Chime Overview

Chime is a financial technology company that provides a free-to-open checking account and banking services through The Bancorp Bank, N.A., and Stride Bank, N.A. One benefit of using Chime is the ability to receive direct deposits up to 2 days earlier than with some traditional banking services. ¹

Designed with customers in mind, Chime is an ideal solution for individuals seeking a platform that ensures round-the-clock access to account balances and banking services.

Chime at a Glance

Who Is Chime Suitable For?

Chime is a good choice for individuals who prefer online banking and basic checking account services. Given its absence of physical locations and fees for some cash deposits, this checking account caters particularly well to those who prefer electronic fund transfers and don't rely on paper checks.

Moreover, Chime stands out as a strong option for individuals seeking a fresh financial start. Chime's application process doesn't involve a credit score check or the use of ChexSystems. Additionally, the platform allows you to establish automatic savings without incurring fees and offers a credit-building credit card3, offering opportunities to enhance your credit history.

Advantages Over Traditional Banks

Chime's checking account boasts no fees or minimum balance requirements. Receive direct deposits up to 2 days ahead of some traditional banks and receive your federal tax refund up to 5 days earlier⁶ than some banks, provided you have direct deposit set up.

Furthermore, the platform allows fee-free PayAnyone money transfers of up to $2,000 per month. Chime's checking account integrates with Google Pay and Apple Pay, so you can pay with your mobile device at your favorite businesses. In the event of a lost card, you'll even receive a complimentary debit card replacement.

Cutting-Edge Banking Services

Chime's app facilitates mobile check deposits, a feature accessible after you receive a minimum of $1 in direct deposit from an employer, government benefit, gig economy payer, or payroll provider. The limit for mobile check deposits is $2,000 per individual check and up to $10,000 in total check deposits per month.

Another useful attribute is Chime's bill tracking feature, which conveniently consolidates recurring bills and transactions in your Chime dashboard. It provides details such as merchant contact information and payment amounts.

The platform further simplifies payments through its "PayAnyone" feature.⁷ This enables instant money transfers to anyone, even those without a Chime account. The service incurs no fees for you or the recipient, and the process involves entering the recipient's information in the Chime app.

The recipient receives a notification and inputs their debit card information to claim the money within 14 days. For a personalized touch, you even have the option to add a GIF when you send money.

Despite the absence of paper checks, Chime has a distinctive checkbook feature for bill payments. Once your checking account has been active for at least 30 days and you possess an activated Chime Visa debit card, you can use the app or dashboard to specify the recipient for your check.

This feature is an option for most check-required payments, although it doesn't support international transactions. There are no limits on the number of checks you can write, and it may take up to 9 days for your recipient to receive the check by mail.

Traditional Financial Services

As a Chime Checking Account user, you can access your cash fee-free at over 60,000 MoneyPass, Allpoint, and Visa Plus Alliance ATMs.⁸ Additionally, you can use your debit card anywhere Visa is accepted, even overseas, without incurring transaction fees. Your account is protected by FDIC insurance up to $250,000 through Stride Bank, N.A., or The Bancorp Bank, N.A.

Once you have a Chime Checking Account, you also have the option to establish a savings account and enable automatic savings through the “Save When I Get Paid” and “Round Ups” features. Each time you use your Chime Visa Debit Card, the transaction is automatically rounded up to the nearest dollar and the difference is deposited into your savings.

Another automatic savings feature is the "Save When I Get Paid" feature. If you receive a direct deposit of $500 or more, you automatically allocate 10% directly into your savings when the feature is turned on.

You also have the opportunity to apply for the Secured Chime Credit Builder Visa® Credit Card³ if you have direct deposits of $200 per month or more. You can use the card to build credit history and make payments anywhere Visa is accepted.

Unlike traditional banks, Chime doesn’t provide mortgages, insurance, investment products, retirement accounts, or business banking services. With only 1 checking account plan available, there is no flexibility to choose from different account types with varying features. Chime doesn’t offer joint accounts, either.

APY Rates and Fees

Users with a Chime Checking Account can apply for a Chime Savings Account with a generous 2.00% Annual Percentage Yield (APY).⁹ The savings account also comes with no fees and no minimum balances. There’s no cap on the interest you can earn, either.

When it comes to fees, Chime has a clear fee schedule:

Customer Service and Online Experience

Customer support is available 24/7 by calling Chime Member Services on (844) 244-6363. You can also chat with a live member services agent by tapping the question mark icon in the app.

In addition to personalized support, Chime has an extensive Help Center, FAQs, and a blog, with detailed information about account services, how-tos, and guides to account security and features.

Mobile App

Available on Android and iOS, the Chime app gets 4.7 on Google Play with over 570,000 reviews and 4.8 on the Apple Store with over 700,000 reviews. The app enables you to deposit checks, check account balances, pay your bills, find local ATMs and retail cash deposit locations, transfer funds, send money, and change your account preferences.

Security

Chime's account features contribute to account safety. You can instantly block transactions on the app, freeze your account, and order a new debit card if your debit card is lost or stolen. You can also configure the Chime app to send automatic daily balances and real-time transaction updates so you’re immediately alerted about any unauthorized transactions.

The platform's Trustpilot rating stands at 2.6, based on nearly 9,000 reviews. The negative feedback on Trustpilot varied, with some reporting difficulty accessing an account, poor customer service, and compromised accounts.

Chime is accredited by the Better Business Bureau with an A- rating. Customers rate it an average of 4.07/5 from over 3,000 reviews.

Application Process

Sign up for a Chime Checking Account in 2 minutes:

• Visit the enrollment page or download the app.
• Enter your personal information when promoted, including your name, social security number (SSN), date of birth, and contact information.
• Enter the email and password you want to use with your account.
• Answer a few questions, which include questions about your employment.
• Set up direct deposit or start transferring funds from an external account to add funds.

Your Chime Visa® debit card will arrive in the mail within 7-10 business days of your account setup.

You must be a U.S. Citizen or legal resident of the United States with a valid SSN to have a Chime Checking Account. You must also be at least 18 years old.

Chime Summary

Chime has budget-friendly checking and savings accounts, designed to save you transaction fees and monthly fees. With no balance minimums and no credit check required to open an account, Chime is very accessible to individuals who are starting on their financial journey or building their credit history.

It’s not the best choice for customers wanting full-service financial services or options with different kinds of accounts, as it only offers basic online and mobile banking services. However, its highly rated app, good APY⁹ on savings, and credit history building option make it a solid banking solution for anyone else.

Physical Address

101 California Street, Suite 500, San Francisco, CA 94111

Disclaimer

Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank, N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A., or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

¹ 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.

² SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card.

Qualifying members will be allowed to overdraw their Chime Checking Account up to $20 on debit card purchases and cash withdrawals initially 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 Debit limit will be displayed

within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions .

³ To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

⁴ Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.

⁵ Deposits in Chime accounts are FDIC insured through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

⁶ Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Federal tax payment files received from the IRS may be received up to 5 days early (based on data from the 2020 tax filing season). Chime makes no guarantee over when files are sent by the IRS and funds can be made available.

⁷ Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. Once you are approved for a Chime Checking Account, see your issuing bank’s Deposit Account Agreement for full PayAnyone Transfers details. Please see the back of your Chime debit card for your issuing bank. See Terms and Conditions

⁸ Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

⁹ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.