Pros Explained

• Very few fees: There are no monthly fees, overdraft fees, late fees, or interest charged. The only fee Chime charges is a $2.50 out-of-network ATM fee (though the ATM’s owner may also charge you a fee for using it).
• Early direct deposit access: Like some other financial institutions, Chime will make your qualifying direct deposits, including paychecks and government benefits, available to spend up to two days before the scheduled payment date. Similarly, your tax refund may be available up to six days sooner than the date estimated by the IRS.
• Easy approval requirements: Chime doesn’t check your credit score or ChexSystems report for any of its products, so even if you’ve been denied at other banks, you may qualify with Chime as long as you’re a U.S. citizen or legal resident over age 18.
• Handy automated savings tools: You can send 10% of each paycheck straight into your savings account, or round up each debit card purchase to the nearest dollar, saving the difference.
• Unique credit-building secured card: Chime’s secured credit card lets you move money from your checking account to use as a credit limit, rather than requiring a traditional security deposit. You can also use that money to automatically pay off your balance at the end of the month, so you don’t need to come up with more cash. It reports your activity to all 澳洲幸运5官方开奖结果体彩网:three credit bureaus.

Cons Explained

• Mediocre savings interest rate: Chime’s savings account offers a just-OK interest rate. It’s higher than the federal average, but not very close to the 澳洲幸运5官方开奖结果体彩网:best high-yield savings accounts. Plus, its checking account doesn’t offer any interest at all, although this isn’t unusual.
• Low money transfer limits: You can only withdraw up to $515 per day from an ATM, spend $2,500 per day with your debit card, or transfer $10,000 per day to another account ($25,000 per month max). You can only deposit checks up to $2,000 ($10,000 per month max)—a big problem if someone writes you a check for more than that.
• Doesn’t offer joint accounts: You can’t open a Chime account to manage your household finances with your partner or someone else. It’s a solo account for you and you alone.
• Customer complaints on the rise: Complaints started ticking up in mid-2021 and have been rising ever since, with many concerning reports of users being kicked out of their accounts without Chime first returning their funds.
• Some features require direct deposit: If you don’t set up 澳洲幸运5官方开奖结果体彩网:direct deposits into your account, you can’t access features like mobile check deposit, early paycheck access, the Chime Credit-Builder account, fee-free overdrafts, and automatic paycheck savings.

Who Is Chime Best For?

Chime may be a good option if you’ve struggled with the banking system in the past. You can like♒ly qualify for an𒅌 account even if you’ve been denied at other banks as long as you meet Chime’s citizenship, age, and residency requirements. Since it’s an online-only bank, you can access your account anywhere with an Internet connection and even manage cash deposits and withdrawals more easily than at most other online banks. 

It’s also a good choice if you’re looking to 澳洲幸运5官方开奖结果体彩网:build your credit since its securꦓed credit card offers a unique, easy way to grow your score without a credit check and without borrowing any money. Chime could also work well for people who only deal with smaller amounts of money, whereas those who make larger transactions may find themselves bumping up against its transfer limits. Plus, given the recent, concerning reports of problems with Chime, it may be best to keep some funds in a backup account elsewhere anyway. 

Bank Accounts Offered by Chime

Chime’s banking options are relatively ꦦstra♕ightforward. There are only two options for deposit accounts:

• Checking account (required)
• Savings account (optional)

Checking

Chime’s checking account is fairly straightforward without any frills or interest, although it does havܫe a few handy (and some not-so-handy) features. 

First, it’s very light on fees. The only fee Chime charges is an out-of-network ATM withdrawal fee ($2.50), although you may be charged ATM fees by the company that runs the machine. Chime doesn’t even charge overdraft fees; in fact, you can’t overdraft your account at all unl𒈔ess you’ve been approved for Chime’s “SpotMe” service, a fee-free overdraft for charges up to $200. Otherwise, if you try to spend more than your account balance, your charges will just be declined. 

You can move money into your account via standard options like 澳洲幸运5官方开奖结果体彩网:ACH transfer, direct deposit, and mobile check deposits. You can also🍰 deposit cash (a rarity for online accounts, although it’s becoming more common) for free at Walgreens and Duane Reade locations nationwide.

Chime also offers a free instant money transfer service, similar to Zelle, that you can use to pay anyone, even if they’re not Chi😼me users. Otherwise, you can move money out of the account via ACH transfer, withdraw cash at an 𒁏ATM, or spend it with your Chime-issued debit card. 

Savings

You can sign up for a Chime savings account when you apply for a checking account. Chime’s savings account is also very fee-friendly, with no minimum balance requirements or tiers to earn different APYs. It offers a decent interest rate—higher than the national average—but it’s not really that impressive. You can easily earn much more than Chime offers by choosing other 澳洲幸运5官方开奖结果体彩网:high-yield savings accounts. 

