Consumers have filed hundreds of complaints saying accounts with the popular fintech app were closed without warning. The company says it can close them “for any reason or no reason.”
Roderick Woodson of Morgan Park saw $997 mysteriously drained from his Chime Financial account in minutes. The company restored his money after a Sun-Times reporter asked: What happened?
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Senate Banking Committee Chair Sherrod Brown, D-Ohio, called for rules to protect buy now/pay later and earned wage access users and harshly criticized training repayment agreements. But Sen Pat Toomey, R-Pa., and industry advocates defended financial innovation.