is chime a bank account

Chime Bank · financial technology company offering online banking services to its users with no bank fees, and an option to receive direct deposit up to two days. A wave of digital-first challengers to traditional banks has attracted millions of customers with free accounts and hassle-free sign-ups. Chime SpotMe is an alternative to bank overdrafts. It is specifically targeted at people who deposit their paycheck into their Chime account.

: Is chime a bank account

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Is chime a bank account
Is chime a bank account

The 7 Online Banks Like Chime (Chime Bank Alternatives)

There’s a huge variety of digital challenger banks in America right now. Some might even say that it’s the golden age of mobile-only banking. And, although Chime is one of the most popular ones out there, many people are looking for a Chime alternative. Therefore, we’re going to explore the best online banks similar to Chime.

We found the best digital banks like Chime that offer great features, almost no fees, and have solid customer support. 

One

  • No monthly fees
  • High APY
  • Early payday
  • No ATM fees
  • No minimum deposit
  • Savings pockets
  • Credit line

One is a very young fintech company that was founded in 2019 by Bill Harris and Brian Hamilton, who serves as the CEO. 

One has a checking and savings account that has no monthly fees or minimum balance required. It can earn you 1% APY up to $5,000 and 3% APY on up to 10% of your direct deposit. 

Although some of this may sound confusing, One Finance is really all about simplicity. The One Card is a debit and credit card in one with built-in overdraft protection. And unlike Chime, One’s credit builder program has no fees, no interest, and no paycheck direct deposit required to join. 

Its other features include free ACH bank transfers, Pockets for stashing away money, and access to 55,000 fee-free Allpoint ATMs.

Overdraft protection is a significant revenue generator for other banks. In fact, this income source is built into their business model. Americans paid a whopping $34 billion in overdraft bank of america home loans wichita ks in 2017.

One, on the other hand, offers an optional Credit Line that’s a built-in safety net for your finances. This optional feature is designed to help you access extra money if you need it without being penalized.

The most significant distinction between a traditional Overdraft Protection Program and One’s award-winning Credit Line is that you aren’t hit with multiple per-transaction fees. In fact, you aren’t hit with any overdraft fees.

One keeps customers’ deposits in Coastal Community Bank, an FDIC deposit insurance scheme member. That means that your money is protected up to $250,000.

Read our full One Finance review here. 

Ally Bank

  • Online signup
  • Checking and Savings accounts
  • Stocks & ETFs investing
  • Mortgage
  • Vehicle financing
  • Personal loans

Ally offers much more features is chime a bank account Chime does. Not only can is chime a bank account open a checking and a savings account, but you can also take out a mortgage for a home or a car, a personal loan, or invest in stocks, ETFs, bonds, options, mutual funds, etc.

As you can see, Ally is closer to your typical bank than a digital one. Nevertheless, it’s more flexible and more straightforward at its core than brick-and-mortar banks.

Their Online Savings Account has no monthly maintenance fees or minimum balance requirements, and the interest rate is compounded daily, which is a plus.  

The Interest Checking Account gives you a 0,10% APY for balances under $15k and a 0.25% APY over $15k minimum daily balances. 

You have several options to add funds to Ally’s account. You can transfer money from one of your bank accounts, transfer money from another Ally account, send a mail cheque or wire transfer to their postal address, or set up a direct deposit with your employer.

It seems like One isn’t the only digital bank that moved away from charging overdraft fees. Some other banks have started to notice what detrimental effect overdraft fees have on their customers. 

Ally has decided to eliminate overdraft fees entirely. They started off by reimbursing them in early 2020 as a way to help during the pandemic. And now, they are removed completely. 

Their customer service team is available 24/7, which is rare with digital-banking companies. A plus is also the ability to use any Allpoint ATM in the US for free, and you even get reimbursed up to $10 per statement cycle for fees charged at other ATMs nationwide.

Read our full Ally review here or read our Chime vs Ally comparison here.  

Varo Bank

  • First USA Digital Full Bank
  • Partner offers
  • Early direct deposit
  • Overdraft protection
  • No monthly fees
  • Checking account
  • Debit card
  • Savings account
  • Early Direct Deposit
  • $100 Instant Cash
  • Free ATM Withdrawals

2020 was an exciting year for Varo as Varo Money was the first challenger bank in the US to be craigslist corolla nc vacation rentals a national bank charter making it a fully-fledged bank. And now, instead of Varo Money, they’re called Varo Bank.

Varo offers its customers a bank account with no monthly fees and no ATM or overdraft fees, placing every customer on an even playing field with access to all of their services and features.

Apart from a current account, they also offer a savings account with an APY up to 3%, an advance up to $100, and a credit building program. So, very similar to Chime. 

Unlike some traditional banks, there is no minimum balance required for a Varo Savings Account. You need just $0.01 to start earning interest with your online savings account.

All money in your Varo Bank account (checking and savings) is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. The FDIC insures both the deposits you make within your high-yield savings account and any interest you earn.

You can deposit cash at 90k+ Green Dots or transfer money from your other bank accounts. With the open banking feature, you can control all the other financial accounts that peoples bank cuba mo connect to the Varo app.

The Varo app is well-designed and understandable, making each feature easy to access and include in your day-to-day personal banking. On top of the financial elements such as transfers and transactions, Varo also offers various innovative budgeting tools to help customers stay in control of their finances.

Read our full Varo Bank review here or read our Chime vs Varo comparison here. 

MoneyLion

  • Free online account
  • Early paycheck
  • Zero ATM fees at Allpoint
  • Price protection
  • Rewards on spending
  • $250 fee-free overdraft
  • $19.99 /mo Credit Builder Plus
  • $1,000 Credit Builder loan
  • ETFs investing

MoneyLion is a digital banking platform founded in 2013 that’s been offering financial subscriptions and memberships since 2018.

This Chime alternative offers banking, personal finance, and investment services for a monthly subscription fee, leading many to refer to it as the ‘Netflix of finance.’ It really is an all-in-one mobile banking. 

They have almost no fees, apart from the $1 monthly admin fee and a $2.50+ fee for out-of-network ATMs. The good news is, there are more than 55,000 free Allpoint ATMs that you can use. 

If you decide to make regular direct deposits, you can get paid early and get access to up to $1,000 0% APR cash advances every direct deposit period. 

MoneyLion will also be launching a flexible payment plan and crypto investing. For now, you can make use of their fully managed portfolios and auto investing, all with no management fees or minimums. 

They help you choose an investment strategy that suits your needs and supports your goals. The portfolio can be as aggressive or as conservative as you’d like. 

You can take even more control over your portfolio by adding thematic sets of ETFs aligned to specific topics like technology innovation and social responsibility. You can turn your weekly $20 investment into a $1,000 at the end of the year cycle. 

If you want to know exactly where your money is going, MoneyLion has built is chime a bank account so-called personal finance monitor. An easy way to track your financial picture and reduce your financial stress.

When you check your Financial Heartbeat that’s available in-app, you’ll see a heart that pulses and changes colors to reflect your progress. A real-time score from 1 to 10 will let you know what your financial health is like. This makes personal financial planning more accessible and attainable.

And lastly, you can also earn cashback rewards by spending money with your MoneyLion Mastercard. There is a twist, though. The cashback gets added to a fully managed investment account, where you can withdraw it or let it grow.

Check out our full MoneyLion review here. 

Current

  • Free online signup
  • 30-day trial
  • Fast Direct Deposit
  • Free overdraft $100
  • Points and cashback
  • Instant Current transfers
  • Cash deposits at 60,000 stores
  • Free ATM withdrawals
  • Gas hold refunds
  • Mobile check deposit
  • Teen Banking

This next digital bank on our list is a fine alternative to Chime as well. Founded in 2015, its black Visa debit card has been sweeping through social media in the hands of every influencer known to man. 

All kidding aside, Current offers a reliable checking account service designed to add speed and ease to the banking experience while also allowing customers to manage their money more closely. 

Current has a good few things working in its favor. They have a free account and a Premium account that has a monthly fee of $4.99. The Premium account will get you that recognizable black card and access to early direct deposits. You also get 3 savings pots instead of just one. 

Current Premium also allows you to overdraft up to $100 with no overdraft fees when you receive a qualifying direct deposit and enable Overdrive. The only caveat is that you need to receive paychecks via direct deposit of at least $500/m.

The most interesting feature that Current is offering is instant gas hold removal. I know that this authorization by gas stations can be annoying and can sometimes take up to 72 hours to be removed. But I didn’t think it’s so problematic that it would be a selling point for digital banks. 

Current’s Teen banking account costs $36 per year and gives parents complete control and visibility into their kids’ spending habits. It also gives teens financial freedom and teaches them responsibility. 

If you want to engage your teens into doing more chores at home, there’s the chores feature that allows you to set up a list of tasks for them to complete each week. You are in complete control of the payout that they get for successfully or unsuccessfully completing the chores.

Parents get instant notifications for all purchases and can set spending limits, block specific merchants, and pause or replace the card.

Apart from monthly account fees for Premium ($4.99/m) and Teen ($36/y) accounts, there are no notable fees to speak of. In-network ATM withdrawals are free; there are no bank transfer or Current to Current transfer fees, no overdraft fees, and no minimum balance fees.

Read our full Current review here. 

Cash App

cash app
  • No monthly fees
  • No transaction fees
  • No foreign exchange fees
  • Free debit card
  • Stock trading
  • Bitcoin trading

Cash app (before Square Cash) is an extremely popular peer-to-peer mobile payments service that is available in the US and the UK. It was launched in 2013 by Square Inc. and has an incredible 36+ million users, with 7 million owning their debit cards for payments as well.

It offers a relatively simple bank account with basically no fees and the ability to receive direct deposits such as paychecks, and even tax returns up to two days early.

One thing that Chime is missing and that Cash App has is a simple way to buy and sell Bitcoin. In three taps you can have this highly sought cryptocurrency in your account. The same is true for buying stocks. As you’re buying fractions of stocks, you don’t have to be rich to invest in them. In fact, you can invest as little as $1!

For people that love collecting and using coupons at checkouts, there’s good news! Cash App offers plenty of their so-called Cash Boosts. Discount codes that you can only use with your cash app card at supported restaurants, cafes, and shops. 

Boosts have minimum purchase amounts and maximum discount amounts. And you can only have one cash boost active at a time. But you can swap them easily at any time. 

