CHIME BANK REVIEW: COMPLETE GUIDE TO PERSONAL BANKING

With Chime, you can manage your checking accounts and savings accounts online without paying any fees. Additionally, you can receive your direct deposits two days earlier with its automated savings tools and peer-to-peer payments. It is best for people who receive direct deposits and do not require cash deposits often.

Chime Bank Review

Chime does not charge monthly fees, and eligible customers can receive a fee-free overdraft of up to $200. Several retailers accept Chime for cash deposits, but usually, they charge a fee. We will focus our review on the products and services Chime Bank offers for personal banking.

PROS

• Savings rates that are competitive
• Improve your financial habits with automated savings tools
• Up to two days before your direct deposit is due
• Over 60,000 ATMs are available

CONS

• There are no branch offices
• The only way to deposit checks via mobile is through direct deposits
• Recent complaints about account access and fund access

CHIME BASICS

With Chime, you can manage your money in two different ways. Here are the features, benefits, and pricing for each account. Your accounts with Chime have FDIC protection through the banks that Chime partners with, Stride Bank, N.A., and The Bancorp Bank.

Founded: 2013 Headquarters: San Francisco Customers: 14.5 million ATM Network: 60,000+ ATMs nationwide Monthly Fees: None Overdraft Protection (SpotMe®): Fee-free overdraft up to $200 (for eligible customers) Savings APY: 2.00%

MINIMUM AND MAXIMUM DEPOSIT

With Chime, you don’t need to deposit any minimum amount to open an account. You can deposit any amount of money up to the maximum limit.

DEPOSIT AND WITHDRAWAL METHODS

Besides direct deposit, ACH transfers, and mobile check deposits, Chime offers ATM withdrawals, debit card cash advances, and money transfers to other banks. You can deposit money by direct deposit, ACH transfer, or mobile check deposit.

MINIMUM ORDER AND LOT SIZE

Since Chime does not offer trading services, there is no minimum order or lot size.

VERIFICATION PROCESS AND DOCUMENTS REQUIRED

If you want to open a Chime account, you will need your name, address, date of birth, and Social Security number. You will also be required to upload a selfie or a government-issued identification.

AVAILABLE ASSETS

Chime does not provide trading services, so no assets are available on the platform.

FIAT AND CRYPTOCURRENCY SUPPORT

Chime only supports USD as fiat currency.

Customers at Chime Bank cannot buy cryptocurrencies such as Bitcoin and Ethereum via their online banking app. To do so, Chime Bank customers must register with a FinCEN-approved exchange.

PLATFORM FEATURES

Chime offers a variety of platform features, including

Using the Chime app; you can access the service on iOS and Android. Online banking is also available on Chime’s website.

A Chime debit card is available for purchasing goods and withdrawing cash from ATMs. Several credit-building tools are available from Chime, such as SpotMe overdraft protection and Credit Builder loans.

CHIME® CHECKING ACCOUNT

You will not have to pay a monthly maintenance fee or a minimum balance requirement for the Chime® Checking Account.

Chime® Checking Account

The Chime Checking Account offers the following features:

• Get paid up to two days early with direct deposit**
• If you deposit $200 or more in direct deposits each month, SpotMe® will waive your overdraft fee up to $200.
• Automated savings features
• Fee-free money transfers to family and friends up to $2,000 per month
• You can access ATMs at over 60,000 locations nationwide without paying a fee
• If you lose or steal your card, turn off transactions
• Replace your debit card for free
• Compatible with Google Pay and Apple Pay

Chime® Checking Accounts are fee-friendly. For example, you can overdraw your account up to $20 with the SpotMe service without paying a fee when using a debit card. This feature is available to participants who make over $200 in monthly direct deposits.

If your SpotMe allowance is $200 or more, Chime may increase it based on your account history, direct deposit amount and frequency, and spending activity.

SpotMe allowance is $200

Getting a Chime debit card is as simple as opening an account, and your debit card can work anywhere Visa is accepted.

TOP PERKS OF A CHIME CHECKING ACCOUNT

Direct deposit funds are available up to two days sooner: Chime promises to pay the other party’s direct deposit as soon as it arrives, whereas some banks hold these funds for up to two days.

