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Chime Review

A lot of banks offer a full slate of account options, with various bells and whistles that can make it hard to determine the best fit for your needs. Instead of overloading you with options, Chime keeps it simple with one checking account, one savings account and one secured credit card, all tied up with an attractive mobile app.

This review provides an overview of Chime’s personal banking products. It’s important to note that Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

What we’re watching: As reported by ProPublica in July 2021, recently there have been numerous complaints from Chime consumers regarding sudden account closures. In more than 900 complaints filed with the CFPB since April 15, 2020, customers have reported being denied access to funds in Chime accounts. A Chime statement said that these issues were caused by Chime’s heightened anti-fraud efforts during the Covid-19 pandemic.

Here are the facts you should know about Chime and how its services compare to your other banking options. Account details and annual percentage yields (APYs) are accurate as of August 26, 2021.

Account Basics

Chime Spending Account

Chime’s checking account, known as a Spending Account, prides itself on its lack of fees. It charges no monthly account fees and doesn’t require a minimum balance.

Chime offers a program that accelerates your direct deposits, making them available up to two days early. Once you establish direct deposit into your Spending Account, you’re eligible and can choose to receive your payment up to two days early, as soon as your employer deposits it.

If you receive direct deposits of at least $200 each month, you can enroll in Chime’s SpotMe service. This optional service initially allows you to overdraw your account by up to $20 on debit card purchases without a fee. Chime can increase your SpotMe allowance to up to $200 or more at its discretion based on your account history, direct deposit amounts and frequency, spending activity and other factors. You can check your SpotMe limit in the mobile app. SpotMe does not cover non-debit card transactions.

Need to send a paper check? You can generate one from the Chime mobile app and Chime will send it in the mail for you.

Chime Savings Account

Chime’s high-yield Savings Account offers an 0.50% APY. It doesn’t charge monthly fees or require a minimum balance. There is no cap on the amount of interest you can earn and, as long as you have at least a penny in your account, you’ll earn interest. Citi credit card login payment billdesk is no minimum deposit to open an account, but you must have a Chime Spending Account in order to open a Chime Savings Account.

Chime has two optional programs to make saving money easier.

The Save When You Spend feature allows you to save small amounts when you make purchases. Whenever you use your Chime debit card, Chime rounds the transaction up to the nearest dollar and transfers the difference to your Savings Account. Spend $25.50 at the grocery store? You’ll pay the store for that amount from your debit card, and Chime will move 50 cents from your Spending Account to your Savings Account. It may not seem like much, but if you make a lot of debit purchases, you could see your savings accumulate.

Chime also offers a Save When You Get Paid feature that allows you to set up a recurring transfer of 10% of your direct deposit paycheck of $500 or more from your Spending Account to your Savings Account each time you get paid.

Other Accounts and Services

Chime offers the Chime Credit Builder Card* that’s available without a credit check. If you’re working to build your credit history, you can add money from your Chime Spending Account to your Credit Builder account to spend on your Chime Visa credit card. Chime reports your payments to all three major credit bureaus. The Credit Builder secured card is unusual in that it charges a 0% APR.

You can make free mobile payments to family and friends—whether they are Chime members or not—through Chime’s Pay Anyone peer-to-peer system. There’s a monthly limit of $2,000.

Access on the Go

Since Chime is designed to be used primarily through its mobile app, it offers plenty of features to make mobile banking convenient. Chime is known for its mobile app, which is rated 4.8 out of 5 stars at the App Store and 4.6 out of 5 at Google Play.

The Chime app sends daily account balance notifications and transaction alerts when you make a purchase. You can disable transactions from the Chime app, saving yourself a customer service call if you misplace your card. You can also choose to disable international transactions via the app.

Your Chime debit card works anywhere Visa is accepted, and you can add it to your Apple Pay or Google Pay mobile wallet. You also have access to more than 60,000 MoneyPass, Allpoint and Visa Plus Alliance ATMs. You can check the Chime app to help you avoid incurring out-of-network ATM fees.

If you want to deposit a check to your Chime Spending Account, you can do so via mobile deposit on the Chime app.

If you lose your Chime debit card, you can disable transactions from within the Chime app. Replacement debit cards are free and can be requested in the Chime app.

Pros

  • Simple lineup of free account options
  • Very competitive savings APY
  • Automated savings tools to help improve your habits
  • Early receipt of direct deposit payments

Cons

  • No branches for in-person service
  • Recent customer complaints regarding access to Chime accounts and funds

How Chime Stacks Up

If you’re looking for a full suite of banking services, Chime may not be the best fit for you. But if you’re just getting started on your financial journey and want a user-friendly set of financial tools, facilitated by a multipurpose app, Chime covers the basics well. Its automated savings tools are particularly attractive for customers who want to boost their emergency fund or save for another goal.

A Note on Chime Products

Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

Frequently Asked Questions (FAQs)

All Chime accounts are FDIC insured up to the standard maximum $250,000 per depositor, for each ownership category, in the event of a bank failure, through its partner banks, Stride Bank, N.A. (FDIC# 4091) or The Bancorp Bank (FDIC# 35444).

What happens if someone steals my Chime debit card or makes unauthorized purchases?

Chime debit cards are protected by Visa’s Zero Liability Policy, so you won’t be responsible for purchases made if your card information is stolen.

What is required to open a Chime account?

You need to provide your Social Security number, home address and be a U.S. citizen or resident. You must be at least 18 years old.

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Источник: https://www.forbes.com/advisor/banking/chime-review/

Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder 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 back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you chime bank online access freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

1 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

2 Get fee-free transactions at any MoneyPass ATM in a 7-Eleven location or at any Allpoint or Visa Plus Alliance ATM. Otherwise, out-of-network ATM withdrawal fees may apply.

iPhone is a trademark of Apple Inc., registered in the U.S. and other countries. Apple Pay is a trademark of Apple Inc.

