Chime Bank Review: Mobile Banking with No Fees

Chime Bank is a technology company that offers digital banking solutions, providing users with hassle-free mobile banking options. In this comprehensive review, we will explore Chime’s features, pros and cons, customer service, and offerings to help you make an informed decision about whether it is the right banking option for you.

Pros Explained

• No Monthly Fees: Chime offers a banking experience without any monthly maintenance or service fees. Additionally, there are no foreign transaction fees attached to using Chime.
• No Overdraft Fees: Unlike many traditional banks that charge hefty overdraft fees, Chime provides fee-free overdraft protection through its SpotMe feature. Customers who receive $200 or more in monthly direct deposits are eligible for up to $200 in fee-free overdraft protection.
• Early Access to Direct Deposits: Chime allows users to receive their direct deposits up to two days early, providing convenient access to their funds.
• Large ATM Network: Chime customers have access to over 60,000 fee-free ATMs across the United States through MoneyPass ATMs in 7-Eleven locations, as well as Allpoint or Visa Plus Alliance ATMs.

Cons Explained

• Average Savings Rate: While Chime’s savings account offers a decent 2.00% APY, it falls short compared to some other online banks that provide higher rates.
• Limited Services: Chime primarily focuses on simple banking services and does not offer products like certificates of deposit (CDs), money market accounts, or extensive lending options.
• Difficult Cash Deposits: Depositing cash into a Chime savings account can be challenging. Customers can transfer from their Chime checking account or use the “Save When I Get Paid” feature, although fees may apply.
• Out-of-Network ATM Charges: Chime may charge fees for out-of-network ATM transactions.

Best for

Chime is an ideal banking solution for customers seeking simple banking services without any monthly maintenance fees or minimum balance requirements. With Chime, users can open a savings account, a checking account with a debit card, and access a large network of fee-free ATMs.

Chime’s Offerings

Chime provides two main account options—savings account and checking account with debit card access.

Savings Account

Chime offers a single savings account option with a 2.00% APY. The account features two automatic savings programs: “Save When You Spend” and “Save When I Get Paid.” These programs allow users to round up purchases made with their Chime Visa debit card and transfer the rounded-up amount to their savings account, as well as automatically transfer a percentage of direct deposits of $500 or more to their savings account. Depositing cash into the savings account can be done through the Chime checking account or using the “Save When I Get Paid” feature.

Checking Account

Chime’s checking account comes with a complimentary Visa debit card and offers features like checkbook use (checks are sent by Chime on the customer’s behalf), fee-free ATM access at over 60,000 ATMs, and no foreign transaction fees. The account also includes the SpotMe overdraft protection service, which allows eligible customers to avoid overdraft fees on their spending accounts. The initial SpotMe limit is $20, but it can be increased up to $200 based on account history and activity.

Customer Service

Chime provides customer support through its mobile app, email (support@chime.com), and a toll-free phone line available 24/7 (+1-844-244-6363).

Conclusion

Chime Bank offers a convenient and fee-free mobile banking experience, making it an attractive choice for customers seeking hassle-free banking solutions. While Chime’s savings rate is competitive, it may be worth exploring other banks for potentially higher APYs. Additionally, customers looking for more comprehensive banking services, such as CDs and money market accounts, may want to consider alternative options. Overall, Chime’s user-friendly mobile app and no-fee structure make it a popular choice for those prioritizing simplicity and accessibility in their banking experience.