Chime Reviews
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About Chime
Chime is a financial technology company that aims to provide helpful and easy-to-use online banking services. You can open a checking account, a savings account with a 0.5% annual percentage yield and a secured credit card that helps increase your credit score. Chime charges no monthly fees and no overdraft fees. U.S. citizens and permanent residents who are at least 18 can apply on Chime’s website or using its app.
- 0.5% APY on savings account
- No-fee overdraft protection up to $200
- Secured credit card with no fees
- Over 60,000 fee-free ATMs
- Some services require direct deposit
- No joint accounts or secondary cards
Featured Reviews
What is Chime?
Chime is a fintech company partnering with two banks to offer “member-first” banking services online to members in all 50 states. It offers a checking account with a Visa debit card, a savings account with a 0.5% APY and a secured credit card that helps build credit. Other benefits include fee-free overdraft protection, early direct deposit and over 60,000 no-fee ATMs. There are no monthly fees or minimum balances.
Chime is based in San Francisco and has offices in Chicago and Vancouver, British Columbia. Members can reach customer service by phone seven days a week.
How does Chime work?
Chime is not a bank; it’s a fintech company that partners with two banks: The Bancorp Bank and Stride Bank. It's online only, with no physical banking locations. Members can log in to their accounts on Chime’s website or using the app. There are no fees to set up and maintain a Chime checking account, savings account or secured credit card.
To be eligible to sign up with Chime, you need to be at least 18 and a citizen or permanent resident of the U.S. with a valid Social Security number. Once you open an account, you get a Visa debit card. You also have the option to open a savings account and apply for a Credit Builder secured credit card. Chime also lets you:
- Set up direct deposit and get access to the funds up to two days early
- Send (including paper checks) and receive money without fees
- Withdraw cash without a fee from any MoneyPass ATM
- Deposit checks with mobile deposit
- Get fee-free overdrafts up to $200
- Get balance notifications and instant transaction alerts
Chime accounts
Chime has three types of accounts. When you become a Chime member, you open a checking account and receive your Visa debit card. You then have the option to open a savings account and apply for a secure credit card.
Checking
Chime offers an overdraft protection program, SpotMe, which gives you protection up to a limit (between $20 and $200) with no fees.
Savings
Two optional savings features allow customers to automatically transfer money to savings. With Round Ups, all purchases you make with your debit card are rounded up to the nearest dollar; Chime transfers the amount to your savings account. The Save When I Get Paid feature automatically transfers 10% of direct deposits of $500 or more from checking to savings.
Credit Builder
You can pay the monthly balance automatically with the Safer Credit Building feature. You can also pay manually. Chime reports to all three major credit bureaus. There is no credit check when you apply for the card, no annual fee and no interest.
Chime fees
Chime has no monthly fees and no overdraft fees. The only fee at Chime is a $2.50 charge for out-of-network ATM withdrawal or a withdrawal at a bank or credit union where you present your debit card.
You can also be charged a fee by an out-of-network ATM operator, third-party money transfer services or retailers other than Walgreens that allow you to make cash deposits to your checking account.
Chime FAQ
What bank is Chime?
Chime’s banking services are provided by The Bancorp Bank and Stride Bank. Both are FDIC-insured; accounts are insured up to $250,000 per depositor.
How does Chime Credit Builder work?
Chime Credit Builder is a secured Visa credit card that is designed to help members build credit. Chime reports to all three major credit bureaus. To apply, you need a Chime checking account and qualifying direct deposits of at least $200; no credit check is necessary.
Once you have the Credit Builder card, you can use it anywhere Visa is accepted and start building credit. Your credit limit is based on the amount of money you move from your checking account to the secured account. There are multiple ways to pay off your card each month, including Safer Credit Building, which automatically pays your balance.
What time does Chime direct deposit hit?
Direct deposit funds are available as soon as Chime receives the payment file from the payer. This can be up to two days earlier than the scheduled payment date. Chime recommends contacting the payer if you have questions about the timing of direct deposit.
How do I add money to Chime?
Members can transfer money electronically from other banks. They can also add money via direct deposit and mobile check deposit and by depositing cash at thousands of retail locations (free at Walgreens).
Is Chime a prepaid card?
No, neither the Chime Visa debit card nor the Credit Builder secured credit card is a prepaid card. The Credit Builder card is secured by the money you move into the secured account.
What are the cons of Chime?
Some of Chime’s services have eligibility requirements. SpotMe, the fee-free overdraft program, requires a qualifying direct deposit of at least $200 over the previous 34 days. Credit Builder, the secured credit card, also requires a $200 qualifying direct deposit.
Other cons of Chime are it doesn’t allow joint accounts or secondary cards, and it doesn’t have a rewards program.
Is Chime legit?
Chime is a legitimate financial technology company working with The Bancorp Bank and Stride Bank, which are both FDIC-insured. Members in all 50 states use its mobile banking services, including Chime’s checking account, savings account and secured credit card, and benefit from overdraft protection, early access to direct deposit funds and easy sending and receiving of money — all with no fees. There are many fintech companies in the mobile banking space; consider comparing Chime with several others before deciding on the right one for you.
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- We use intelligent software that helps us maintain the integrity of reviews.
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Chime Company Information
- Company Name:
- Chime
- Website:
- www.chime.com