Apple Pay is a trademark of Apple Inc.

Google Pay and Android are trademarks of Google LLC.

© 2013-2021 Chime. All Rights Reserved.

Источник: https://www.chime.com/mobile-banking/

Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder 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 back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

1 Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Spending Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Friends transfers, or Chime Checkbook transactions. See Terms and Conditions.

2 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

3 To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Spending Account within the last 365 days of your application. The qualifying direct deposit must have been made by your employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Most notorious outlaws of the old west transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.

4 Out-of-network ATM withdrawal fees apply except at MoneyPass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM. Other fees such as third-party and cash deposit fees may apply.

5 Based on a representative study conducted by TransUnion®, members who started using Chime Credit Builder in September 2019 observed a median credit score (VantageScore walmart pharmacy rogers ave fort smith ar increase of 30 points by January 2020. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

6 Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. Once you are approved for a Chime Spending Account, see your issuing bank’s Deposit Account Agreement for full Pay Friends Transfers details. Please see the back of your Chime debit card for your issuing bank.See Terms and Conditions

7 The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.

© 2013-2021 Chime. All Rights Reserved.

Источник: https://www.chime.com/

All features may not be available. To see the features available to you, please log in to the Money Network Mobile App and view your navigation menu, or log into your Account online and view your dashboard.

© Money Network Financial, LLC. All Rights Reserved. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. Money Network® Checks and Money Network® Cards are issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc and by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The Money Network Card is accepted everywhere Visa debit cards are accepted.

Google Play and the Google Play logo are trademarks of Google LLC. Apple, the Apple logo, iPhone, and iPad are trademarks of Apple Inc., registered in the U.S. and other countries and regions. App Store north dallas food bank donation a service chime bank online access mark of Apple Inc.


* Funds will be FDIC insured subject to applicable limitations and restrictions of such insurance. Card must be registered to the name of the primary cardholder. See your Account Holder agreement for additional information.

** Visa's Zero Liability policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions. Cardholder must notify issuer promptly of any unauthorized use. Consult issuer for additional details or click here to learn more.

*** Under Mastercard’s Zero Liability Policy, your liability for unauthorized transactions on your Card Account is $0.00 if you notify us promptly upon becoming aware of chime bank online access loss or theft, and you exercise reasonable care in safeguarding your Card from loss, theft, or unauthorized use. These provisions limiting your liability do not apply to debit transactions not processed by Mastercard or to unregistered cards.

1 Certain transaction and service fees and costs may be associated with the use of this feature. See your Fee and Transaction Limit Schedule for more details.

2 Standard message and data rates apply.

3 fcb online banking login access to funds is based on a comparison of our electronic direct deposit policy for ACH deposits versus traditional electronic banking practices and the deposit of paper checks. Direct deposit and faster availability of funds are subject to the payer’s support of the feature and timing of payer’s funding.

4 An Account upgrade may be necessary. If so, we will need to verify your identity and a new fee schedule with different and/or additional fees will apply to your Account. See your Money Network Service Account Holder Agreement or call the number on back of your Card for more information.

5  If you are successfully enrolled in the Ingo Money Service (Ingo Money) through the Money Network Mobile App, you can use Ingo Money to load an approved check into your Money Network account net of any applicable Ingo Fees. Unapproved checks will not be loaded into your account. The Ingo Money service is provided by First Century Bank, N.A. and Ingo Money, Inc (Ingo). Use of Ingo Money is subject to the Ingo Money Service Terms and Conditions and Privacy Policy of Ingo and First Century Bank. Checks are subject to approval for funding in Ingo’s sole discretion; dollar limits and other restrictions apply. Ingo reserves the right to recover losses resulting from illegal or fraudulent use of Ingo Money. Money in Minutes: Ingo Fees are 1% of approved check amount for preprinted payroll & government checks; 4% of approved check amount for other check types; $5 minimum. Approval process usually takes 3-5 minutes, but may take an hour. Most issuers post funds chime bank online access 24 hours. Money in 10 Days: No fee for 10 days delayed funding.

6 Surcharge-free Check cashing is exclusively for Money Network® Checks.

7 Fee may be assessed by reload location and may vary from location to location.

8 Fast access to your tax refund payout is based on comparison of paper check versus electronic direct deposit.

Источник: https://www.moneynetwork.com/

WELCOME TO METABANK'S FRESH, NEW WEBSITE

 Important Notice about Economic Impact Payments ("stimulus check"): For information about your EIP Card (also known as "stimulus card"), please call the number on the back of your card, visit EIPcard.com. For other Economic Impact Payment questions, click here.

MetaBank offers a diverse product suite

The features you've come to expect from MetaBank.com are still here.

Take a few minutes to explore our just-released enhancements.

  • Stay informed and get connected: Want the latest fraud alerts? New product updates? Invitations to "Chat with the Expert" events? Click "Get Connected" to see our information hub, compiled just for you.
  • Simplified card sales: Click the "Cards" icon to buy MetaBank prepaid cards and apply for MetaBank personal credit cards online, day or night.
  • Better calculators: Need help calculating a mortgage or estimating your business valuation? Click on "Tools & Calculators" to see MetaBank's reorganized selection.
Источник: https://www.metabank.com/

Welcome to Stride Bank, N.A.

Local Relationships. Global Possibilities.

About Us
Home Loans

Home Loans

Home ownership is a major driver of economic activity and, in many cases, is the most significant investment you will make. Stride Bank has been providing home financing solutions for over 100 years.

