When Covid-19 was on the loose, the rise of digitalization in the U.S. began in all sectors of the country. One of the sectors that digitalization impacted most was the finance sector. With this came the rise of the Chime bank account. Chime financial institution proved that all banking operations can be done without requiring any physical presence at a physical location.
Even before the pandemic, the citizens of the United States of America loved using their cell phones to take care of their day-to-day business. The importance of mobile in banking has simply increased due to the convenience and ease it brings to our lives. In 2022, you get strong options for performing each banking task on your phone, which ultimately led us to turn to Chime.
Chime is a financial technology company offering evident banking services which are powered by the Bancorp Bank and Stride Bank. You can transfer and receive funds easily using your Chime account.
If you do not believe in online banking and are curious to know more about online banking and Chime, we are here to clear your doubts.
The answer can be “Yes” and “No” from whichever point of view you want to see it. If you want to know if Chime is a traditional bank with branches around cities you can visit and talk to bank executives for banking functions? Then the answer is NO.
But if you want to see Chime as a genuine online financial institution, with which you can perform most of your banking operations, then the answer is an absolute YES. Chime offers many financial services from a high-yield savings account to a Chime debit card.
A Chime account is a fully-featured deposit account. You can receive direct deposits, receive funds, transfer funds and upload mobile checks through your Chime account.
Chime offers its customers the following services:
Chime offers a high-yield Savings account at an APY of 0.50%. There are no monthly charges imposed and no minimum balance required. There is no set amount on the interest limit. As long as you have even one penny in your Chime account, you will earn interest.
Note: You can deposit a maximum of $1000 cash per day. Your per-day deposit limit is 3. And the maximum set value is $1000 per deposit.
However, there is no maximum limit when it comes to Chime direct deposit. Yet, you can only withdraw a maximum of $500 from the ATM per day.
The Chime Savings Account is best if you wish to save money. And if you wish to use your account for everyday purchases then move on to the next service.
The best part about the Chime checking account is the no fee and no minimum balance requirements. It also offers direct deposit which gives you access to your money 2 days earlier. Opening a checking account with Chime is free.
With Chime checking bank account, you get access to over 60,000 fee-free ATM withdrawals. Nevertheless, you will be charged a fee of $2.50 per withdrawal at an out-of-network ATM.
The chime checking account does not charge fees if you use your card abroad; most banks typically charge a 1-3% charge of the amount of purchase.
Footnote: You cannot deposit money in your Chime account through ATMs. It can only be done at the Chime cash deposit partner locations. These retail stores include 7-Eleven and Walmart. You can deposit a check through the Chime Mobile App. But to get this feature you are required to have received a minimum direct deposit of at least $1 in the past 30 days.
Chime does not charge an overdraft fee. All of the qualifying customers can overdraw their accounts up to $20 without having to pay a penalty. Later the customers are eligible for debit card purchases that overdraft the Chime account up to $200. Chime will cover the overdraft without a fee and your next deposit will be applied to the negative transfer.
No traditional bank can provide you with online banking as a Chime bank account. The online-only bank has helped in the encouragement of contactless transactions and payments during the pandemic when touching any surface could prove harmful.
You don't need a credit check to open an account with Chime bank. The Chime customer service is available to all customers 24/7 at your convenience. You can choose to communicate with customer service through calls or chat. Whether you are facing issues with transactions, withdrawals, deposits, or the Chime bank account login, customer service is available to you any time any day.
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