About Company
Chime App stands out in the financial technology industry as a leading company that provides innovative online banking services. Established in 2013 and headquartered in San Francisco, Chime operates as a financial technology company rather than a traditional bank. It collaborates with Bancorp Bank, N.A., and Stride Bank, N.A., both Members FDIC, to offer a range of online banking services to its vast customer base.
Key Features
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Extensive ATM Access. Chime provides users with access to a vast network of over 60,000 fee-free ATMs nationwide. This widespread access ensures that Chime account holders can conveniently withdraw cash without incurring additional fees.
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No Overdraft Fee. A standout feature of Chime is its commitment to a fee-free overdraft policy. Eligible Chime customers can benefit from fee-free overdraft protection up to a specified amount, currently set at $200.
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No Monthly Fees. Chime distinguishes itself by not charging any monthly fees. This customer-friendly policy ensures that users can enjoy the benefits of online banking without the burden of recurring charges, contributing to a more cost-effective banking experience.
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No Minimum Deposit. Chime eliminates barriers to entry with no minimum balance required. This inclusive approach allows individuals to open and maintain a Chime account without the need for a minimum balance, making banking accessible to a broader audience.
Pros and Cons
Pros
Cons
Reliability
Yes, Chime is a reliable online banking platform. As a legitimate financial technology company, Chime has banking services provided by reputable partner banks, namely Stride Bank, N.A., and The Bancorp Bank. These partner banks provide FDIC insurance on up to $250,000 in Chime accounts, offering customers the assurance that their deposits are protected up to the specified limit.
Products
Chime offers a range of innovative financial products designed to simplify and enhance the banking experience for its users. The Chime Checking Account provides a fee-friendly option with features like SpotMe for fee-free overdraft up to $200. The Chime Savings Account, linked to the Checking Account, includes automated savings tools such as Round Ups and Save When I Get Paid to help users effortlessly grow their savings.
Chime Visa Debit Card
Chime issues a Visa Debit Card to its account holders, providing a user-friendly and fee-friendly payment solution. The Chime Visa Debit Card is linked to the Chime spending account, offering a seamless and convenient payment experience for both online and offline transactions. With no monthly fees or maintenance fees, users can make purchases, withdraw cash from over 60,000 fee-free ATMs nationwide, and receive real-time transaction alerts. This card enhances flexibility, allowing Chime users to manage their finances with ease while enjoying the convenience of a widely accepted payment method. The absence of monthly fees aligns with Chime's commitment to providing a transparent and accessible banking experience for its account holders.
Chime Credit Builder Secured Visa Credit Card
The Chime Credit Builder Secured Visa Credit Card is designed to provide users with a straightforward and cost-effective method to build or rebuild their credit. With no annual fee, interest, or minimum security deposit required, it offers a hassle-free way to start building credit. The application process doesn't involve a credit check, making it accessible for a wide range of users. Chime reports credit activities to all three major credit bureaus, helping users establish and enhance their credit profiles over time. Members have experienced an average increase of 30 points in their credit scores. The card can be used for everyday purchases and on-time payments, offering a practical approach to building credit. To qualify, users need a Chime Checking Account and qualifying direct deposit of $200 or more. Additionally, Chime ensures transparency by waiving application fees, annual fees, and card replacement fees, with the only exception being an out-of-network ATM fee if used outside Chime's extensive fee-free network of 60,000+ ATMs.
Chime Checking Account
Chime's Checking Account comes with attractive features, including no monthly maintenance fees, no minimum balance requirements, and no overdraft fees. Users can access a vast network of over 60,000 fee-free ATMs, including MoneyPass ATMs in 7-Eleven, Allpoint, or Visa Plus Alliance ATMs. There is no minimum deposit required to open the account, and it offers the convenience of mobile check deposit. Every eligible member has the opportunity to overdraw their account initially, allowing for up to $20 on debit card purchases and cash withdrawals. Depending on factors such as the member's Chime Account history, frequency and amount of direct deposits, spending activity, and other risk-based considerations, they may become eligible for a higher overdraft limit, extending to $200 or more over time. While the Checking Account does not earn an Annual Percentage Yield (APY), its fee-friendly structure and accessibility make it an appealing choice for users seeking a straightforward and transparent banking experience.
