Chime is a financial technology company that, with its bank partners, offers online checking and savings accounts as well as a credit-building secured credit card. The checking and savings accounts have no monthly service fees and no minimum balance requirements.
The checking account charges no overdraft fees and provides an early direct deposit service that allows you to receive your paycheck up to two days before your usual payday. You can also receive a debit card to get cash from more than 60,000 fee-free ATMs — and use Chime’s mobile app to find the nearest machine. However, fees can apply to certain types of cash deposits.
The savings account has earned an annual percentage yield (APY) of 2.00% since Sept. 20, 2023. Chime also has an option to help you grow your savings automatically: You can round up purchases to the next dollar and save the remainder.
Chime does not have branches but makes a Member Services team available 24/7 at 844-244-6363. You can also chat with Chime via the mobile app by tapping the question mark icon at the top of the screen.
Chime pros and cons
Pros:
• No overdraft fees
• Direct deposit of your paycheck up to two days early
• Automated savings tools
• Large network of ATMs
Cons:
• Cash deposit fees
• No physical locations for in-person service
• Savings rate less competitive than other online accounts
• No CDs or money market accounts
Related Posts
Chime/Aspiration
I've only been using Chime for a short period of time. I was using it because I wanted to get my paycheck a couple days early because I get paid every two weeks. Anyway I was offered the Chime credit builder card after so long. From what I read and understood,it would help me build my credit. As long as I added money to it from my checking account. Well they voluntarily took 100 dollars from my checking account and I don't know where or why they took it. It also told me if I owed 600 some dollars by the 27th of this month. Why,I never borrowed or used any money that wasn't mine. Can someone please inlighting me on why?
Long Time Customer.
Why do new customers have the opportunity to receive a Paycheck advancement yet loyal existing customers are not.
Kind of a slap in the face
CHEATS INSIDE
I THINK WHY PEOPLE ARE GETTTING MONEY STOLEN IS BECAUSE ITS PEOPLE IN THE COMPANY THATS DOING IT. THEY HAVE ALL OF OUR INFORMATION AND I HONESLTY THINK THE REASON IS BECAUSE ITS SOMEONE INSIDE THATS DOING THIS!
Chime Deceitful Liars
Chime is deceitful and the agents are liars. I receive ssi benefits. I used to have Walmart money card. I truly regret leaving Walmart money card for chime. When I was with Walmart money card I received my ssi 5 days early EVERY month on time. Chime claims to do the same thing, but since I have been with Chime. I get it at various times up to 5 days early, however I rarely get it 5 days early. When I contact the Chime agents about this issue. I get a different answer every month. An agent told me last month that I usually receive it around the 24th or 25th. This month an agent told me that I usually receive it around the 27th. I guess that Chime thinks that I can't count to 5 and that I don't know what day I'm supposed to receive the direct deposit. Even the Chime ads are deceitful. For example. Join chime and we will spot you up to $200 before payday. Well what they don't tell you is that they will only spot you $20 and to get that spot me to go up you have to send your friends money. That is stupid. If someone needs to be loaned $200 before payday. What sense does it make to give out the money you have to your friends just to get a loan from chime? What person on a fixed-income has money to give out to their friends? So whatever fool came up with that idea obviously has no clue on how people on fixed-incomes have to live. We barely make it from month to month on what little money we receive. We don't have money to give out to our friends just to get a loan from chime that we have to give back when chime gets around to sending us our direct deposit. Walmart money card is way better. I was able to barrow up to $200 and didn't have to give away what little I already have to my friends to do it. I will be going back to Walmart money card next month. I've had it with the lies and bs I get from chime and their agents. I do not recommend chime. If you are on a fixed-income Walmart money card is the way to go. I highly recommend them.
Data as of Q3 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35444 |
| Year Established | 2000 |
| Employees | 766 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.98% |
| Return on Equity - YTD | 26.58% |
| Annual Interest Income | $410.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $8.08B$7.46B |
| Loans | Q3 2024vs Q3 2023 | $6.13B$5.55B |
| Deposits | Q3 2024vs Q3 2023 | $6.93B$6.51B |
| Equity Capital | Q3 2024vs Q3 2023 | $902.3MM$861.4MM |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $31MM$24.1MM |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $25MM$13.6MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $61.7MM$18.8MM |