As a primarily online bank you would expect the online feature to be very strong and they are. I will say however the lack of an accessible physical location is sometimes an inconvenience. The rates have been outstanding for the most part, 0.75% Checking and 1.3% Savings. I have been very happy with the general banking products. I have casually looked at the CD and other products. I may explore those more in the future. The customer service element is sometimes lacking as it can be difficult to reach customer services by phone. This makes the lack of a physical location an even bigger issue. I believe they are a fairly new bank so hopefully in time they will get these issues ironed out. As a whole though I would give the institution as a whole high marks. I intend to stay with them in the future. I also have recommended them to friends who have opened accounts and have been very happy. I am happy to report that BankPurely does not charge me any fees unless I break their Terms of Service and even then they are very reluctant to charge me any kind of additional fee. BankPurely also offers an IRA program to help me save for retirement. Their interest rates are very competitive with major institutions and while they are certainly not the highest on the market, they are a good value and offer a chance to further diversify your retirement funds. I would recommend BankPurely to anyone who is tired of the major institutions and wants to experience a smaller, more personable online only banking organization.
No silly fees ..fast direct deposits and excellent app ...Only downside is the ATM fees when you are traveling international..The app is one of the best designed app I have ever seen ...Much better than the one in bank of america ...Also it provides more insights into all the transactions ...I wish they had the option of depositing cash ..They are working on it but its still not available ..I also love the mobile deposit options on their app ...
Customer Service was extremely rude. They also need to word properly about the Referal Bonus! Its not $200 deposited within 45 days of signing up! Its ONE transaction of $200! Very misleading and upset that i missed out on the Bonus i was waiting on! Customer service didnt care to fix this issue and when spoke to Supervisor he as well didnt care. Very misleading information. And for the fact now if i have $200 deposited in one transaction it will have been past the 45 days and will not honor it.
When I first heard about chime I was really excited about them. I love online-only banks because they are really convenient for my mobile life. When I signed up using the app, I immediately had a huge issue. It wouldn't let me attach my card to the account. I tried to contact support, as I was unable to utilize my account, and they didn't reply to me for over two weeks. When they finally did reply they apologized but it left a bitter taste in my mouth and I decided to no longer use them.
I signed up because I liked the "round up" option for microsavings.
However, I encountered the following problems:
1. "No fees" -- yet you have to search high and low and to find an ATM machine to actually get your money out otherwise they charge 2.50. Even if you take it into the bank and run it through as a charge, you are still charged 2.50.
2. 500 limit per day on getting cash out... they really want you to use the card for swipes -- I assume that is how they make their money.
3. Terrible customer service -- when I joined, they had no humans that you could interact with -- only "Chimebot" on the app.
4. Sketchy reputation among other banks -- because I set up a recurring transfer from another bank so that I could actually earn INTEREST on my savings (as opposed the 0.01 percent that Chime "pays"), the other bank flagged my account for fraud and froze it. I could not get ahold of a live human being to verify my account (see above about "Chimebot").
5. All deposits from another institution are held for 5 days regardless of how long you have been a customer.
I have now switched to Empower. It pays 2 percent cashback on debit card swipes. ALL ATMS are free. You get your direct deposit up to 2 days early like Chime. You get paid 2 percent interest for both checking and savings and it offers seamless integration and transfers with outside banks -- even my credit union. No 500 cash back limit on getting money out like Chime. Only downside is there is no website -- only an app.
Aspiration is also switching to a 2 percent cash back on debit card swipes and also pays 2 percent interest though their ATM network is more limited.
I feel like Chime is something that a group of "techies" made and rushed out to the general public without working out all the kinks. I didn't even get to use the account because of so many issues that came up with trying to link the account with USAA. The routing number Chime will provide you will likely register at your other institution as a prepaid debit card account. So USAA kept saying that the Chime account routing number is either invalid or does not accept external transfers... (USAA will not connect with a prepaid account due to fraud). Chime did not understand this and they asked to me tell USAA that they are not a prepaid account, which I did. USAA tried adding it again with the same issue. Chime's email support team kept sending me generic responses to this issue. So I finally called and spoke to two different reps who struggled to communicate in English. I asked to speak to a supervisor and was placed on hold for over 20min with no response. I finally hung up and emailed their support team to close the account. This account is honestly a complete waste of time. If you are looking for a mobile app type bank, stick with Simple.
|FDIC Certificate #||35444|
|Return on Assets - YTD||2.11%|
|Return on Equity - YTD||26.95%|
|Annual Interest Income||$148.0MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$4.46B$4.70B|
|Loans||Q4 2018vs Q4 2017||$2.35B$2.16B|
|Deposits||Q4 2018vs Q4 2017||$3.95B$4.28B|
|Equity Capital||Q4 2018vs Q4 2017||$396.8MM$313.0MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$8.7MM$7.1MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$30.3MM$23.7MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$27.2MM$34.1MM|
Chime is an Internet only bank and does not have branch locations. Its headquarters is located at 409 Silverside Road - Wilmington, DE 19809