Cash App is a good app for non-demanding users that want to send or receive money quickly. Its additional features like stock and Bitcoin trading only add more value for Cash App’s users.

The huge number of users that the app has accumulated has also attracted plenty of scammers, so you must be vigilant when using it. If you want to read more about common Cash App scams, read our article. 

The Cash App is a great tool to transfer or receive money, without fees, from people you know, first of all. It should not be viewed as a bank account, and you shouldn’t let your money, or at least, a great deal of money, sit on it. 

We like that you can invest in stocks and Bitcoin with little or no fees and that you can spend Bitcoin online or in-store with your free Cash App card.

Make sure to check out our full Cash App review here. 

OnJuno

  • APY of 1.20%
  • 5% cashback on up to $3,000 a year
  • 85,000 free ATM’s across the nation
  • Instant virtual or black metal card
  • Up to 3 free withdrawals per month on out of network ATMs
  • FDIC insured for up to $250,000 through Evolve Bank & Trust
  • Interest compounded monthly and paid monthly

OnJuno is a digital banking platform that is FDIC-backed and offers an annual percentage yield of 1.20% on balances of up to average american savings 2020 on their Metal account and 5% cash back on up to $3,000 a year.

It has two different checking accounts. One is called Basic and is free, and the other one is called Metal because you get a sleek black metal Mastercard if you set up a $500/m direct debit. 

The Basic OnJuno account already looks interesting, but the Metal account has even better perks, including a cool-looking black metal Mastercard branded debit card. Which, of course, comes with Mastercard’s Zero Liability policy that will protect you if someone makes unauthorized transactions.

The main difference between these two digital banking accounts though is the fact that APY stays at the 1.20 percent mark up to $5k and $50k, respectively. That is an outstanding percentage for these kinds of accounts. 

Nevertheless, even when APY falls to only 0.25%, that’s still much much better than the national APY interest rate on savings accounts of meager 0.04%, according to the Federal Deposit Insurance Corporation.

OnJuno is specially marketed towards immigrants and international professionals. Opening an OnJuno account doesn’t affect your credit score, it can be done fast with only your SSN and passport without visiting a branch, and you can deposit your first paycheck remotely from your phone.

Another great feature are cheap money transfers abroad without hidden fees. Something expats will appreciate very much. And, you can earn cashback on top brands when you make these low-cost international transfers. 

From our experience with OnJuno, people that are looking for a high-interest checking account that offers great incentives in terms of cashback and a free black metal card should benefit from opening an OnJuno digital banking account.

Read more about OnJuno in our full review here. 

Essential features a good digital bank has to have 

There are a few things or features that a digital bank should, in our opinion, offer its users.

Digital or challenger banks are disrupting the banking market by offering accounts with little to no fees for ATM withdrawals, money transfers, foreign exchange, and on top of that, no minimum balance requirements. 

No overdraft fees

As we already mentioned earlier in this post, Americans are paying an extreme amount in overdraft fees each year. Big banks rely on are basketball cards still worth money to make money for their shareholders. It’s a corrupt system that needs to be changed, and some digital banks are at the forefront of this important issue. 

It really is immoral to charge a $15 fee simply for going into overdraft one time. These fees also add up quickly, and it is a vicious circle. Luckily a good digital bank will offer no overdraft fees to their customers.

Cheap or free transfers 

Most big banks offer free transfers inside the bank, and some of them charge for transfers to other banks. A good bank won’t charge you for any of these transfers. It will also charge you a reasonable foreign exchange rate without huge markups. 

Sending money abroad also shouldn’t cost an arm and a leg. Luckily, there are digital bank accounts such as Wise that can hold multiple different currencies and will not charge you much for international transfers. 

Cashback 

More and more challenger banks are introducing cashback rewards as a way to lure in customers. It’s a win-win situation for both banks and customers. You spend more with your card but also get something back. 

Free ATM withdrawals

It’s a must to wells fargo bank hours dallas tx a vast network of ATMs that offer free withdrawals. And it’s always nice to see when a bank will reimburse you for out-of-network ATM usage.

Security 

Controlling your debit or credit card from the app is incredibly useful in case you lost it or someone stole it. Things like locking your card and instant notifications are a must and can reduce the damage of losing a card.  

The bottom line

As you can see, there are many online digital banks similar to Chime, and all of them are a great alternative for people who don’t want to use Chime anymore or pirates of the caribbean at worlds end davy jones death all. Most of them tick off all the boxes that an excellent digital bank has to offer. 

Of course, you should do your due diligence and read our full reviews to find out all the ins and outs and see which bank is a good pay my amazon prime credit card for you. 

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Adrian Volenik( Chief Editor )

Adrian Volenik is a fintech enthusiast who loves testing and reviewing digital banking apps and financial products in general. How many digital banking accounts can one man have? Not enough, if you ask Adrian. As his wallet will soon explode if he doesn’t cut back on the number of cards.

Источник: https://topmobilebanks.com/blog/online-banks-like-chime/
Warning

There are recent reports that Chime has been closing and freezing accounts without notifying its customers. We are monitoring the situation and will update this review as facts develop.

Pros Explained

  • No monthly fees – Chime provides simple banking options free lake fort smith weather monthly maintenance or services fees, along with no minimum balance fees. There are also no foreign transaction fees attached to the Chime.
  • No overdraft fees – Many traditional banks charge up to $36 for overdraft fees. Chime offers fee-free overdraft protection through SpotMe, which is available to customers who receive $200 or more in total monthly direct deposits.
  • Early access to direct deposits – Payday is always a good day, but with Chime it’s possible to receive your money up to two days early.
  • Large ATM network – Chime customers have access to more than 60,000 fee-free MoneyPass and Visa Plus Alliance ATMs across the U.S.

Cons Explained

  • Average savings rate – Chime’s savings account earns 0.50% annual percentage yield (APY), which is considered a high-yield rate. It’s much better than what’s offered by almost all traditional brick-and-mortar banks, but compared with other online banks, Chime’s savings rate still misses the mark.
  • Limited services – Chime offers simple banking services, so if you’re looking for a full-service bank with certificates of deposit (CDs), money market accounts, and lending options, you’ll need to look elsewhere.
  • 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.

Who Is Chime Bank Best For?

Chime is a good fit for customers looking for simple banking services with no monthly maintenance fees or minimum balance requirements. Chime allows customers to:

  • Open a savings account with no minimum balance requirement
  • Open a spending account with a debit card
  • Have access to a large ATM network
  • Use their debit card overseas without foreign transaction fees
  • Deposit checks electronically through their mobile phone

What Does Chime Offer?

Chime keeps its service options simple, with only two account choices available.

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

Savings Account

Chime offers only one savings option—a high-yield savings account. Chime’s savings account comes with a savings rate of 0.50% APY, which is good but still lower than the best high-yield savings accounts on the market.

The savings account comes with two optional automatic savings programs, so customers can reach savings goals faster: wholesale t shirt design online When You Spend – When enabled, every purchase you make with your Chime Visa debit card is rounded up to the nearest dollar. The rounded-up amount is transferred to your savings account.

  • Save When I Get Paid – Enrolled customers can automatically transfer a percentage of every direct deposit of $500 or more to their savings account.
  • Depositing cash into your Chime savings account is not a simple process. Customers can either transfer money from their Chime spending account or use the Save When I Get Paid feature.

    Chime Savings Account
    ACCOUNT NAMEMIN OPENING DEPOSITMONTHLY FEEAPY
    Chime Savings Account $0$00.50%

    Spending Account

    Chime’s "checking" account is called a spending account and comes with a complimentary Visa debit card. Though it doesn’t come with traditional check writing privileges, you can write checks using the Chime checkbook feature. You simply choose to pay bills through the checkbook feature, and Chime will send a check on your behalf, up to $5,000, typically arriving in three to nine business days. There’s no limit on how many checks you can send family financial credit union hart mi day. This feature is only eligible for checks mailed to recipients in all 50 states and the Lexus gs 350 f sport slammed of Columbia.

    Customers can use their debit card without paying a fee at more than 60,000 ATMs across the U.S. There are also no foreign transaction fees charged for using your Chime debit card internationally. Unfortunately, using your debit card at out-of-network ATMs can yield a charge per transaction. ATM withdrawals are limited to $500 per day.

    To combat overdraft fees, Chime offers SpotMe, an overdraft protection service that allows eligible customers to avoid overdraft fees on their spending account. SpotMe is available for customers who receive monthly direct deposits totaling at least $200. Chime uses your direct deposit total from the previous 31 days to determine eligibility. Instead of charging a fee, Chime uses your next deposit to cover the overdraft amount.

    Overdrafts through SpotMe are initially limited to $20, but they may be increased up to $200, based on account history and activity.

    Chime Spending Account
    ACCOUNT NAMEMIN OPENING DEPOSITMONTHLY FEEAPY
    Chime Spending Account $0$0None

    Chime Customer Service

    Chime embraces mobile banking as evidenced through its mobile phone app, available on iOS and Android. Through the app, customers can:

    • View accounts
    • Deposit checks electronically
    • Send money to other Chime customers
    • Freeze your card if it is lost or stolen
    • Pay bills
    • Transfer funds between accounts
    • Receive transaction notifications 

    Is chime a bank account offers several ways to contact its customer service when you need help. Besides logging in to the mobile app, customers can also get support from Chime by email (support@chime.com) or by calling 844-244-6363 Monday through Sunday from 3 a.m. to 11 p.m. (CST).

    Chime’s banking services are provided via a partnership with Bancorp Bank or Stride Bank, N.A. Both banks are insured by the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured by the federal government up to $250,000.

    How to Bank Through Chime

    Chime makes it easy to open an account. To get started, simply head to Chime’s website or download its mobile app. You’ll need to enter some basic personal information and set up an online account. There is no credit check associated with opening a Chime account.

    Accounts are limited to people 18 years and older. You must be a U.S. citizen or permanent resident to open a Chime account.

    Verdict

    Chime is a top choice for customers who want simple banking options with few fees and an excellent mobile app for banking on the go. Although Chime has no physical locations, it does have a large fee-free ATM network that will meet most customers’ in-person needs. While its savings account offers a glenview state bank review rate, there are other banks to consider that may offer a higher APY. You'll also want to look elsewhere if you want a full-service bank that offers other products, such as CDs and money market accounts.

    Methodology

    Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking need.

    Источник: https://www.investopedia.com/chime-bank-review-4846500
    Chime Bank Logo

    What if I told you there was a bank that combined the features of a high yield online savings account with the automatic savings of a micro-savings app?

