Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.
What type of account is my Chime account? Chime is a full-featured deposit account. Your account can receive direct deposits and it supports pre-authorized withdrawals and interbank transfers through the Automated Clearing House (ACH) Network.
The bottom line: Chime is an online-only financial technology company that partners with two banks to offer checking and savings accounts. It doesn't work like a traditional neighborhood bank, but its accounts still have FDIC insurance, so they're safe places to keep your money.
Chime has no physical branches and does not charge monthly or overdraft fees, nor does it require an opening deposit or minimum balance to open a free checking account. As of February 2020, Chime had 8 million account holders.
No, Chime is not a prepaid card. When you open an account online through Chime, you get a Checking Account, a Visa debit card, and an optional Savings Account. Chime's debit card is linked to your bank account and a prepaid card is not.
Chris Britt, Co-Founder and CEO of Chime.
Chime Can Help Build Credit History, but It's Not for Everyone. Chime reports account activity to all three credit bureaus. Cardholders looking to build better credit can establish on-time payment behavior and lengthen a credit history. (Note that late payments can still negatively affect a credit score.)
You could potentially raise your credit score in 1 – 2 months. However, it depends on your current score, your financial situation, and how much you want to raise it.
There is no pre-set starting credit limit for the Chime Credit Card. The credit limit for this card depends on the money you decide to move into your Credit Builder Secured account. Chime only gives a maximum credit limit for this credit card, which is $10,000.
Chime isn't a bank in the traditional sense. It's a financial technology firm which offers banking services. It's still covered by FDIC insurance, so it's safe to say Chime is legitimate - and your money is as secure there as it would be in any regular bank.
Chime offers the Chime Credit Builder Visa® Credit Card, a secured credit card issued by Stride Bank. It works differently from other secured cards because you can adjust your credit limit by adding more money to your card, much like a prepaid debit card.
If you are looking for an online-only, low-cost, and convenient banking system, Chime is the best option. In addition, it is excellent for people with paychecks. But if you need a bank to make frequent direct deposits or need several accounts, choose a traditional bank.
Savings when you spend
Save money every time you make a purchase or pay a bill with your Chime Visa® Debit Card. Save When You Spend automatically rounds up transactions to the nearest dollar and transfers the Round Up from your Checking Account into your Automatic Savings Account app.
Cons Explained
Difficult to make cash deposits: Cash deposits are only possible at retail locations with Chime's cash deposit partners. You may pay a fee for this service. Out-of-network ATM charges: Chime might charge a fee for every out-of-network ATM transaction.
Chime does not accept deposits of any kind from an ATM. You can deposit cash to your Chime Checking Account at over 75,000 other retail locations (like Walmart®, CVS®, and 7-Eleven®). You can make free cash deposits at any Walgreens® location.
Yes, our Credit Builder card can be used to rent a hotel or car! Keep in mind that some rental companies preauthorize a larger payment than necessary in case other charges come up.
Does Chime Reimburse Stolen Money? According to one of their help articles, all disputes are investigated immediately. During the investigation, Chime sends a chargeback request to the merchant. This is a way to ask the merchant nicely to give the money back while the investigation is pending.
Once you open your Credit Builder account, you may experience a temporary credit score decrease. This can sometimes happen because every time you open a new account that will be reported to Credit Bureaus (i.e. Experian, Transunion, and Equifax), your average credit history length goes down.
Chime offers two distinct cards to its members, a debit card and a credit card. Learn more about each, including how they work, what they do, and how you can get in on the action.
Chime's feature SpotMe allows eligible members to overdraft up to $200¹ on debit card purchases with no fees. Whether you need a tank of gas or a cart of groceries, Chime's got your back.
Although Zelle doesn't support Chime or other digital banks anymore, it does accept thousands of traditional banks and credit unions. On the other side, Chime has made a good job with its Pay Anyone feature that is now a better alternative to Cash App, Venmo, Zelle, and even PayPal.
Chime Solutions, a Black-owned business based near Atlanta, is bringing 250 jobs to Charlotte, part of a city initiative to grow the local economy. The company will hire life and health insurance agents earning wages of $16 an hour with potential for bonuses, according to the company.
Why would Chime deny me? Short Answer: You may be denied approval when applying for a Chime bank account. More often than not, it can happen due to a typo on your application. For example, you may have incorrectly typed your SSN or other personal information.
Chime's current success comes from its mobile friendly approach to banking that appeals to cash-strapped millennials. If they want to truly create a “new kind of bank”, however, they still have work to do.