Chime offers two unique ways to 澳洲幸运5官方开奖结果体彩网:save more money that many people will find helpful, however. You can opt to save 10% of each incoming direct deposit over $500, or you can sign up for the Round Up🌺 feature with your Chime checking account, which rounds each debit card purchase up to the nearest dollar and deposits the differenc💮e into your Chime savings account. 

Chime Credit Card

Chime only offers one additional banking product: a credit-building secured card that can help you grow your credit score—even from scratch, if needed—without taking out any e💎xtra debt.

If you have at least $200 in direct deposits into your Chime checking account each month, you’ll be eligible for the Chime Credit Builder Secured Visa Credit Card. It is a 澳洲幸运5官方开奖结果体彩网:secured credit card and requires you to put up a deposit that becomes your credit limit, but rather than keeping that deposit under lock and key, you can actually use it to make your monthly payment, if necessary. This makes it more flexible than traditional secured credit cards since you choose the am🌊ount of deposit to use to pay off your balance, and you don’t need to come up with twice the amount of cash: once for the deposit, and then more to pay off your charges.

Chime even has automated options to funnel a portion of your income paychecks into your Credit Builder account to refresh your credit limit and pay it off at the end of the month, for a true auto-pilot system. There are no fees and no interest charged since you’ll pay off the card each month; you’ll just need to get used to the idea of managing a checking account and a credit card at the same ti🦄me,🃏 which is part of the learning experience. 

In return, Chime reports your monthly payments to each of the three credit bureaus. Since your credit limit isn’t static like with regular secured cards, Chime doesn’t report a credit limit. That offers the added advantage of allowing you to spend as much as you want without worrying about driving up your 澳洲幸运5官方开奖结果体彩网:credit utilization ratio and dama꧋ging yo🍬ur credit score, unlike with most cards. 

Mobile App

Chime is designed to work primarily through its mobile app, although you can access your account via online banking on its website too. It’s easier to do some things through the mobile app, such as looking for ATMs while you’re out and about, splitting checks with family and friends, or depositing checks using mobile deposit.  

Chime’s mobile apps have exceptionally high ratings on both the Apple and Google Play app stores, where the apps have more than 4 stars after being reviewed hundreds of thousands of times. 

Customer Service

Chime offers a few ways to get ahold of a live representative if you need help, but the best way is just to call and speak with someone—especially if you need to disclose any sensitive account details like your bank account🐬 number or Social Security number.

Customer Satisfaction

Chime has a mixed reputation. In addition to its highly rated app, it also maintains a good 4.19-star rating with the Better Business Bureau, based on thousands of reviews.

However, reports of problems have been increasing with Chime, especially with its checking account. On Trustpilot, the company has a 2.3-star rating based on thousands more reviews, and customers note many difficulties in getting help from customer support when they need it. 

Even more concerning, there’s been a dramatic rise in official complaints lodged by Chime customers with the Consumer Financial Protection Bureau, starting around mid-2021. This was around the time that a came out detailing Chime’s many failures—and the problem only appears to have become worse since then. 

Chime Membership Requirements

Chime is widely available, butꦍ it still places a few limits on who is eligible for an account. 

You’ll need to be at least 18 years old and a 🌱U.S. citizen with a Social Security number. It’s also only available for people actually living in the United States, so if you’൩re otherwise eligible but living abroad, you won’t be able to open an account.

How to Bank With Chime 

As an online bank, Chime only offers two options for opening an account: through its website or its mobile app. In some cases, you may need to provide a photo I.D. such as a driver’s license or passport, and it may be more convenient to🌺 do this via the app.

Chime is unique in that you don’t get a precise choice in which specific accounts you open. Everyone is required to open a checking account before they can access any other accounts, similar to how 澳洲幸运5官方开奖结果体彩网:credit unions may requi✱re you﷽ to open a savings account. During the account sign-up process, you’ll get the option to add on a Chime savings account or credit-builder secured card if you wish. 

Alternatives to Chime 

The Bottom Line

If you’re looking🐻 for a bank that’ll be there every step of the way as you work toward big dreams and goals with your family, Chime—as flashy and🦄 trendy as it is—may not be right for you. That’s especially true if you’re looking for a safe option to bank with, as complaints against the company continue to pile up.

However, if you’ve been denied accounts at other banks, had problems with lots of fees, or struggled to build credit, Chime may be an excellent option compared to your alternatives. It lets you use cash in more ways than most banking apps and has automated, built-in safeguards to guide you toward good banking and credit habits that you can take with you when you're ready to move on to a better bank, such as one with 澳洲幸运5官方开奖结果体彩网:higher savings rates or more account types.