    That’s Chime. If you were building a bank from the ground up, these are the features people care about.

    Chime is a financial technology company. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

    Who is Chime?

    Before we get ahead of ourselves, let’s get the basics out of the way first.

    Chime white-labels the bank services of The Bancorp Bank, the same company that runs the banking services for a litany of private label banks. The Bancorp Bank is FDIC #35444 and has been actively insured by the FDIC since July 2000.

    By “white-label” what I mean is that all the legal aspects of running a bank are handled by Bancorp Bank (NASDAQ: TBBK), Chime layers their services, their cashback, their apps, huron community bank hours. on top of what Bancorp Bank offers. While it uses the banking services of The Bancorp Bank, Chime builds its features and perks on top of the engine they provide.

    The Bancorp Bank powers 100+ private-label non-bank partners and processes $232 billion annually. They’re a publicly-traded company and you’ve probably never heard of them because they run behind the scenes of other banks. They’ve been around since 1999, are FDIC insured, but have zero branches. They’re entirely private label.

    Learn more about Chime

    What does Chime offer?

    Chime offers a savings and checking account (checking is called a Spending Account) as well as a Chime Visa Debit Card. There are no monthly minimum balance requirements, no monthly fees, no overdraft fees (fee-free overdraft up to $100), as well as a fee-free ATM network that includes over 24,000 locations (they use the MoneyPass ATM network).

    When they first launched, the Savings Account didn’t offer much in terms of interest but that changed. As of march 2021, the annual percentage yield on the Chime Savings Account is 0.50% APY.

    One other nice feature – instant processing of your payday check. Some banks hold it a couple of days, for “processing,” but Chime processes it immediately when you set up a direct deposit and can even get it to you first national bank beardstown illinois days early.

    If you activate Automatic Savings, they round up every debit card transaction and transfer that money from your Spending Account into your Savings Account. You can also have it automatically transfer 10% of every paycheck into your Savings Account.

    The only missing ingredient, which they plan to introduce, is photo check deposit via wells fargo bank 1800 number app. You have to deposit it via a third-party app. All other banking features you’d expect are in there (including bill pay electronically as well as the mailing of a check).

    Pros and Cons

    They used to offer $5 to open an account but no more, it’s not as nice of an incentive anyway compared to the hundreds of dollars some banks will give you. Getting your paycheck two days early and no fee overdrafts thomas f wilson paintings to $100 are good perks.

    The only big disadvantage I see is that the Savings Account doesn’t offer much interest, which is far below other online savings accounts. It’s nice that you get automatic savings but this low-interest rate can be a deal-breaker for some. Check deposit via a third-party app is also not ideal but hardly a deal-breaker.

    They also don’t offer some familiar deposit products like Certificates of Deposit or loan products like a mortgage or car loans. No biggie though.

    They use the MoneyPass ATM network and their 24,000 ATMs… but go outside of it and you will be charged $2.50 per transaction.

    Who is Chime for?

    It’s hard to overlook the low-interest rate but if you want a simple, straight-forward bank with automatic savings, no fees, and a debit card – Chime does this.

    They get good marks on their app and their user experience, the only thing dragging down their rating is the interest rate. To be fair though, the difference between 1% and 0% is minor. I’d prefer 1% but you get a few perks in return.

    Considering they don’t charge you anything else, they’re an attractive option if you like automatic savings but don’t want to pay $5/mo to the likes of Digit (depending on how much you save, you could be surrendering that in interest).

    Learn more about Chime

    Recent Changes as of November 2019

    As I mentioned in the yellow box above, Chime recently took away the rewards on their debit card and the $5 sign up bonus. The bonus was never a big influence on whether or not the account made sense but losing rewards was a big blow. We originally had Chime scored at an 85, it wasn’t a 90 because the interest rate was so practically non-existent.

    Without their cash back debit card, I’m not really sure where Chime fits in the marketplace. You’re getting a savings account with roundups on debit transactions to help you save? Your paycheck two days earlier? I’m not really sure where the value is. That’s why the score was lowered to 75.

    Chime Alternatives

    Once you take away the rewards, Chime becomes an online checking account that deposits your paycheck two days earlier than a traditional bank.

    If I needed to pick a primary bank, I’d rather open an account at Ally Bank, get 0.50% APY on my savings account, and just get my paycheck as normal. Ally Bank has no minimums, no maintenance fees, and has an app that lets you do everything you need (like deposit checks through the mobile app).

    If you really want a microsavings app, you could give Acorns a try. They play more on the investing side and they have fees, but they’re worth a look.

    Learn more about Chime

    Chime Bank

    Chime Bank

    Strengths

    • Automatic rounded up savings transfers
    • No fees
    • Fee-free overdraft up to $100
    • No minimum balance
    • 24,000 fee-free ATMs

    Weaknesses

    • Very low interest rate on savings account
    • 3rd party app for check deposits
    Источник: https://wallethacks.com/chime-bank-review/

    Is chime a bank account -

    MoneyLion" width="800" height="450" src="https://www.youtube.com/embed/FoUg3JGA9PI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen>

    • Free online account
    • Early paycheck
    • Zero ATM fees at Allpoint
    • Price protection
    • Rewards on spending
    • $250 fee-free overdraft
    • $19.99 /mo Credit Builder Plus
    • $1,000 Credit Builder loan
    • ETFs investing

    MoneyLion is a digital banking platform founded in 2013 that’s been offering financial subscriptions and memberships since 2018.

    This Chime alternative offers banking, personal finance, and investment services for a monthly subscription fee, leading many to refer to it as the ‘Netflix of finance.’ It really is an all-in-one mobile banking. 

    They have almost no fees, apart from the $1 monthly admin fee and a $2.50+ fee for out-of-network ATMs. The good news is, there are more than 55,000 free Allpoint ATMs that you can use. 

    If you decide to make regular direct deposits, you can get paid early and get access to up to $1,000 0% APR cash advances every direct deposit period. 

    MoneyLion will also be launching a flexible payment plan and crypto investing. For now, you can make use of their fully managed portfolios and auto investing, all with no management fees or minimums. 

    They help you choose an investment strategy that suits your needs and supports your goals. The portfolio can be as aggressive or as conservative as you’d like. 

    You can take even more control over your portfolio by adding thematic sets of ETFs aligned to specific topics like technology innovation and social responsibility. You can turn your weekly $20 investment into a $1,000 at the end of the year cycle. 

    If you want to know exactly where your money is going, MoneyLion has built a so-called personal finance monitor. An easy way to track your financial picture and reduce your financial stress.

    When you check your Financial Heartbeat that’s available in-app, you’ll see a heart that pulses and changes colors to reflect your progress. A real-time score from 1 to 10 will let you know what your financial health is like. This makes personal financial planning more accessible and attainable.

    And lastly, you can also earn cashback rewards by spending money with your MoneyLion Mastercard. There is a twist, though. The cashback gets added to a fully managed investment account, where you can withdraw it or let it grow.

    Check out our full MoneyLion review here. 

    Current

    • Free online signup
    • 30-day trial
    • Fast Direct Deposit
    • Free overdraft $100
    • Points and cashback
    • Instant Current transfers
    • Cash deposits at 60,000 stores
    • Free ATM withdrawals
    • Gas hold refunds
    • Mobile check deposit
    • Teen Banking

    This next digital bank on our list is a fine alternative to Chime as well. Founded in 2015, its black Visa debit card has been sweeping through social media in the hands of every influencer known to man. 

    All kidding aside, Current offers a reliable checking account service designed to add speed and ease to the banking experience while also allowing customers to manage their money more closely. 

    Current has a good few things working in its favor. They have a free account and a Premium account that has a monthly fee of $4.99. The Premium account will get you that recognizable black card and access to early direct deposits. You also get 3 savings pots instead of just one. 

    Current Premium also allows you to overdraft up to $100 with no overdraft fees when you receive a qualifying direct deposit and enable Overdrive. The only caveat is that you need to receive paychecks via direct deposit of at least $500/m.

    The most interesting feature that Current is offering is instant gas hold removal. I know that this authorization by gas stations can be annoying and can sometimes take up to 72 hours to be removed. But I didn’t think it’s so problematic that it would be a selling point for digital banks. 

    Current’s Teen banking account costs $36 per year and gives parents complete control and visibility into their kids’ spending habits. It also gives teens financial freedom and teaches them responsibility. 

    If you want to engage your teens into doing more chores at home, there’s the chores feature that allows you to set up a list of tasks for them to complete each week. You are in complete control of the payout that they get for successfully or unsuccessfully completing the chores.

    Parents get instant notifications for all purchases and can set spending limits, block specific merchants, and pause or replace the card.

    Apart from monthly account fees for Premium ($4.99/m) and Teen ($36/y) accounts, there are no notable fees to speak of. In-network ATM withdrawals are free; there are no bank transfer or Current to Current transfer fees, no overdraft fees, and no minimum balance fees.

    Read our full Current review here. 

    Cash App

    cash app
    • No monthly fees
    • No transaction fees
    • No foreign exchange fees
    • Free debit card
    • Stock trading
    • Bitcoin trading

    Cash app (before Square Cash) is an extremely popular peer-to-peer mobile payments service that is available in the US and the UK. It was launched in 2013 by Square Inc. and has an incredible 36+ million users, with 7 million owning their debit cards for payments as well.

    It offers a relatively simple bank account with basically no fees and the ability to receive direct deposits such as paychecks, and even tax returns up to two days early.

    One thing that Chime is missing and that Cash App has is a simple way to buy and sell Bitcoin. In three taps you can have this highly sought cryptocurrency in your account. The same is true for buying stocks. As you’re buying fractions of stocks, you don’t have to be rich to invest in them. In fact, you can invest as little as $1!

    For people that love collecting and using coupons at checkouts, there’s good news! Cash App offers plenty of their so-called Cash Boosts. Discount codes that you can only use with your cash app card at supported restaurants, cafes, and shops. 

    Boosts have minimum purchase amounts and maximum discount amounts. And you can only have one cash boost active at a time. But you can swap them easily at any time. 

    Cash App is a good app for non-demanding users that want to send or receive money quickly. Its additional features like stock and Bitcoin trading only add more value for Cash App’s users.

    The huge number of users that the app has accumulated has also attracted plenty of scammers, so you must be vigilant when using it. If you want to read more about common Cash App scams, read our article. 

