Mobile Check DepositĬhime has a user-friendly, fee-free mobile check deposit tool that lets you deposit paper checks using only your mobile phone. It’s not clear how this time frame compares to other banks’ direct deposit arrangements. Chime claims direct deposit payees receive their money up to two days faster than payees who opt for traditional paper checks. From the payee’s perspective, Early Direct Deposit functions just like any other direct deposit or ACH transfer. If your employer or benefits provider permits direct deposit payments, you can take advantage of Chime’s Early Direct Deposit feature. Your credit limit is your Credit Builder Account balance. To increase your credit limit, simply move money from your Spending Account to your Credit Builder Account. Unlike most secured credit cards, there’s no annual fee, no interest, no credit check to apply, and no minimum required security deposit. The Chime Credit Builder Visa Secured Credit Card is a secured credit card designed for first-time credit card users and for people looking to bounce back from events that adversely impacted their credit, such as bankruptcies. Credit Builder Account (Visa Secured Credit Card) Once the negative balance is repaid, account holders have the option to “tip” (pay a small fee) to repay Chime’s generosity, but this isn’t a condition of coverage. With SpotMe in place, eligible account holders get up to $200 to cover debit card purchases that result in negative balances. Fee-Free Overdraft (SpotMe)Ĭhime’s Spending Accounts come with an optional fee-free overdraft protection plan called SpotMe. You can make fee-free cash withdrawals at more than 30,000 MoneyPass ATMs nationwide and get cash back on point-of-sale transactions at a comparable number of retail locations. Chime Debit CardĪll Chime Bank deposit account holders get a fee-free Visa debit card that can be used to make purchases anywhere Visa is accepted. There’s no minimum or maximum balance requirement, although accounts with $0 balances for nine consecutive months are subject to closure.Ĭhime Savings has a solid yield on all balances, subject to change with prevailing interest rates. You can make unlimited inbound transfers from your Spending Account, however. Outbound transfers are limited by law to six per month, so this account isn’t suitable for day-to-day use. Savings AccountĬhime Bank also offers an FDIC-insured savings account to every Spending Account customer, but you’re under no obligation to open one. If you don’t have direct deposit or mobile check deposit set up, you can transfer money from external bank accounts into your Chime Spending Account, subject to certain transfer limits and restrictions. You can set up an individual or joint account, depending on your lifestyle and preferences. The Spending Account has no opening deposit requirement, minimum balance requirement, or monthly fees. This is a standard-issue checking account, known internally as the Spending Account, with FDIC insurance up to the $250,000 statutory limit per account. Deposit Account (Spending Account)Ĭhime Bank’s central feature is its deposit account. Here’s what you need to know about its features, advantages, disadvantages, and overall suitability. If all you need is a low-cost checking and savings portal that helps you save every day, Chime could be your bank. But you should read on to learn more about what Chime has to offer. You won’t find any CDs, money markets, investment options, or loan products here - other than a handy but limited secured credit card. If you expect it to be, you’re setting yourself up for disappointment. And Chime has a cool automated savings feature that takes the grunt work out of setting funds aside.Ĭhime Bank is definitely not a full-service online bank.
Fees are minimal: There’s no monthly maintenance fee for the Spending Account, for instance. Every account holder gets an FDIC-insured checking account (known in Chime parlance as a “Spending Account”), an FDIC-insured savings account, and a Visa debit card connected to the checking account. It’s a mobile-first solution for on-the-go consumers serious about saving and spending wisely.Īnyone with a U.S. Chime Bank merges the best attributes of traditional bank accounts and automated savings apps in a sleek, low-cost package.
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