Learn More
Trucking & Heavy Equipment

Trucking & Heavy Equipment

Without the vehicles you need, chime bank online access business is bound to stall out. Stride Bank has more than 25 years’ experience in meeting the needs of trucking companies and businesses in the construction and excavating sectors. Our Transportation Loans can’t be beat.

Learn more
Commercial Real Estate

Commercial Real Estate

We at Stride Bank understand the specific investment objectives and unique borrowing needs of property owners. Our Commercial and Real Estate Loans put out the welcome mat for your business goals.

Learn More
Healthcare Banking

Healthcare Banking

Change is constant in our world. Nowhere is the pace of change more evident than in medical and healthcare regulations and market conditions. At Stride Bank, our Healthcare Lending Team has more than 20 years of experience in prescribing solutions to help you achieve the best financial outcomes.

Learn More
Farm Loans

Farm Loans

Whether you are a fifth generation Oklahoma Farmer or Rancher or just getting started, Stride Bank has loan and deposit products to help you produce success in the field. Our Agriculture Lenders understand your business because they are Agriculture Producers too.

Learn More
Commercial & Industrial Loans

Commercial & Industrial Loans

We make it our business to know your business. For over 100 years, Stride Bank has helped local businesses grow and achieve their financial objectives. Our custom-tailored solutions reflect our understanding that each company has unique needs and circumstances. Let one of Stride Bank's Commercial Lending experts help you take the next step in growing your business.

Learn More

Stride Pay

Introducing the quicker way to pay. Click, Click, Pay!

Learn More
Источник: https://stridebank.com/
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 americas next top model where are they now 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 chime bank online access 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 costco near san jose ca 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

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, chime bank online access 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 nyc public school holidays 2020 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 chime bank online access 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 food assistance in kalamazoo mi 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 transfer prepaid card to bank account 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. 

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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/

Chime bank online access -

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. 

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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/

Everything You Need to Know About Banking With Chime

Americans absolutely love using their smartphones to take care of everyday business. For example, even before the pandemic of 2020 confined millions to their homes, consumers were doing an increasing amount of online banking. The increase is simply because of mobile’s ease and convenience.

​​The Rise of Online Banking in the U.S.

Once Covid-19 broke loose, however, the rise in demand for “touchless” payment solutions instantly gained a great deal of steam. Consumers became understandably wary of writing or receiving handwritten checks or handling paper currency and coins that came from no-one-really-knows-where.

Many turned to online banking institutions to solve one problem — enabling a more comprehensive range of touchless payments — and stuck around once they experienced the increased convenience, competitive interest rates, and the absence of annoying account maintenance fees.

Online Banking Today

Today, digital banking represents a strong option for those looking to open a second or third account. Still, it also serves the interests of lower-income consumers who have been turned down by traditional brick-and-mortar banks or (worse) had their economic struggles compounded by overdraft fees, minimum balance requirements, and extended delays on deposit availability.

While it may be difficult for some to develop trust in a banking solution that does not offer any face-to-face branch locations, most consumers appear to be willing to part with a physical presence in exchange for what they really want — a free, no-hassle banking experience.

Today, online banking has developed to the point that many who initially opened an online account as a secondary instrument wonder whether they need to maintain their other accounts. As a result, more than 196 million Americans now use digital banking solutions, which is predicted to exceed 200 million in 2022. As you might expect, digital banking solutions are particularly popular with younger consumers who grew up in the age of the internet.

Banking with Chime in a Nutshell

Chime offers individual consumers a serious, customer-focused challenge to traditional accounts. This includes the checking account, savings account, and Visa debit card services through its partner banks. But, first, you just have to get used to the idea of a banking relationship that does not include brick-and-mortar branch locations.

If you can do that, you might do well to consider joining more than 12 million customers who agree that the tradeoff is more than worth the absence of banking fees. Customers also indicate that they appreciate having the opportunity to establish or improve their credit rating. Additionally, they can effortlessly build up a savings account.

Background Information

For starters, Chime is not technically a bank. Instead, it’s a financial technology (fintech) company. It was founded in 2013 by CEO Chris Britt and CTO Ryan King on the relatively simple idea that online financial mechanisms had evolved to the point where there was no longer any reason that routine banking services should be anything other than helpful, simple, and, best of all, free.

The people at Chime believe that their success stems from profiting alongside members instead of profiting from them.

Chime has leveraged its fintech expertise to develop a financial model for the banking industry that doesn’t rely on overdrafts, monthly service, minimum balance, or other bothersome fees to shore up its bottom line. Instead, it partners with regional banks to offer financial products that center on a customer-first approach.

Because it does not build, operate, staff, or insure any branch locations, Chime can provide competitive, low-cost checking, savings, and debit card products to consumers who aren’t finding what they need at traditional banks or just want the added convenience and ease digital banking offers.

Additional Background Information

Of course, customers do well to keep in mind that the “no branch locations” edge has the potential to cut both ways. It provides a cost-cutting advantage that many customers will readily appreciate. Still, it may not appeal to those who place a high value on face-to-face contact with a local banking professional.

Assuming that you don’t spend a lot of your spare time chatting up bankers and don’t mind the absence of a bricks-and-mortar branch location, this might just be a good bet for meeting your basic banking needs at little to no cost.

Before jumping in with both feet, potential customers must know what they can and cannot expect. Chime excels at giving its customers a single checking account, one savings account, and a Visa debit card. It also offers a secured credit card known as Credit Builder as well. If that’s all you need to take care of your routine financial transactions, then you’re in business.

On the other hand, you should be aware that you won’t be allowed to open a joint account. Chime also does not offer any accounts for small businesses, nor does it provide any of the investment or wealth management services you might expect from your local bank.

The company prides itself in specializing in making financial services available to consumers who need access to basic banking services. Still, neither has to have a strong credit history nor is trying to establish one.