Chime Savings Account
To open a Chime Savings Account, you first need to have a Chime Checking Account. Once your accounts are set up, Chime provides convenient features to help you save automatically. The Round Ups feature makes saving effortless. When you use your Chime Visa Debit Card, Chime rounds up the transaction to the nearest dollar and transfers the difference to your savings account. For example, if you spend $25.50 at the grocery store, Chime will move 50 cents from your checking account to your savings account.
Other credit cards
Other Services Chime Offers
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Chime Get Paid Early. Users can receive their direct deposits up to 2 days early through Chime. By setting up direct deposit, Chime notifies users as soon as their paycheck is available, providing up to two extra days to manage savings and pay bills.
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SpotMe Fee-Free Overdraft. Chime's SpotMe feature allows users to overdraft up to $200 without incurring fees. This fee-free overdraft applies to debit card purchases and cash withdrawals. Users can also increase their SpotMe limit by leveraging Boosts from friends.
Conditions and Requirements
Conditions
Chime offers a fee-friendly banking experience with no minimum balance fees, monthly fees, maintenance fees, direct deposit fees, or overdraft fees. However, users should be aware of a $2.50 ATM withdrawal fee when using an out-of-network machine, and third-party fees may apply. The Chime Savings Account boasts an Annual Percentage Yield (APY) of 2.00%, providing users with an opportunity for high-yield savings. Additionally, Chime provides a Credit Builder Secured Visa Credit Card to assist users in building credit. Chime reports credit activities to all three major credit bureaus, contributing to users' credit history over time. These terms and conditions align with Chime's commitment to transparency and providing a cost-effective banking experience for its customers.
Requirements
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Valid Social Security Number. You must possess a valid Social Security number to proceed with opening a Chime Checking Account.
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Minimum Age Requirement. To be eligible, you must be at least 18 years old. Chime requires individuals to meet this age criterion to open a Checking Account.
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Citizenship or Legal Residency. You must be either a citizen or a legal resident of the United States to qualify for a Chime Checking Account.
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United States Post Office-Recognized Residential Mailing Address. Chime requires users to provide a residential mailing address that is recognized by the United States Post Office.
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One Account Limit. Chime's policy allows individuals to have only one account. Ensure that you do not already have an existing Chime account when applying.
Network of ATMs
Chime offers its users access to an extensive and convenient network of ATMs, providing easy access to their funds without incurring additional fees. The network includes over 60,000 fee-free ATMs nationwide, allowing Chime account holders to withdraw cash and perform various transactions without the burden of additional charges. This widespread network encompasses popular retail locations such as Walgreens, 7-Eleven, Target, Circle K, and CVS Pharmacy, ensuring that users can access their money when needed at familiar and accessible locations. Chime's commitment to providing a large and fee-free ATM network enhances the accessibility and convenience of its banking services for its members.
Apps Like Chime
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Accrue Savings is a financial app that focuses on helping users save money. It provides features for automated savings, goal setting, and financial planning, aiming to make saving a seamless part of users' financial routines.
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Aspiration is known for its sustainable and socially conscious approach to banking. It offers features like a spending account, savings account, and cashback rewards. Aspiration aims to align its users' financial choices with environmental and social impact.
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Axos Bank is an online bank that provides a range of financial services, including checking and savings accounts. Similar to Chime, it operates in the online space, offering convenient and fee-friendly banking solutions.
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Capital One 360 is an online banking platform that provides users with checking and savings accounts. It emphasizes a user-friendly experience and offers features such as mobile check deposit, fee-free ATMs, and digital account management.
Editorial Opinion
Important
Methodology
At Finanso, we've carried out a comprehensive analysis of over 50 neo banks, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a neo bank. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional Resources
- Full Chime Account Review
- Chime Mobile App
- Chime Reviews