Chime checking account vs. traditional banks

AUTOMATED SAVINGS TOOLS

Its built-in savings tools make it easy for customers to save money. Both options are optional, and you can opt in or out anytime. They allow you to automatically transfer 10% of every paycheck into your savings account or automatically put the change in your savings account.

FREE PEER-TO-PEER PAYMENTS

Chime is a payment service that allows you to transfer money to anyone with a Chime account. It is similar to Venmo, but it is cheaper and integrated. Payments are free and settled instantly once they are accepted.

USER-FRIENDLY MOBILE APPS

You can check your account balance, transfer funds, pay bills, locate nearby ATMs, make peer-to-peer payments, and remotely deactivate or activate your debit card through Chime’s iOS and Android apps.

Customizable debit card security

NATIONWIDE FEE-FREE ATM NETWORK

If you live near one, you can deposit your cash at Walgreens locations using Chime’s mobile app. Chime partners with MoneyPass® and Allpoint ATM networks to give its customers free access to cash.

Customers free access to cash

No monthly service fee by Chime

SEND CHECKS ONLINE:

You can send checks through your Chime Online Account if you’ve had your Checking Account for at least 30 days. Check limits are $5,000 per check and $10,000 per month, but these limits should suffice for most people.

NO FOREIGN TRANSACTION FEES:

Foreign transactions on your Chime debit card are not subject to a foreign transaction fee.

FDIC insured: Chime Checking Accounts has a $250,000 failure protection.

WHAT COULD BE IMPROVED?

OUT-OF-NETWORK ATM FEES

Whenever you use an ATM outside the MoneyPass® or Allpoint networks, Chime charges $2.50 – one of the few banks to do so. If the ATM owner also charges, you could pay even more.

CHIME HIGH-YIELD SAVINGS ACCOUNT

In comparison with other high-yield savings accounts offered by top online banks, Chime Savings Account yields a 2.00% annual percentage yield (APY).

2.00% annual percentage yield (APY)

A Chime High-Yield Savings Account offers the following features:

• There are no monthly fees
• There is no minimum balance requirement
• You can earn as much interest as you like
• To open an account, there is no minimum deposit required
• Chime saving account vs. national banks

Chime Checking Accounts are required to open Chime Savings Accounts. Once your Chime Checking Account and Chime Savings Account emerge, Chime’s Round Ups feature will allow you to save automatically. If your Chime Visa® Debit Card acts as a debit card, Chime rounds up the transaction, transferring the difference to your savings account.

Chime Visa debit card

In this example, you would pay the grocery store with your debit card, and Chime would move 50 cents to the savings account.

Setting up recurring deposits by transferring 10% of your direct deposit paycheck is also possible by logging into Chime’s Save When you Get Paid feature.

Open an online checking account for free

TOP PERKS OF A CHIME SAVINGS ACCOUNT

It doesn’t offer the best APY, but it does offer a higher rate than the average. With Chime, you’ll also have access to automated tools for saving faster.

Chime Savings Account

NO FEES OR BALANCE REQUIREMENTS:

Chime Savings Accounts can start with any amount, and no maintenance fees apply regardless of balance.

No Fees Or Balance Requirements

FDIC INSURED:

Similarly to its Spending Account, Chime Savings Account is FDIC-insured, meaning you would receive up to $250,000 should Chime close its doors.

Earn money by saving money

EASE OF OPENING:

If you are only interested in saving money, Chime doesn’t allow you to open a Savings Account without first establishing a Checking Account.

Ease of account opening

DEPOSIT OPTIONS:

There is a limit to how much can be deposited directly into your Savings Account. You must first deposit the funds into your Checking Account, then transfer the funds to the Savings Account.

Earn with savings account

The transfer occurs instantly, but you still have to go through another step.

Steps to open a savings account with Chime

CHIME CREDIT BUILDER

Below you will find how the Chime Credit Builder Secured Visa® Credit Card works and can help you turn over a new leaf or establish a credit history.

