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-
- You can get your paycheck up to 2 days before payday with direct deposit²
- 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
- Make withdrawals at 60,000+ fee-free network ATMs including ATMs at stores like Walgreens®, 7-Eleven®, CVS Pharmacy® & more.⁹
- 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
- 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.
- Chime is known to work with payment apps and wallets like
- Cash App
- Apple Pay
- Google Pay
- 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
- Mobile check deposit feature available for eligible members
- Snap a photo of the check and follow the prompts to deposit the check online⁴
- 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 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:
|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 more⁹
- 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.⁵
- 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 checks⁴
- 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.
- 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