- Editor Rating
- Rated 4 stars
- Chime Bank
- Reviewed by:
- Published on:
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- PopularityEditor: 85%
- FeaturesEditor: 80%
Chime is a growing leader in the Mobile Banking sector, providing a Spending Account (a.k.a. Checking) and Savings Account that you manage via their highly rated app, available on iOS and Android devices.
*Simple Bank is another mobile banking leader worth comparing to (bonus offer available).
With Chime, there are no monthly fees, no minimum balance fees, no overdraft fees and no foreign transaction fees. All these savings come at the sacrifice of physical, in-branch service available with traditional bank accounts.
Rather than making a profit from charging fees to customers, Chime makes money from the Visa transaction fees paid by merchants.
No Bank Fees With Chime
Chime states the average household in the U.S. pays more than $329 in bank fees each year, with the big banks bringing in more than 6 billion dollars in just overdraft fees alone in 2017.
Chime Vs. Typical Traditional Bank Accounts
|Chime||Typical Fees Of Big Banks|
|Overdraft Fees||$0||$38 per overdraft|
|Minimum Balance Fees||$0||$6-$15 per policy violation|
|Monthly Maintenance Fees||$0||$12-$23 per month|
|ACH Transfer Fees||$0||$3-$10 per transfer|
|Account Closing Fees||$0||$25 per policy violation|
|Card Replacement Fees||$0||$5-$25 per replacement|
|ATM Fees||$0||$0-2.50 per transaction|
|Foreign Transaction Fees||$0||3% per transaction|
|Out of Network ATM Fees||$2.50 (per out of network transaction)||$0-$2.50 per transaction|
*Note: Chime accounts have access to over 30,000 fee-free ATMs in the MoneyPass network.
Chime Top Features
- Spending Account: This is basically your Checking account, where you make deposits and manage all your expenses.
- Chime Visa Debit Card – use your Chime card for bills and purchases everywhere Visa is accepted.
- Direct Debit – pay bills electronically using the routing and your Chime account number.
- Fee-Free ATMs – more than 30,000 fee-free ATMs at MoneyPass locations and over 30,000 cash back locations. Locate these ATMs using the Chime app or at chimecard.com/atms.
- Direct Deposit – you can fund your account with direct deposit and receive your paycheck up to 2 days early.
- Bank Transfer – link your current bank account and move existing funds into your Chime account for free.
- Deposit Checks – you can deposit checks using a third-party app. They are working on Photo check deposit, which will be available soon.
- Deposit Cash – you can make cash deposits into your Chime account at any Green Dot location. Note: these locations may charge a fee for this service.
- Chime Checkbook – you won’t have physical checks to write and send off. Instead, Chime will send off a check in the mail for you.
- Pay Friends – you’re able to instantly send money to other Chime users, convenient for occasions such as when you split a dinner bill.
- Real-time Alerts & Notifications – receive daily balance notifications and real-time transaction alerts to your smartphone.
- Block Card – if you lose or misplace your Chime debit card, you can block its usage via the Chime app or with your online account.
- Apple Pay, Android Pay, Samsung Pay – use your Chime account with any of these services to make mobile payments.
- Savings Account: Makes saving money easy with features you can opt in for. *Unfortunately, the rates are so low they’re not even worth mentioning. If you’re looking to keep money in a Savings account to earn interest, compare Savings rates here.
- Automatic Savings – every time you make a Chime card transaction, they will round up the amount and send it from your Spending to your Savings Account. You can also opt in to automatically have 10% of every paycheck transferred to your Savings Account.
- Security: Chime accounts are insured through The Bancorp Bank, member FDIC. Security features include the Visa Zero Liability Policy, bank-level security, encryption, two-factor authentication, instant transaction alerts, and temporary card blocking.
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