Many people struggle to save money and manage their finances. Every financial struggle will be in the past when you find out who Chime is and what it has prepared for you.
Finances can improve your life the same as they can damage it. Being in a financial crisis brings hundreds of other problems in life, but we know how to avoid them. Chime is a financial technology that joined the market in 2013.
Because banks set fees and taxes that are difficult to understand, Chime gives you the exact quality services fee-free. Remember, Chime is here to help you build reasonable financial habits and save money without paying extra for it.
Moreover, Chime has thousands of ATMs all over the U.S. and a mobile banking app that gives you all the information about your financial balance. You can apply for it easily, and you will receive a card, same as with major banks.
You can also use a saving or spending Chime card without being charged account fees or limited to a minimum balance. Your account will be protected with FDIC insurance, so you can feel safe in case the bank closes its doors.
Quick Brand Overview
Chime wants to give clients financial peace. That is why this bank profits together with the clients, not from them, which is the opposite of traditional banks. The company wants to help those who are not well-served at big banks and be their fee-free bank alternative.
Its unique services and features allow clients to have early paycheck access, own accounts with no monthly charges, and have free-of-charge overdrafts to $200. The secured Chime credit card will allow you to build credit safely.
Additionally, Chime owns the largest network nationwide. With over 60,000 ATMs across the U.S., it beats the four biggest banks in the U.S. together. This banking company has taken notice of the broken banking industry and believes in its ability to change it permanently and for the better.
The company is proud of the fact that its innovations give clients more choices and proves that the partner bank approach sets the standards for more competitive financial services in the industry. Because Chime is a technology company, it helps its bank partners serve and expand customer bases and increase industry consolidation.
Chime is safeguarding its members’ funds and personal data, complying with all the rules and regulations for consumer protection.
What Bank Is Chime?
If you are good at technology, then you definitely rule all the smartphone apps and websites. Chime will help you manage your savings and spendings with a simple app and give you details and essential information that many banks do not.
This banking system is suitable for everyone who needs more detailed and advanced financial management. People who are not that interested in banking options can stick to their regular bank account and manage their funds as they want to.
Chime is also a second-chance bank, but what does this mean?
Well, some people may face trouble opening a bank account since the banks use ChexSystems, an equivalent of a credit score for opening an account. Chime will step in if the bank is not allowing you to open a traditional account.
Chime Will Be Best For You If:
- You enjoy using mobile banking, and you do not have to visit a physical bank;
- You want access to a bank that charges minimal fees for banking services and gives you more interest than traditional banks;
- You do not need to make regular deposits;
- You do not have a bank currently, or your bank history is relatively negative; and
- You make at least $500 monthly in direct deposits.
- No traditional account fees
- Savings account pays 0.5% APY
- Over 60K ATMs nationwide
- Highest-rated banking app
- Direct deposit setup
- Access to daily balance and transactions
- Low membership eligibility criteria
- Simple and convenient app
- Pay bills using the app
- No joint accounts or second workaround card
- No physical locations
- Using ATMs outside Chime’s network will charge $2.50 per transaction
Chime Review: Services & Features
Chime will allow you to open an account instantly, and you will receive a Chime Visa Debit Card to use the bank’s services and features and enjoy easier financial management directly from your smartphone — anytime and anywhere.
Moreover, this company offers professional customer support services that can guide you into app and fund management, as well as card usage and transactions. You can also call the service anytime you need help, and the brand provides email and phone numbers available 24/7 for all its members.
As a financial software, Chime allows you to access your paycheck earlier, save money when you get paid, access your checkbook, utilize their credit builder, etc.
- Early Paycheck
You can access your paycheck each month before spending the money and paying your bills. This allows you to keep your money and not spend it on needless purchases, bringing you closer to your financial goals.
The app provides a “Save When You Get Paid” feature that allows you to set a percentage of each paycheck that you want to save. This feature also allows you to get your paycheck two days earlier.
- Track Finances On The Go
The app will send you push notifications for every transaction you make and update your balance every morning. You will have access to your balance and know where you spent your money each day. The app also allows you to transfer money from your Spending to your Savings account and help you manage your funds and reach your financial goals faster and more conveniently. The app will also notify you every time you receive a deposit.
- Send Money And Get Paid Faster
The app has a “Pay Friends” feature that allows you to split up and pay bills when you are out with your friends. Using this feature, you can pay and accept money from other members of Chime. You can even create a nickname and search for friends who are also Chime members. You can pay the amount you owe, accept payments right away, and even earmark more money for your savings goals.
