Fintech Hit With Fine for Deceptive Global Fund Transfer Ads

The Consumer Financial Protection Bureau ordered Chime Inc. to pay a total of $3 million to resolve claims that it deceived consumers about the speed and costs of electronic fund transfers, among other violations.

The CFPB alleged that Chime’s Sendwave app advertised to consumers that it would transfer money overseas instantly or in 30 seconds, when in fact the process frequently took much longer, in violation of the Electronic Fund Transfer Act. Sendwave also told customers they wouldn’t be charged any fees for transmitting money to Nigeria, but charged the fees anyway, the agency said.

Chime agreed to refund $1.5 ...