Chime is very different from the traditional banking experience https://fastcashloan.net/payday-loans-nh/link. It's often referred to as a “challenger bank” - a term used for fintechs, or financial technology companies, that don't have an official banking charter but can provide many of the same services. Check out this Chime review to find out why twelve million people have switched to Chime and if it's right for you.
- Full-featured mobile app
- $0 monthly maintenance, minimum balance or overdraft fees
- Get paid almost two early with direct deposit
- Round up debit card transactions to the nearest dollar and the spare change goes to your savings account
- Great for bad credit checking/second chance banking, as it does not rely on Chex Systems or credit checks
- FDIC insured
- A credit-builder secured Visa credit card is available
- Current savings rate of 0.50% is higher than most banks
- One fee to watch out for -- out-of-network ATM fees for $2.50
About Chime
Chime is headquartered in San Francisco and launched in 2014. Its innovative fintech, or otherwise known as financial technology, roots is the top reason why it's different from the average brick-and-mortar bank. Chime doesn't have any physical branches - online banking is key, using the simple-to-understand mobile app and debit card to handle your everyday finances.
Chime's partnerships with regional banks help them create “member first financial products.” The approach lowers Chime's operating costs and cuts out many of the fees you're used to paying. A good example is Chime's partnerships with Stride Bank and The Bancorp Bank, which adds FDIC protection for Chime account holders, up to $250,000.