    The Cash App is a great tool to transfer or receive money, without fees, from people you know, first of all. It should not be viewed as a bank account, and you shouldn’t let your money, or at least, a great deal of money, sit on it. 

    We like that you can invest in stocks and Bitcoin with little or no fees and that you can spend Bitcoin online or in-store with your free Cash App card.

    Make sure to check out our full Cash App review here. 

    OnJuno

    • APY of 1.20%
    • 5% cashback on up to $3,000 a year
    • 85,000 free ATM’s across the nation
    • Instant virtual or black metal card
    • Up to 3 free withdrawals per month on out of network ATMs
    • FDIC insured for up to $250,000 through Evolve Bank & Trust
    • Interest compounded monthly and paid monthly

    OnJuno is a digital banking platform that is FDIC-backed and offers an annual percentage yield of 1.20% on balances of up to $50,000 on their Metal account and 5% cash back on up to $3,000 a year.

    It has two different checking accounts. One is called Basic and is free, and the other one is called Metal because you get a sleek black metal Mastercard if you set up a $500/m direct debit. 

    The Basic OnJuno account already looks interesting, but the Metal account has even better perks, including a cool-looking black metal Mastercard branded debit card. Which, of course, comes with Mastercard’s Zero Liability policy that will protect you if someone makes unauthorized transactions.

    The main difference between these two digital banking accounts though is the fact that APY stays at the 1.20 percent mark up to $5k and $50k, respectively. That is an outstanding percentage for these kinds of accounts. 

    Nevertheless, even when APY falls to only 0.25%, that’s still much much better than the national APY interest rate on savings accounts of meager 0.04%, according to the Federal Deposit Insurance Corporation.

    OnJuno is specially marketed towards immigrants and international professionals. Opening an OnJuno account doesn’t affect your credit score, it can be done fast with only your SSN and passport without visiting a branch, and you can deposit your first paycheck remotely from your phone.

    Another great feature are cheap money transfers abroad without hidden fees. Something expats will appreciate very much. And, you can earn cashback on top brands when you make these low-cost international transfers. 

    From our experience with OnJuno, people that are looking for a high-interest checking account that offers great incentives in terms of cashback and a free black metal card should benefit from opening an OnJuno digital banking account.

    Read more about OnJuno in our full review here. 

    Essential features a good digital bank has to have 

    There are a few things or features that a digital bank should, in our opinion, offer its users.

    Digital or challenger banks are disrupting the banking market by offering accounts with little to no fees for ATM withdrawals, money transfers, foreign exchange, and on top of that, no minimum balance requirements. 

    No overdraft fees

    As we already mentioned earlier in this post, Americans are paying an extreme amount in overdraft fees each year. Big banks rely on them to make money for their shareholders. It’s a corrupt system that needs to be changed, and some digital banks are at the forefront of this important issue. 

    It really is immoral to charge a $15 fee simply for going into overdraft one time. These fees also add up quickly, and it is a vicious circle. Luckily a good digital bank will offer no overdraft fees to their customers.

    Cheap or free transfers 

    Most big banks offer free transfers inside the bank, and some of them charge for transfers to other banks. A good bank won’t charge you for any of these transfers. It will also charge you a reasonable foreign exchange rate without huge markups. 

    Sending money abroad also shouldn’t cost an arm and a leg. Luckily, there are digital bank accounts such as Wise that can hold multiple different currencies and will not charge you much for international transfers. 

    Cashback 

    More and more challenger banks are introducing cashback rewards as a way to lure in customers. It’s a win-win situation for both banks and customers. You spend more with your card but also get something back. 

    Free ATM withdrawals

    It’s a must to have a vast network of ATMs that offer free withdrawals. And it’s always nice to see when a bank will reimburse you for out-of-network ATM usage.

    Security 

    Controlling your debit or credit card from the app is incredibly useful in case you lost it or someone stole it. Things like locking your card and instant notifications are a must and can reduce the damage of losing a card.  

    The bottom line

    As you can see, there are many online digital banks similar to Chime, and all of them are a great alternative for people who don’t want to use Chime anymore or at all. Most of them tick off all the boxes that an excellent digital bank has to offer. 

    Of course, you should do your due diligence and read our full reviews to find out all the ins and outs and see which bank is a good fit for you. 

    RELATED ARTICLES:

    Adrian Volenik( Chief Editor )

    Adrian Volenik is a fintech enthusiast who loves testing and reviewing digital banking apps and financial products in general. How many digital banking accounts can one man have? Not enough, if you ask Adrian. As his wallet will soon explode if he doesn’t cut back on the number of cards.

    Источник: https://topmobilebanks.com/blog/online-banks-like-chime/

    Chime (company)

    American financial services company

    Not to be confused with Chime Communications Limited or Chime Communications (Australia).

    Chime is an American financial technology company which provides fee-free mobile banking services provided and owned by The Bancorp Bank or Central National Bank. Account-holders are issued Visadebit cards and have access to an online banking system accessible through the company's website or via its mobile apps. Chime earns the majority of its revenue from the collection of interchange fees.[4][5]

    Chime has no physical branches and does not charge monthly or overdraft fees. As of February 2020, Chime had 8 million account holders.[6] Bank accounts provided via Chime's partners are insured up to the standard maximum deposit insurance amount of $250,000.[7][8]

    History[edit]

    Chime was founded by Chris Britt (CEO) and Ryan King (CTO) in 2013 in San Francisco, California as an alternative to traditional banking. The company launched publicly on April 15, 2014 on the Dr. Phil Show.[9] As of 2020, Chime has raised $1.5 billion in private funding.[10]

    In 2018, Chime acquired Pinch, a startup focused on helping millennials and young adults build their credit scores by reporting on-time rent payments to credit bureaus. Pinch's co-founders joined Chime's team as a part of the acquisition.[11]

    On October 16, 2019, Chime experienced a service outage leaving users without access to their deposits. The issue was resolved the next day.[12]

    In January 2020, Chime announced a partnership with the Dallas Mavericks as their jersey sponsor as a part of a multi-year deal.[13]

    In April 2020, in response to the financial strain of the COVID-19 pandemic, Chime announced a pilot program to provide users who e-filed tax returns with the IRS a $1,200 advance on the Economic Stimulus Payment via SpotMe, Chime's fee-free overdraft product. [14] Chime later announced the successful processing of over $375,000,000 in stimulus payments 1 week ahead of the scheduled government disbursement date.[15]

    In May 2021, the company agreed to stop using the term "bank" in marketing per complaints by the California Department of Financial Protection and Innovation.[16]

    Account closures[edit]

    In July 2021, ProPublica published an article detailing Chime's record of closing customer accounts without notice or explanation, sometimes refusing to return customer deposits.[17] Chime has attributed the closures to the accidental byproduct of fraud prevention.[17]

    Funding[edit]

    In August 2021, Chime Financial raised $750 million in a series G funding round, led by investor Sequoia Capital Global Equities.[18] This values the company at about $25 billion.[18]

    Products[edit]

    Chime offers various fee-free banking products, including checking accounts with no minimum balance, an automated savings feature, and early wage access.[19]

    In September 2019, Chime launched SpotMe, a fee-free overdraft service where customers can overdraw their accounts up to $100 without incurring an overdraft fee; once the overdraft limit is reached, purchases will be declined but no traditional negative balance fees charged.[20]

    Chime launched Credit Builder in June 2020, a credit card designed to help consumers build their credit history.[21]

    See also[edit]

    References[edit]

    1. ^Maria Deutscher,"Mobile banking startup Chime lands $485M mega-round at $14.5B valuation". siliconangle.com. 18 September 2020. Retrieved 23 April 2015.
    2. ^"25. Chime". cnbc.com. 16 June 2020. Retrieved 23 April 2015.
    3. ^ abFuscaldo, Donna. "Digital Bank Chime Now Has a Valuation of $5.8 Billion". Forbes.
    4. ^"Online bank Chime is said to near funding at $1.5 billion value". American Banker. Retrieved 2019-12-08.
    5. ^"Chime". Growjo. Retrieved 19 November 2020.
    6. ^Magana, Gregory. "Chime has hit 8 million accounts and is now offering a 1.6% interest rate on savings products". Business Insider.
    7. ^"Home". stridebank.com. Retrieved 2020-07-29.
    8. ^"What type of account is my Chime account?". Chime Banking - Help Center. Retrieved 2020-07-29.
    9. ^McGraw, Phil (April 15, 2014). "Dr. Phil Surprises a Guest Preparing for a New Baby". YouTube.
    10. ^"Chime is now worth $14.5 billion, surging past Robinhood as the most valuable US consumer fintechs". CNBC. Retrieved 2020-11-01.
    11. ^"Mobile bank Chime picks up credit score improvement service Pinch in all-stock deal".
    12. ^Son, Hugh; Rooney, Kate (October 17, 2019). "Mobile bank Chime goes dark for millions of customers as it seeks $5 billion valuation". CNBC.
    13. ^Rader, Doyle. "Dallas Mavericks Announce Multi-Year Partnership With Chime As Jersey Sponsor". Forbes.
    14. ^Son, Hugh (April 2, 2020). "Chime pilots way to get $1,200 stimulus checks to users instantly after talks with Mark Cuban". CNBC.
    15. ^"#ChimeCARES Update: Initial stimulus payments have been received. More on the way. | Chime". Banking Made Awesome. April 10, 2020.
    16. ^"Chime has agreed to stop using the word "bank," after a California regulator pushed back". TechCrunch. Retrieved 2021-05-05.
    17. ^ abKessler, Carson (6 July 2021). "A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers' Money". ProPublica. Retrieved 8 July 2021.
    18. ^ abCorrie Driebusch & Peter Rudegeair,"Chime Financial Raises $750 Million in Latest Funding Round". wsj.com. 2021-08-13. Retrieved 2021-08-23.
    19. ^Green, Rachel. "Chime's recent earnings marks the largest single equity investment in a neobank". Business Insider.
    20. ^"Chime now has 5 million customers and introduces overdraft alternative". TechCrunch. Retrieved 2021-04-07.
    21. ^"US challenger bank Chime launches Credit Builder, a credit card that works more like debit". Techcrunch.
    Источник: https://en.wikipedia.org/wiki/Chime_(company)
    Warning

    There are recent reports that Chime has been closing and freezing accounts without notifying its customers. We are monitoring the situation and will update this review as facts develop.

