Chime is a fintech company that offers mobile app-based checking and savings accounts in the US. Chime has a number of features that make it a good option for some people, including no monthly fees, overdraft fees, early direct deposit, round-up savings, and free ATM withdrawals.
Chime Benefits and Features
Here are some of the benefits and features offered by Chime:
- No monthly fees, no overdraft fee, and over 60,00 fee-free ATMs.
- Savings and spending account with a Visa debit card and Chime virtual debit card.
- Chime Spot Me allows you to borrow up to $200 interest-free.
- Get your paycheck 2 days early with direct deposit.
- Chime Credit Builder feature reports on-time payments to the credit bureaus, assisting you in building credit history.
- Automatic saving by rounding up your transactions to the nearest dollar and transfer to your savings account.
- Chime offers a Visa debit card that you can use to make purchases online and in-stores.
How Chime Bank Works
Chime offers three main accounts: Chime Checking, a fee-free account with benefits like early direct deposit and round-up savings; Chime Credit Builder, a secured account to build credit history; and Chime Savings,
To get started with Chime, simply download the free Chime app on your iOS or Android device. You’ll need to provide personal details like your name, phone number, address, email address, SSN, and date of birth during the account setup process.
As a Chime customer, you’ll receive a Chime Visa Debit card that can be used wherever Visa debit cards are accepted. There are no monthly fees or minimum balance requirements for your Chime account. You can easily deposit money into your account through direct deposit, ACH transfer, cash deposit at participating retailers, or external bank transfer. When you need to withdraw funds, you can do so at any Visa Plus Alliance or MoneyPass outlet.
Chime Spot Me is a popular feature that allows you to borrow up to $200 without interest if you overdraw your account. To use Spot Me, you’ll need a Chime checking account and receive at least $200 in qualifying direct deposits each month.
For those looking to build credit, Chime offers the Chime Credit Builder. By depositing a $200 security deposit, which earns interest but cannot be spent, you can begin building your credit history. Making on-time payments with your Chime Credit Builder card will gradually improve your credit score.
Whether it’s gas or groceries, everyday purchases can count toward building credit. Turn on Safer Credit Building and your balance will be automatically paid on time, every month. Chime will keep the major credit bureaus updated.
Chime Card Benefits
Chime offers a free Visa debit card that can be used with popular mobile payment providers like Apple Pay, Google Pay, or Samsung Pay. The card has instant transaction notifications features, and it offers the ability to block the card instantly or order a replacement through the Chime mobile app.
Moreover, Chime provides the credit builder Visa credit car. It is basically a credit card aimed at helping you to build your credit without fees or interest charges. Unlike traditional credit cards, the credit builder doesn’t require a credit check to apply and operates without monthly or maintenance fees. Additionally, the credit builder’s absence of a pre-set limit prevents it from contributing to high-utilization records on credit histories, offering you more flexibility and control.
Furthermore, Chime ensures easy access to cash with over 60,000 fee-free ATMs nationwide. While traveling internationally, you can use your Chime card in most countries where Visa is accepted, provided they enable international transactions, without incurring foreign transaction fees.
Chime offers a temporary virtual card to use for online purchases and bill payments until your new physical card arrives. Both the temporary and physical cards share the same card numbers for convenience. However, once you activate your new physical card, the Chime virtual card stops working.
Chime Fees
Chime offers a fee-free banking experience with no monthly fees, overdraft fees, minimum balance requirements, or transaction fees. While using Chime’s vast network of 60,000+ ATMs is fee-free, accessing cash from out-of-network ATMs or through over-the-counter withdrawals may incur a $2.50 fee. Furthermore, there are no fees for signing up or card replacement.
Here are some of the fees you should expect:
| Fee Type | Fee Amount |
|---|---|
| Monthly fees | No monthly fees for checking or savings accounts |
| Overdraft fees | No overdraft fees |
| ATM fees | Chime reimburses up to $10/month for non-Chime ATM fees |
| Foreign transaction fees | 3% fee on purchases made in foreign currency |
| Early direct deposit fees | No fees for early direct deposit |
| Spot Me fees | No interest on Spot Me, but a $15 fee is charged if not repaid by the due date |
Is Chime Bank Legit and Safe?
Chime is a safe, legitimate, and reliable banking option for you. While Chime itself isn’t a bank in the traditional sense but a fintech, your money with them is still safe and secure. This is because Chime partners with two FDIC-insured banks, The Bancorp Bank, N.A. and Stride Bank, N.A.. This means that your deposits are insured up to $250,000 per depositor in the event of a bank failure.
Chime also prioritizes the security of your money and personal information. They use 128-bit AES encryption, access control, and other robust security processes to ensure that your money is always safe with Chime. These measures help protect your account from unauthorized access and keep your sensitive data secure.
Is Chime Any Good?
Chime stands out for its fee-free banking, including no monthly fees and unlimited free ATM withdrawals within the Allpoint network. It offers early direct deposit, allowing access to paychecks up to two days earlier, and features a user-friendly mobile app for easy account management. Additionally, Chime’s lack of traditional banking fees, like overdraft and monthly maintenance fees, appeals to many users.
Another notable feature of Chime is its Spot Me functionality, allowing overdrafts of up to $200 without interest charges, offering a helpful buffer for unexpected expenses. Moreover, Chime offers a secured credit card for building credit without annual fees, and deposits are insured up to $250,000 through partner banks.
However, Chime may have fewer features compared to traditional banks, along with lower savings account interest rates and potential fees for out-of-network ATMs and foreign transactions. If you primarily use online banking and ATMs, Chime could be an excellent choice, but it may not be ideal for those who prefer in-person banking. Additionally, Chime’s services in areas like loans and other traditional banking services are currently limited.
Also read: Chime virtual card review
Chime Alternatives
There is a growing number of online banks and fintechs in the US nowadays. If you think Chime is not good for you, these are Chime competitors:
There are also options for opening a US virtual bank for non-residents.
More Information
- Chime Bank phone number: 844-244-6363
- Chime Bank customer service email: [email protected]
- Chime Bank on Facebook
- Chime Bank on Twitter
- Chime Bank on Instagram
Is Chime a real bank?
Chime is a fintech company. Its banking services are offered in partnership with the Bancorp Bank or Stride Bank, N.A. Bancorp and Stride are members of the FDIC, meaning your deposits are federally insured up to $250,000.
Is Chime a good bank?
Chime is a fintech company that offers fee-free checking and savings accounts through its mobile app. It is FDIC insured and provides the benefit of early direct deposit, allowing customers to access their paychecks up to 2 days earlier.
Is Chime an online bank?
Yes, Chime Bank is a US virtual bank.
Can you buy crypto with Chime?
Chime does not support direct cryptocurrency purchases. However, you can connect your Chime account to a cryptocurrency exchange and use it to fund your exchange account for buying cryptocurrencies.
Does Chime have a joint account?
At the moment, Chime does not offer joint accounts or secondary cards.
Where is Chime bank located ?
Chime is an online bank. However, its head offices are in San Francisco.
What are the cons of Chime?
Chime's key features include the absence of physical branches for cash transactions, limited customer support, high APY for savings accounts, and limited account features compared to traditional banks.
Does Chime have a virtual card?
Yes, Chime virtual cards are available to account holder. They are linked to your checking account.
How can I use Chime without a card?
Chime can be used without a card in a few ways. You can set up direct deposit or automatic bill pay, use the Chime Pay Anyone feature, a mobile wallet like Apple Pay, Google Pay, or Samsung Pay or link a prepaid debit card to your Chime account.