Sometimes, a new financial product or service comes to market and immediately takes the world by storm.
Chime is one of those companies.
Chime is an award winning financial app and debit card.
Thanks to its customer-friendly features and targeted advertising and marketing campaigns, Chime has quickly grown into one of the top players in its niche of the financial services industry.
- Award-winning mobile app: The best way to use Chime is on its app, and that’s due in large part to its user-friendly interface. From tracking your balance to sending money to balance notifications, it’s one of the most powerful apps in the online banking space. That’s probably why it has more than 135,000 perfect reviews!
- Get paid early**: With a Chime Checking Account, you can easily set up direct deposit. This makes you automatically eligible to get paid up to two days early.
- No monthly fees˜: There’s nothing worse than getting hit with a monthly fee. Chime does not believe in monthly fees. It’s free to apply and free to use (even internationally).
- Security: Chime is serious about your safety and security. All deposits are FDIC insured up to $250,000. Furthermore, it uses technology—such as encryption—to protect your personal and financial information.
- Automatic savings****: You can opt for every debt card transaction to round up to the nearly dollar. This money is then moved into your Savings Account, allowing you to save without any hassle.
Are There Any Disadvantages?
You’re likely to agree that the benefits of Chime far outweigh any potential disadvantages, but it’s still important to be aware of these.
- No physical locations: Right now, there’s no plans for Chime to offer in-person service.
- Mobile payment limitations: For now, you’re only able to pay people via the mobile payment program when both individuals have a Chime checking account.
Chime Frequently Asked Questions (FAQs)
Before signing up for a Chime account, you’re likely to have questions on your mind. It’s important to address these questions to ensure that you make an informed decision.
Here are some of the most common questions among people considering Chime:
- What is the difference between a Chime Checking account and Chime Savings account?
- How does the Chime Credit Builder account work?
- What are the system requirements for the Chime mobile app?
- Where can you use the Chime debit card?
- Are you able to withdraw money from your Chime account at local ATMs?
Final Thoughts on Chime®
By now, it’s easy to see why Chime is a major player in the online banking industry.
If you’re interested in learning more, visit the Chime website and read through its help center.
Do you have plans on joining the 5+ million current Chime account holders?
Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
**Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
^Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
***Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
****Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
^^Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.
˜Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
^^^Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.