    Pros Explained

    • No monthly fees – Chime provides simple banking options free from monthly maintenance or services fees, along with no minimum balance fees. There are also no foreign transaction fees attached to the Chime.
    • No overdraft fees – Many traditional banks charge up to $36 for overdraft fees. Chime offers fee-free overdraft protection through SpotMe, which is available to customers who receive $200 or more in total monthly direct deposits.
    • Early access to direct deposits – Payday is always a good day, but with Chime it’s possible to receive your money up to two days early.
    • Large ATM network – Chime customers have access to more than 60,000 fee-free MoneyPass and Visa Plus Alliance ATMs across the U.S.

    Cons Explained

    • Average savings rate – Chime’s savings account earns 0.50% annual percentage yield (APY), which is considered a high-yield rate. It’s much better than what’s offered by almost all traditional brick-and-mortar banks, but compared with other online banks, Chime’s savings rate still misses the mark.
    • Limited services – Chime offers simple banking services, so if you’re looking for a full-service bank with certificates of deposit (CDs), money market accounts, and lending options, you’ll need to look elsewhere.
    • 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.

    Who Is Chime Bank Best For?

    Chime is a good fit for customers looking for simple banking services with no monthly maintenance fees or minimum balance requirements. Chime allows customers to:

    • Open a savings account with no minimum balance requirement
    • Open a spending account with a debit card
    • Have access to a large ATM network
    • Use their debit card overseas without foreign transaction fees
    • Deposit checks electronically through their mobile phone

    What Does Chime Offer?

    Chime keeps its service options simple, with only two account choices available.

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

    Savings Account

    Chime offers only one savings option—a high-yield savings account. Chime’s savings account comes with a savings rate of 0.50% APY, which is good but still lower than the best high-yield savings accounts on the market.

    The savings account comes with two optional automatic savings programs, so customers can reach savings goals faster:

    • Save When You Spend – When enabled, every purchase you make with your Chime Visa debit card is rounded up to the nearest dollar. The rounded-up amount is transferred to your savings account.
    • Save When I Get Paid – Enrolled customers can automatically transfer a percentage of every direct deposit of $500 or more to their savings account.

    Depositing cash into your Chime savings account is not a simple process. Customers can either transfer money from their Chime spending account or use the Save When I Get Paid feature.

    Chime Savings Account
    ACCOUNT NAMEMIN OPENING DEPOSITMONTHLY FEEAPY
    Chime Savings Account $0$00.50%

    Spending Account

    Chime’s "checking" account is called a spending account and comes with a complimentary Visa debit card. Though it doesn’t come with traditional check writing privileges, you can write checks using the Chime checkbook feature. You simply choose to pay bills through the checkbook feature, and Chime will send a check on your behalf, up to $5,000, typically arriving in three to nine business days. There’s no limit on how many checks you can send per day. This feature is only eligible for checks mailed to recipients in all 50 states and the District of Columbia.

    Customers can use their debit card without paying a fee at more than 60,000 ATMs across the U.S. There are also no foreign transaction fees charged for using your Chime debit card internationally. Unfortunately, using your debit card at out-of-network ATMs can yield a charge per transaction. ATM withdrawals are limited to $500 per day.

    To combat overdraft fees, Chime offers SpotMe, an overdraft protection service that allows eligible customers to avoid overdraft fees on their spending account. SpotMe is available for customers who receive monthly direct deposits totaling at least $200. Chime uses your direct deposit total from the previous 31 days to determine eligibility. Instead of charging a fee, Chime uses your next deposit to cover the overdraft amount.

    Overdrafts through SpotMe are initially limited to $20, but they may be increased up to $200, based on account history and activity.

    Chime Spending Account
    ACCOUNT NAMEMIN OPENING DEPOSITMONTHLY FEEAPY
    Chime Spending Account $0$0None

    Chime Customer Service

    Chime embraces mobile banking as evidenced through its mobile phone app, available on iOS and Android. Through the app, customers can:

    • View accounts
    • Deposit checks electronically
    • Send money to other Chime customers
    • Freeze your card if it is lost or stolen
    • Pay bills
    • Transfer funds between accounts
    • Receive transaction notifications 

    Chime offers several ways to contact its customer service when you need help. Besides logging in to the mobile app, customers can also get support from Chime by email (support@chime.com) or by calling 844-244-6363 Monday through Sunday from 3 a.m. to 11 p.m. (CST).

    Chime’s banking services are provided via a partnership with Bancorp Bank or Stride Bank, N.A. Both banks are insured by the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured by the federal government up to $250,000.

    How to Bank Through Chime

    Chime makes it easy to open an account. To get started, simply head to Chime’s website or download its mobile app. You’ll need to enter some basic personal information and set up an online account. There is no credit check associated with opening a Chime account.

    Accounts are limited to people 18 years and older. You must be a U.S. citizen or permanent resident to open a Chime account.

    Verdict

    Chime is a top choice for customers who want simple banking options with few fees and an excellent mobile app for banking on the go. Although Chime has no physical locations, it does have a large fee-free ATM network that will meet most customers’ in-person needs. While its savings account offers a decent rate, there are other banks to consider that may offer a higher APY. You'll also want to look elsewhere if you want a full-service bank that offers other products, such as CDs and money market accounts.

    Methodology

    Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking need.

    Источник: https://www.investopedia.com/chime-bank-review-4846500

    aTimeforCash is reader-supported. We may earn commissions if you buy through our links.

    Ever wonder when your Chime deposits or direct deposits will hit your account?

    There are currently over 27 million online bank accounts open throughout the United States – with Chime being one of the biggest players in the industry so it isn’t a surprise people have questions about how Chime deposits work. (1)

    When it comes to deposits using Chime, these are some important things you should know:


    In This Post:


    1) What Time Does Chime Direct Deposit Hit?

    As a general rule of thumb, direct deposits with Chime will be in your Chime account by 9:00 AM EST on your typical payday. This, however, is the latest you will get your direct deposit with Chime, and often times it will come earlier than that.

    If your employer and their bank process things early enough you could get your direct deposit up to two days prior to your normal payday.

    If this is your first direct deposit with Chime, don’t be surprised if this one is slower with future direct deposits being made into your account often a fair amount faster – possibly up to 2 days faster.

    Below shows the latest you should expect direct deposits in your Chime account by day:

    • Monday: By 9 AM EST
    • Tuesday: By 9 AM EST
    • Wednesday: By 9 AM EST
    • Thursday: By 9 AM EST
    • Friday: By 9 AM EST
    • Weekends & Federal Holidays: No deposits processed
    • Day After Holidays: By 9 AM EST

    2) Does Chime Direct Deposit Early?

    Chime offers the ability for you to receive your direct deposit payments up to 2 days early depending on how quickly your employer and their bank processes things.

    To do this, you need to already have direct deposits established with your employer using your Spending Account. If you haven’t done so yet, this is the first thing you need to do.

    3) How to Setup Early Direct Deposits with Chime (Step-by-Step)

    1) Log in to your Chime account from within the app or online.

    2) Find and select the “Move Money” option to locate your Chime account number and routing number. If you’d prefer, you can alternatively get a pre-filled form sent to you by selecting to have it emailed or by printing or downloading it.

    3) Give your account number and routing number to your employer – or if you have one, give them a pre-filled form.

    4) Verify you are receiving your direct deposits correctly.

    4) Does Your First Direct Deposit with Chime Come 2 Days Early?

    As a general rule, your first direct deposit with Chime will not come 2 days early. However, subsequent direct deposits at least have the potential of being available in your account up to 2 days early.

    How long it takes for you to actually receive your money will depend on how fast your employer and their bank processes things.

    5) How Long Does Chime Direct Deposit Take?

    As a general rule of thumb, your direct deposit with Chime will be available about 3 days after your employer submits payroll to their bank. In many cases, this will result in you getting paid up to 2 days before your actual payday.

    6) Why am I Not Getting Paid 2 Days Early with Chime?

    There are a few reasons why you may not receive your direct deposit 2 days early with Chime.

    The most common reason for you to not get paid 2 days early with Chime is often either your employer or your employer’s bank has processed things too slowly resulting in the delay. 

    Additionally, if your payday falls on a holiday weekend, your payment may be delayed because of it. (2)

    Another potential reason why you may not get paid 2 days early with Chime is that this is your first direct deposit payment with them. If it is, the first one is typically slower but many times subsequent deposits will be at least faster.

    7) Does Chime Direct Deposit on Weekends?

    Chime only direct deposits Monday through Friday and not on Saturday or Sunday. They do not process direct deposits on weekends (no banks do).

    If for some reason your direct deposit was supposed to arrive on the weekend, it will typically arrive the following Monday or whatever the next business day is.

    8) Does Chime Charge for Direct Deposit?

    Chime does not charge a fee for direct depositing money into your account.

    For more information about fees and how to avoid paying them, click here.

    9) How to Know the Status of Your Direct Deposit on Chime

    You can instantly receive a push notification and email when your direct deposit hits your Chime account. (3)

    In order to receive these notifications, you need to enable transactions notifications within your account.

    You can also try contacting Chime to see where your direct deposit is but since Chime doesn’t put a hold on deposits and instantly adds them to your account as soon as you receive them, it is unlikely they will be able to tell you much.

    10) Does Chime Show Pending Deposits?

    Yes, Chime shows pending deposits right on its main screen.

    You can see which deposits are pending based on the color of the dollar amounts. Deposits that are pending are gray in color.

    This makes it fast and easy to see which deposits haven’t hit your account yet.

    Can you mobile deposit checks with Chime?

    11) Does Chime Have Mobile Check Deposits?

    Chime offers free mobile check deposits for members who currently have a spending account.

    However, your eligibility to use mobile check deposits is determined by Chime and is based on your account history among several other factors.

    If for some reason you aren’t able to use mobile check deposits, make sure to contact Chime support to find out exactly why.

    12) How Long Does Chime Mobile Check Deposit Take?

    In general, you should plan on having a mobile check deposit with Chime taking up to 5 business days for it to clear and for those funds to be accessible. This is standard in the banking industry and not specific to just Chime users.

    Mobile check deposits using Chime can vary greatly in the length of time it takes for the transaction to be complete.

    This is due in large part to the fact that there are other banks at play and how fast they process things will also affect the length of time for your mobile check deposit to clear.

    It may be faster than that but it’s always best to plan for the worst and hope for the best.

