Chime is a new type of bank that users access through a mobile app only. It has a set of features that are user-friendly but very basic, such as the ability to deposit and withdraw money as well as instant money transfer between friends and family if they all have Chime bank accounts. Chime is designed for people who are looking for a low-cost, easy-to-use bank that offers basic financial services. The company does not offer any overdraft protection, loans, mortgages or other complex financial products. Instead, it focuses on providing its users with a safe and easy way to store and use their money by providing them a checking account, which the bank calls a “spending account”, a savings account, and a Visa debit card.
Chime has quickly become popular due to its innovative approach to banking, as well as its low fees and decent customer service. One of the main benefits of using Chime is that it allows users to easily budget their money by providing them with a real-time view of their Chime account balance. Additionally, Chime offers a number of other features, such as the ability to set up direct deposits and make mobile check deposits, as well as features that other banks do not offer, such as automatic savings and early direct deposit.
Since Chime doesn’t lend money to its customers, the bank does not require a credit check or minimum deposit, so it is a great option for people who have bad credit or are just starting to build their credit history.
The Chime app is available on both Android and iOS platforms, and offers customers the ability to deposit, withdraw, and transfer money between friends and family through their smartphones.
In an era of endless bank fees, Chime Bank is a breath of fresh air. The company doesn’t have monthly fees, minimum deposit requirements, or overdraft penalties. Clients also have free access to MoneyPass and Visa Plus Alliance ATMs. MoneyPass is a network of 24,000 surcharge-free ATMs across the United States. With Visa Plus Alliance, there are an additional 1 million ATMs in over 200 countries that are also fee-free for Chime clients. This makes it easy for Chime clients to find an ATM when they need cash.
On the other hand, a potential disadvantage of using Chime is that there are no physical branches, so customer service can be more difficult to access than at a traditional bank. Another disadvantage may be that some clients find it difficult to use the online and mobile banking platforms. Additionally, Chime does not offer investment or mortgage services.
Overall, Chime Bank is a great option for those looking for an online-only bank that offers basic financial services such as view their transactions, transfer money, and set up recurring payments. Despite its non-traditional approach, Chime is a full-fledged bank with many features and benefits that traditional banks offer. And it is insured by the FDIC, all Chime accounts being FDIC insured up to the maximum $250,000 per depositor, making Chime a legit bank for people who cannot get approved for other bank accounts or simply want a free alternative to their existing banking services.