5 So it’s helpful to have the following things handy: But all banks are required to verify your identity. The application process will vary from bank to bank. If you’re under 18, you may need a guardian to co-sign the account. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.Once you’ve decided which bank you want to use, it’s time to fill out your application online. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge.
degree in Marketing at Boston University in 2022. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. Winner: Capital One 360īoth companies have had recent public controversies - but Capital One has the highest BBB score possible, while Chime has the lowest.Įvelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. The Financial Crimes Enforcement Network fined Capital One $390 million when Capital One admitted to failing to carry out an Anti-Money Laundering program, thus violating the Bank Secrecy Act. The OCC said Capital One's security was insufficient at the time. Many users have filed complaints with the Consumer Financial Protection Bureau, saying that Chime has unexpectedly closed their accounts and sometimes kept them from accessing their money.Ĭapital One paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications.
In a 2021 settlement with The Commissioner of Financial Protection and Innovation, Chime agreed to make it clear in future advertising that it is not a bank. Chime used the URL "" as well as using the words "bank" and "banking," even though the company is not licensed to operate as a bank in any jurisdiction. There has also been government action against Chime.
The BBB states that Chime has a poor grade because it has a high volume of customer complaints, has not responded to some of these complaints, and takes a long time to respond to some complaints. The BBB gives Capital One an A+ and Chime an F. The Better Business Bureau measures companies' trustworthiness by evaluating responses to customer complaints, honesty in advertising, and transparency about business practices. Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
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