer Financial Protection Bureau (CFPB) fined digital bank Chime $3.25 million for delaying refunds to customers who closed their accounts, with many experiencing weeks or months of delay. Chime's policy promised refunds within 14 days, but a configuration error with a third-party vendor between 2020 and 2021 caused the issue. As part of the CFPB's order, Chime will pay at least $1.3 million to affected customers, and the $3.25 million in penalties will go to the CFPB's victims relief fund.