Chime members' deposits sit in fully FDIC-insured accounts and are subject to the same Reg E and other rules and regulations, and go through Know Your Customer, just like traditional banks.
Chime Bank is completely safe to use Chime Bank. It's not like your traditional neighborhood bank branch, but Chime accounts still have FDIC insurance, so they're safe places to keep your money. Chime has no monthly fees or overdraft fees, and it ...
Some of Chime's main downsides are that it doesn't have joint accounts, and it pays a lower savings rate than many other online high-yield savings accounts. Is it worth it to have Chime? It indicates an expandable section or menu, or sometimes previous / next navigation options.
Current and Chime offer checking and savings accounts through their partnerships with FDIC-insured banks. You can only store $10,000 across your Current checking accounts, while the Chime Checking Account has no limit in place. Both accounts have FDIC insurance, which protects your funds up to $250,000.
But that impressive quick cash delivery has not always benefited customers: ProPublica found several instances of Chime closing customer accounts based on false conclusions that money had been fraudulently deposited.
You can withdraw up to $515 a day from your Chime account using an ATM. This $515 and any fees you incur from out-of-network withdrawals count toward the $2,500 daily limit on the Chime card.
Chime offers a referral bonus every time you refer someone new using your referral link, and they receive a single qualifying direct deposit of $200 or more!
Is Chime safe? Chime's spending and savings accounts and free Visa debit card are supported by The Bancorp Bank, a finance industry leader that's insured by the Federal Deposit Insurance Corporation (FDIC). So, yes, it's a safe place to keep your money. The bank uses advanced encryption to secure its website.
Complaints Summary
8,015 total complaints in the last 3 years. 2,625 complaints closed in the last 12 months.
Money available to you can be accessed right from the Chime mobile app, and is transferred directly into your Chime Checking Account. The minimum amount that can be advanced at a time is $20, and the maximum is your available amount, up to your credit limit.
Many Chime account closures occurred following a surge in government deposits as Chime worked to verify millions of new accounts for potential fraudulent activity.
If you received a total of $600 or more in Chime bonuses, promotions, or sweepstakes during the tax year, you'll receive a 1099-MISC form. Transactions where you have earned $600 or more that qualify you to receive a 1099-MISC form include: Referrer bonus. Sweepstakes.
Try other methods for tracking expenses
For example, you can use the Chime app to check your account balance and recent purchases at any time. If you use your Chime Checking Account for all purchases and monthly expenses, all your transactions will be listed in one place.
We take security seriously.
At Chime, information security is a top priority. Deposits are FDIC insured up to $250,000 through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. And we work hard to protect your information, such as by using encryption and other measures to help safeguard your money and data.
Banks and credit unions: You can request a cash withdrawal by going into a bank or credit union and presenting your Chime Visa Debit Card to the teller. This is referred to as an over-the-counter withdrawal.
We'll spot you up to $200 on debit card purchases with no overdraft fees. Eligibility requirements apply.
Is Chime legit? Chime offers online-only financial services in partnership with two banks that are FDIC-insured, so you won't lose your money if either of the banks or Chime goes out of business.
No—you won't be able to connect Zelle to Chime.
Since Chime is a financial technology company rather than a bank, it's not currently supported by Zelle. As an alternative, you can use Chime's Pay Anyone feature, which allows you to send money to both Chime users and non-Chime users.
Customers can also deposit cash at 75,000+ other retail locations including Walmart, CVS, and 7-Eleven, though these stores charge a loading fee of anywhere from $3 to $5. Partnerships with pervasive retailers such as these are key for Chime, since many of the challenger bank's users receive earnings and tips in cash.
Mediocre savings interest rate: Chime's savings account offers a just-OK interest rate. It's higher than the federal average, but not very close to the best high-yield savings accounts. 2 Plus, its checking account doesn't offer any interest at all, although this isn't unusual.
Your Chime account may not have enough funds to cover the payment, causing the transaction to be declined.