As a result, Account-holders gain access to the world of financial services without having to worry about getting repeatedly hit with fees or other restrictions. In addition, they seek to “drive innovation, inclusion, and access” across the financial services industry by moving all of their services online.

Digital Banking with Chime: A Simplified Decision-Making Matrix

An account might be an excellent choice for your individual banking needs if:

  • You need basic individual banking services but have little or no credit history.
  • You prefer to manage day-to-day financial transactions using your smartphone.
  • Your checking account balance often drops below $100.
  • You want to set up a direct deposit arrangement with your employer.
  • You’d like to be able to spend your paycheck a few days earlier than usual.
  • You could use a little help building up your savings account.
  • You’re tired of being hit with miscellaneous banking fees.

Below probably isn’t for you if you:

  • Place a high value on face-to-face customer service and branch offices.
  • You don’t need a checking account, just savings.
  • Are looking for advice on wealth management.

Mission Statement

Chime was founded in 2013 on a core commitment of providing its customers with increased financial access and peace of mind. The founders see digital banking as the obvious future of finance. And, they are betting heavily that creating a new type of online bank account will help its members get ahead and represent a powerful win-win solution.

The overall goal is to make money management simple, secure, and helpful for an increased number of consumers.

Chime’s mission extends to its corporate ethos as well. Management believes that it’s possible to create a digital assets company where people love to work and do their personal banking. As a result, Chime operates with a high value placed on transparency, relationships, growth, and impact.

Why Consumers Might Be Interested in Digital Banking Services

Chime endeavors to keep things simple by offering its customers a single checking account, one savings account, and a Visa debit card. They also provide a specialized account called the Credit Builder for those with previous credit-related issues or people wanting to build or improve credit.

You can readily see this philosophy of simplicity reflected in the application process and the design of the website and its smartphone app for iOS and Android. Unlike other online financial services, it’s difficult to imagine anyone getting lost or confused by any of the customer-facing interfaces.

Simplicity and Convenience

This level of simplicity in banking might not appeal to every customer, of course. But, keeping everything simple also allows Chime to tie all account holder activity up in one intuitive, easy-to-use smartphone app.

In essence, accounts represent the logical next step for accessibility. Of course, this is a given since consumers take care of an increasing number of day-to-day financial activities using their smartphones.

The app is specifically targeted at people who prefer more convenient options. These include taking care of their banking and financial transactions on the go. Therefore, Chime took pains to design its app such that it is simple and easy to use. And, it’s free of legalese and other complications.

The app automatically delivers account balance information every day and notifies the account holder whenever a transaction takes place. Messaging is clear, unambiguous, and concise, allowing account holders to get back to whatever they were doing quickly.

Digital Accounts Explained

The Spending Account for Checking

  • Chime checking accounts don’t incur most fees.

    Unlike other free checking accounts, this checking account, or “Spending Account,” requires no minimum balance. One of its more popular features is the absence of most fees usually associated with traditional checking accounts.

    The only fee that may occur is one for the use of out-of-network ATMs. For many consumers, the absence of most checking account fees is the primary source of great appeal.

    • In 2019, traditional banking institutions charged more than $11 billion in checking overdraft fees. In addition, there is an exponential and ongoing increase in online purchases and the tech-heavy development of the digital economy. Consequently, Chime does not see much future for the willingness of customers to continue to accept this traditional banking practice.
  • Direct deposits are available for spending sooner than usual.

    Many traditional banking institutions hold direct deposits, like paychecks, tax refunds, and more. This can last upwards of five to seven days. However, for consumers relying on their direct deposit checks to pay bills, just a day or two can make all the difference between meeting obligations in a timely fashion or getting hit with yet another overdraft fee.

    Aware of this all-too-common problem, Chime allows its account holders to speed up the process. Once an account holder has set up their Spending Account for direct deposit, those funds can be withdrawn as soon as they are deposited without the standard “clearing” delay.

  • Bonus: Depending on customer transaction history, paychecks can also be made available when an employer initiates a direct deposit transaction instead of waiting for that transaction to appear. For customers, this can mean having the ability to access funds several days ahead of what they’ve been accustomed to with a traditional bank.
  • Spending Accounts allow for small overdrafts without fees.

    Comedians have made plenty of jokes based on the real-world oddity of a bank charging overdraft fees to customers they are perfectly aware have no money. For account holders struggling to stay afloat, though, these fees are no joke. Spending accounts can be set up to make sure this doesn’t happen.

    Suppose an account holder receives $200 or more in direct deposits every month, making them eligible to apply for the innovative SpotMe service. The SpotMe service will automatically cover up to a $20 overdraft on the debit card without charging a fee. As account holders build up their account and direct deposit history, the amount of overdraft protection can be raised up to $200. SpotMe limits are posted in the app but only cover debit card transactions for now.

  • Yes, paper-based checks are still a thing.

    The Spending Account is ideal for anyone interested in gradually moving away from manually writing out paper checks to pay bills. Still, there are at least a few instances when having the ability to cut a check is necessary.

    A Spending Account holder can use the smartphone mobile app to cut a paper check and mail it directly to the intended recipient. Over time, this service can help consumers transition entirely away from the hassle and expense of ordering, writing, and mailing checks.

The Savings Account

  • Savings accounts also don’t charge any fees.

    Many consumers are familiar with banks that require a minimum deposit in savings accounts to avoid monthly recurring fees. Chime does away with minimum balances and fees on its savings accounts. Significantly, they also provide customers with tools to help them build up their savings account with little to no effort. (See below.)

  • There are services to help consumers gradually build up their savings account.

    Many consumers struggle to build up their savings account, and Chime offers two innovative programs that help address this reality. First, rounding up purchases and pulling a predetermined percentage of direct deposit money before it’s spent facilitates gradual increases to savings by allowing customers to set aside money passively.