    13) What Time Does Chime Deposit Tax Refunds?

    Unfortunately, it is impossible to know the exact time that your tax refund will be deposited in your Chime account but at the latest, it should be by 9 AM EST just like a typical direct deposit would be.

    Deposits with Chime are processed in batches so if the processing of the batch is slow or if your tax refund deposit happens to be at the end of the batch, this can affect the exact time you receive it in your Chime account.

    14) What Time Does Chime Deposit Unemployment?

    Unemployment payments should be deposited in your Chime account by no later than 9 AM EST though typically it will be earlier than that.

    Like all deposits with Chime, they are processed in batches so if the processing of the batch is slow or if yours happens to be at the end of the batch, it will determine the exact time you get the unemployment payment.

    15) Can Chime Deposit Personal Checks?

    Yes, you can deposit personal checks into your Chime account by using the Chime App on your smartphone if you have direct deposits set up with your account. This is of course assuming that the check is made out to you and signed by the person who wrote out the check.

    I will show you exactly how to use mobile check deposits step-by-step below.

    16) Can Chime Deposit 3rd Party Checks?

    As a general rule of thumb, bank regulations prohibit 3rd parties from making deposits into other people’s accounts and Chime is no different.

    Of course, someone could pretend to be you assuming they had your bank account information and PIN but it seems like an unnecessary risk when you could just use an app like Venmo or Cash App to take care of sending money.

    17) Can You Deposit a Check at an ATM with Chime?

    Unfortunately, Chime does not accept check deposits at any ATM location. To deposit a check, it is instead recommended that you do so from within the Chime app.

    18) Can You Deposit a Cashier’s Check Into Your Chime Account?

    Yes, you can deposit a cashier’s check into your Chime account. The process of depositing a cashier’s check into your Chime account is nearly identical to depositing any other check into your Chime account.

    19) How Do You Deposit a Check into Your Chime Account? (Step-By-Step)

    To use mobile check deposits using your Chime app, you first must have direct deposits set up with your Chime account. If you don’t, you won’t be able to use the mobile check deposit feature.

    1) Open your Chime app on your smartphone and tap on “Move Money” from the menu at the bottom of the app.

    2) Tap on “Mobile Check Deposit” from the “Add money to Chime” section.

    3) Select which type of check this is by choosing U.S. Treasury, Payroll Provider, or Other. If depositing a personal check, cashier’s check, or money order, choose “Other” to make the deposit.

    4) Use the app to take a photo of both the front and back of the check.

    20) Can You Deposit a Money Order In Your Chime Account?

    Yes, you can deposit a money order into your Chime account. The process of depositing a money order is nearly identical to depositing a check and can be done from within the Chime app.

    21) Can You Deposit Cash with Chime?

    Yes, You can deposit cash with Chime. To deposit cash into your Chime account, bring your cash and your Chime debit card to one of 90,000 retail locations and have a cashier assist you with adding the cash to your account.

    This can be done at Walmart, Walgreens, CVS, 7-Eleven, and many additional national retail chains.

    To find locations near you where you can deposit cash into your Chime account, go into your Chime app, tap on “Move Money” and then choose “Deposit Cash”. On the following screen, tap on the “See locations near me” button.

    22) Can You Deposit Cash at an ATM with Chime?

    You can not deposit cash at an ATM using your Chime account. You can, however, load cash onto your Chime Card at many stores including Walmart, Walgreens, and CVS.

    23) Does Chime Charge to Deposit Cash?

    Chime does not charge a fee to deposit cash. However, the retail locations that you need to go to in order to deposit cash into your Chime account may charge up to $4.95 to do so.

    24) Does Chime Accept ACH Deposits?

    Yes, Chime accepts ACH deposits and in most cases, ACH deposits should be available in your Chime account by no later than 9 AM EST the following morning when the deposit was initiated.

    25) Does Chime Deposit on Holidays?

    Chime does not deposit money into your account on any banking Holidays. This includes New Year’s Day, Martin Luther King Jr. Day, Washington’s Birthday/Presidents’ Day, Memorial Day, Juneteenth, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving, and Christmas.

    26) Does Chime Have a Deposit Limit?

    The only deposit limits with your Chime account involve you depositing cash into your account at retail locations. In this case, you are limited to making 3 deposits or a total of $1,000 every 24 hours or up to $10,000 per month.

    27) Does Chime Have a Direct Deposit Limit?

    Chime does not have a direct deposit limit currently. If you need to deposit a very large sum of money though, I would suggest contacting Chime to ensure there won’t be any issues with doing so.

    28) Is Chime Safe for Direct Deposit?

    Yes, Chime is safe for direct deposits and is FDIC insured for up to $250,000.

    29) Why Did Chime Reject my Direct Deposit?

    In most cases, Chime rejected your direct deposit because it was a loan of some kind and what Chime has deemed to be business-related. Chime states that it is only for personal use and not for business use and consequently it may reject deposits it associates with business use.

    If you aren’t trying to deposit anything business-related, I recommend contacting Chime support to see if there is something else that may be causing the issue.

    30) Does Chime Accept SBA Loan Deposits?

    Despite the fact some people have reported that they have no problem receiving them, Chime officially says they will reject any SBA Loan deposits due to the fact their accounts are meant for personal use and not business use.

    Instead, I recommend joining a bank that is specifically for business owners like Novo or Lili. Both of these banks are online and have some great tools and features for business owners.

    31) Does Chime Accept PPP Loan Deposits?

    Similar to SBA Loans, some PPP Loans are being rejected while others are being accepted. Officially Chime has stated it is meant for personal use and not business use and consequently, it will reject PPP Loan deposits.

    Considering it has accepted some but not others, this has led to a fear amount of confusion amongst business owners using Chime.

    If you are a business owner, I recommend switching away from using Chime and instead use an online bank made specifically for business owners such as NOVO or Lili which both have some great features for business owners.

    In Closing

    Chime makes it super simple to receive deposits in your account.

    They don’t charge a fee and in some cases, you may be able to get your money 2 days earlier than you normally would when using their direct deposit service.

    Setting up early direct deposits is basically the exact same process is setting up any other direct deposit service – you just give your bank account number and routing number to your employer and sign whatever forms they need you to sign and you should be all set.

    References

    1. Ron Shevlin, Senior Contributor, Forbes – https://www.forbes.com/sites/ronshevlin/2020/11/16/how-14-billion-chime-is-dominating-digital-banking-and-all-of-banking/?sh=600e97f82210

    2. Chime – https://help.chime.com/hc/en-us/articles/115001500648-Where-s-my-direct-deposit-

    3. Chime Support, https://help.chime.com/hc/en-us

    Categories Banking, BanksTags Chime, Chime BankИсточник: https://www.atimeforcash.net/chime-deposits/

    Chime Review – A Bank That Is Flipping Banking on Its Head

    The majority of Americans have a bank account. For those who don’t, and even for those who have one but still use alternative financial services such as payday loans and check cashing businesses, using such services can cost them more in transaction fees and make banking a hassle.

    Bad credit and past mistakes in handling a bank account at traditional banks or online banks can lead to banks barring these potential customers from opening a new account for up to five years. The Federal Reserve reports that 6% of people are unbanked and 16% are underbanked.

    The mobile banking app Chime aims to solve this problem by helping people who can’t get a bank account or don’t want one. It doesn’t check if an applicant has bad credit. Instead, it offers them and anyone else a chance to open checking and savings accounts with no fees.

    Chime just isn’t for people who can’t open a bank account elsewhere. Even if you have good credit and have been with your bank for years, Chime’s interest rates, free overdrafts, no hidden fees and other benefits may be enough to convince you to do your banking with it.

    What is Chime?

    Founded in 2013 in San Francisco as an alternative to traditional banking, Chime offers fee-free financial services through a mobile app for iOS and Android, and through its website. It has no physical branches.

    Account-holders are issued a Visa debit card, whose use helps Chime collect most of its revenue. It is paid an interchange fee when the card is used to buy something.

    The basic account Chime offers is a checking account called Chime Spending Account, which comes with a debit card. It has an early direct deposit feature that allows users to get money from their employer up to two days early.

    Chime also offers a savings account called High Yield Chime Savings Account. It currently pays an Annual Percentage Yield, or APY, of 0.50%.

    Neither account has a minimum balance requirement. Chime accounts are insured by the FDIC for deposits of up to $250,000.

    How does Chime work?

    Opening a Chime account online is easy. Start by clicking on the green button at the top, right area of a web page, which should read “Get Started” or “Open an Account,” depending on which page you’re on.

    From there you’ll be asked to fill out eight short online forms that will appear individually as you click through the process.

    The first is simple enough, asking for your name and email address.

    Then separate prompts will ask for your:

    • Date of birth
    • Mobile phone number
    • Home address
    • Password that you create
    • Social Security number
    • Income source
    • Job title
    • Annual income
    • How you’re paid
    • How you heard about Chime

    The information is used to identify you and won’t affect your application, Chime says.

    The final step is checking two boxes agreeing to the user agreements, and then your application is submitted. The whole process should take less than two minutes.

    No credit check

    What Chime doesn’t do is check your credit history for your credit score. It offers what it calls “second chance banking.”

    The banking industry has its own form of credit reporting called ChexSystems. It isn’t a credit bureau like the ones that check if you haven’t paid your credit card bill in months but is a database of closed checking and savings accounts. If you have bad marks on your ChexSystems report, you could be barred from opening new accounts for up to five years.

    Chime says it doesn’t use those reports.

    How to deposit money

    Chime doesn’t have physical bank offices, so depositing money isn’t as easy as visiting your local bank.

    Instead, Chime has a few ways to deposit money:

    • Direct deposit from your employer’s payroll provider
    • Transfer from a linked external bank account
    • Mobile deposit of a paper check
    • Cash deposit at more than 90,000 retailers
    • Chime’s debit card can be used at 38,000 free ATMs across the country through the MoneyPass and Visa Plus Alliance networks

    However, as Chime points out, the ATMs it works with don’t accept deposits of any kind.

    Instead, cash can be deposited at retailers such as Walmart, Walgreens, CVS, Rite Aid, Family Dollar, Dollar General, Circle K, and 7-Eleven. Tell the cashier you want to deposit money to your Chime account at the register, which they’ll enter as a “cash reload.”

    Up to three deposits can be made every 24 hours, up to $1,000 daily and $10,000 monthly.

