The ongoing advances in technology have helped to revolutionize different sectors of the economy, making service delivery and other business operations quicker, easier, and more effective. One of the sectors that have benefited immensely from these advances in the banking sector. Through technology, banks and other financial institutions can offer important banking services online including direct deposits, money transfers, and withdrawals, among others.
These advances have also led to the emergence of financial technology companies that partner with banks and other financial institutions to offer different types of financial products and services. One such company is Chime. If you are looking for a simplified way to manage your finances on the go, then you should try Chime. But before you open an account with Chime, it is important to understand what it is, how it works, and what its customers think about it.
This article tells you everything you need to know about Chime and gives you genuine Chime reviews from people who are currently using its services.
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What Is Chime?
Chime is a well-known American financial technology company that focuses on offering various online banking services through its mobile application, debit card, and credit card. With Chime, you will be able to access different banking services on the go including deposits, withdrawals, and check writing. At the moment, Chime has over 5 million active account holders and enjoys over 200,000 five-star reviews. It was also recently nominated by NerdWallet as the “New App We Love”.
Easy Account Access With No Unexpected Fees
There are several reasons why many people in the United States are now using Chime. For starters, it is known to be the most convenient way to manage your money. With the Chime mobile app and Chime debit card, you can access your money at any time and from anywhere. Also, Chime has eliminated the monthly fees and overdraft fees charged by traditional banks.
With Chime, you won’t have to pay a foreign transaction fee or be bogged down by the minimum balance requirements imposed by traditional banks. In addition, Chime allows you to get paid early. When members use direct deposit, Chime makes it possible for customers to receive their payments a few days in advance. This feature has benefited a lot of Americans, especially at this time when so many are struggling with financial issues caused by the effects of COVID-19.
Build Your Savings Account With Automatic Deposits
Another benefit of using Chime is that you will enjoy automatic savings. If you have Chime credit or debit cards, it is very easy to save money using its automatic saving features. For example, you can round up your payments to the nearest dollar and save the change directly into your savings account. With Chime, you can automatically deduct 10 percent of your salary and deposit it directly into your savings account.
The Chime mobile app also allows you to get real-time alerts for every transaction, making it easy for you to track your spending and know when someone else uses your card without your authorization. You will also enjoy extensive fee-free ATM withdrawals.
Is Chime FDIC Insured?
Although Chime is not a brick-and-mortar bank, its accounts are insured with the Federal Deposit Insurance Corporation (FDIC) through its two partner banks: The Bancorp Bank and Stride Bank, N.A. The FDIC was formed by Congress 88 years ago to guarantee American depositors the safety of their deposits and restore stability to the American financial system.
Therefore, your deposits with Chime will be insured up to the standard maximum deposit insurance amount of $250,000. This allows you to rest easy knowing that your money is in safe hands and that, in the unlikely event that Chime goes out of business, your deposits will be covered up to $250,000.
Is Chime Safe?
As an online-only, financial technology company, Chime has partnered with two major banks to offer different banking services including checking and savings accounts. This means that your deposits are safe. Furthermore, all its accounts are insured with the FDIC through these banks. Therefore, you are guaranteed to get your money back if the company goes out of business or someone steals your money from your Chime account.
Also, Chime allows you to block your debit card instantly when you suspect unauthorized transactions or when your card gets stolen or lost. You just need to open your Chime mobile app and disable your card. And once you’ve disabled your lost card, you can ask for a new card immediately.
Chime User Reviews On Account Security
In a recent review posted on Trustpilot, Donna Harris, an active member of Chime, thanked the company’s staff for replacing her card within two days as well as the $100 that someone else withdrew using her card.
“Thank you for the fast service to replace my debit card. I was very surprised and greatly appreciate the care. After having $100 taken from account this was a light at the of the tunnel. I was sure I would have to wait a week. Issue filed Monday card arrived new card arrive Wednesday”, she posted.