  • Save When You Spend.

    Many consumers are already familiar with rounding up purchases to the nearest dollar as a means of supporting charitable causes. The Save When You Spend feature works in much the same way. Chime will automatically round up those amounts and funnel the difference to your savings account as you use your debit card for everyday expenses.

    While those amounts may not seem like much individually, they tend to add up over time. But, most importantly, they allow consumers to save money without feeling it.

  • Save When You Get Paid.

    Sometimes the secret to saving lies in setting money aside before it ever lands in your checking account. For example, Chime allows its customers to set up direct deposits from their employer. And, it will enable them to earmark up to 10% of paychecks totaling $500 or more to savings.

    By automatically moving money before it’s been spent, consumers learn money management skills. This includes budgeting their daily lives around what remains rather than what’s been earned.

  • The high-yield savings account accrues interest at a competitive rate of 0.50% APY.

    There is no limit on the amount of interest an account holder can earn. The absence of expenditures on branch locations shows up in an ability to offer a competitive interest rate on savings accounts in addition to not charging any fees.

The ‘Credit Builder’ Secured Credit Card

True to its corporate mission of opening up financial services to those who have previously experienced credit-related issues, Chime also offers a secured credit card.

Applicants must already have or open a Spending (checking) Account before applying for the secured credit card. The Credit Builder features no annual fee or interest, no credit check during the application process, and no minimum security deposit.

The other central selling point for consumers with past credit problems is that their average credit score increases by approximately 30 points just for opening a Credit Builder account. As a cardholder uses their secured card over time and builds a payment history, that rating will continue to go up.

Credit Builder customers boost their credit rating by quickly moving the amount of money they want to spend from their Spending Account into Credit Builder. Customers remain in complete control of how often and how much money they move onto their secured card.

Additional “Credit Builder” Card Benefits

Next, after moving the necessary funds, customers use their secured credit card at any location that accepts Visa. Then, Chime turns around and reports card activity to the major credit reporting agencies, namely Transunion, Experian, and Equifax. Customers can sit back and watch their ratings rise. And, they can do so as they go about their business buying gas, groceries, and other everyday items.

Using the app, secured cardholders can also enable the Safer Credit Building feature. Doing so guarantees that the outstanding Credit Builder balance will be paid in full every month, providing yet another shot in the arm to that individual’s credit rating. Chime makes sure that this zero-balance information also gets sent to credit reporting agencies.

Credit Builder cards can be used at thousands of in-network ATMs across the country to make cash advance withdrawals. Customers can tap into their previously secured balance without paying fees or interest. The app contains an ATM Map that is regularly updated and allows customers to find the closest in-network ATM in their area.

Chime’s Network of ATMs

Does it cost traditional banking institutions $5 or more to process the bits and bytes of digital information generated by an out-of-network ATM transaction? No, of course, it doesn’t. Everyone intuitively knows this.

Consumers, for their part, have grown increasingly tired of what they perceive to be getting gouged every time they use an out-of-network ATM. So the founding partners decided to tackle this annoying issue head-on.

Chime has established partnerships that offer consumers fee-free access to more than 60,000 ATMs in stores they are likely to drive by or stop in every day through its relationship with its banking institutions. Chime-affiliated ATMs are located in stores such as Walgreens, CVS, and 7-Eleven. In addition, customers never have to wonder where the closest fee-free ATM is situated as the smartphone app includes an ATM locator.

Support

In Chime’s early years, customer support often fell short. Since then, they’ve sought to address this by adding a customer support line, chatbot, mobile chat, and email service. The good news is that the online banking experience is so simple. Moreover, it’s so smooth that support issues should be fairly few and far between for most customers.

Your best bet as a customer is to start with the Chimebot. It is available online to answer frequently-asked questions and connect you to an agent for routine troubleshooting. You can also learn more about services offered by following the company on socials. These socials include Facebook, Twitter, and Instagram, though, obviously, you would not want to use those channels to discuss personal account issues.

Frequently-Asked Questions

Is Chime a ripoff?

No. Chime is not operating a scam or some elaborate fly-by-night financial scheme. More than 12 million account holders trust that partner banks fully back their financial assets. Partner banks as of this writing are Stride Bank, N.A. (FDIC #4091), and The Bancorp Bank (FDIC # 35444). Those banks, in turn, are backed by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowable $250,000 per account.

Best described as a financial technology company, Chime takes full advantage of evolving electronic banking technologies. These digital technologies make it possible to provide routine banking services at a much lower cost than traditional, more mechanical banking mechanisms. Rather than pocket the difference, Chime prefers to eliminate fees based on outdated methodologies. The company has been around since 2013 and isn’t going anywhere.

Is Chime bank legitimate?

While Chime is not a bank, it is an entirely legitimate financial technology company. It was founded in 2013 and, as of August 2021, had more than twelve million account holders. The FDIC insures all accounts up to the maximum allowable amount. The maximum amount covered is $250,000 per depositor in the event of a bank failure. Partner banks as of this writing are Stride Bank, N.A. (FDIC #4091), and The Bancorp Bank (FDIC # 35444).

Chime believes in profiting alongside its customers rather than profiting from them. Unfortunately, many longtime consumers of banking services are not accustomed to this approach and understandably suffer from Too Good To Be True Syndrome or other suspicions.

This is understandable as traditional banking practices have been profiting from customers for so long that this new model initially makes no sense to them. Many account holders dipped their toes in the waters of digital banking out of a desire to take all available Covid-19 precautions only to take the full-body plunge after several months of fee-free service.

What’s the catch with Chime?

There is no “catch” with Chime. Consumers might like to be aware that this company does not operate any branch locations with in-person service. For customers who rarely (if ever) spend time inside a bricks-and-mortar bank, this might not be that big a deal. Chime also does not offer some of the more traditional banking services such as investment advising or wealth management.

