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Chime told to stop portraying itself as a Bank.

San Francisco based fintech Chime will stop portraying itself as a bank as the deadline draws near

Chime, a San Francisco based company in an agreement with California, promised to stop portraying itself as a bank, and according to a report, the deadline is very close.

Chris Britt CEO and Co-founder of Chime|Source:Forbes

The fintech company was using "chimebank" in its website address. According to the California Department of Financial Protection and Innovation, this violates a state law that is meant to prevent businesses from misleading the public.

The agency in the settlement agreement also pointed out that Chime was also using the terms "bank" and "banking" elsewhere in its advertisements.