What is Chime Banking Services?
Chime is an online banking service that offers an alternative to traditional bank accounts. It was founded in 2013 by Chris Britt and Ryan King and is headquartered in San Francisco, California.
Chime provides users with a spending account, a savings account, and a debit card. Their services are completely online, which means there are no physical branches. Instead, customers can access their accounts via Chime's mobile app or website.
One of the key features of Chime is its early direct deposit service, which allows users to receive their paychecks two days earlier than they would with traditional banks. Chime also offers an automatic savings program that rounds up purchases and transfers the difference to the customer's savings account.
Another feature that sets Chime apart from other banks is its fee-free structure. Chime doesn't charge monthly maintenance fees, overdraft fees, or foreign transaction fees. They also have a large network of fee-free ATMs that customers can use to withdraw cash.
Chime has gained popularity in recent years due to its user-friendly interface and accessibility. It is an ideal option for anyone who prefers to manage their finances online and avoid the constraints of traditional banking. Overall, Chime is a reliable and convenient banking service that continues to grow in popularity among its users.
Frequently Asked Questions about chime banking services
The company offers early access to paychecks, negative account balances without overdraft fees, high-yield savings accounts, peer-to-peer payments, and an interest-free secured credit card. Chime earns the majority of its revenue from the collection of interchange fees on debit card transactions.
Chime currently provides two types of deposit accounts - checking and savings accounts. It does not offer money market or certificate of deposit (CD) accounts at this time. The savings account offers a 2.0% APY, which is nine times the industry average, according Chime.
Chime is a financial technology company that offers consumers an app with financial services. Chime is considered a neo-bank or challenger bank rather than a financial institution. It partners with two banks to provide its users with no-fee checking and savings accounts, debit cards, and other financial services.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
Our Verdict. 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. Founded in 2013 and headquartered in San Francisco, it services 14.5 million customers with 24/7 online banking and a network of 60,000-plus ATMs nationwide.
You might be wondering, “What bank is Chime?” Chime is not a bank but a financial technology company. Our mission is to offer people financial features that help them, like access to paychecks up to 2 days early3 with direct deposit, fee-free overdrafts of up to $200,4 and accounts with no monthly service fees.
The Chime app offers everything you'd want out of a traditional banking experience but in one, easy-to-use mobile app that you can access wherever you are. Use the Chime app to check your account balances, deposit a check, send money to friends, and transfer funds between your Chime Checking and Chime Savings Accounts.
United States
Chime (company)
| Type | Private |
|---|
| Industry | Financial services |
| Founded | 2012 |
| Founders | Chris Britt and Ryan King |
| Headquarters | San Francisco, California, United States |
You might be wondering, “What bank is Chime?” Chime is not a bank but a financial technology company. Our mission is to offer people financial features that help them, like access to paychecks up to 2 days early3 with direct deposit, fee-free overdrafts of up to $200,4 and accounts with no monthly service fees.
Chime doesn't charge many of the typical fees that you'd expect to pay at a traditional bank. There are no monthly maintenance fees, no overdraft fees, and no minimum balance fees. Chime does, however, charge a cash withdrawal fee when using out-of-network ATMs or withdrawing money over the counter at a bank.
Note: All members must be a U.S. citizen and at least 18 years of age. Chime offers an online bank account and a mobile banking app. You can download the app for free from the Google Play Store or Apple App Store.
When traveling internationally, you can use your card in most countries where Visa is accepted as long as you enable international transactions. Chime doesn't charge foreign transaction fees. To turn on international transactions in your app: Tap the gear icon to open Settings.
You can use your Chime Debit Card anywhere Visa cards are accepted, including outside the U.S. and with no foreign transaction fees!
Transferring money from your Chime Checking Account, including Automated Clearing House (ACH) transfers, is free. It is not possible to make international wire transfers to or from Chime as it is not a bank.
With Chime, you can receive direct deposits up to two days early**, earn savings interest, send payments and build credit. Chime doesn't charge monthly fees, and it offers fee-free overdraft up to $200^ to eligible customers.
Chime offers an online checking account and a mobile banking app. You can download the app from the Google Play Store or Apple App Store. With Chime, you can sign up for a Checking Account, high-yield savings account,* and apply for a secured Chime Credit Builder Visa® Credit Card to build credit history.
