Chime

Chime

 3.6/5 (836 ratings)
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About Chime

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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.

Overall Satisfaction Rating

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Pros

  • 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

Cons

  • Some services require direct deposit
  • No joint accounts or secondary cards

Bottom Line

Chime is a mobile banking fintech company offering checking and savings accounts, along with a secured credit card. There are almost no fees. Some services are available only to members who use direct deposit.

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Rated with 5 stars
Verified

Getting a Chime card and account was the best idea I’ve had in years. No overdraft fees, no surprises and the app is amazing!! Big banks scam is but chime is not one of them. I ca...

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Rated with 5 stars
Verified

I have had an active Chime checking account for about 14 months now. All of my deposits, transfers, withdrawals have gone absolutely smooth. The Spot Me feature is amazing if you ...

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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.

The Chime checking account has no monthly fees and no minimum balance requirement. The debit card attached to your checking account works anywhere Visa is accepted. You can withdraw money without a fee from any MoneyPass ATM, disable your card at any time from the app and get a replacement card free.

Chime offers an overdraft protection program, SpotMe, which gives you protection up to a limit (between $20 and $200) with no fees.

Chime’s savings account comes with a 0.5% variable APY. As with the checking account, there's no minimum balance requirement and no fees. There’s also no minimum deposit required to open an account and no cap on earning interest. You can transfer money directly from your checking account.

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.

The Credit Builder account helps you build credit with a secured Chime Visa credit card. You transfer money from your checking account into the secured account to serve as a security deposit; this money also becomes the credit limit on the card.

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.

Chime Reviews

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Rated with 1 star
Verified Reviewer
Original review: Feb. 8, 2023

I like most things about banking with Chime, I really do but. Without someone competent to handle an issue the good stuff doesn’t really matter. Nice car, oh there’s no gas for 200 miles. It might as well be a lemon. I’m in Ireland to bury my dad. I’m locked out of my account. We’re it not for friends I’d be living on the street with no food or lodging. I mean that is where I’m at and I’m locked out of my account. I’m in Groundhog Day he’ll. I have followed the prompts for verification but there’s a glitch. After I uploaded my documents at least 11 times and each time I get a screen image that reads “SUCCESS” inside a spinning circle. Only to be followed by the words, something went wrong.

Imagine that 11 times over a two day period. Then there’s a “contact customers service via email” prompt and this is when things go downhill fast. I explain what is happening. Going into great detail. The email response, 11 times. “Please go to the chime app and follow the prompts to unlock your account” Ahhh. Then I call customers services in the states and things go even further into the twilight zone.

They want me to take a selfie holding my Drivers's license and a piece of paper with my name and today's date. Ok, no problem. I do that. I email it to the address they provided. Then I call chime back as per their request to continue the verification process. The person in customer service puts me through the hell of explaining the issue all over again. She then says, we will send you an email when we review your account. I said no, not the email fiasco again. Please transfer me to the next tier of service.

I explained that the previous customer service rep transferred me to another department because the first lair of service deals with minor issues? I don’t know why. But she keeps me on the phone as I try to convince her to transfer me. When she finally agrees to transfer me, I’m on hold so long that the 20 euro credit I have on my phone is now completely spent on those two phone calls to chime and the ends. I’m close to tears. How can this be happening? They will use one excuse after another to justify this fiasco but it comes down to one word, incompetence. Sounds harsh but after 57 years roaming this earth I can spot it a mile away. I’m done.

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Rated with 1 star
Verified Reviewer
Original review: Feb. 4, 2023

I have been banking with Chime since 2018. Haven't had any real issues. Last year I had a scammer(s) use my account to make several purchases and I disputed each of them and was reimbursed. I even referred quite a few people to bank with them as well. So, I had no reason to believe this bank was not safe until now. I get paid biweekly on Friday's and with Chime my money is usually available Wednesday night. My routine is once it has been deposited, I start paying my bills.

