Upront summary: Is Chime worth it?

Chime is a technology company founded as an alternative to traditional banking systems. It offers one savings account and one checking account with a secured credit card in a mobile app. If you are looking for simple banking services, Chime is a good fit for you. It has no monthly expenditure fees or minimum balance requirements. Its accounts are FDIC insured, which means that your money is safe.

It is essential to note that Chime is not a bank but a financial technology company. It only allows people over the age of 18 years and older.

Tag along to find out all you need to know about Chime.

Chime Company Information

Official website:https://www.chime.com/
Headquarters location:San Francisco, CA, U.S.
Founded:2013
Industry:Financial services
Ownership:Chris Britt (CEO) and Ryan King (CTO)
Contact:1-844-244-6363, support@chime.com
Trust score:High
Social media:Facebook Twitter Instagram

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What is Chime?

Chime is An online financial company that is legit, It offers checking and savings accounts. Users have opportunity to use more than 60,000 fee-free ATMs available.

Chime does not charge users fees when transacting using a card abroad. Still, it does charges users $2.50 per transaction out of network ATMs. You can only deposit money when out of network at the cash deposit partner locations (stores like Walmart, Walgreens, 7-eleven).

You can pay bills using the chime check book feature on their website or app by sending a check. Note that Chime does not give a physical checkbook.

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Chime accounts

Chime has only two account choices available.

  • Savings Account
  • Spending Account (comes with debit card access)

Opening an account with Chime is easy. Head to their website, download their mobile app and fill in some basic personal information.

If you want to share an account with someone, it is not possible because Chime does not offer joint accounts.

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Chime is a legit financial company. Deposits are FDIC insured by The Bancorp Bank or Stride Bank, N.A.; who are FDIC Members, this means that your money is safe. The company uses encryption to safeguard your data. It has two-factor authentication and fingerprint authentication as well.

When your card is lost, and you suspect unapproved usage of your card, disable transactions in your Chime app immediately to prevent new ATM withdrawal, debit, or credit card purchases.

Chime also gives you real-time notifications anytime you use your chime debit card. You have to turn on daily notifications to keep you in the know of what’s happening with your money.

With the rise in online banking scams, Chime educates users on avoiding being scammed.

Chime will never ask for

  • Your personal information (Account number, PIN, and more)by text, over the phone, or by social media.
  • Money for the services provided.
  • Password or username.

Confirm that the social media account is verified before communicating with Chime.

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Is Chime reliable and trustworthy?

FDIC- insured status is crucial for financial organizations. For a customer, there is no additional expense to buy deposit insurance. Should anything happen and the bank fails, FDIC will cover you.

Chime itself is not insured, but its partner banks are.Your funds are insured up to $250,000 via the Bancorp Bank or Stride Bank, N.A.

Chime High Yield saving has a 5.0 out of the five stars. Nerd Wallet gave Chime checking account a 4.0 out of 5 stars.

Chime allows a refund on any purchase you have made; the money has to be sent to the original account that paid it for it. The best way is to contact the merchant directly and request for refund. Once they agree to give you a refund, it could take 3 to 5 business days to get money posted back to your chime account.

You can get customer support 24/7 by emailing the support team or in the Chime app. According to Trustpilot, Chime is rated 4.0 out of a 5.

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Pros

  • Opening an account is free and easy.
  • Making withdrawals with a Chime card is easy.
  • Offers competitive interest as you save.
  • 24/7 Customer support service using the Chime app.

Cons

  • No in-person services.
  • Not all services are free.
  • Some services have spending limits.
  • Some services are available to eligible customers

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How does Chime make money?

Chimes greatest earner is its interchange fee model. Whenever a chime user swipes their Visa card, Its partner dealers pay Chime for payment processing through its network.

Unlike the traditional bank system that charge users for maintenance and many other expenses.

Chime makes money through Visa in the following ways;

  • Visa collects the interchange fee for processing payment from the dealer.
  • Part of the interchange fee is paid out to Chime.
  • Every time you use your Chime card to pay bills and make purchases, the visa interchange fees add up, and Chime gets a part.
  • Chime also earns through interest earned on cash and ATM fees.

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Best alternatives

Chime has a flexible and rewarding mobile app, and it offers great technology and elevated APY. You can explore to earn better rewards with these alternatives.

  • Axos Bank- has better rewards.
  • Quontic- offers better-checking options.
  • Ally- various financial services to choose from.
  • Varo- they have friendly rates.
  • Capital One 360- easily accessible.

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FAQ

Who can use Chime?

U.S. citizens above 18 and members with a valid SSN in the District of Columbia.

After opening a chime account, when do I receive my Visa Debit card?

Your Chime Visa Debit card will be placed in the mail within one day after opening your checking account; however, it might take 5-10 business days for it to arrive at your home address.

Why is chime closing accounts?

When fraud is detected, it is reported to the federal authority. If fraud is found, the account is closed by Chime, and the cash is returned to the government.

Why was I unable to open a Chime spending account?

When you apply for a spending account, Chime uses a third party to confirm the personal information that you entered. The application fails if your personal information cannot be verified.

How much can I have in my chime account?

For every 24 hours, you can make up to three deposits, a maximum of $1,000 every 24 hours and up to $10,000 every month.

What is a chime boost?

A temporary addition in Chime Spot Me Limit by $5, it comes every month users can send up to four SpotMe Boost to friends who have a Chime account.

Can I withdraw $1000 from Chime?

You cannot because Chimes withdrawal limit is $500 in a day from an ATM.

Can I ask for an advance on my paycheck?

Yes, Chime can get you paid up to two days early at absolutely no cost to you or your employer.

How much can I transfer from Chime to cash App?

If your cash App is unverified, the maximum you can send per week is $250, and the maximum you can receive is $1,000 in 30 days.

How long do Chime transfers take?

Bank transfer initiated via the website or the Chime mobile app takes up to five business days from the day it was initiated (federal holidays excluded).

How can I recover my Chime account without an email?

If you cannot remember your email, you need to provide the phone number you used to sign up for the account.

How can I access my Chime account without a phone number?

Go to https://www.chime.com/online-banking/ click “Log in,” then enter your email address and password, hit the “Log in” button.

How do I find my Chime account number?

Go to the website www.chime.com tap Move Money in the mobile app to see your Chime routing number and account number.