The only other big thing to know is that this company does not permit joint accounts or offer banking solutions targeted to small businesses. Every account is tied to an individual consumer, not a married couple, small business, or any other institution.

Credit reporting, too, is tied to the individual. But, again, this doesn’t qualify as a “catch” so much as it is something everyone needs to be aware of before applying for an account.

Can you get scammed on Chime?

Chime is not a scam and operates with a refreshing amount of transparency. The founders were interested in developing a profitable enterprise, yes, but not at the expense of its account holders. Many traditional banking and financial services reap huge dividends by burying their account fee structures in the fine print.
In 2019 alone, traditional banking institutions charged more than $11 billion in checking overdraft fees. So, the founders discarded this model as antiquated from the get-go.

Your accounts should be regarded as being equally secure as you would expect with any other financial institution. However, it is certainly possible for customers to incur financial losses via the same means they could potentially encounter elsewhere.

Typical financial vulnerabilities include consumer carelessness with account information and incidents of identity theft. These can also include accountholders responding to email phishing scams, human engineering, and so forth.

Consumers who are already accustomed to taking standard precautions for guarding their personal and financial information shouldn’t experience any losses or other security issues.

Is Chime a safe bank?

Chime’s partner banking institutions — Stride Bank, N.A. (FDIC #4091) or The Bancorp Bank (FDIC # 35444) — are secure and insured by the FDIC up to the maximum allowable amount of $250,000 per depositor in the event of a bank failure.

If a customer’s debit card or Credit Builder secured card is stolen or used to make unauthorized purchases, the cardholder’s account is protected by Visa’s Zero Liability Policy.

Why are user accounts sometimes canceled or frozen?

Whenever Chime detects the possibility of fraudulent activity, it responds by freezing access to the affected accounts. This practice safeguards account holder assets by making them temporarily inaccessible. Accounts will remain frozen during the process of investigation. Chime also reserves the right to close accounts it suspects are being used for purposes that violate its customer service agreement.

Is Chime a good bank?

While Chime is not technically a bank, it is currently the largest digital financial technology services company in the U.S. It dominates the digital banking services market, and there are several good reasons for this. Most notably, consumers tend to go with this company because they like the number of features it offers.

Chime appeals to consumers by not charging fees, but testimonials from existing customers consistently point to three additional reasons why it has taken a commanding lead:

  1. The Credit Builder Secured Card.

    Consumers with past credit problems or no credit history like having the ability to build (or rebuild) their credit rating. This is because they can do so as they go about the usual business of life. Trips to the gas station, grocery store, restaurants, movies, and so on are included. And, they allow customers to move money onto their secured credit card ahead of time.

    They can also buy what they need while knowing that their prompt payment history is being reported to the major credit bureaus.

  2. Timely Access to Direct Deposits.

    Many consumers — especially those who have had credit issues in the past, are accustomed to days going by before they can spend their paychecks. Traditional banking institutions typically place a hold on checks until they clear. Then, the money does show up in the customer’s account.

    But, it can take up to five days or even more for the asterisk next to that amount to disappear. In addition, Account-holders routinely have access to direct deposits when they are initiated by an employer, the IRS, or anyone else.

  3. Spot Me Service.

    Many consumers who are struggling in the lower- to middle-income bracket are familiar with the practice of being charged more money. And, this is done when it is obvious that they don’t have any. But, unique in the banking industry, Chime allows its account holders to set up Spot Me service.

    This helps to cover accidental overdrafts without incurring any fees. The limit for Spot Me service begins at $20. But, it can be boosted to as high as $200, depending on the individual account holder’s history of activity.

Is Chime bank a real bank?

Technically speaking, Chime is a financial technology company, not a bank. However, customers can engage in all traditional activities — checking, savings, debit card, credit card — customarily associated with consumer-level banking.

Most customers find that they don’t miss those things once they’ve had an account for a few months, anyway. The majority of American consumers want free, no-hassle access to their accounts. Moreover, they want access to their checking and savings accounts, a debit card, and the ability to boost their credit rating.

All of these services are simple and straightforward. The actual banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

Why is Chime different from a bank?

Chime is a financial technology platform. The entrepreneurs who founded the company in 2013 did so out of the conviction that banking technology had evolved. It had done so to the point that many of the fee-based checking and savings accounts were outdated. And, they were incredibly unhelpful to customers who had no credit or were seeking to establish credit.

Chime partners with banks that value fee-free services as a solid incentive to form a sizable base of customers and financial assets.

Additionally, Chime is different from traditional financial institutions. It has intentionally set aside a profit model that relies on fees, service charges, and other instruments. Frequently, these are things that come as an unpleasant surprise. Chime makes no pretense of offering everything a traditional bank can, such as investment advice, wealth management, and in-person customer service.

Instead, they zero in on four highly valued banking functions and leverage the financial technology developed to service those basic banking needs inexpensively.

Can I bank with Chime anywhere?

Yes. Chime is affiliated with a nationwide network of fee-free ATMs, and the debit card is accepted anywhere that takes Visa. If you plan to make a lot of cash deposits, you should be aware that these can only be transacted to your account at stores such as Walgreens, CVS, 7-Eleven, and many others. Cash deposits may incur a transaction fee, so you will want to ask about that ahead of time.

What kind of accounts can you open with Chime?

Chime offers a checking account, savings account, debit card service, and a secured credit card known as the Credit Builder. Every account holder is eligible to get one of each. It prides itself on the simplicity of its approach and all-in-one mobile app, so it keeps all of its accounts as simple as possible. Joint accounts and small business accounts are not available.

What if I’ve been denied accounts elsewhere?

