Chime® Review

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Advantages Over Regular Bank

Chime®  is one of a new generation of fintech companies offering access to financial services in sleeker and more user-friendly ways than traditional banks. Instead of pushing an endless number of products and services that require lots of red tape and fees, Chime focuses on the essentials. 

Chime is completely digital, but with over 50,000 fee-free ATM locations˜ , it is easy to access your funds when needed. 

Now, get your federal tax refund up to 5 days early⁵ with a Chime® Checking Account.

Here are some more winning points for Chime:

• No Monthly Fees:  That means no monthly fees, no minimum balance fees, and no overdraft fees whatsoever.
• Faster Pay: Get your hard-earned money faster with a direct deposit.

Cutting-Edge Banking Services

You aren’t going to find a lot of variety when it comes to Chime’s product offerings, but the products they do offer really shine.

Here are the top Chime banking features:

• Optional automatic savings feature: Every purchase you make with your checking account can be automatically rounded up and placed into your Savings Account to earn interest. For example, your $3.55 latte automatically banks you $0.45 into your Saving Account. Additionally, Chime users can have a percentage of every paycheck automatically deposited into their Savings Account.¹ 
• Bad credit friendly: Your poor credit will not keep you from getting a Chime account. That's right: no credit checks or ChexSystems.  
• SpotMe®*: You won’t be penalized for spending a little more than you should have with SpotMe® fee-free overdraft of up to $200* for eligible members. You do have to repay your SpotMe® negative balance and you have the option of leaving a voluntary tip to pay the next overdraft forward. This kind of thinking keeps Chime from piling on the fees for all of its members.

Traditional Banking Services

Even though Chime is recognized for innovative financial services, you can still expect a few traditional banking perks, such as:

• ATM accessibility: You don’t have to worry about going out of your way to find an in-network ATM. Your account comes with unlimited cash withdrawals at over 50,000 fee-free ATMs˜ , and you can get cash back at many other locations, such as some grocery stores. 
• Chime Visa® Debit Card: Your Chime card is accepted anywhere Visa is accepted
• Checking account: The account acts almost identically to the checking account you are used to—minus the checks.

Interest Rates and Fees

Chime offers a Checking Account and an optional Savings Account. The Chime® Checking account works like a traditional checking account. Earn a great 1.25% on savings balances, and automatically bump your APY to 3.75% with Chime+†. Chime does not offer other traditional investment products such as CDs or money market accounts. 

Both accounts are free to open, require no minimum deposits or balances, and have no monthly or hidden fees˜.

Chime® Visit Chime

Customer Service

While you can reach the Chime team via the mobile app 24/7, this customer support tab is only available for newer versions of iPhone and Android.  

Chime’s live support service is available 24/7/365 and can be reached through their customer service number at (844-244-6363) or online and through their mobile app. 

Mobile App

Chime makes mobile banking a breeze with its modern and sleek app. With over 350,000 five star reviews in app stores, it is clear that Chime users love the app for tracking their expenses and paying friends quickly. 

The Chime app allows you to:

• Always know your account balance 
• Receive instant transaction alerts
• Instantly disable (and re-enable) your debit card
• Turn international transactions on and off
• Deposit checks on the go
• Transfer money between accounts 

Security

Chime keeps your money and information safe with 128-bit AES encryption, access control, and secure processes. Funds are also held at FDIC insured banks,².  Chime allows users to keep their money safe with the ability to instantly turn off a debit card if it's lost or stolen. You can receive real-time purchase alerts to make sure the only one spending your money is you. 

Conclusion

Chime is an excellent financial app choice for individuals who want to enjoy excellent mobile capabilities and streamlined financial services with no hidden fees˜.  Those wishing for a more traditional bank feel with all of the perks of online banking should look into one of these hybrid banks instead. 

Chime® Visit Chime

Disclosure

Chime® is a financial technology company, not an FDIC-insured bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.

The Chime Visa® Debit Card and the secured Chime Credit Builder Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Please see back of your Card for its issuing bank.

**Chime is recommended by more of its users in the 2024 Qualtrics NPS study when compared to top national banks and select fintechs. THE #1 MOST LOVED BANKING APP is a Registered Trademark of Chime Financial, Inc.

*Terms apply. Limited time only, must open the new account and complete qualifying activities to earn the rewards, up to a maximum of $350.00, as described at https://www.chime.com/policies/newmemberofferv2.

Chime is not FDIC-insured. The Bancorp Bank, N.A. and Stride Bank, N.A. are the FDIC-insured members. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.

+SpotMe® on Credit is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card.

Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's or its banking partners' discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won't cover non-card transactions. Spot Me on Chime Card Terms and Conditions.

^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

-Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

1. Bank ranking and number of ATMs according to U.S. News & World Report® 2023.

2. Based on a representative study conducted by Experian in January 2024, members who made their first purchase with Credit Builder between June 2022 and October 2022 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

3. Money added to Credit Builder will be held in a secured deposit account as collateral for your Credit Builder Visa card, and you can spend up to this amount. You can use money deposited in your Secured Deposit Account to pay off your charges at the end of every month.

4. Out-of-network ATM withdrawal and OTC advance fees may apply. View The Bancorp agreement or Stride agreement for details; see back of card for issuer.