Is Chime Legit? Read My Review Before Using the App (2024 Update!)

On this evaluation, I’ll cowl the whole lot from how Chime works as to if it’s legit.

In any case, any time we’re coping with our hard-earned cash, we wish to be sure that we’re placing it in good arms.

What’s Chime?

Chime is a monetary know-how firm founded by Christ Britt and Ryan King. It was formally launched in April 2014.

As of 2024, Chime is reported to have around 22.3 million customers.

Though Chime shouldn’t be a financial institution, however a monetary know-how firm, it does present banking companies by means of The Bancorp Financial institution, N.A. or Stride Financial institution, N.A.

With Chime, customers get entry to banking with no month-to-month charges, greater than 50,000 ATMs, and a fee-free overdraft of as much as $200. Customers also can use Chime to construct credit score.

Chime affords an enormous number of monetary companies, which I’ll cowl beneath.

How Does Chime Work?

You’ll be able to sign up for Chime and get entry to a variety of economic companies.

To make use of Chime, you have to to be not less than 18 years previous and a U.S. Citizen or a authorized resident of america. You’ll need to have a sound SSN as properly.

Whenever you open a checking account by means of Chime, you’re going to get a Visa Debit Card and a Checking account that you may handle completely out of your smartphone. The Chime cellular banking app is out there for Android and iOS units.

Chime additionally gives a bunch of different companies from financial savings accounts to cash advances. I’ll cowl the entire companies that Chime has to supply in additional element beneath.

What Chime Has to Supply

Listed below are the merchandise, companies, and options you may get entry to as a Chime buyer.

Chime On-line Checking Account

The corporate affords a web-based checking account. The Chime On-line Checking Account has no month-to-month charges, no minimal stability charges, and no overdraft charges.

It’s free to open a checking account with the corporate. You’ll be able to handle your cash with 24/7 cellular banking and get entry to 1000’s of fee-free ATMs.

Chime Credit score Builder Secured Visa Credit score Card

Chime additionally has a bank card. So, in case you are excited about getting a bank card in addition to a web-based checking account, then the corporate is an effective selection.

The Credit score Builder Secured Visa Credit score Card lets you construct your credit score. And, there’s no credit score verify to use. The cardboard doesn’t cost an annual payment or curiosity.

Chime Visa Debit Card

You get a Chime Visa Debit card whenever you open an account with Chime. The cardboard works anyplace that Visa is accepted, and that’s quite a lot of locations! There aren’t any minimal stability necessities or account upkeep charges.

You’ll be able to management your debit card safety proper from the app, which is helpful. And, get real-time transaction alerts.

In the event you lose your debit card, you’ll be able to disable transactions proper from the app and use the app to order a alternative debit card.

It’s also possible to keep away from alternative charges and upkeep charges with the cardboard.

Handily sufficient, you’ll be able to join your digital debit card to your cellular system. Then you should use safe cellular funds with platforms like Google and Apple Pay.

The cardboard even lets you develop your financial savings mechanically.

Simply activate Spherical Ups, and Chime will switch the change from each buy in your debit card to your financial savings account.

It’s also possible to use Save After I Get Paid to avoid wasting a share of each paycheck mechanically.

SpotMe Charge-Free Overdraft

Chime provides you entry to on-line banking with no overdraft charges. That is preferrred for occasions when cash is tight.

Get an overdraft of as much as $200 with out charges by means of Chime’s SpotMe Charge-Free Overdraft.

Get noticed on debit and bank card purchases, plus money withdrawals.

Chime will spot you as much as $200 on debit card purchases and money withdrawals with no overdraft charges. And you may get entry to SpotMe whenever you use your Credit score Builder card. Chime will apply your subsequent deposit to your damaging stability.

