Summary: Chime is a San Francisco-based financial technology company that provides banking services from its partner banks (The Bancorp Bank, NA or Stride Bank, NA, both of which are FDIC-insured institutions). It offers a checking account, a savings account, and a secured Visa credit card.
Chime has no physical locations, but it does have a network of more than 60,000 fee-free ATMs. It also offers 24/7 customer support. Customers can do all their banking online or from their phone using the Chime app.
Chime Products and Services
Here’s a closer look at the products and services offered by Chime:
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Chime Online Checking Account: Chime offers an online checking account for customers who want a no-fee account with no monthly fee, minimum deposit, overdraft fees, or minimum balance requirements. This account doesn’t earn interest, but it does offer other benefits, including early direct deposit, a “SpotMe” program that allows account holders to overdraw up to $200 without fees, and a Chime Visa debit card. In fact, Chime’s checking account made our list of the 10 best free checking accounts available right now.
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Chime High Yield Savings Account: Chime’s High Yield Savings Account offers savers a fee-free way to grow their savings with an interest rate of 2.00% per annum (that’s more than four times the national average savings account rate). This account has no monthly fee and no minimum deposit or balance required. Savers can also round up purchases and automate their deposits to grow their savings over time.
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Secured Visa® Credit Card from Chime Credit Builder: Customers who want to build or improve their credit score can do so with the Chime Credit Builder card. This is a secured credit card with no annual fee and no minimum deposit. No credit check is required to be eligible to use this card, and the customer can set their own credit limit based on the amount deposited into their account.
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Chime Fees
Chime does not charge any fees to open or maintain your account. However, depending on how you use your account, some fees may apply.
Advantages and disadvantages of Chime
If you are considering banking with Chime, consider the following important pros and cons:
Advantages:
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No monthly fees: Chime doesn’t charge monthly fees for its product options, which can be a huge advantage if you’re looking for a fee-free checking or savings account.
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Large fee-free ATM network: Chime offers access to a network of over 60,000 fee-free ATMs, so you can easily access your funds and withdraw cash without incurring ATM fees.
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Early direct deposit: Customers can access their paychecks up to two days early by setting up direct deposit through Chime.
Disadvantages:
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No physical branches: As a fintech company, Chime operates exclusively online and has no physical branches. For those who prefer online banking, this isn’t necessarily a disadvantage, but if you prefer to handle banking matters in person, this is an important factor to consider.
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Limited product offering: Chime offers some basic banking products that may be sufficient for your banking needs, but if you’re investing, exploring savings options outside of a high-yield savings account, or want a wider range of credit card options, this bank may not be the best choice.
Customer service and mobile banking experience
Customers cannot visit a branch for in-person assistance, but it is possible to contact a customer service representative 24/7 by phone or through the Chime app’s live chat feature.
The Chime 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.
Social and environmental impacts
Chime gives back to the communities it serves in several ways. For example, the Chime Scholars Foundation (CSF) 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 committed to financial independence for all. Each changemaker receives support to increase their reach and impact, including financial investments, use of Chime’s brand voice, employee resources, and more.
Chime has also partnered with SBP to assist victims of natural disasters and shorten the time between disaster and recovery in its members’ communities.
Frequently Asked Questions (FAQs)
Is Chime Bank a real bank?
Chime is a financial technology company, not a bank. It provides banking services through its partner banks: The Bancorp Bank, NA and Stride Bank, NA
Is Chime FDIC insured?
Accounts you open through Chime are insured by the FDIC through Chime’s partner banks up to a standard maximum deposit insurance amount of $250,000.
What is Chime’s bank routing number?
The routing number for your Chime account depends on which partner bank manages your account. For accounts managed by The Bancorp Bank, the routing number is 031101279. For accounts managed by Stride Bank, the routing number is 103100195.
How much credit will Chime give you?
Chime offers a secured credit building card with no preset credit limit. Instead, you decide how much money is transferred to your secured account, which then becomes your credit limit.
Who owns Chime?
Chime was founded in 2013 by Chris Britt and Ryan King as an alternative to traditional banking.