Another Chime member by the name of Brian Easterwood also recently posted a review on Trustpilot applauding Chime for its advanced security. He said, “My name is Brian Easterwood chime has been the best bank I’ve had to date. Security is one of their best features besides customer service. Great people; they do everything promptly. Thank you chime for being my bank.”
Is Chime Legit?
Although Chime is an online-only, financial technology company, it offers reliable and legit banking products and services including checking and saving accounts. It can do this by partnering with two major American banks: The Bancorp Bank and Stride Bank, N.A. what’s more, these banks are members of the FDIC. Therefore, your deposits are insured up to the standard maximum amount of $250,000. Here is a review regarding bank services posted by Chime members on Consumer Affairs:
“I have had an active Chime checking account for about 14 months now. All of my deposits, transfers, withdrawals have gone absolutely smooth. The Spot Me feature is amazing if you ever get into a bind. Soon after I add it to the Credit Builder card and immediately saw an increase in my credit score. I now have a chime savings account. Between the three I can transfer funds immediately. No delays, no hesitations. After banking with some of the larger banks out there, I feel like the customer support for chime is way better. Outside of a local credit union, this is the absolute best option to go! I have been very happy.” – Tyon from Nampa, ID.
Another reviewer comments in their Chime review on Consumer Affairs that:
“At first I was skeptical about going through a banking app. I had heard so many mixed reviews, but I’ve been dealing with Chime for almost 6 months now and I actually Love It. They’re understanding when you have questions, The No Fee Overdraft is amazing and they have many no-fee ATMs around the city that are easy to find and withdraw money. Also, I have a Chime Credit Builder Card and just within a month, my credit has gone up 50+ points. I LOVE THEM and I recommend them to any and everyone.” – Timmeka from Milwaukee, WI.
These reviews are just some of the statements from happy Chime customers who have found it to be a legitimate online banking company that can help you to manage your finances.
Can You Get Scammed On Chime?
The overall banking industry is constantly being targeted by online scammers, especially the financial institutions that offer online banking products and services. So, Chime is not an exception. Fortunately, Chime is constantly upgrading its security systems to ward off online scammers. For instance, it uses encryption and other measures to help safeguard your money and data. Also, you are allowed to block your card instantly using your Chime mobile app when you suspect unauthorized activities in your account.
Furthermore, the company uses two-factor authentication as well as fingerprint authentication to keep your account safe. The security features help only verified transactions occur. Also, Chime educates its members about what to look out for if they suspect that they are talking to a scammer.
Can You Trust Chime?
Yes, you can trust Chime. You can also trust any positive online review you read. Chime is a reliable, financial technology company with millions of active users. The company’s mobile app allows you to monitor all activities in your account by sending you real-time notifications whenever there is a transaction. The Chime mobile app also enables you to disable transactions in your account instantly. In most of the Chime reviews posted on Consumer Affairs and other Chime review articles, clients applaud Chime for its reliable and trustworthy features and services. See the following Chime reviews posted by active members on Consumer Affairs:
“I do everything with Chime up to fixing my credit so I can buy a house next year. Anyone can use this card. It’s great for elderly people to get financial help when they need it. The money goes straight to their card for quick use” – Maya from Dallas, TX.
“Absolutely love this card. Helpful in all aspects of managing accounts as well as their credit builder card is helpful as far as getting my credit score back on track. Would recommend this card to anyone tired of the runaround with traditional banking institutions” – Koeland from Waterford, MI.
As these users report, they have seen substantial benefits from their Chime accounts and from their debit and credit cards. The reviews highlight how Chime is one of the best online banking systems.
Chime Review Conclusion
Chime is a reliable and trustworthy financial technology company offering numerous online banking products and services including direct deposits, free in-network ATM withdrawals, and savings and checking accounts, among others. It has partnered with two main banks that are members of the FDIC to guarantee you the total safety of your deposits.