Chime is a mobile banking solution that offers account opening, saving, and withdrawal options for people who need their banking sorted on the go.
Traditional banking services have gone out of their way to charge their customers extra fees for the minutest interactions. Opening a bank account alone will get you to sign several forms and submit a hefty amount of money that you will have to maintain as your minimum balance.
Moreover, there is also the case of transaction limits and extra charges regarding the withdrawal of your own money. The online banking platform, Chime, aims to remove all such complications and offer a straightforward approach to opening a bank account.
Chime eliminates hidden banking fees that have become a norm in traditional banking services. Chime users don’t have to worry about paying monthly fees, overdraft fees, foreign transaction fees and don’t have to maintain a minimum balance.
How to Open an Account on Chime?
It is pretty simple and straightforward to open an account with Chime. All you have to do is download the Chime app on your iPhone or Android device through respective app stores and enter the following information:
- First and last name
- Date of Birth
- Phone number and
- Social Security Number
As soon as you are done with filling in your details, Chime will ask you to choose between the type of account you want to open. You can also opt to have a Chime Visa-enabled debit card, which can be used at most retailers and markets.
Chime offers two types of accounts for its users: Spending Account and Savings Account. Chime, not being bound by a credit reporting system called ChexSystem, allows users to open a bank account with them even if they are locked out of traditional banking systems because of prior mistakes.
Also Read: The Evolution of Financial Markets
How to Withdraw Money from Chime?
Users can access their money through the MoneyPass and Visa Plus Alliance networks. Any ATM working on MoneyPass and VPA network will allow Chime users to withdraw money without levying any charges. If you withdraw money using a Chime Visa debit card from ATMs that don’t support VPAs or MoneyPass, you might have to pay extra charges. Users can have access to ATMs at the following places:
- Costco Wholesale
- CVS Pharmacy
- Select Banks
- Select Credit Unions
How to Add Money to Chime Account
You can add money to your Chime account through direct deposit from a payroll provider, transfer from an external bank account linked with Chime, mobile deposit, and cash deposit.
Transferring money between Chime accounts is free of cost, along with initiating transfers from an external bank. You can also initiate a transfer from your Chime account with other externally linked bank accounts into your Chime account. However, there are limits to the amount of money you can move, and it usually takes five working days for the money to reflect in your Chime account.
Chime allows its users to add cash deposits at more than 90,000 retail locations through GreenDot. However, according to Chime, third-party money transfer services like this could impose a fee of their own and limit the number of transactions.
Chime is a great mobile banking solution for you if you are comfortable with portable banking service, want early access to your money, have made prior mistakes rendering you unable to open a traditional bank account, or want to remove additional hidden fees.
Chime also offers multiple features and services through its app. Users can get cashback with Chime on regular purchases and through automatic saving. If you are shopping at specific retailers, you can earn instant cashback. While generally traditional banks offer cashback offers on their credit cards when you are in debt, Chime does not follow such methods and provides its users with cashback for most of their purchases at specific retailers.
Unlike regular banks, chime has zero hidden fees and maintenance charges. A businessman pays a considerable amount every month for payment processing fees and receiving fees from customers. Chime has its own ways of making money; you can learn more about how Chime makes money here.
You can also enroll yourself into an automatic savings program through which you will get a bonus reward of 10% equivalence of the total automatic savings deposit you made that week.
The Chime app is the chief platform from the company that covers everything related to your account, savings, and transaction. Besides the usual sending and receiving money and checking account balance, the Chime app also offers features such as daily balance update, instant transaction alert, ATM finder, customer care help, and temporary blocking.