Many banking firms provide a diverse range of account options with numerous gongs and buzzers, making it challenging to pick the best that aligns with your needs. Chime Bank keeps things uncomplicated by offering one checking account, one savings account, and one secure bank card, all of which are integrated into an engaging smartphone app.

Chime is a financial solutions provider, not a bank. Basic banking services are carried out by The Bancorp Bank, Stride Bank, N.A., Member FDIC.

chime bank

Account Basics

To assist you in managing your money, Chime bank provides two account types. Here’s an overview of each account’s features, advantages and costs.

Chime Checking Account

Customers with Chime Checking Accounts enjoy zero monthly maintenance fees. Furthermore, this account has no minimum balance limits.

Listed below are some of the features of the Chime Checking Account:

  • Receive payment 2 days in advance with direct deposit
  • Enjoy around $200 worth of overdraft with SpotMe® (with monthly direct payments of at least $200).
  • Smart saving systems
  • Send money without charge to friends and loved ones (up to a $2,000 monthly cap)
  • Access to over 55,000 fee-free ATMs across the country
  • Revoke transactions if your bank card is misplaced or stolen
  • free replacement of bank cards
  • Supports Google Wallet and Apple Pay
  • You may save money with the Chime Checking Account. For instance, when you sign up for Chime bank’s SpotMe service, you can use your debit card to make transactions without incurring any fees and enjoy up to $200 in account overdrafts. To be eligible for this service, a single qualified direct deposit of $200 or more must be made each month. Your SpotMe allowance could be increased by up to $200 at Chime bank’s discretion, depending on your account activity, the amount and timing of your direct deposits, your spending habits, and other criteria.
  • There’s no background check to set up an account and get a Chime bank card. You can use your bank card at any location in the world.

Read: First Bank Mobile Banking App: Everything You Need to Know

Chime bank High-Yield Savings Account

Chime bank’s Savings Account provides a yearly percent yield (APY) of 1.50%. That’s a reasonably decent rate when compared to high-yield savings accounts from leading online banking institutions.

The Chime High-Yield Savings Account’s key benefits are listed below:

  • Zero month-to-month fees
  • Zero minimum balance specifications
  • Zero limits on the rate of interest you can receive
  • There is no minimum deposit needed to set up an account.
  • To set up a Chime Savings Account, you must first have a Chime Checking Account.
  • Once your accounts are created, you can instantly save using Chime bank’s Round Ups feature. Chime approximates every transaction made with your Chime Visa® Debit Card to the nearest dollar and deposits the balance into your savings account.
  • Let’s assume, for instance, that you spent $25.50 at the local supermarket. Chime bank will transfer 50 cents from your chequing account to your savings account after you use your debit card to make payments to the retailer for that amount.
  • Additionally, Chime has the Save When I Get Paid tool, which lets you automate a regular transfer of 10% of each bank deposit salary of $500 or above from your checking account to your savings account each time you receive payment.

Other Accounts and Services

Chime bank also features the Secured Chime Credit Builder Visa® Credit Card, available without a background check. This card is aimed at those who want to build creditworthiness.

Here’s a brief overview of the card’s features:

  • Fund your Credit Builder account by transferring funds from your Chime checking account.
  • To register for a card, you must first have a Chime Checking account.
  • Spend that money on whatever you like.
  • Needs a qualifying deposit of upwards of $200
  • Build your credit by making on-time payments for your purchases.
  • All three major credit bureaus receive notification of your payments from Chime. There are no interest fees, yearly fees, or upfront security fees involved in the Secured Chime Credit Builder Visa Credit Card.
  • To apply for the Secured Chime Credit Builder Visa Credit Card, you must have Chime checking and meet the minimum direct deposit criteria, which are $200 or more.

Access anywhere

Chime offers a ton of features to simplify mobile banking and digital payments and is built to be used mainly through its smartphone app. Chime has a popular mobile app, which has ratings of 4.8 on the App Store and 4.7 on Google Play.

The Chime app notifies you regularly of your account balance and provides you with transaction updates whenever you carry out a transaction. If you lose your card, you can cancel transactions from the Chime app, eliminating the need to contact customer support. Through the app, you can also opt to turn off international transactions.

You can connect your Chime bank card to your mobile wallet on Apple Pay or Google Pay, and it works anyplace Visa is supported. Plus, you can use the more than 60,000 ATMs operated by MoneyPass, Allpoint, and Visa Plus Alliance. To avoid paying for ATMs that are not in your network, check the Chime app.

You can carry out financial transactions on the Chime app by making a payment into your Chime Checking Account.

You can block transactions using the Chime app in case you misplace your debit card. Debit card replacements are free and can be ordered through the Chime app.

Pros

  • Quality savings annual payment yield
  • Automated savings tools that help you create better personal finance habits
  • You can get your early direct transfer up to two days early.
  • Carry out card transactions at over 60,000 ATMs
  • Build credit without a background check or costs

Cons

No branches exist for in-person support.

Only people who have opted for direct deposit have access to mobile check deposits.

recent issues experienced by customers regarding finances and account accessibility

Chime Fees

Unlike regular brick-and-mortar banks, Chime bank does not bombard its users with charges. For instance, there aren’t any:

  • Minimal balance charges
  • Monthly charges
  • Maintenance charges
  • Bank transfer charges
  • Overdraft charges (with SpotMe)

However, there’s a fee to be mindful of. If you use an out-of-network ATM to withdraw money, Chime charges a $2.50 fee. Also, you may incur a third-party fee from the ATM operator.

Name and address for direct deposits

Chime is not a real bank, despite what many people think. Instead, it’s a financial technology platform that collaborates with other banking firms to offer customers bank accounts and FDIC insurance. However, since Chime uses more than one bank, you will need to know what bank your account is associated with.

How to locate your bank name and address for direct deposits, do the following:

  • Check your bank contract for the name of the bank.
  • Check the reverse of your Chime debit card.
  • Use your Chime smartphone app or website, then access settings > Move Money> Direct Deposit.
  • Contact Chime Customer Service at 844-244-6363 or [email protected] at any time of day or night.

 

Frequently Asked Questions (FAQs)

Is Chime covered by FDIC?

All Chime accts are covered by FDIC up to the benchmark max of $250,000 per account holder, for every ownership type, in the event of a liquidity crisis, through its partners, Stride Bank, N.A. The Bancorp Bank (FDIC No. 4091) (FDIC No. 35444).

What happens if my Chime debit card is stolen or used for an illegal purchase?

Chime debit cards are covered by Visa’s Zero Liability Policy, so even if your card data is stolen, you won’t be held liable for any purchases.

What is needed to create a Chime account?

You must be a citizen or resident of the United States and submit your Social Security number and residential address. There is a minimum age requirement of 18 years old.

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