A Complete Review of Chime Bank

Chime Bank is one of those reputed financial organizations that offer branchless banking experience. Most of its dealings are done through Mobile. But its world-spread popularity is not limited to that factor.

Alongside offering the facility of mobile-first banking options, Chime Bank has made its services more user-friendly as they have removed all sorts of hidden costs in maintaining the accounts. These feel include:

  • Any sort of monthly fees
  • Fees for overdraft
  • Fees for transactions overseas
  • There is no minimum balance requirement.

At the same time, the bank offers FDIC insurance on deposits until the level of deposits reaches $250000. The service is supported by the Bancorp Bank and the Stride Bank.

The Early Direct Deposit Feature:


 Account-holders with Chime Bank get the opportunity of having Direct Deposit from the employer/s.

The facility is easy to access. Only filling an application form would serve the purpose. We can refer without a doubt that this facility offers faster access to funds.  It eradicates the traditional deposit of paper checks. This is never possible as the transactions are communicated through online mobile transfer.

Also, Check – Corporation Bank Net Banking Register and Login Guide for New Users !!

The Fee-free Overdraft Facility

With Chime Bank, the account holders are allowed to access overdrafts for which they need to pay no fees.

The maximum limit of such an O/D facility is $100 and the lending must be due on Debit Card purchases.

SpotMe is a facility initiated by the bank through which applications for such services can be put forward.

Spending Account

A lot of other banks in USA charges for maintenance of Spending Account, while Chime Bank offers zero cost services. The clause of Minimum Balance is also absent.

Chime Bank’s authority has made the opening of such an account mandatory for those who want to own a Savings Account here.

The facilities in Saving Account appear to have descended from Spending Account. It offers a direct deposit facility. It enables an employer of an account holder to deposit the paycheck in the account. The owner will have access to those credits faster than any other bank with similar services.

Savings Account

Under such a scheme of deposits, Chime Bank offers an Annual Percentage Yield (APY) of 0.06%. The rate thus offered equals the national rate. Since many of the online providers offer a better rate than Chime Bank and the fact that the bank has very recently reduced its rate, an account holder needs to maintain no minimum balance in their account.

The bank rounds up the total of expenses made through Chime Card to the nearest dollar.  Any difference is turned back into the Savings Account.

Must Read – Requirements of Kotak Non-Resident External (NRE) Savings Account

Any person desirous to open a Savings Account with Chime Bank must possess a spending account.

Banking Experience


Chime Bank offers Application software for both iOS and Android Mobiles.  With research, innovations, and inventions, the features of the software have continually upheld itself.

With the software, customers are regularly intimated about the status of the account at a moment. Balance updates and real-time transaction alerts help people adopt con troll upon their expenditures.

With the appl, software, Debit Card losing can be easily informed to the bank to enable them to block the transactions by using the card.

Recently, the bank experienced some grievance over their transaction policy. There are people who had reported to the authority about this. The report alleges that in case any customer complains to the authority about any fraudulent activities, the accounts of the complaining are either locked or closed.

However, the bank has retaliated to the above complaints. The Marketing spokesperson of Chime Bank says that the whole things are organized when any sort of discrepancy is noticed in the management of account, it is suspended,

But, there are other hues too. The management says that the bank is undergoing a newer procedure. With the implementation of the procedure, the accounts will be able to come out of the suspension clauses altogether.


The bank charges nothing as monthly fees. The account holders need not pay anything for any overdraft made in their running account. The account holders are entitled to the facility of direct deposit. The employers of such an account holder can make a deposit directly into the account.

No hassle about the deposition of checks and waiting for encashment. With the largest ATM networks, transactions are made much easier.


Cash deposit is discouraged by Chime Bank; to proceed further, the management has decided to put some charges upon such deposits.


Various professional bodies conduct the overall ratings of the banks and credit unions. The factors that brought into consideration include Savings Account, Checking, Banking Experience, Certificates of Deposit, Credit Union Share Certificates, and fees for the O/D account.

The application of newer technologies, the use of innovative technology, and customer services are aptly considered. Chime Bank scored high in all these ratings.

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