Right here’s how you should use Chime’s SpotMe:

1. Arrange direct deposit: You’ll must direct deposit your paycheck into your Chime account. Chime will notify you to enroll in its SpotMe characteristic.
2. Chime will spot you the cash: Activate your Chime debit or bank card, and the corporate will spot you as much as your restrict whenever you make a purchase order that exceeds your balances.
3. Stability your stability: Chime will apply your subsequent direct deposit to your damaging stability.

Chime doesn’t cost you charges or curiosity for utilizing SpotMe.

You’ll be eligible to enroll in SpotMe within the Chime app upon getting a month-to-month qualifying deposit of not less than $200 and activate both your Chime Visa Debit Card or Chime Credit score Builder Visa Credit score Card. Chime determines limits primarily based on components like account exercise and historical past.

Chime high-yield financial savings account

Chime doesn’t simply supply checking accounts. You will get a high-yield financial savings account by means of Chime too. Get 2.00% APY in your cash. You’ll be able to even enhance your earnings with Computerized Financial savings options.

The Chime Financial savings Account doesn’t cost you any month-to-month charges. There’s no minimal stability requirement both – so long as you might have a stability of not less than $0.01 in your account, you’ll earn curiosity. And, there aren’t any maximums on the curiosity you’ll be able to earn.

Chime Cell Banking app

Chime has a cellular banking app that’s obtainable to customers by means of each the App Retailer and the Google Play retailer. Obtain it, and you may entry your banking by means of Chime every time you should.

You’ll be able to entry a number of merchandise, companies, and options from Chime, corresponding to Cell Examine Deposit, on-line invoice pay, and on the spot transfers with Pay Anybody, by means of the Chime app. You’ll be able to switch cash to and from exterior financial institution accounts. It’s also possible to verify your stability on the go.

The Chime app additionally helps cellular cost platforms, corresponding to Apple Pay, Google Pockets, and Samsung Pay, which means that you may depart your pockets at house.

Charge-free Chime ATM Areas

With Chime, you get entry to greater than 50,000 fee-free ATMs. Chime says that that is extra fee-free ATMs than you get from the highest three nationwide banks mixed.

Handily sufficient, the corporate permits you to discover a handy ATM close to you with the Chime app.

You will discover fee-free ATMs at shops like Walgreens, 7-Eleven, Goal, Circle Ok, and CVS Pharmacy, and entry your cash whenever you want it.

You should utilize your debit card at an ATM to withdraw money out of your Checking Account. And, you too can use your Chime Credit score Builder Secured Visa Bank card to get money and Chime received’t cost you curiosity.

Chime permits you to deposit cash to your Chime card without paying a fee at greater than 8,000 Walgreens and Duane Reade areas as properly.

Additionally, you’ll be able to go to this page to seek for in-network ATMs close to you. You’ll be able to view a listing of ATMs and a map. So, that’s helpful.

MyPay

One other actually nice characteristic of Chime that form of places in forward of banks in some regard is that’s affords money advances.

With MyPay, you may get a money advance of between $20 to $500.

You will get the cash inside 24 hours with out having to pay any charges. Or, in order for you the cash immediately, you are able to do so for those who pay a payment of $2.

You’ll be able to entry the cash that’s obtainable to you straight from the Chime app and it’s transferred into your Chime checking account.

No credit score verify is required to get a money advance from Chime and there’s no month-to-month payment charged both.

To get a cash advance by means of MyPay, you have to to arrange a qualifying direct deposit of not less than $200.

And, you will need to have an activated bodily Chime card and reside in a state the place MyPay is obtainable. In the event you grow to be eligible, you’ll be invited to unlock MyPay.

Chime Get Paid Early

Once more, Chime is forward of your conventional banks in some ways, and this consists of the truth that it permits you to receives a commission early.

By the Chime Get Paid Early characteristic, you may get your direct deposit as much as two days early by means of Chime.

You simply must arrange direct deposit by means of Chime to get began. You’ll get notified as quickly as your paycheck is out there. Chime early direct deposit is computerized. Chime offers you entry to your paycheck as quickly because it will get it.

