Summary: Chime® is a San Francisco-based financial technology company — not a bank — that offers banking services provided by its partner banks (The Bancorp Bank, N.A. or Stride Bank, N.A., which are both FDIC-insured institutions). It offers a checking account, savings account, and a secured Visa® credit card.
Chime does not have any physical locations, but it does have a network of more than 50,000 fee-free ATMs. It also provides 24/7 customer support. Customers can do all of their banking online or from their phones via the Chime mobile app.
Here’s a closer look at the products and services Chime offers:
Chime offers an online checking account with no monthly fees or minimum balance fees. This account does not earn interest, but it does offer other perks.
For example, you can get your paycheck up to 2 days early with direct deposit. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally makes these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Additionally, members can get fee-free overdraft up to $200 with SpotMe® on Debit, an optional, no-fee overdraft service attached to your Chime checking account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime checking account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card.
Qualifying members will be allowed to overdraw their Chime checking account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion.
Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions.
The Chime high-yield savings account is an optional savings account that offers 2.00% Annual Percentage Yield (APY), which is nearly five times the national average rate for savings accounts. Note that a Chime checking account is required to be eligible for a savings account. The APY for the Chime savings account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. There is no minimum balance required. You must have $0.01 in savings to earn interest.
This account also offers “Round Ups,” which automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime checking account to your savings account.
For account holders who wish to automate their savings, Chime also offers a “Save When I Get Paid” feature, which automatically transfers 10% of your direct deposits of $500 or more from your checking account into your savings account.
Customers looking to build or improve their credit score can do so with the secured Chime Credit Builder Visa® Credit Card (a Chime checking account is required to apply).
The Credit Builder card is a secured credit card, not a debit card or a prepaid card. Members fund their Credit Builder secured account by transferring money into it via their checking account. Then, members will use their Credit Builder card on everyday purchases. With Safer Credit Building feature turned on, the money members have moved into the Credit Builder secured account will be used to automatically pay off the balance on their secured credit card.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank, N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Secured Chime Credit Builder Visa® Credit Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank.
See our picks for the 10 best online banks in 2024>>
If you’re considering banking through Chime, here are a few of the major pros and cons to consider:
Pros:
-
No monthly fees: Chime doesn’t charge any monthly fees for its deposit accounts.
-
Large fee-free ATM network: Chime provides access to a network of more than 50,000 fee-free ATMs.
-
Early direct deposit: Customers can access their paychecks up to two days early by setting up direct deposit through Chime.
Cons:
-
No physical branches: As a fintech company, Chime operates solely online and has no physical branches. This isn’t always a drawback for those who prefer online banking. However, if you prefer to resolve banking issues in person, this is an important factor to consider.
-
Limited product offerings: Chime offers a few basic banking products, which may be enough to cover your banking needs. However, if you’re looking to invest, explore savings vehicles outside of a high-yield savings account, or want a larger variety of credit card options to choose from, this bank may not be the best fit.
Customers can’t visit a physical branch for in-person help. However, it is possible to contact a customer service representative 24/7 via telephone or the Chime mobile app’s live chat feature.
The Chime mobile app is available for download for Apple and Android users on the App Store and Google Play — it has an average rating of 4.8 and 4.6 stars, respectively. With the Chime app, customers can check their account balances, pay bills online, transfer money to and from external bank accounts, and more.
Chime gives back to the communities it serves in a few different ways. For instance, the Chime Scholars Foundation (CSF) is a nonprofit organization that awards scholarships of up to $5,000 to low-income students.
The “Chime in for Changemakers” program is a separate initiative that partners with organizations working to champion financial empowerment for all. Each Changemaker is provided with support to increase their reach and impact. This includes financial investment, the use of Chime’s brand voice, employee resources, and more.
Chime has also partnered with SBP to help natural disaster victims and reduce the time between disaster and recovery in its members’ communities.
Chime is a financial technology company, not a bank. It offers banking services through its partner banks: The Bancorp Bank, N.A. and Stride Bank, N.A.
Accounts you open through Chime are FDIC-insured up to the standard maximum deposit insurance amount of $250,000 through Chime’s partner banks.
The routing number for your Chime account will depend on which partner bank services your account. For accounts serviced by The Bancorp Bank, the routing number is 031101279. For accounts serviced by Stride Bank, the routing number is 103100195.
Chime offers a secured credit builder card with no pre-set credit limit. Instead, you decide how much money to move into your secured account, which becomes your credit limit.
Chime was founded in 2013 by Chris Britt and Ryan King as an alternative to traditional banking.
