Chime® is a financial technology company - not a bank - offering online banking services through Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC.

Chime is also not owned by a bank. Instead, it partners with two banks - The Bancorp Bank, N.A. and Stride Bank, N.A. - to provide banking services to account holders.

Yes, Chime is a legit and trusted financial company. Chime provides trusted banking services through its partnerships with The Bancorp Bank, N.A. or Stride Bank, N.A., both of whom are FDIC members.

Chime is a full-featured deposit account. Your account can receive direct deposits and it supports pre-authorized withdrawals and interbank transfers through the automated clearing house (ACH) Network.

Chime is known for offering low-cost accounts that do not include overdraft fees or monthly maintenance fees. However, account options are limited, which may not make Chime the best choice for those who have more extensive or complex financial needs.

Chime Can Help Build Credit History, but It's Not for Everyone. Chime reports account activity to all three credit bureaus. Cardholders looking to build better credit can establish on-time payment behavior and lengthen their credit history. (Note that late payments can still negatively affect a credit score.)

Chime isn't involved in the flow of funds. In other words, Chime doesn't receive or hold money on behalf of its members or partner banks. The partner banks provide the savings and checking accounts.

Show Pros, Cons, and More. The Chime Checking Account is a good low-fee account - there are no monthly service fees, foreign transaction fees, or overdraft fees. Chime does charge a $2.50 for using an out-of-network ATM, though. Early direct deposit allows you to receive your paycheck up to two days early.

Cons: Limited account options: Chime currently offers just a checking and savings account, which may be challenging for consumers who have more extensive needs. Making cash deposits can be challenging: Cash deposits cannot be made at ATMs.

With traditional credit cards, using a high percentage of your available credit limit could negatively impact your credit score. You don't have to worry about that with Credit Builder because Chime does not report credit utilization. On-time payment history can have a positive impact on your credit score.

As soon as Chime receives your paycheck from your employer, we deposit the funds in your account. To unlock the perks of Get Paid Early with Chime, just open a checking account and set up direct deposit.

Chime Pros and Cons

• Good accounts for people with low credit scores or poor banking history.
• Low-fee checking and savings accounts.
• $0 minimum deposit for a checking or savings account.
• Receive your paycheck up to two days early.
• Automatic savings plans.