You’ll get your paycheck as much as two days quicker than you’d get it at some conventional banks.

Money again with Chime Offers

Chime additionally provides you cashback on on a regular basis purchases with Chime Offers.

Chime Offers is a characteristic that permits Chime members to get cashback on on a regular basis purchases by means of in-app offers. Simply browse the app for the retailers that you just’re planning to go to, after which choose the cashback offers that you really want.

You will get cashback on issues like gasoline and groceries and at eating places close to you.

Merely open the Chime app and search for Chime Offers on the house display. Then, it is possible for you to to pinpoint cashback offers at retailers close to you – similar to you’ll find Chime ATMs close to you. Simply activate the Chime Offers that you really want when you find yourself prepared.

When you’ve activated a cashback deal, you might have a set time interval, which is often 4 hours, to redeem it. Chime recommends that you just wait to activate a deal till you’re about to go away the home to go to the gasoline station, grocery retailer, or restaurant.

Mainly, Chime Offers rewards you for purchases that you just already make – like shopping for groceries, filling up on gasoline, or consuming at native eating places.

You don’t want a cashback rewards card to make use of Chime Offers both. Merely swipe your Chime Visa Debit Card, or Chime Credit score Builder Secured Visa Credit score Card on the retailer, and you’ll declare your cashback rewards.

Any cashback you earn will probably be deposited into your Chime Checking Account inside ten enterprise days. And, you’ll be able to spend the money nevertheless you need.

Chime Pay Anybody

Among the best options of Chime, and positively one which makes it so interesting to budget-conscious customers, is the truth that Chime permits you to ship and obtain cash immediately, with out paying charges. This may be performed by means of a characteristic referred to as Chime Pay Anybody.

With Chime Pay Anybody, you’ll be able to immediately pay individuals by means of Chime, no matter checking account they use. And funds are secure and safe. There aren’t any on the spot switch charges both.

You’ll be able to securely pay anybody by means of Chime in seconds. All they want is a sound debit card to say their money. No sign-up is required.

Chime Tax Refund

Chime also can show you how to along with your federal tax refund. You will get your tax refund as much as six days early whenever you direct deposit with Chime.

Direct deposit your federal tax refund and you may get it as much as six days early proper to your Chime account. Chime will even provide you with a warning as quickly as your refund hits.

In accordance with Chime, greater than $19 billion in tax refund funds have been processed by the corporate to this point, and greater than 11 million tax deposits have been deposited to Chime member accounts to this point.

Is Chime Legit?

Now for the vital query – is Chime legit?

With regards to cash, we wish to be sure that our cash is in good arms. That’s why it’s so vital to do your analysis and browse evaluations.

Total, Chime is a legit firm that’s been featured by many well-known media shops, like Forbes and the Wall Avenue Journal.

Chime is certainly an actual monetary service firm that’s headquartered in San Francisco and has extra workplaces in Chicago and Vancouver.

Additionally, Chime makes use of 128-bit AES encryption, entry management, and safety processes to be sure that your cash is at all times secure.

And, for those who occur to note that there’s an unauthorized transaction in your account, then you’ll be able to disable transactions in your Chime card instantly within the settings part of the Chime app and web site to forestall any extra unauthorized card transactions.

So, Chime shouldn’t be a rip-off. Let’s check out how prospects charge and evaluation Chime on numerous platforms on-line.

Chime Buyer Evaluations

Total, Chime is well-rated by prospects who reward the corporate for a wide range of issues, corresponding to the truth that it provides them the power to get their paycheck early, that they don’t should pay charges, the way it helps them to construct credit score, how helpful the SpotMe characteristic is, the corporate’s 24/7 buyer help, and the way it affords a handy banking expertise.

Though Chime is generally well-rated on-line, it does have some damaging evaluations.

Chime may be very well-reviewed by prospects on some platforms, and negatively reviewed by prospects on others.

