Have you ever considered how often you actually go inside a physical bank branch? Convenience and flexibility trumps all when it comes to banking and you wouldn’t want to deal with annoying banking fees or unnecessary obligations especially when it doesn’t affect your actual financial management. With mobile and online banks on the rise, the use of them makes sense for many of us. Banks without a physical location like Chime Bank do not require a staff for management, and the elimination of those commodities means extra savings return to you through the form of rewards. Chime Bank is making saving and managing money easier with their unique features that doesn’t compare to your average traditional bank and don’t let the bank’s mobile platform intimidate or worry you.
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Chime Bank Spending Account:
Chime Bank‘s checking account, or what they call “Spending” account, offers your typical checking features of checking your balance, viewing transactions, and analyzing your spending. On top of that, everything is completely fee-free! No monthly fees. No minimum balance requirements. No overdraft fees. You can officially say goodbye to those bank charges ! Avoiding Bank Charges doesn’t have to be a mundane task if you don’t even have them in the first place. The only real fee they have is a small $2.50 out-of-network ATM fee, which is not uncommon and can be easily avoided. In the event that you don’t have have enough funds you card will decline the transaction. If your account does become negative, after 15 days they will pull the money from your savings account until you have enough funds to cover them.
Also only individual accounts are allow through Chime Bank. Meaning no joint accounts and no second card to work around with. Chime is currently working on this feature but is currently unavailable as of now.
Chime Visa® Debit Card:
Every time you swipe your Chime Visa® Debit Card, Chime Bank earns money and gives some of that back to you via Cash Back Rewards. You can earn Cash Back either through regular purchases or through your Automatic Savings.
Regular Purchases can earn you instant Cash Back Rewards on specific or general categories based on their up-to-date cash back list on their app. The earn rewards are usually deposited into your spending account within 24 hours. Credit Cards usual offer Cash back rewards making you fall into more debt in return for some pocket change. You’ll relieve the temptation of using your credit card if those cash back rewards are from your debit card instead and enjoy some extra cash!
Enrolling in the Automatic Savings program also earns you Cash Back Rewards based on your total automatic savings deposits. Each week your bonus reward will be 10% of your deposits made for that week, earning you up to $500 a year. The extra free money may be better than any interest rate offered by a traditional bank.
Chime Bank Automatic Savings:
With no minimum balance requirements and ease of transferring money from Spending to Savings account, Chime Bank offers a unique way for you to further grow your savings with their version of saving extra change. The interest rate on their Automatic Savings account is a measly 0.01%, but savings account typically don’t offer the most stellar rate without a few consequences (usually hefty minimum balance requirements). Learn about the Difference Between Interest & APY Rates. Chime Bank’s Automatic Savings will round up every purchase or bill pay made with your Chime Visa® Debit Card to the nearest dollar and deposits that amount into your savings. You can easily automatically start saving with every paycheck so you can achieve your financial goals faster.
Account Funding and Deposits:
A Direct Deposit or ACH transaction is strongly recommended for any mobile or online bank to ensure that you receive your funds quick and at no cost. Deposits with Chime Bank can be a little tricky and it may cost you a fee. Although most customers claim to access mobile deposit through the app, many have had to go through a third party app to deposit a check via mobile deposit. Deposit cash is more of a hassle and will only work at a Green Dot cash deposit location. Although they are partnered with Chime, cash deposits may cost you a fee.
- Direct Deposit is probably the most surefire way to deposits funds into your account!
- Cash Deposits to your Chime spending account can be made at any Green Dot Location. There are many branches available nationwide but there is a small fee when using them.
- Paper Check Deposits is unfortunately unsteady and the feature has yet to become available. Chime is still working on a way to allow mobile deposits or paper checks but as of now, third party apps can be used for mobile deposits. However, they may charge a fee for using their service.
Depending on your spending and depositing lifestyle, this may be an unfavorable complication, but direct deposits have quickly become a majority of people’s way of depositing funds into their account. You can also use apps and services like PayPal. Funding your account has many quick and easy alternatives that doesn’t require check or cash deposits. Direct Deposit also allows you to get paid early. With Chime, you funds becomes available right when your employer deposits it which is often up to two days earlier than most traditional banks.
Transfers from an external bank is instantaneous and free, but there are limits on how must you can transfer and it will take approximately 5 days for those fund to be available in your Chime account.
Chime Bank App:
Anything you can do to your account with Chime Bank is readily available right at the tips of your fingers with the Chime Bank App. You can further experience convenience, flexibility, and simplicity all while having access to features that a traditional bank would have. Daily balance updates, transaction alerts, ATM locator, bill pay, paper check sending, customer help, and temporary card block are all available for you where ever and when ever you need them.
Having a mobile bank doesn’t mean that it is less “safe”. Like any other financial institution, Chime Bank keeps your money and information secure. They are federally insured by the FDIC and guarantees privacy and protection of all of your credentials. They offer security through the advantaged of Touch ID right on your mobile device. You will also receive real time alerts the moment a transaction affects your account so you’ll knowing what’s happening to your funds. And in the event that you lose or misplace your card, you can temporary block your card right on the app to prevent new purchases or ATM transactions on your account immediately. You will have the same security protocols to your account as traditional bank would.
With mobile banks rapidly growing, Chime Bank is a great way to keep an eye of your finances in addition to cash back rewards on your checking and savings account. Signing up take less than 5 minutes! Don’t let the mobile check deposit and lack of joint accounts hold you back. You’ll never know when they’ll add even more features so its worth checking them out. Keep in mind that you don’t have to totally commit to banking with just Chime. External transfers are possible and you can just deposit a portion of your paycheck to take advantage of their cash back services. Check out our complete list of Bank Bonuses!
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