Chime is a financial tech company that was established in San Francisco, California in 2013. Chime is a bank that focuses on digital financial solutions and low-fee banking services. Unlike traditional banks, Chime does not offer loans, CDs, or money markets. Chime's focus is on building credit and preserving money.
Chime offers savings accounts and checking accounts. The company offers an automated savings feature and a fee free overdraft protection. A mobile app is also available that allows customers to access their accounts no matter where they are. This review will focus on the main features of Chime, and provide a complete picture of their offerings.
Chime has no physical locations, but they have a massive fee-free ATM network. This feature is a big draw for consumers. However, there are some downsides to using Chime. Chime can take up to 2 weeks to send your debit card. Some customers complain that their accounts have been closed unannounced.
There are some negative aspects to this system but overall it is a great option to traditional banks. It is easy to open an account and it is a great option for those who don't want too much knowledge in financial management. The mobile app makes it easy to keep track and make changes as you go.
In addition to the above-mentioned mobile features, Chime has other useful features. A free credit builder card is available to help consumers improve and establish their credit. They offer an early paycheck deposit option. SpotMe provides overdraft protection services for people who make a minimum of $200 per month in direct deposits. The app can help you avoid overdraft fees and let you use your debit card for purchases.
Safer Credit Building is another feature worth checking out. This feature will allow you to set up an automated account balance. It will decrease your balance if your credit card or bank account has been overdrawn. When your next direct deposit is made to your account, the company will reimburse you.
Chime's mobile service is one of the most compelling reasons to use it. The Chime app allows you to access your account from anywhere and at any time. Furthermore, the app has a high Google Play Store Rating and is extremely user-friendly.
Other features include money transfer that lets you send and get money from others. While it does not offer a CD, loan or savings service, the Chime savings account is a good choice if money is your priority. While the interest rate is not the best, it's certainly good enough.
Chime is an excellent option for people who have poor credit histories and want a straightforward, easy experience. You might want to consider a traditional bank if you are someone who travels frequently or needs a more complex banking experience.