Right here’s how Chime is rated and reviewed by prospects throughout a number of totally different platforms.

The Google Play store

On the Google Play retailer, Chime has a ranking of 4.6 stars. So, it’s positively reviewed, and nearly all of individuals on there report that they’ve had a very good expertise with utilizing Chime.

The App Store

Chime may be very well-rated on the App Retailer the place it has a ranking of 4.8 stars. Most prospects report having a optimistic expertise utilizing Chime.

Trustpilot

Chime shouldn’t be very well-rated by prospects on Trustpilot. In truth, it has simply 2.3 stars, which is a ranking of “Poor,” on there.

The Better Business Bureau (BBB)

Chime has a ranking of C+ from the Higher Enterprise Bureau (BBB). It’s not accredited by the BBB.

Buyer evaluations of Chime on the BBB are very optimistic. In truth, Chime has a 4.18-star ranking from prospects on there.

Detrimental Chime evaluations

Okay, in order you’ll be able to see, Chime does have largely optimistic evaluations from prospects. Nonetheless, I did see some damaging evaluations. A number of the most typical complaints from Chime prospects have been that:

• Depositing cash typically requires a payment.
• Chime closed their account with out offering a ample purpose.
• If cash went lacking or there was a fraudulent transaction, Chime didn’t get well the funds.

Chime buyer help

One other issue that may decide whether or not or not an organization is legit is whether or not it really has any kind of buyer help in place. Having the ability to get in contact with an organization that’s dealing with your cash is so vital.

The Chime Member Companies workforce is out there 24 hours a day, 7 days every week. If you should contact Chime customer support, you’ll be able to name the corporate at (844) 244-6363, or you’ll be able to chat with help in your Chime app by tapping the query mark icon on the high of the display.

So, it’s nice that buyer help is out there 24/7 and that Chime really has a quantity that you may name. Many locations simply have an e-mail handle you should use to contact them. So, total, Chime makes it simple for patrons to get in contact once they want help.

Chime Execs & Cons

Okay, so now you understand how Chime works and the way Chime is rated and reviewed by different prospects. And, I’ve informed you that Chime is certainly legit. So, you don’t have to fret about being scammed by the corporate or something.

Nonetheless, you should still be uncertain as as to if this monetary companies firm is for you. In any case, we’re speaking about your hard-earned cash right here, proper? So, you wish to be sure that the corporate is an effective match for you.

That can assist you resolve whether or not the corporate is best for you, I’ll cowl some execs and cons of Chime.

Execs

We’ll hold issues optimistic and begin out with the professionals!

• No charges: I imply all of us wish to lower your expenses the place we will, so the very fact Chime doesn’t cost any charges is a large plus.
• Entry a number of companies and options: Chime has a big suite of companies and options obtainable, corresponding to a checking account, a financial savings account, money advances, overdrafts, and cashback offers.
• It lets you construct credit score: That is preferrred in case you are searching for a manner to enhance your credit score rating. No credit score verify is required both.
• Get entry to greater than 50,000 ATMs: That’s quite a lot of ATMs that you should use to entry your money they usually’re fee-free too!
• Entry tons of options and companies all from one app: The app may be very handy permitting you to entry a bunch of companies, like cellular verify deposit, on-line invoice pay, and on the spot transfers with Pay Anybody, multi functional place. You’ll be able to even verify your stability on the go.
• Automated financial savings instruments obtainable: This can assist you to avoid wasting more cash, simply.
• No minimal opening deposits: This implies that you may open an account with Chime, even when cash is tight.
• Get your paycheck early: With Chime’s Get Paid Early characteristic, you may get your direct deposit as much as two days early by means of Chime. That is helpful whenever you want cash quick.
• Gives a straightforward on-line banking expertise: Chime is very easy to make use of, so banking with the corporate is straightforward, which is what you need!
• Good buyer help: Buyer help is out there by telephone and chat within the Chime app. Assist is out there 24/7.
• Get a Chime debit card that makes dealing with your money simple: Use the cardboard anyplace that Visa is accepted. And, you’ll be able to even join the cardboard to your cellular system. You’ll be able to even activate Spherical Ups and Chime will switch the change from the purchases you make along with your debit card proper to your financial savings account.