    Some third-party money transfer services such as these may impose their own fees or limit how often you can deposit cash, Chime warns.

    How to withdraw money

    Chime doesn’t have its own ATMs where customers can withdraw cash, but uses 38,000 fee-free ATMs in the MoneyPass and Visa Alliance networks. The app has an ATM finder to find a free ATM at businesses such as Walmart, CVS, Target, and grocery chains such s Whole Foods, Trader Joe’s, and Safeway.

    Up to $500 can be withdrawn per day at any ATM. If you make a withdrawal outside of its networks, you’ll be charged a $2.50 fee, and the ATM provider may charge an additional fee.

    Cash can also be withdrawn by going into a bank or credit union and giving your Chime Visa debit card to a teller. This is an over-the-counter withdrawal and costs $2.50 per withdrawal, and is limited to $500 daily, just like at a non-network ATM.

    Cash withdrawals can only be from Chime Spending Accounts, and not from its Savings Account. To pull money out of a savings account, you must first transfer it to your Spending Account.

    How much does Chime cost?

    Before we get to the shortlist of fees that Chime charges, here’s a list of the fees it doesn’t charge:

    • No monthly account maintenance fee
    • $0 minimum balance
    • Free access to 38,000 in-network ATMs
    • No foreign transaction fees
    • No overdraft charges

    Chime does charge one fee: $2.50 for withdrawing cash from an out-of-network ATM or an over-the-counter withdrawal at a bank or credit union.

    That’s it. It claims it has no hidden fees, and from what we’ve found, it’s legit.

    Chime’s features

    Chime has two types of accounts, checking and savings. You must have a checking account before you can open a savings account with Chime.

    Each account has its own features, though some overlap. Before we detail some of the many features Chime offers, here’s a breakdown of what the checking and savings accounts have.

    Chime Spending

    This is the basic checking account at Chime. It comes with a Visa debit card that can be used anywhere in the world where Visa is accepted.

    Here are some of the features of the Chime Spending account:

    • No monthly account fees
    • No minimum balance requirements
    • Every time your debit card is swiped, Chime rounds up to the nearest dollar and transfers the round-up from your Spending Account to your Savings Account as a way of automatic savings
    • Mobile app on iOS and Android that support mobile payment such as Apple Pay and Google Pay
    • Fee-free overdrafts
    • Mobile check deposit
    • Free ATMs in its networks
    • Free mobile check deposit of paper checks if you have a payroll direct deposit of more than $200 per month
    • Free debit card replacement
    • Direct deposits arrive two days early

    Savings Account

    The Chime Savings Account pays 0.50 APY. The interest rate is variable, meaning it can change monthly. The average national savings account interest rate is 0.05%, according to Chime.

    Features of the Savings Account include:

    • No minimum balance
    • No fees
    • Purchases on your Chime debit card will automatically be round up to the nearest dollar and the extra change is transferred from your Spending Account into your Savings Account
    • Automatically transfer part of your paycheck into your Savings Account
    • Money can’t be directly deposited into a Savings Account, but can be transferred directly from your Spending Account
    • Early payday
    • Paycheck up to 2 days early

    Setting up direct deposit is easy. When you open a bank account through Chime, it emails you a pre-filled direct deposit form that you can give to your employer.

    No overdraft fees

    Chime doesn’t charge overdraft fees on debit card purchases up to $100 and won’t leave you with a negative balance. Money used to cover the overdraft debit charge is repaid to Chime at your next direct deposit.

    Members qualify for what it calls the SpotMe service by having total monthly direct deposits of $500 or more. Chime accepts optional tips for providing the service.

    SpotMe doesn’t cover ATM withdrawals, Pay Friends transfers, checkbook transactions, or transfers such as Venmo or Square Cash.

    No hidden fees

    As we detailed earlier, Chime prides itself on not charging fees that many banks and banking services do. These include no monthly fees, minimum balance fees, or overdraft fees.

    It uses ATM networks with more than 38,000 fee-free ATMs. Using one outside of the networks costs $2.50 per transaction.

    Mobile banking

    Chime’s mobile app works on iOS and Android devices. The app has more than 135,000 five star reviews in app stores, Chime says.

    The app does everything from tracking your spending and savings to paying friends. You can transfer money, send and deposit checks, pay bills and grow your savings automatically.

    The app can also be used to set real-time alerts so you know instantly when your Chime debit card is used.

    Automatic savings

    Automatic transfers can be set up from a Chime Spending Account to the Savings Account, including from every paycheck.

    When using the Visa debit card tied to your Spending Account, purchases will be rounded up to the nearest dollar and the difference is transferred to your Savings Account. Pay $3.55 for a cup of coffee and $4 is withdrawn from your Spending Account and the 45 cents difference is sent to your Savings Account.

    Mobile payments

    With your Chime Visa debit card, you can make contactless payments from your phone through Apple Pay and Google Pay.

    Chime also has a free mobile payment app called Pay Friends to instantly send money to anyone with a Chime Spending account. Money is deposited instantly and no fees are charged.

    Who is Chime best for?

    People who can’t open a traditional bank account If you have bad credit or have made some banking mistakes that have prevented you from opening an account at a traditional bank, Chime will allow you to open checking and savings accounts.

    Chime doesn’t check credit reports or the ChexSystems database that many banks use to collect information on past clients. Some banks may not allow you to open an account for five years if you have bad marks in its database.

    You want free banking

    Other than the $2.50 fees for using out-of-network ATMs or going to a different bank to pull out your money, Chime doesn’t charge any fees.

    Overdrafts are free. There are no monthly maintenance fees for a checking or savings account. You can open an account with one penny.

    If free banking is what you’re looking for, Chime offers it in many ways.

    You’re OK with mobile-only banking

    Chime doesn’t have physical bank branches. It relies on its mobile app and website to help customers manage their money, and uses direct deposit and 38,000 fee-free ATMs to help them deposit and withdraw their cash.

    If you don’t need to go into a physical bank and don’t mind scrolling on your phone to do your banking, Chime can work well for you.

    You have direct deposit at work

    Many banks have direct deposit from employers, but Chime gives you access to your money up to two days earlier than some traditional banks that have direct deposit.

    This can mean paying your bills on time and having cash in your hand when you need it, instead of possibly waiting for a day or two after payday.

    You overdraft occasionally

    If you try to buy something with your Chime debit card and don’t have enough money in your account, Chime will cover you up to $100. The money that you’re spotted will be deducted from your account when your next direct deposit arrives.

    Customers must have direct deposits of $500 or more each month to be eligible for this service.

    Who shouldn’t use Chime?

    You prefer physical bank branches

    Chime has no physical officers for customers. You’ll have to use its phone app, in-network ATMs and deal with cashiers at some retailers to deposit and withdraw money.

    If you use an ATM outside of its network you’ll be charged a $2.50 fee. Some third-party fees may be charged when depositing cash.

    You can go into a physical bank or credit union to withdraw or deposit cash for your Chime accounts, but that bank will charge you $2.50 for each transaction.

    You deposit cash often

    As we just mentioned, if you want to deposit cash, it could cost you money. Bank of America, Chase, and other banks and banking services will accept cash deposits, as will some retailers, but a $2.50 charge will be made each time.

    Chime pros and cons

    Pros

    • 38,000 ATMs. Chime has more than 38,000 ATMs in two networks. All are in retail stores, so you may have to find a store that’s open at the hour you want to withdraw money, but finding one near you shouldn’t be difficult.
    • No fees. Other than $2.50 fees for using out-of-network ATMs or going to another bank or credit union, Chime doesn’t charge any fees. This includes no overdraft fees if you have direct deposit of $500 per month.
    • Early direct deposit access. With direct deposit from your employer, Chime gives you access to this money up to two days before traditional banks do.

    Cons

    • No physical banks. Chime doesn’t have any physical offices, so you won’t be able to walk in talk with a teller or do other banking in person. You can deposit or withdraw cash at another bank with your Chime Visa debit card, but you’ll be charged $2.50 per transaction.
    • Depositing cash is difficult. Cash can’t be deposited at the ATMs that Chime works with. Some retailers that work with Chime may allow deposits, though they may charge a fee.
    • Transfer limits. Transferring money to Chime through an external bank is limited to $200 per day and $1,000 per month. You may be able to get around that by initiating the transfer at your external bank account, which may have higher limits.

    Chime vs. competitors

    BankMonthly feeBranchesATMsATM feesMinimum balance
    Chime$0038,000$0 / $2.50$0
    Chase$254,70016,000$0 / $2.50$25
    Bank of America$254,30016,000$0 / $2.50$100

    Note: Under ATM cost, the first figure is for in-house or in-network ATMs. The second is for using out-of-network ATMs.

    Chime vs. Chase

    The Chase Total Checking account is one of the biggest competitors to Chime, mainly because Chase is one of the biggest banks in the country.

    A Chase checking account is free by meeting the simple requirement of depositing at least $500 each month. That’s the same amount Chime requires through direct deposit to qualify for its free overdraft protection on debit card charges. Chase even pays new customers $200 to open a checking account with direct deposit.

    For $500 in monthly deposits, you get access to Chase’s 4,700 branches and 16,000 free ATMs. If you want to talk to a teller in person, you can.

    Read a full review on Chase Bank.

    Chime vs. Bank of America

    Bank of America has just as many ATMs as Chase, and about 4,300 branches. It has three types of checking accounts, with the one called Advantage Plus costing $12 per month but the fee can be waived for having direct deposits of $250 per month.

    But where Chime doesn’t charge for overdrafts, Bank of America does, $12 for an overdraft protection transfer.

    If you have more financial needs than basic checking and savings accounts, Bank of America or another large bank may serve you better than Chime.

    Read a full review on Bank of America.

    FAQs

    <faq question="How do I reach Chime?" answer="Not having a physical branch to visit can be a pain in the neck if you have an immediate concern about your Chime accounts. Chime customer service is available through its app or email. It is also available by phone on weekdays from 6 a.m. to 10 p.m. CST, and on weekends from 7 a.m. to 9 p.m. CST. Chime’s phone number is listed on the bottom of its website, as is its social media channels. The website has a blog and FAQ section that may answer some of your questions, though you’ll have to hunt to find some of them. It also has an online Help Center to answer basic questions.

    How much do I need to open an account?

    Technically, $.01 is enough money to transfer to open a checking account at Chime. After that, if you want free overdraft protection of up to $100, you’ll need to have monthly direct deposits of $500.

    Are there really no fees?