That’s usually not a problem. In fact, Chime is an excellent option for consumers who have no credit or past credit history problems. If you’ve previously been denied service elsewhere, Chime just might offer you “second chance banking” services. These will allow you to access financial services and build (or rebuild) a credit rating.

The primary instrument for building or rebuilding a credit rating would be their Credit Builder secured credit card. Consumers with credit issues are attracted to this. This is because they can leverage their everyday purchases — gas, groceries, whatever — to send updated payoff information to three major credit bureaus.

What do I need to open an account?

Applicants must provide a Social Security number and a permanent home address when applying for an account. P.O. boxes are not acceptable. Applicants must also be U.S. citizens or residents and at least 18 years of age.

Will I be able to deposit checks using the mobile app?

Yes, but customers must first set up direct deposit on their paychecks for the remote check-deposit service to be available. Once direct deposit has been established, customers can use their phones to electronically deposit physical checks.

How do I get started with Chime?

The simplest way to get started is to enroll online or download the app for iOS or Android. First, you will need to enter the essential information you might expect, including name, location, date of birth, and Social Security number.

Once you have established your identity, you can connect to existing bank accounts. Then, you can begin transferring money into your new account if you wish. As soon as you open a Spending Account, you will be issued a Visa card that can be used wherever Visa is accepted. In addition, free card replacement services are provided if your card is lost or stolen.

Get Started with Digital Banking at Your Own Pace

Most U.S. consumers don’t particularly want to spend a lot of time thinking about banking. Or, they don’t want to take time out of their day to drive to the bank for something they should be able to take care of online. This evolving reality has helped to shape digital banking services. Instead, most people just want a simple, secure, direct way to spend, save, and build up their credit rating.

This is one company that doesn’t just accept this new state of affairs but actively embraces it. Chime tailors its four banking products to the needs of the majority of consumers. As a result, they have shifted the playing field. An increasing number of account holders are starting to ask themselves the “Why?” question when various charges show up on their traditional banking and checking accounts.

One of the best things about digital banking is that consumers can move into it at their own speed. But, unfortunately, many people hang onto their traditional checking and savings accounts while opening up their first digital banking account.

The people at Chime have done well to allow customers to bank digitally with a minimum of fuss. As a result, an increasing number of digital account holders find that they also want to embrace digital banking after a few short months.

Источник: https://due.com/blog/banking-with-chime/

All features may not be available. To see the features available to you, please log in to the Money Network Mobile App and view your navigation menu, or log into your Account online and view your dashboard.

© Money Network Financial, LLC. All Rights Reserved. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. Money Network® Checks and Money Network® Cards are issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc and by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The Money Network Card is accepted everywhere Visa debit cards are accepted.

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* Funds will be FDIC insured subject to applicable limitations and restrictions of such insurance. Card must be registered to the name of the primary cardholder. See your Account Holder agreement for additional information.

** Visa's Zero Liability policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions. Cardholder must notify issuer promptly of any unauthorized use. Consult issuer for additional details or click here to learn more.

*** Under Mastercard’s Zero Liability Policy, your liability for unauthorized transactions on your Card Account is $0.00 if you notify us promptly upon becoming aware of the loss or theft, and you exercise reasonable care in safeguarding your Card from loss, theft, or unauthorized use. These provisions limiting your liability do not apply to debit transactions not processed by Mastercard or to unregistered cards.

1 Certain transaction and service fees and costs may be associated with the use of this feature. See your Fee and Transaction Limit Schedule for more details.

2 Standard message and data rates apply.

3  Faster access to funds is based on a comparison of our electronic direct deposit policy for ACH deposits versus traditional electronic banking practices and the deposit of paper checks. Direct deposit and faster availability of funds are subject to the payer’s support of the feature and timing of payer’s funding.

4 An Account upgrade may be necessary. If so, we will need to verify your identity and a new fee schedule with different and/or additional fees will apply to your Account. See your Money Network Service Account Holder Agreement or call the number on back of your Card for more information.

5  If you are successfully enrolled in the Ingo Money Service (Ingo Money) through the Money Network Mobile App, you can use Ingo Money to load an approved check into your Money Network account net of any applicable Ingo Fees. Unapproved checks will not be loaded into your account. The Ingo Money service is provided by First Century Bank, N.A. and Ingo Money, Inc (Ingo). Use of Ingo Money is subject to the Ingo Money Service Terms and Conditions and Privacy Policy of Ingo and First Century Bank. Checks are subject to approval for funding in Ingo’s sole discretion; dollar limits and other restrictions apply. Ingo reserves the right to recover losses resulting from illegal or fraudulent use of Ingo Money. Money in Minutes: Ingo Fees are 1% of approved check amount for preprinted payroll & government checks; 4% of approved check amount for other check types; $5 minimum. Approval process usually takes 3-5 minutes, but may take an hour. Most issuers post funds within 24 hours. Money in 10 Days: No fee for 10 days delayed funding.

6 Surcharge-free Check cashing is exclusively for Money Network® Checks.

7 Fee may be assessed by reload location and may vary from location to location.

8 Fast access to your tax refund payout is based on comparison of paper check versus electronic direct deposit.

Источник: https://www.moneynetwork.com/

Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder 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 back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

1 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

2 Get fee-free transactions at any MoneyPass ATM in a 7-Eleven location or at any Allpoint or Visa Plus Alliance ATM. Otherwise, out-of-network ATM withdrawal fees may apply.

iPhone is a trademark of Apple Inc., registered in the U.S. and other countries. Apple Pay is a trademark of Apple Inc.

Apple Pay is a trademark of Apple Inc.

Google Pay and Android are trademarks of Google LLC.

© 2013-2021 Chime. All Rights Reserved.