Cons

Now, let’s check out the cons of Chime:

• No curiosity obtainable on checking accounts: So, if you wish to earn curiosity with a checking account, then Chime isn’t for you.
• No bodily branches obtainable: Chime is a monetary companies firm and never a financial institution, so not like a standard financial institution, it doesn’t have branches. So, in order for you to have the ability to discuss to somebody head to head, or do your banking in-person, you then received’t be capable of.
• It doesn’t supply certificates of deposit (CDs) or cash market accounts: If you’re wanting not only a checking account and financial savings account, but additionally CDs or cash market accounts, Chime isn’t the corporate for you because it doesn’t supply them.
• Typically charges apply: Though Chime’s companies are usually fee-free, there are some exceptions. For instance, whenever you make a money deposit into your Chime account at a retailer apart from Walgreens or Duane Reade, you’ll be charged a payment.
• Direct deposit required for cellular verify deposit. This implies that you may solely use the cellular verify deposit characteristic for those who obtain direct deposits, and never everybody does.

Chime FAQs

We’ve coated so much already on this Chime evaluation, however you continue to might have questions. That’s why I’ve included some solutions to widespread questions that individuals have about Chime.

In any case, the extra you already know about an organization, the simpler it’s to decide about whether or not to make use of their companies!

Let’s check out some Chime FAQs.

Is Chime a financial institution?

No, Chime shouldn’t be a financial institution. It’s a monetary know-how firm that provides banking companies. Chime’s companies are supplied by The Bancorp Financial institution, N.A. or Stride Financial institution, N.A

Is Chime FDIC Insured?

Though Chime is a monetary know-how firm, and never a financial institution, accounts that you just open by means of Chime are protected by FDIC insurance coverage. The corporate’s companions, The Bancorp Financial institution, N.A. and Stride Financial institution, N.A., are each FDIC members.

Chime financial institution accounts are insured of up the usual most deposit insurance coverage quantity of $250,000 by means of its companions. So, any cash that you just deposit into your Chime account will probably be protected as much as the FDIC protection restrict.

Does Chime have charges?

Most of Chime’s companies are fee-free. So, for instance, Chime doesn’t cost month-to-month charges, and you may get a fee-free overdraft of as much as $200. Nonetheless, there are some exceptions.

For instance, you’ll be charged a payment for those who make a money deposit into your Chime account at retailers apart from Walgreens and Duane Reade.

So, don’t assume that every one of Chime’s companies are fee-free.

Make sure you learn the nice print first so you already know whether or not you’ll be charged a payment for utilizing a specific product, service, or characteristic of Chime.

Is Chime secure to ship cash?

Sure. Your funds are protected and insured. You should utilize it to ship cash to many locations. You’ll be able to even send money from Chime to Cash App.

Any funds in your Chime accounts are FDIC insured as much as $250,000 by means of Chime’s financial institution companions – The Bancorp Financial institution, N.A. or Stride Financial institution.

And, Pay Anybody funds are safeguarded.

Additionally, Chime says that it runs periodic safety assessments of its methods to maintain your cash secure and safe.

Does Chime require a credit score verify?

Chime doesn’t verify your credit score rating whenever you apply for a bank card, debit card, checking account, or financial savings account.

Is Chime legit to construct credit score?

Sure. Chime permits you to construct credit score through the use of the Chime Credit score Builder Secured Visa Credit score Card. This card has no annual charges or curiosity.

Fund the Credit score Builder secured deposit account with a safety deposit, swipe the bank card when paying to your on a regular basis purchases, and make on-time funds every month and this can assist to construct your credit score.