I do the same thing every pay period. I have not deviated from that since becoming a member in 2018. Fast forward to this pay period. My money deposited on Wednesday 2/1/23 and by Thursday morning 2/2/23 my account had been closed. I received three separate emails saying my accounts would be closed immediately. There was no reason given. I thought it was another scam so I went to my app to log in. My access was denied, and it said my account was closed. So, I called the customer service number.

They were less than helpful. They said it was not their decision, but the decision of Bancorp to close it. I was told they couldn't give me any other information and that I needed to reach out to the support in that department. I asked to be transferred. I was told that department does not have phone access and work strictly through email. The email address was given to me. So, I started my email correspondence with them. They were even less helpful than the Customer Service department. I was given the same canned response that Bancorp closed it, and that Chime doesn't have any information. So, I asked about my remaining funds since my paycheck was just deposited and I had not paid all bills, just part of my bills. I was then told that once all transactions cleared I would receive my funds in 14 days. Well, that is not acceptable. Mind you, this is all through back-and-forth email correspondence.

I again reply and say I need some contact information for Bancorp since Chime can't give me any answers as to why my account was even closed in the first place. This is when the correspondence with them slows down quite a bit. I was getting timely responses and now not so much. So, I continue being persistent and respond to our email chain again. This was all day and evening Thursday while I am still trying to work so that I have a job to continue getting a paycheck. I wake up early Friday morning with a response. Of course, it is not an answer. It is the same canned response as before, but this time it says my money will be returned to me in the form of a check in 30 days.

That is more of an issue than the 14 days I was quoted before. So, the email correspondence continues throughout Friday with me asking straightforward questions that should be able to get straightforward answers i.e. Bancorp contact information, the amount of money in my three accounts before they closed them since I cannot see them anymore, is it 14 days or 30?

The last email response I received today at 8:30 pm CST was a partially canned response and a physical address for Bancorp out of Sioux Falls, SD. I am assuming they want me to send them a letter in the regular postal mail because what am I going to do with that? I do not live close enough to get into my car and show up. Nor could I do that with no debit card to use for gas since all my accounts through them have been cancelled. So here I sit with no access to my money and that is worrisome. I have a feeling I will have another pay period before I ever see the money that was in my account from this pay period.

I am truly disappointed in the lack of customer service that I have been given not to mention every interact I have had via email continues to make it seem as if I have done something wrong to get my account closed. I have not. I do not know why it is closed since I cannot get anyone to give me an answer. In closing, I would say if you have any other options for banking I would look at those options first before banking with Chime. It's unfortunate that I need to take that stance, but when you have a business, and their customer service lacks then it's probably best to look at other options.

3 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 1, 2023

    UPDATE: I was initially SCAMMED by a Chinese online firm called Rabbit Quick on November 13, 2022, for a terrible knock-off product costing only $59.95. I worked thru ALL of the Chinese product return policies except one - paying for the return of the knock-off product all the way back to their Chinese warehouse for more than twice the purchase price. See the clear SCAM? As a part of fighting the original SCAM, I contacted Chime (my “bank” at the time) to report that particular SCAM and to request a SCAM refund of the purchase price due to the fraudulent nature of the sale.

    It quickly became apparent that the 2nd SCAM was occurring right before my eyes - Chime (not a bank) was not at all concerned with or cared anything about my initial SCAM report and was indeed "SCAMMING" me a 2nd time for their own bottom-line. THEN, in January of this year, I conducted a more thorough examination and review of Chime's activities, and the light came on: Chime (not a bank) is a fraudster and a con all by itself. Chime has no intention of honoring any true bank due diligence, laws, or proper procedures.

    Review ANY of the single-star customer reviews for Chime from any complaint source (including BBB) and you'll see the same Chime replies and "answers" - deny, deny, deny. There's a reason that 14+% of ALL Chime reviews are single-star complaints. That's a high percentage of serious complaints no matter what type of widget is being sold or pushed.