Chime Credit Builder

NO FEES

One of the few secured credit cards without an annual fee is the Chime Credit Builder Secured Visa® Credit Card.

THERE IS NO APR:

In order to make purchases, you must deposit funds to your Credit Builder account. Chime uses your money to pay your monthly bill, so you don’t have to worry about interest.

NO CREDIT CHECK:

Chime does not look at your credit report before approving your account, so you may be approved even if you have no credit history or a bad credit history.

NO MINIMUM SECURITY DEPOSIT:

A secured credit card usually requires a minimum deposit, but Chime does not. Your credit limit relates to the amount you deposit, so you may be unable to charge much if you don’t.

If you want to rebuild your credit or establish a credit history, consider the Chime Credit Builder Secured Visa® Credit Card. Just make sure you can deposit some extra cash. Otherwise, you won’t be able to use it.

CHIME CUSTOMER SERVICE AND EXPERIENCE

Currently, Chime has a C+ score from the BBB and a Trustpilot score of 2.7 out of 5. The company’s iOS and Android mobile apps have received excellent customer reviews. Users report enjoying Chime but are dissatisfied with Chime’s customer service team.

Due to its short existence, it isn’t easy to compare the company to some of its competitors who have been around for longer.

Chime rating

In most cases, Chime customers won’t experience any difficulties managing their money online, but if you require personalized assistance, you can contact Chime via email or phone.

OTHER SERVICES CHIME OFFERS

In addition to its limited services, Chime offers a secured Credit Builder Visa credit card to those who are just starting out. The card is free to apply for and does not require a credit check. Chime says users increase their credit score by 30 points on average when using the card.

Credit score by 30 points on average

In contrast to other secured credit cards that aim to help users build credit, the Credit Builder Visa does not have a minimum security deposit requirement. If you have a Chime checking account and qualifying direct deposits of at least $200, you can open a credit builder account. You can only spend as much as you transfer to the card monthly.

Get paid early

“Round Ups” is a program offered by the bank as well. As part of the program, Chime’s Visa debit card users can round up their transactions from their checking account and deposit that difference to their Chime high-yield savings account, automatically growing their savings.

HOW TO BANK THROUGH CHIME

It’s easy to sign up for Chime. You only need to visit the Chime website or download its mobile app, enter your basic information, and set up your account. You will not be required to provide a credit check.

Pay anyone the fast, fee-free way

A Chime account must be opened by an individual who is at least 18 years old. You must be a U.S. citizen or permanent resident to open a Chime account.

TERMS AND CONDITIONS

Their ability to provide direct deposit funds early depends on the payer’s file submission timing. Funds are generally available on the same day the payment file is received, usually two days before the scheduled payment date.

A Chime Savings Account must have at least $0.01 in savings when filing to earn interest.

A Round-Up Transfer transfers the amount of your debit card purchases to your Chime Savings Account.

Whenever you receive a direct deposit of $500 or more, Save When I Get Paid will automatically move 10% of that deposit into your savings account.

ATM withdrawal fees may apply if you withdraw money from an out-of-network ATM, except at MoneyPass ATMs inside 7-Elevens.

A minimum of $200 direct deposit into your Checking Account is required to apply for Credit Builder. You must receive a qualifying direct deposit via Automated Clearing House (ACH) or Original Credit Transaction (OCT) from your employer, payroll provider, gig economy, or benefits payer.

A bank ACH transfer, a Pay Anyone transfer, a verification or trial deposit from a financial institution, a peer-to-peer transfer using a service such as PayPal, Cash App, or Venmo, a mobile check deposit, a cash load or deposit, a one-time direct deposit, for example, a tax refund or another similar transaction, or a Chime-deemed non-qualifying direct deposit are not qualifying direct deposits.

With Credit Builder, you can add money into a secured account and use it to make monthly payments on your Visa card, which you can withdraw from when it’s time to pay off your credit card charges.

CONCLUSION

Chime is an excellent alternative to other banking services that require monthly fees and minimum balances. With Chime, users can have no minimum balance requirement for savings accounts. An extensive network of ATMs is available at Chime. There are no foreign transaction fees when using a debit card overseas.