Chime Review – A Bank That Is Flipping Banking on Its Head
- What is Chime?
- How does Chime work?
- How much does Chime cost?
- Chime’s features
- Who is Chime best for?
- Who shouldn’t use Chime?
- Chime pros and cons
- Chime vs. competitors
- The bottom line
What is Chime?
How does Chime work?
- 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
No credit check
How 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
How to withdraw money
How much does Chime cost?
- No monthly account maintenance fee
- $0 minimum balance
- Free access to 38,000 in-network ATMs
- No foreign transaction fees
- No overdraft charges
- 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
- 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
No overdraft fees
No hidden fees
Who is Chime best for?
You want free banking
You’re OK with mobile-only banking
You have direct deposit at work
You overdraft occasionally
Who shouldn’t use Chime?
You prefer physical bank branches
You deposit cash often
Chime pros and cons
Early direct deposit access
No physical banks
Depositing cash is difficult
Chime vs. competitors
|Bank||Monthly fee||Branches||ATMs||ATM fees||Minimum balance|
|Chime||$0||0||38,000||$0 / $2.50||$0|
|Chase||$25||4,700||16,000||$0 / $2.50||$25|
|Bank of America||$25||4,300||16,000||$0 / $2.50||$100|
Chime vs. Chase
Chime vs. Bank of America
How do I reach Chime?
How much do I need to open an account?
Are there really no fees?
The bottom line
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