The National Advertising Division (NAD) of BBB National Programs determined that Chime Financial, Inc.’s advertising for its “SpotMe” program disclosed the material information necessary to ensure that claims about its program are substantiated and that Chime’s “no overdraft fees” claims are supported.
Further, NAD found that the Chime homepage adequately qualifies its “no fees” claim so that consumers understand that out-of-network ATM fees are not among the hidden fees it eliminates. However, NAD recommended that Chime qualify claims on its “No Hidden Fees” webpage and television advertising to make clear that the eliminated fees do not include out-of-network ATM fees.
The following express claims were challenged by NAD as part of its independent routine monitoring of truth and transparency in U.S. national advertising:
- “Banking with no hidden fees”
- “Say goodbye to hidden fees when you bank through Chime. No overdraft fees. No minimum balance fees. No monthly fees. No foreign transaction fees.”
- “Say goodbye to hidden fees*” (at the bottom of the webpage: “*Out-of-Network cash withdrawal fees apply. Third-party and cash deposit fees may apply.”)
- “And if I’m ever in a pinch, Chime SpotMe even lets me overdraw my account fee-free on debit card purchases.”
- “I don’t have to worry about overdraft fees. There’s no surprises, no hidden fees.”