What You Need to Know

Chime accounts do not have monthly maintenance fees. The Spending and Saving account are completely free. There is not an overdraft fee or a monthly maintenance fee. There is no minimum balance required to keep in the account.

On the Chime app is a Pay Friends feature. You can send money to others instantly. You must have the person’s name, phone number, or email to transfer money. The intended person must have a Chime account or be approved for a Chime Spending account. You can only send up to $2,000 each month with this feature.

Chime offers an Automatic Savings tool. Each time you use your Chime debit card the amount rounds up to the nearest dollar. The extra amount is automatically transferred to your Chime Savings account. With direct deposit, you can have ten percent of your check automatically deposited into your savings account.

When you open a Chime account, they do not check your credit score or ChexSystems. If you have bad credit or no credit you can still be approved for a Chime account. Applying for a Chime account will not hurt your credit score.

Chime only offers a Spending account and a Savings account. The savings account with Chime does not earn a competitive interest rate. It does earn a small percentage of interest, but the rate is lower than traditional bank rates. The rate is not competitive with online or traditional bank interest rates. The checking account does not earn interest.

Chime offers 38,000 fee-free ATMs. If you use an ATM not included in the Chime network, you are charged a fee of $2.50 per ATM transaction. There is also a $2.50 fee for over the counter cash withdrawals. Chime does not reimburse these fees.

Most banks offer some type of overdraft protection. Chime does not. There is not a fee for over-drafting your account. But, if you do not have sufficient funds to cover the purchase, the transaction will not go through. You must have enough money in your account to cover transactions.

Chime limits the amount you can withdraw and spend with their Visa debit card each day. You are only allowed to withdraw $500 each day from an ATM, cash back during a point of sale transactions, or by an over-the-counter withdrawal. You are only allowed to make $2,500 in purchases with the debit card per 24 hours. The 24-hour period starts once the transaction is complete. Each of these different ways applies to the $2,500 allowed each day. No matter how you spend or withdraw the money, it cannot exceed $2,500 per 24 hours. Payments from the Chime Checkbook cannot exceed $10,000 in one month. You cannot make a check payment over $5,000.

Cool Things

Chime Blog

The Chime blog offers financial articles on a variety of topics. The articles include spending money, wealthy habits, and making money. There are articles about personal Chime customer stories and news articles about Chime.

History

Chime launched in 2014. Their goal is to help customers manage their money more efficiently. They hope to build the bank accounts of the future. Chime offers a Spending account and a Saving account.

In June of 2018, Chime reached the threshold of one million bank accounts. Chime customers have saved more than $150 million with their Chime Saving account. Chime had a total of $2.5 billion in transaction volume at the beginning of 2018.

Awards and Recognition

• Featured as ‘New Apps We Love’ by Nerdwallet in 2017

Additional Drawbacks of Chime

To transfer money to other bank accounts, you must link the accounts. Only certain banks are able to link to your Chime account. You are only allowed to transfer $200 a day and $1,000 per month to these accounts.

To open an account with Chime, you must download the app. Once you download the app, you can open the Spending account. You must first open the Spending account, and once you do, you can then open the Savings account.

Frequently Asked Questions

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