- Supervised And Regulated Work
Chime’s services are inspected and supervised by Bancorp Bank and Stride Bank and their regulators, such as FDIC (Federal Deposit Insurance Corporation) and OCC (Office of the Comptroller of the Currency).
Chime is subject to the jurisdiction of the CFPB (Consumer Financial Protection Bureau), FTC (Federal Trade Commission), and DOJ (Department of Justice). This company is regulated by agencies for financial services and consumer welfare.
- Cashback Rewards
You can earn “free money” by using Chime’s app, and the first way to enjoy this feature is your regular purchases. Specific retailers partner with Chime and allow you to receive cashback if you pay with Chime’s Visa Debit Card. The retailer partners will allow you to buy groceries, pay for utilities, entertainment, etc. These rewards are funded within 24 hours.
The second way is your auto savings. Once you enroll in the auto savings program, you will get a bonus equal to 10% of the total auto savings you make on a weekly basis. The auto savings deposits can be up to $500 a year, which is much better than any traditional bank’s savings account interest rate.
How Does Chime Credit Builder Work?
Chime is the best option for people who want to open multiple accounts in a single bank. Making an account will take a few minutes, and you can receive the cards in seven to ten business days.
- How To Get A Chime Card?
Opening an account is not difficult at all. You need to understand the technology and read the website’s guides on becoming a Chime member. The best part of the process is that it is completely free.
- Step 1
The first step requires sharing your personal information, such as your name, social security number (SSN), email, and password. The financial institutions will verify your information and minimize money laundering and the chances of fraud. The process will take a while until the company reviews and confirms the shared information.
To qualify for Chime’s membership and services, you need to be a U.S. citizen and at least 18 years old.
- Step 2
The second step is to download the app from the Google play store or Apple app store since the app is suitable for both Android and Apple users. Once you sign in on the app, you can choose whether you want a Savings Account, a Spending Account, or both.
The Spending account can be used to manage transactions, deposit your money, and check your balance.
- Step 3
Set up direct deposit by providing the employer with the Chime routing you own and share the account numbers. This information can be found in the Settings section and the Move Money section on the app.
You can also transfer your money from your older checking account to your new Chime account if you are switching bank accounts and want to start a new, fresh beginning of better financial management.
- Chime Card Activation
You can activate your card by yourself through the Chime app or call the support center directly. Both ways are fast, easy, and secure. Activation through the app takes three steps:
- Once you log in, you will see a card widget saying “Card Status”.
- Open the widget and find the “Activate Card” option.
- If you cannot find the “Activate Card” option, you can ask the chatbot. This feature is available 24/7 and is located at the top of the home screen. It will automatically activate your card, and you can start using it.
The Checking account, also known as a Spending account, comes with a Visa Debit card, which is entirely free. But, you can access Chime’s banking service only through the mobile app.
The Spending account is FDIC insured and can receive direct deposits. The account supports ACH transfers and pre-authorized withdrawals. Making transactions and person-to-person transfers are entirely fee-free. You can make deposits via direct deposit, transfer from a linked bank account, mobile deposit, paper check, or cash deposit through third-party services (this option is not free).
You can use the debit card at more than 60,000 ATMs around the U.S. without paying additional fees. Chime allows you to use the debit card internationally without paying foreign transaction fees. The bank sets withdrawal limits, and you can not make ATM withdrawals of more than $500 daily.
The Spending account comes with a SpotMe protection service that warns clients to avoid overdraft fees on their spending account. This service is available for clients who receive direct deposits of at least $200 each month. The direct deposit total is supervised in the previous 30 days to determine the eligibility for this service.
You would not be charged a fee, and Chime will cover your overdrafts with the next deposit.
The Savings account does not require a minimum balance, and to be able to open one, you have to open a Spending account first. In addition, Chime will not charge a monthly maintenance fee.
The Savings account pays a competitive APY of 0.5%, and the “Automatic Savings” feature allows you to round up every purchase paid with the Chime Visa Debit card and deposit it into your savings account.
The “Save When You Spend” feature will allow you to save small amounts in the form of cash back. It might not seem like much, but you will see the accumulated savings over time.
The “Save When I Get Paid” feature allows you to set an automatic transfer to your Savings account. You can select a specific percentage you want to transfer from your Spending account every time you get your paycheck.
Chime Review: Credit Builder
This credit card will allow you to build your credit, and your credit limit is based on the transfer from your spending account to your credit-builder account. You can charge only up to the specified amount and pay the credit balance each month.
