Hot Online Bank Startup 'Chime' Leaves Customers Without Access to Their Cash

guest · Oct 17, 2019

Hot Online Bank Startup Leaves Customers Without Access to Their Cash
A major outage at Chime took its website and app offline
October 17, 2019
https://www.bloomberg.com/news/arti...suffers-major-outage-stranding-customers-cash

Chime, an online banking startup with more than 5 million customers, has been suffering an outage for much of past 24 hours that has left customers without access to their money. The startup blamed the disruption on an unspecified issue with a payments processor and said data was not at risk.

The outage took down not only the company’s website and apps, but also temporarily shut off customers’ debit cards, prompting an outpouring of complaints on Twitter. The card services have since been restored.
The downtime comes as the digital bank has been growing quickly—the number of customers has almost doubled since March, to about 5 million.

“We know our members trust us with their banking needs and our teams are working diligently to fully restore the mobile app,’’ Chime Chief Executive Officer Chris Britt told Bloomberg. “In the interim, we’ve been proactively communicating real-time updates with our members.”
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San Francisco-based Chime is part of a growing digital banking sector that has seen rising interest from customers and global investors in recent years. Chime’s target market, according to the company, is a younger demographic whose income ranges from $35,000 to $70,000 a year and who are frustrated by the fees charged by larger brick and mortar banks. It’s a group that may be more likely to trust a startup with their money.
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Rasheed187 · Oct 19, 2019

That's what's keeping me from switching to these new online banks. And RobinHood is also in big trouble now that companies like Charles Schab and E-Trade will also offer stock trading for free. But don't get me wrong, I welcome these new fintech companies, because it's good for consumers at the end of the day. Those old-skool banks are way too cocky.

AutoCascade · Oct 19, 2019

There were at least two banks affected by the failures of their payments processor Galileo. Varo Bank was another one affected.

This was the third outage for Chime since July.

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