    Yes, there are no fees at Chime. The only fee we could find, which Chime points out a few times, is $2.50 for using out-of-network ATMs or another bank to access your Chime accounts.

    The bottom line

    One of the best things we like about Chime is how it helps the unbanked open checking and savings accounts without having to pay fees to do their daily banking.

    The Federal Reserve reports that 6% of people don’t have bank accounts, which is called being unbanked.

    It also found that 16% of people are underbanked, meaning they have a checking or savings account, but they still use alternative forms of banking such as payday loans and check cashing services to do their daily banking. Most of those services, if not all, often charge high fees that can make paying bills and getting cash expensive.

    Chime helps consumers avoid these problems by not charging fees for using its ATMs, mobile app or even overdrawing on an account. And it doesn’t hold bad credit or past banking mistakes against people who want to open accounts with it.

    Even for those who can easily open a bank account elsewhere, Chime may be the best place to put their money for the simple fact that they won’t pay fees for basic services.


    Источник: https://joywallet.com/article/chime-banking-review/

    Chime review - overall score 4.3

    Chime offers three accounts that can help you manage your money in different ways. The first is the Spending Account, which you need to open first. The second is the Savings Account where you can earn returns on your cash. The third is the Chime Credit Builder account, which helps you level up your credit score.

    Chime Spending Account

    There are a few things to know about the Chime Spending Account (essentially a checking account). First, you can only use USD.

    However, if you have set it up, the money spent with the debit card is what the automated saving tool uses to automatically deposit in your saving accounts.

    You receive a notification every time money is spent, ensuring the safety of your bank account. If you suspect something is off with your spending account, you can instantly deactivate it through the Chime app.

    Remember, when you use this account you can spend up to $200 more than your balance, with no overdraft fee. Just be sure to use Chime's SpotMe service. You can remain with a negative balance until you deposit more money or receive your monthly salary.

    Chime Savings Account

    Chime offers a saving account that some say is one of the best online savings accounts. Let's see why, and how it differs from the traditional bank services.

    It shines in its saving services as you can easily set up an efficient savings plan. If you set up the automatic savings program, everything gets deposited here. Let's see how it works.

    The system automatically rounds up your debit card purchases to the nearest dollar and directly deposits the remainder in your savings account. Say you spend $10.75. This is rounded up to $11, meaning that 25 cents get deposited straight into your savings.

    What's nice about this is that if you save more than you wanted to in one month, it's quite easy to draw money back into your debit card account.

    You might be wondering, 'what does the Chime savings account offer me that traditional banks don't in terms of return?' The primary point in their favor is the high interest it pays on your savings. Unlike most offline or online banks, Chime gives 0.50% Annual Percentage Yield (APY) (as of June 17, 2021).

    In comparison, normal financial institutions had an APY of 0.04% at the same time. While these are subject to change regularly, that is a startling difference in the Annual Percentage Yield provided by the Chime savings account.

    Chime Credit Builder

    The last option, the Chime Credit Builder, is highly important to anyone looking to increase their credit score. The important part of this deal indicates you won't get charged for 'loaning' money on this plan as long as the right sum is in deposit.

    What does borrowing money and building a score look like without actually doing it? Well, once you have a checking account set up, you can set up the Credit Builder. Once you have, all you have to do is move a certain amount of money into a separate account.

    When you spend with your Chime Credit Builder card, it shows up as if you are using credit. However, you already have the money in your Chime account. Once the month is over, you will be charged no feeds. Chime immediately lets all relevant authorities know, and your credit score increases.

    Chime Premium accounts

    Chime has no premium accounts.

    Источник: https://brokerchooser.com/digital-banks/reviews/chime

    Newest Chime Promotions, Bonuses, Offers and Coupons: November 2021

    Banking / Banks

    Chime bank promotion

    Chime is a financial technology company that serves as an alternative to traditional banks. It only operates online and offers a simple checking account with no fees and a single savings account. Chime is probably best known for its fast direct deposits, so it might be a good fit if that’s how you get paid. You’ll get your direct-deposited paycheck up to two days earlier than with other banking options.

    If Chime’s free banking perks are not enough, it also lets you earn extra cash for recommending friends. In these challenging economic times, free money is especially nice. And if you can help a friend by turning them on to a banking product you love, that’s even better.

    Chime’s referral bonus offer makes it easy for you to introduce friends and family to its banking services and score up to $1,000 in free cash. Plus, if you are a user of online rewards sites, you can earn bonus points for joining Chime. Read on for all the details.

    Chime Friend Referrals: $100 Bonus

    This Chime promotion is beneficial to you and your friends because you both get $100 if you refer someone who ends up opening a new account. The amount changes frequently so if you’re a Chime user, be sure to check your settings to see what’s on offer. You can earn up to $1,000 in referral bonuses per calendar year for as long as the offer is available.

    To take advantage of the Chime offer, you’ll need to have a Chime bank account. Once you’re set up, follow these steps to begin the referral process:

    1. Log in to your online account or open the mobile app.
    2. Select “Settings” in the upper left corner of the window.
    3. Click or tap on “Invite Friends.”
    4. Create a message or greeting.
    5. Choose friends from your contacts.
    6. Tap or click on “Send.”

    You can also share your customized invitation through social media or on your blog by copying the referral link. On the same Invite Friends page, navigate to the top-right corner and tap on “Share.” Copy the link and paste it to share. If your friend opens an account and receives a direct deposit of $200 or more within 45 days of opening the account, you’ll each get $100. Here are a few more details on the promo:

    • Cash value: $100
    • Minimum deposit to qualify: $200
    • Expiration date: None
    • How to get it: Refer a friend using the customized link mentioned above. If your friend opens an account and receives one direct deposit of at least $200 within 45 days, you’ll each receive a $100 bonus. No Chime coupon codes are necessary.
    • When you’ll get it: After your friend receives the first direct deposit of $200
    • Terms and conditions: Your friend must use the referral link that identifies you as the referrer in order for both of you to receive the Chime bonuses.
    • Monthly fees: None
    • Promotion page:Chime referral bonus offer

    Chime and Swagbucks Offer: 25,000 SB ($250 Value)

    Already use the online survey and rewards site Swagbucks or want to start (it’s free to join)? Swagbucks account holders can claim a bonus 25,000 SB (aka the site’s points) for signing up with Chime and receiving a direct deposit of a paycheck through the app. That’s a $250 value you can redeem for gift cards through the Swagbucks rewards store.

    • Cash value: $250
    • Minimum deposit to qualify: $200
    • Expiration date: Nov 30.
    • How to get it: After logging in to Swagbucks, sign up for Chime with the email address associated with your Swagbucks account via the promotion page and download the app. Then, enroll in direct deposit and receive a direct deposit of a paycheck totaling at least $200 within 30 days of signing up for Chime.
    • When you’ll get it: Up to 70 days after completing the requirements
    • Terms and conditions: You must be a new member to Chime and agree to share your information with Swagbucks in order to claim the points. The qualifying direct deposit must be in the form of an ACH transfer from an employer, payroll provider or benefits payer. Other types of transactions, such as ACH bank transfers, peer-to-peer payments, mobile check deposits and cash deposits, are not eligible. Only one reward per customer is available, and this offer cannot be combined with any other promotional bonuses, including referral bonuses. See the promotion page for details.
    • Monthly fees: None
    • Promotion page:Swagbucks Chime sign-up offer

    Chime and MyPoints Offer: 44,000 Points ($290 Value)

    MyPoints lets you earn points on all your shopping at thousands of top retailers like Target and Walmart. Users of the site can also claim a bonus of 44,000 points when they sign up for Chime, download the app and receive a direct deposit of a paycheck within 30 days of sign-up.

    • Cash value: $290
    • Minimum deposit to qualify: $200
    • Expiration date: Nov 30.
    • How to get it: Log in to MyPoints and sign up for Chime through the offer page using the email address associated with your MyPoints account. Then, download the Chime app, set up direct deposit and receive a direct deposit of a paycheck of at least $200 from an employer, payroll or benefits provider within 30 days of signup.
    • When you’ll get it: Up to 60 days after receiving the qualifying direct deposit
    • Terms and conditions: You must be a new Chime member, and the qualifying direct deposit must be made by your employer, payroll provider or benefits payer by ACH deposit. Bank ACH transfers, peer-to-peer payments, mobile check deposits and cash deposits are some examples of transactions that would not qualify for the bonus, and the offer cannot be combined with any other enrollment bonuses, including referral bonuses. See the promotion page for details.
    • Monthly fees: None
    • Promotion page:MyPoints Chime sign-up offer

    Opening a Chime Account

    Chime makes opening an account simple. Besides needing an internet connection, mobile phone or computer, you’ll need to be at least 18 years old and a U.S. resident. You can apply through the website or by downloading the mobile banking app for iPhone or Android. Chime claims the process only takes a couple of minutes. Here’s what you need to do:

    Step by Step

    1. Fill out your information on the enrollment page.
    2. Enter your name.
    3. Enter your Social Security number.
    4. Add an email address.
    5. You’ll be asked if you’d like to open a linked savings account now or later.
    6. Create a password to log in to your Chime account.
    7. Wait for Chime to verify your information.
    8. Once approved, set up your paycheck as a direct deposit by giving your employer your Chime account number and routing number.
    9. Wait to receive a Chime debit Visa card to make purchases and ATM withdrawals.

    Is Chime Right for You?

    If you do most of your banking online, Chime makes a lot of sense. For one thing, you’ll save money on bank fees.

    You’ll also be able to deposit checks, pay most of your bills and transfer money between accounts through the mobile banking app. The referral bonus adds even more incentive because you can get paid for inviting friends to Chime.

    If you need to write checks or regularly make cash deposits, however, Chime probably wouldn’t be the right bank for you. The bank doesn’t offer paper checks. And while you can deposit cash through a Green Dot location, it will cost you a fee.

    Check back each month for updates and new promotions as they are available. If the bonus offers above don’t seem like a good fit for you, there are also several other banks that are currently offering promotions.

    Julia Gordon contributed to the reporting for this article.

    Information on promotions is accurate as of Nov. 10, 2021. Additional requirements may apply. Offers and terms are subject to change.

    Editorial note: This content is not provided by Chime. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chime.

    This article has been updated with additional reporting since its original publication.

    About the Author

    Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.

    Источник: https://www.gobankingrates.com/banking/banks/best-chime-bank-account-promotions/