    SUMMARY: As a former Chime (not a bank) customer, as long as you toe the line and don't complain or have some other issue, you should be fine. But if you don't toe the line, you're financially dead. And that could easily result in the personal loss of a lot more money than I've experienced (many in the thousands). Again, check any of the single-star reviews, and there's a lot of them.

    So, I would highly recommend that you stay with the traditional banks with real people and real observance of the banking laws. Chime (not a bank) has only one positive note over the true banks, and that is the "Spot me" feature. ALL other Chime features are the same as traditional banks, ALL of them (direct deposit, etc.). And you can expect the "Spot me" feature to soon arrive at a true bank near you. It's called "competition" and it works.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 29, 2023

    When Amazon denied my claim that a driver delivered a package to the wrong house, I tried disputing the payment made with my Chime debit card. I sent Chime's Disputes Team the Amazon delivery photo and photos of my house that proved the delivery was made to the wrong house. Chime failed to factor in human error and did not use my photos in their determination. They denied my claim by basing their decision solely on information from Amazon that several accurate deliveries had been made in the past. Chime called past deliveries "compelling evidence" without considering any evidence and information provided about the delivery at issue.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 29, 2023

    They wouldn’t listen to me when they stole $100 from my account. I tried to send my daughter money. When I typed her number in it came up some other lady's name so I decided not to go through her phone number and went through her email. She never got the email and on my transactions it showed that lady's name and she got the money. When I requested she return the money the text went to my daughter. So how is it my daughter never got the email and got the request through text! I have fought with them time and time again. They denied my dispute and are not willing to return my money!

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 24, 2023

    I filed a dispute with Chime because Bob Evans was supposed to give me refund. They denied my dispute even with me send the email from Bob Evans saying they couldnt my transaction to process a refund when chime can clearly see it on my transaction history.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 22, 2023

    I bought a new phone. I have been trying to transfer my account for a month now. The app is saying my email & my password is not matching. I have tried changing my password it won’t let me. Customer Service couldn’t help me. Very Disappointed Member.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 19, 2023

    DO NOT SIGN UP FOR CHIME. The debit card stops working unexpectedly and without any notification. This has happened to me at least five times in one year. When I call the customer service line, their solution is to cancel my card and mail a brand new card each time. Once I was in the airport and needed to pay for baggage on a return flight. I ended up having to ask a stranger to pay for my baggage, thankfully they were willing to do it.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 13, 2023

    I opened a Chime account, transferring everything from my bank account, including automatic payments from my business, with the promise of ease and less stress but that has been quite the contrary, as I’ve had nothing but problems, and still have yet to receive my debit card after three weeks. This was the absolute worst decision I’ve ever made. I tried to transfer money to my daughter and it takes up to six business days to do so. I would highly recommend that you search for another banking company because this is not it.

    10 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 11, 2023

    Worst customer service ever. In January of 2023 I was given the run around about a mobile deposit. I tried to use Chime's mobile deposit feature to deposit to a payroll check and was told it would take no longer than 5 days to process. I bank with a few other banks and know this is a standard boiler plate verbiage. I waited Three business day and checked my account to see if funds were made available, to my surprise they were not. I then called the bank that the payroll check was written from and they informed me that the funds were made available to Chime earlier that day. I then waited one full business before calling Chime to see why the funds or at least a portion of them was not made available to me. I was told that I would have the funds on the following day, (day 5) at 0700am.

    On the fifth day I check the account at 0730am and to my surprise no money still. I called Chime Support again and was informed that the funds would be available by 0400pm. I asked why the holdup and did not receive an answer other than it takes up to five days. At 0400pm I again checked my account and STILL NO FUNDS. I contacted Chime support again and was told that my funds would be available by 1100pm. By now I am frustrated at the constant changing of their time frame. I do not feel that this is a good business to deal with, I do not recommend them to anyone. If you are using their service for credit building purposes there are better ways to do it. Run from these types of Businesses.

    8 people found this review helpful
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    Chime Company Information

    Company Name:
    Chime
    Website:
    www.chime.com