Online Banking Review | Chime Bank
About Chime Bank and Chime Card
Chime Bank changed the way people think about a traditional bank. Chime Bank is also one of the branch-less mobile banks that allows people to do mobile banking and manage their money through an app. What Chime app does is to make every single purchase with a debit card more convenient and flexible. Along with the convenience of mobile banking function, Chime Bank has eliminated lots of hidden fees for all customers to make every transaction and purchases more transparent. The Chime Visa debit card is issued by The Bancorp Bank from Visa U.S.A. Inc. and this card can be used anywhere Visa debit cards accepted.
Pros & Cons
- No monthly fee
No one wants to pay extra money every single month for maintenance. The Chime Bank can save you money monthly from maintenance and cultivate your money wisely. There is no hidden monthly fee you need to pay and all statements are transparent enough.
- A Visa Debit Card
Once you apply for an account with Chime Bank, you will receive a Visa Debit Card from Chime Bank to satisfy your daily purchases. Customers can use a Chime debit card everywhere as long as the Visa type is accepted.
- Automatic Saving
Chime Bank can round-up money to deposit in your savings account automatically. You can also receive 10% of every paycheck deposited into your savings account.
- Chime Bank is FDIC-insured
Although Chime Bank is a digital bank, it is safe and secure enough because any customers’ deposits are FDIC insured to over $250,000.
- Slow Customer Service
Chime Bank customer service takes an average of two to five business days for customers to respond to messages through the mobile application. If you really had a problem or emergency with your financial account, feel free to call Chime Bank for help.
- Limited Banking Features
Chime Bank provides all the same features as other digital online banks do. Chime Bank allows you to have one checking and one saving account at the same time. Compared to the traditional bank, the Chime Bank has limited Banking features. You cannot get any physical checkbook or statement from branches. All the services should be done through the app or online services.
- No Zelle
Chime Bank is not listed on the Zelle list. The money you send will go through the ACH network which takes time.
Chime Card Bonus
The welcome special bonus is one of the most desirable things. If you sign up the card with Chime Bank by yourself, you can get a maximum $50 welcome bonus in your bank account automatically. Through friends referral, your friend and you can both get the $50 bonus, respectively. Furthermore, once you activate your account, you can get the shopping rewards as well.
Chime Card Accounts & APY
There are two types of accounts you can apply from Chime Bank. The basic account, which we called checking or spending account, comes with a Visa debit card. The other one is an optional savings account, which can saves your money and earns the APY up to 1.60% annually. However, Chime Bank lowered its APY to 0.25% recently.
Minimum Checking/Saving account Requirement
The digital banking industry has fierce competition. No minimum balance required when you use Chime Bank. That’s one of the reasons why digital banks are so competitive compared to traditional banks nowadays.
Chime Card Fees
Compared to lots of traditional banks in the United States, Chime Card is customer-friendly because it has fee-free overdrafts up to $100. As we all know, the traditional banks usually charge a high overdraft fee with 5-7 times maximum. If you always forget your remaining balance, Chime Bank is a good option for you.
Wire Transfer Fee
Currently, Chime does not provide wire transfers, so it is better for users who seldom do wire transfers.
Foreign Transaction Fees
Since Chime Visa debit card is issued by The Bancorp Bank from Visa U.S.A. Inc. Chime Visa debit cards can be used anywhere Visa debit cards accepted, which means its customers can use it even in foreign countries and no worries about extra fees being charged.
Chime Card Customer service
It is more efficient to call on customer services if you have any questions. Chime’s customer service number is 844-244-6363. Feel free to call customer service.
Except for Chime’s card, Cheese debit card is an excellent card as well, helping you save money easily. Cheese offers a cash bonus and no banking fee. Sounds attractive? Click here to apply for the Cheese debit card.
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