Chime

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Chime is one of the few apps that has made banking modern in the real sense. Chime is actually a financial technology company (not a bank) that was launched in 2012. Banking services and debit card is provided by its banking partners-The Bancorp Bank or Stride Bank, N.A.; Members FDIC. You can see the back of your card for your issuing bank.

Chime also offers secured Chime Credit Builder Visa® Credit Card issued by Stride Bank, N.A.

Do you really need all those bank branches to fulfill your banking needs?  

Chime combines the features of modern and traditional banking. It leverages technology to offer most financial services and keeps its costs low. As a result, you don’t get charged monthly fees and also get access to most benefits of a traditional bank.

Chime in Nutshell

  • Financial Technology Company founded in 2012
  • Banking Partners-The Bancorp Bank or Stride Bank, N.A. (FDIC Insured)
  • Headquarters in San Francisco, California
  • Founders: Chris Britt and Ryan King
  • More than 14 million customers (2022)
  • Most downloaded banking app in the US (2021) according to Apptopia®

Some great features in Chime-

Early Direct
Deposit

  • You can get your paycheck up to 2 days before payday with direct deposit²

Automate
Savings

  • Grow your Savings with innovative features like Chime Round-Ups and “Save when I get paid“. (Note: The savings account is optional and a Chime checking account is required to open it)³

ATM
Withdrawals

  • Make withdrawals at 60,000+ fee-free network ATMs including ATMs at stores like Walgreens®, 7-Eleven®, CVS Pharmacy® & more.⁹

Cash Deposit
Facility

  • Deposit cash at Chime in any of the 90,000+ retail locations (like Walmart, Walgreen, 7-Eleven, etc.) by swipe reload. Free cash deposit at all Walgreens® stores (8,500+ stores)⁷

FDIC Insured

  • Chime accounts are insured up to the standard maximum deposit insurance amount of $250,000 through partner banks, Stride Bank, N.A., or The Bancorp Bank.

Compatible
with Apps

  • Chime is known to work with payment apps and wallets like
    • Venmo
    • Cash App
    • Apple Pay
    • Google Pay

SpotMe®

  • Get spotted on debit card purchases and cash withdrawals using a Chime debit card at no fees by opting for Chime SpotMe [up to $200 limit] for eligible members⁵

Check
Deposit

  • Mobile check deposit feature available for eligible members
  • Snap a photo of the check and follow the prompts to deposit the check online⁴

Credit Builder
Card®

  • You can get a Chime Credit builder card- a secured credit card that is designed to build your credit score [Eligibility conditions apply]⁸

Works with Plaid

  • Chime works with Plaid, which means you can easily connect your Chime bank account with different financial apps on the Plaid network.

Pay Anyone

  • Pay Anyone feature which allows you to send money even to non-Chime members. The receiver can claim funds to their bank account instantly and for free.¹⁰

Has your Back

  • No minimum balance
  • No monthly fees
  • User-friendly app-Rated 4.7/5 on PlayStore

Even though Chime is compared with other peer to peer payment apps, it actually a mobile banking app¹ that comes with a debit card. It is definitely a pocket friendly option when you compare it on some points below:

Feature Chime Cash App
Free Cash Deposit Option Yes, at Walgreens⁷ No
Fee-Free Overdraft for Eligible Members Yes, via Chime SpotMe⁵ No
Type of Card Debit Card Prepaid Card
Can it be connected to other apps via Plaid Yes No
Fee-Free instant transfer (cash out) to other banks Yes, using PayAnyone¹⁰ No, up to 1.75% Fee

Signing up for a Chime Account is convenient and hassle-free. You can apply on the Chime Website. It will ask you for a few details below to verify your identity and review:

  • Your first and last name
  • Social security number (SSN)
  • Email and a password

Some unique features in Chime

  • Get your paycheck amount up to 2 days before payday with direct deposit²
  • Helps automate your savings³
    • Save when I get paid– Set up auto-transfer of 10% of your direct deposits of $500 or more from your checking account into your savings account.
    • Chime Round-Ups– Ability to round up your debit card spend to nearest dollar and auto-deposit any change amount (decimal amount) into your saving account
    • A relatively good interest rate of 1.50% APY on a savings account
  • You can make withdrawals at 60,000+ fee-free in-network ATMs at locations like Target, Walgreens, 7-Eleven, and more
  • Deposit cash at Chime in any of the 90,000+ Green dot retail locations (like Walmart, Walgreens, 7-Eleven, etc.). If you deposit cash at a Walgreens® location, there is no fee.⁷
  • If you opt for Chime SpotMe® service, Chime allows you to overdraw up to $200 on debit card purchases and cash withdrawals without charging a fee.
  • Chime offers a secured Credit Builder Visa Credit Card that is designed to help you improve your credit scores⁸
  • You can use Chime Mobile check deposit service to scan and deposit your paychecks or government stimulus checks
  • Facility to send physical checks using Chime App by post to recipients
  • Send Money to other Chime users instantly and even to other non-Chime members using the PayAnyone” Feature¹⁰
  • Chime is compatible with online payment wallets like Apple Pay, Cash App and Venmo, which you can use to receive money on Chime as well as make payments.

Chime has been gaining traction with its ever-growing features and is one of the popular Finance Apps.

Some Limitations

  • Chime does not have a Zelle option, but you can use the “PayAnyone” option to instantly transfer money to even non-Chime Members.
  • You may run into Chime Card acceptance issues at some places and buy now pay later services e.g. Klarna
  • Chime does not offer joint account, wire transfer options, etc. typically offered by traditional banks
  • Chime Disclosures
    1. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Please see back of your Card for its issuing bank.
    2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime 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.
    3. Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime checking account into 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.
    4. 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.
    5. 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 Friends transfers, or Chime Checkbook transactions. See terms and conditions. <(https://www.chime.com/policies/bancorp/spotme_terms)
    6. The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of August 25th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
    7. The retailer that receives your cash will be responsible for transferring the funds for deposit into your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens.
    8. Chime Checking Account and $200 qualifying direct deposit required to apply for Chime Credit Builder Card. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
    9. Get fee-free transactions at any Moneypass ATM in a 7-Eleven location and at any Allpoint or Visa Plus Alliance ATM. Otherwise, out-of-network ATM withdrawal fees may apply.
    10. Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. Once you are approved for a Chime Checking Account, see your issuing bank’s Deposit Account Agreement for full Pay Anyone Transfers details. Please see the back of your Chime debit card for your issuing bank.

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