Chime App Review : Features, Pros And Cons
The emergence of FinTech has changed the whole banking ecosystem. Visiting banks frequently for account settlement was a hectic and time-consuming task. The Chime app is an addition to financial technology that allows free bank accounts that can be managed from the comfort of your home.
Two FDIC banks Stride and Bancorp Bank handle all the backend financial processing of Chime accounts. All the transactions are made through its mobile app.
This Chime App Review uncovers all the essential information like services, fees, key features, pros and cons of this impressive digital banking app. Let’s explore it further below.
What Is Chime App?
Chime is a significant alternative to a traditional checking and savings account. With a wide range of features and services, it allows users to perform transactions from their mobile app.
All the banking process is managed by its partner banks. With 24/7 support, you don’t need to visit any bank branch for banking matters. It provides more control over spending, lessening the hefty bank fees.
Started back in 2013, Chime has a huge network of ATMs for cash withdrawals. It is the best option for tech-savvy individuals who are tired of the traditional banking process.
Here is a quick overview of this financial technology app:
Quick Overview Of Chime App
Chime App Overview
Significant Details About Chime App
|Yes/ 60,000 ATMs
|United States & International
How Does Chime App Work?
Chime is a digital banking app that can be used for both local and international transactions including ATM withdrawals. Downloading the Android and iOS apps is all you need to get started.
How To Sign Up For Chime App?
1. Download The App
2. Create Your Chime App Account
3. Link Your Other Bank Account If Needed
Exploring Chime App Features
Chime Savings Account
Chime allows opening a free savings account with 2% APY and this is a very compatible rate compared to the other digital banking channels. It is completely free without any monthly charges.
All the Chime saving accounts are FDIC insured, and the account holder can claim $250,000 in case of company goes bankrupt.
A checking account is a must to create a saving account from the Chime app. You can deposit more than 10% of paychecks directly into your savings account. Funds need to be deposited in a checking account and then can be shifted to the savings account.
Chime Checking Account
Unlike other banks, Chime releases directly deposited funds two earlier in your account. It also comes with decent money-saving tools that automate the process. It sends 10% of your paycheck funds directly into your savings account.
You can avail free peer-to-peer payments into any Chime and other bank accounts. Pay anyone from your mobile app hassle-free.
Its user-friendly mobile app holds high app store ratings. You can control your debit card, check your balance, pay bills, and transfer funds with ease.
The joint venture of Chime with MoneyPress and the Allpoint network enables users to withdraw free cash from more than 60,000 nationwide ATMs.
Chime doesn’t charge any extra fee for using your account to perform foreign transactions. Account holders can send online checks of $5000 twice a month from their checkbook accessible through app features.
Chime’s Credit Card
Chime allows building a credit history through their credit builder card. Which is a secure Visa credit card without any yearly charges. It can be applied with zero credit history and gets approved for sure.
Account holders must deposit funds in a credit-builder account to purchase anything with it. If you have some extra cash to deposit then this can be the best way to build your credit history.
Chime Customer Support
Chime customer support can be approached through email, chat, and a phone number. Most of the users resolve their issues through their apps. There are also dozens of help articles for beginners on the Chime website to answer the general questions.
Multiple customer support options are the reflection of the extended vision of the company. Find the right choice for yourself and settle your account issues quickly.
Is It Safe To Send Money With Chime App?
Anything that connects with the internet is vulnerable to cyber-attacks. Chime App uses robust data and user security protocols. All the data goes through secure servers and nothing to worry about. However, scammers may break into your Chime account by getting your login credentials.
Secure your phone through password protection. Set a PIN or Fingerprint ID for each transaction. Sometimes scammers pretend to be Chime representatives and try to steal your account login. Never store your sensitive information or share it with unauthorized people.
Pros And Cons Of the Chime App
Pros Of the Chime App
Free To Use
Most of Chime’s features and sign-up are free for all. This means you can deposit, send, and receive money without any fees and taxes. Both iOS and Android apps are available on respective app stores.
User Friendly Apps For Andriod And iOS
Its beginner-friendly interface makes it more manageable and swifter to send money. Whether completing online payments, paying a utility bill, or sending a friend rent share with convenience.
The Chime App interface is not saturated with too many buttons, which makes it more easy to navigate on your phone screen.
FDIC Insured Accounts
FDIC bank accounts are insured up to $250,000. That means you can claim this amount if Chime App files for bankruptcy. This applies to both checking and savings accounts.
Automated Savings Tool
Chime comes with its in-app saving tools for account holders. That helps in automating the money-saving efforts for the users. So you don’t need to try any third-party services.
Extensive ATM Network
If you use cash sufficiently and are worried about ATM withdrawal charges, Chime can be a good option with its 60,000 ATM network for free cash withdrawal.
Cons Of the Chime App
No Joint Account
Chime doesn’t offer a joint account which is a downside of this FinTech company. It can’t be a good alternative if you are looking to share your account with family or anyone else.
No Physical Branches
Unlike traditional banking channels, Chime doesn’t have physical branches. You will have to perform all the transactions and activities through a website or mobile app.
Chime App FAQs
Is Chime A Bank?
No, Chime is not a physical bank however two banks at the back end manage all the financial activity. It works on FinTech instances and doesn’t have any physical branches.
Is the Chime App Free?
Yes, the Chime App is a free digital payment resource. That doesn’t charge anything for its services and most of its products.
Do You Need A Bank Account For Chime App?
No, a bank account is not necessary for using Chime App. However, you can attach an external bank account to your app account.
In conclusion, Chime is a versatile and user-friendly banking app that offers an array of features to help you manage your finances seamlessly. Its fee-free structure and user-centric approach make it a solid choice for those seeking a hassle-free banking experience.
With Chime, you can enjoy early direct deposits, a user-friendly interface, and excellent security features, making it a standout option in digital banking. Whether you’re looking to save more, stay on top of your spending, or simply streamline your financial life, Chime is worth considering.
So, if you’re in search of a modern, no-fee banking solution that empowers you with greater control over your money, Chime is a compelling choice that ticks many boxes for the tech-savvy consumer. Give it a try and experience the benefits of mobile banking at its finest.