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Welcome to the world of Chime®, the financial technology company that’s changing the banking game. Unlike those stuffy traditional banks, Chime offers online banking services through Bancorp Bank, N.A. and Stride Bank, N.A. With over 14.5 million customers and a network of 60,000-plus ATMs nationwide, you never have to worry about managing your money again.
Need to receive direct deposits up to two days early? Easy. Want to earn savings interest, send payments and build credit? No problem. Chime has got you covered.
But wait, there’s more! Unlike those pesky monthly fees and overdraft charges of traditional banks, Chime doesn’t charge you a thing – that’s right, nada, zip, zero. And for those eligible customers, Chime offers fee-free overdraft up to $200.
What about people who need to deposit cash often, you ask? No worries there, either. While Chime supports cash deposits at retailers nationwide, typically for a fee.
Here are some highlights:
- Free ATM access and no monthly fees, no service fees, no foreign transaction fees, no minimum balance requirements
- Early direct deposits. Customers can receive paychecks up to two days early.
- Access to 60,000+ fee-free ATMs nationwide.
- With SpotMe®, you can get fee-free overdraft up to $200 (with $200 or more in direct deposits each month).
- Send money to friends and family fee-free (up to a $2,000 monthly limit)
- Disable transactions instantly in the App if your card is lost or stolen
- Free debit card replacement
- Compatible with Google Pay and Apple Pay.
Features not available with Chime:
- No joint accounts. Only individual accounts are allowed at this time.
- Limitations on mobile check services and no physical checks. In order to use mobile check deposits, you must have received a minimum of one qualifying direct deposit of at least $1. You won’t receive a checkbook but you can use the Chime Checkbook feature to have Chime send the checks for you.
Chime also offers additional account types:
- Savings Accounts – This account feature pays only a 2.00% return right now. There are much better options out there. See Wallet Wisely’s list of top savings accounts here.
- Credit Builder – This is a great way to build credit for those with little or no credit history or past credit issues.
Summary
Chime can be a great option if you want a fully digital banking experience with minimal fees. Chime doesn’t check your credit or your ChexSystems profile like most banks do, so it may be a good option if you’ve been turned down for an account elsewhere.
