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00:00:00 – 00:05:55
The video critically examines the customer complaints and operational reliability of fintech banking services, particularly Chime and Varo Money. The discussion reveals that Chime, despite having third-party banking partners (Bancorp Bank and Stride Bank) and a relatively small asset base, has amassed an alarmingly high volume of complaints, comparable to significantly larger institutions like Capital One. This reflects poorly on Chime’s customer satisfaction, earning it a low rating. Conversely, Varo Money also exhibits a disproportionally high complaint rate relative to its assets, suggesting significant customer service issues. The speaker advises against using Chime and Varo Money based on these findings and encourages viewers to stay updated by subscribing to their channel.
00:00:00
In this segment, the speaker discusses their experience of being scammed by Chime, a prominent fintech banking startup, and compares it to Varo Money, another fintech banking startup, to analyze customer complaints. The speaker notes that Chime is not a bank but uses two third-party banks, Bancorp Bank and Stride Bank, for its operations. Bancorp Bank has had 769 complaints in three years, and Stride Bank has had 232 complaints. Chime itself has received 7,900 complaints over the same period, despite a high customer review rating.
The speaker explains their methodology of comparing customer complaints to total assets of these banks, acknowledging that this method may be generous to Chime as the third-party banks have business activities unrelated to Chime. The speaker concluded by comparing these findings to other banks and fintech companies, noting that credit card companies tend to have higher complaints.
00:03:00
In this segment, the speaker discusses the high number of customer complaints associated with various financial institutions, particularly focusing on Chime and Vero Money. Chime, despite having only $11 billion in total assets, has nearly as many complaints as Capital One, which has $455 billion in assets. This high complaint volume gives Chime an F rating with warnings. Vero Money is identified as the worst in terms of complaints relative to its assets, indicating poor customer satisfaction. The speaker advises against using Chime or Vero Money due to their track record of account closures and customer issues, despite the money raised by these companies. The segment concludes with a recommendation to like, subscribe, and hit the notification bell for updates.