Источник: https://www.chime.com/mobile-banking/

Chime Review

A lot of banks offer a full slate of account options, with various bells and whistles that can make it hard to determine the best fit for your needs. Instead of overloading you with options, Chime keeps it simple with one checking account, one savings account and one secured credit card, all tied up with an attractive mobile app.

This review provides an overview of Chime’s personal banking products. It’s important to note that Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

What we’re watching: As reported by ProPublica in July 2021, recently there have been numerous complaints from Chime consumers regarding sudden account closures. In more than 900 complaints filed with the CFPB since April 15, 2020, customers have reported being denied access to funds in Chime accounts. A Chime statement said that these issues were caused by Chime’s heightened anti-fraud efforts during the Covid-19 pandemic.

Here are the facts you should know about Chime and how its services compare to your other banking options. Account details and annual percentage yields (APYs) are accurate as of August 26, 2021.

Account Basics

Chime Spending Account

Chime’s checking account, known as a Spending Account, prides itself on its lack of fees. It charges no monthly account fees and doesn’t require a minimum balance.

Chime offers a program that accelerates your direct deposits, making them available up to two days early. Once you establish direct deposit into your Spending Account, you’re eligible and can choose to receive your payment up to two days early, as soon as your employer deposits it.

If you receive direct deposits of at least $200 each month, you can enroll in Chime’s SpotMe service. This optional service initially allows you to overdraw your account by up to $20 on debit card purchases without a fee. Chime can increase your SpotMe allowance to up to $200 or more at its discretion based on your account history, direct deposit amounts and frequency, spending activity and other factors. You can check your SpotMe limit in the mobile app. SpotMe does not cover non-debit card transactions.

Need to send a paper check? You can generate one from the Chime mobile app and Chime will send it in the mail for you.

Chime Savings Account

Chime’s high-yield Savings Account offers an 0.50% APY. It doesn’t charge monthly fees or require a minimum balance. There is no cap on the amount of interest you can earn and, as long as you have at least a penny in your account, you’ll earn interest. There is no minimum deposit to open an account, but you must have a Chime Spending Account in order to open a Chime Savings Account.

Chime has two optional programs to make saving money easier.

The Save When You Spend feature allows you to save small amounts when you make purchases. Whenever you use your Chime debit card, Chime rounds the transaction up to the nearest dollar and transfers the difference to your Savings Account. Spend $25.50 at the grocery store? You’ll pay the store for that amount from your debit card, and Chime will move 50 cents from your Spending Account to your Savings Account. It may not seem like much, but if you make a lot of debit purchases, you could see your savings accumulate.

Chime also offers a Save When You Get Paid feature that allows you to set up a recurring transfer of 10% of your direct deposit paycheck of $500 or more from your Spending Account to your Savings Account each time you get paid.

Other Accounts and Services

Chime offers the Chime Credit Builder Card* that’s available without a credit check. If you’re working to build your credit history, you can add money from your Chime Spending Account to your Credit Builder account to spend on your Chime Visa credit card. Chime reports your payments to all three major credit bureaus. The Credit Builder secured card is unusual in that it charges a 0% APR.

You can make free mobile payments to family and friends—whether they are Chime members or not—through Chime’s Pay Anyone peer-to-peer system. There’s a monthly limit of $2,000.

Access on the Go

Since Chime is designed to be used primarily through its mobile app, it offers plenty of features to make mobile banking convenient. Chime is known for its mobile app, which is rated 4.8 out of 5 stars at the App Store and 4.6 out of 5 at Google Play.

The Chime app sends daily account balance notifications and transaction alerts when you make a purchase. You can disable transactions from the Chime app, saving yourself a customer service call if you misplace your card. You can also choose to disable international transactions via the app.

Your Chime debit card works anywhere Visa is accepted, and you can add it to your Apple Pay or Google Pay mobile wallet. You also have access to more than 60,000 MoneyPass, Allpoint and Visa Plus Alliance ATMs. You can check the Chime app to help you avoid incurring out-of-network ATM fees.

If you want to deposit a check to your Chime Spending Account, you can do so via mobile deposit on the Chime app.

If you lose your Chime debit card, you can disable transactions from within the Chime app. Replacement debit cards are free and can be requested in the Chime app.

Pros

  • Simple lineup of free account options
  • Very competitive savings APY
  • Automated savings tools to help improve your habits
  • Early receipt of direct deposit payments

Cons

  • No branches for in-person service
  • Recent customer complaints regarding access to Chime accounts and funds

How Chime Stacks Up

If you’re looking for a full suite of banking services, Chime may not be the best fit for you. But if you’re just getting started on your financial journey and want a user-friendly set of financial tools, facilitated by a multipurpose app, Chime covers the basics well. Its automated savings tools are particularly attractive for customers who want to boost their emergency fund or save for another goal.

A Note on Chime Products

Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

Frequently Asked Questions (FAQs)

All Chime accounts are FDIC insured up to the standard maximum $250,000 per depositor, for each ownership category, in the event of a bank failure, through its partner banks, Stride Bank, N.A. (FDIC# 4091) or The Bancorp Bank (FDIC# 35444).

What happens if someone steals my Chime debit card or makes unauthorized purchases?

Chime debit cards are protected by Visa’s Zero Liability Policy, so you won’t be responsible for purchases made if your card information is stolen.

What is required to open a Chime account?

You need to provide your Social Security number, home address and be a U.S. citizen or resident. You must be at least 18 years old.

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Источник: https://www.forbes.com/advisor/banking/chime-review/

Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder 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 back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

1 Out-of-network ATM withdrawal fees apply except at MoneyPass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM. Other fees such as third-party and cash deposit fees may apply.

2 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

** You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.

© 2013-2021 Chime. All Rights Reserved.

Источник: https://www.chime.com/online-banking/