So, if you are trying to rebuild your credit history, the Credit Builder card will allow you to add money from the Checking account to the Credit Builder account with 0% APR.
- How to pay your Credit Builder balance
You have two options to pay off the Credit Builder balance.
The first one is Safer Credit Building, which sets automatic payments and helps you pay on time. A day after your monthly statement is issued, the money will be released and used to pay off the balance. You do not have to worry about the payoffs because the app will do it for you.
The second option is to pay manually. You can use the money from your Spending account or another bank account, and you can set this feature using the app.
Chime Review: The Beneficial Side
- Award-Winning Mobile App
Chime’s banking app allows users to manage their finances on the go. It has over 135,000 5-star ratings in the app store since this app provides everything you need. The app is built by a tech company, meaning it offers exceptional features that will allow everyone to access them conveniently and simply. The app will allow you to make transactions, pay bills, and save money all at the same time.
- Simple Registration
Making an account and becoming a member of Chime is simple — just open the website and choose the Get Started option. Provide general information, download the app, and wait for confirmation. Now, you have successfully become a member of the Chime family. Moreover, the app is suitable for iOS and Android devices.
- Early Paycheck Access
Chime will not hold up your funds for days as many traditional banks do. Chime will even allow you to access your funds two days earlier, so you will be able to use your money as soon as it is available. You can set this feature on the app. If the usual payday is every 5th of the month, Chime payday will be accessible earlier.
- Daily Balance Update
The app will refresh your transactions and withdrawals and notify you each morning. You can see your account balance and check all the payments you have made the previous day. The app will allow you to see how much money you have on each account so you can follow your balances and finances easily.
- No Monthly Or Hidden Fees
This simple banking will not charge you for your membership, monthly Savings account maintenance, making foreign transactions, or money transfers from your existing account to Chime’s Spending account. The ATMs this bank has are also fee-free, and there is also no APR for depositing funds to your Credit Builder account.
- Saving Money Features
You can open a Savings account and set an autosave feature. You can also save funds in the form of cash back when you shop and save a specific percentage of the paycheck once you get paid. The app will transfer funds from your Checking to your Savings account each time you use some of these features.
- Banking Security
Security is Chime’s top priority, and all deposits are insured for up to $250,000 with FDIC through the Stride Bank or the Bancorp Bank. This will give you peace of mind in case the bank closes. Your shared information is also secured and encrypted with high SSL encryption technology, and you can block the accounts if you notice suspicious action.
- Insured Deposits
Chime guarantees that your deposits are FDIC insured. As a result, you can shop worry-free knowing that the Visa Zero Liability policy protects your cards. This protection will increase the safety level and not charge you for unauthorized usage. It also requires two-factor authentication and fingerprint authentication to open the app and manage the funds.
- No Overdraft Fees
The SpotMe features will notify you about the overdraft fees, and you can avoid overdraft protection for up to $200 fee-free. Chime will not charge fees, and instead, it will reimburse the overdraft amount with your next paycheck.
- Access On The Go
Chime is not a physical bank, so you can do everything using the app. This is easier for people who do not like going to banks and waiting in line for hours. You can check your balance, transfer funds, manage finances, even pay bills, and shop using the app, which is available for both Android and iOS devices.
- Mobile App Navigation And Accessibility
You can check your balance and transactions on the go using your smartphone and Chime’s app. You can use over 60,000 ATMs nationwide and withdraw money any time you need, fee-free. The app will also show you a map of available ATMs near you and the stores where you can find them.
Privacy And Security Policies That Make Chime a Secured Network
During our research, we did not notice any concerning red flags about the security and privacy policies.
Chime shares clients’ personnel with partners Bancorp Bank and Stride Bank. The shared information is specific information about the client’s identity and finances, the same information that we share with all financial institutions.
With your agreement, Chime can collect contact and social media handles. Your account will be 128-bit SSL encrypted, so you can have peace of mind using Chime’s services online. You can also block your card if you notice suspicious action using the app and the features it offers.
Moreover, your profile is secured with transaction alerts and two-factor authentication. To protect your privacy, Chime will take multiple steps to verify your identity before allowing you to access your personal information. You might be asked to enter your name, SSN, or the last four digits of your Chime card.
Conclusion: What Is Chime
Technology can help us simplify our lives, so now, there is no need to wait in line to check your balance or manage your finances in banks.
Chime is the best virtual tech bank that allows you to use your money and make transactions on the go, fee-free.
There are no monthly charges and no savings account balance minimum, and you can manage and follow your transactions anytime and anywhere. All in all, the app is simple and convenient for everyone.