Is Chime good?

Total, Chime is an effective monetary service firm providing a set of merchandise, and companies by means of its companion banks. It will possibly show you how to to keep away from charges and construct credit score.

Is Chime a reliable app?

The Chime app, which is out there for each android units and iOS units, is a reliable app. Customers have rated the app properly on the Google Play retailer, the place it has 4.6 stars, and on the App Retailer, the place it has 4.8 stars.

Is Chime actual or faux?

Chime is certainly an actual firm, with headquarters in San Francisco. It has been featured by a number of well-known media shops, and it’s well-reviewed by customers.

Can Chime be trusted?

Chime may be trusted. Your cash is FDIC insured, and in case you have any points, Chime buyer help is out there 24/7.

Nonetheless, some customers on the BBB and Trustpilot reported that once they disputed a transaction, Chime didn’t get well their money and others mentioned that that they had their accounts closed.

So, there are some damaging evaluations of Chime on the market.

Total, although, Chime is a reliable firm.

Does Chime actually provide you with cash?

Sure, Chime provides you cash in a number of methods. You will get money advances of between $20 to $500 with Chime’s MyPay characteristic, and you may get an overdraft of as much as $200 with out charges by means of Chime’s SpotMe Charge-Free overdraft.

You will get noticed on debit card purchases, bank card purchases, and money withdrawals. Chime will spot you as much as $200 on debit card purchases and money withdrawals with no overdraft charges.

Chime additionally has a bank card obtainable to customers. There are cashback offers obtainable too.

Does Chime refund cash if scammed?

Okay, so this can be a advanced one. Chime itself states that Chime playing cards are backed by Visa’s Zero Legal responsibility Coverage.

Which means members can store at tens of millions of areas and know that they aren’t chargeable for unauthorized prices if their Chime Visa Debit Card or Chime Credit score Builder Secured Visa Credit score Card is misplaced, stolen, or fraudulently used both on-line or offline.

Regardless of this, I’ve seen fairly a number of experiences from Chime prospects complaining that Chime failed to assist them to return their funds. Now, this will not be widespread with Chime, but it surely does appear to occur.

In this Reddit thread, for instance, individuals point out the problem of getting Chime to return their funds to them.

What’s required to open a Chime account?

To open a Chime account, you should be a U.S. citizen and not less than 18 years previous. You’ll additionally must have your Social Safety Quantity, e-mail handle, and a sound house handle.

Who’s Chime finest for?

Chime is finest for anybody who’s searching for a checking account that doesn’t include charges. And, for many who wish to automate financial savings, construct credit score, or get a money advance.

What are individuals saying about Chime?

Most individuals say that Chime is an effective firm, and that it has helped them to construct credit score, and that the corporate makes it simple to ship and obtain cash.

Chime is well-reviewed throughout various platforms, together with the BBB, the Google Play retailer, and the App Retailer. After all, there are some damaging evaluations of Chime, however prospects largely have a very good expertise with the corporate.

Try this Reddit thread to see what persons are saying about Chime.

What’s the draw back of Chime?

Regardless of having quite a lot of positives, Chime does have a few downsides. It doesn’t supply as vast a variety of account as some conventional banks do, it doesn’t have any bodily areas, so you’ll be able to’t get face-to-face help or do your banking in particular person, and typically it’s a must to pay charges to deposit money into your account.

Total Verdict

Total, Chime is a legit firm that permits you to take pleasure in fee-free checking and financial savings accounts, in addition to a plethora of different options, corresponding to a fee-free overdraft, money advances, bank cards, on the spot cash transfers, and cashback offers.

It’s fairly well-rated by customers on-line. For anybody seeking to keep away from the charges that come together with conventional banks, Chime is a good selection.

Hopefully, this Chime evaluation helped you to resolve whether or not or to not financial institution with the corporate.