chime bank review for 2022

Chine Bank Review for 2022 :

• Checking: 4.5/5
• Savings: 5/5
• Banking experience: 4.5/5
• Overdraft fees: 4/5

Bottom line: Chime is an online-only financial technology company that offers checking and savings accounts in partnership with two banks. Although it does not operate as a regular neighborhood bank, its accounts are insured by the Federal Deposit Insurance Corporation (FDIC), so it's make them safe places to deposit your money. There are no monthly fees or overdrafts with Chime, and you can round up purchases to the next dollar and you can save the rest. On the other hand, cash deposits can be expensive.

Best For: The best candidates are clients who want to improve the benefits of their savings accounts, get their money through direct deposit, and don't want to deposit too much cash money.

Pros:

• There are no monthly fees or overdrafts.
• There are about 60,000 free ATMs.
• With direct deposit, you can get your payback two days early (see below for more information from Chime).

Cons:

• Only third-party retailers can accept cash deposits.
• You can't use Check Deposit over the phone if you not signed up to the Direct Deposit

Full review :

Chime offers a free checking account with no monthly fees and no minimum balance requirements. It also provides users with free access to more than 60,000 ATMs. Customers can receive payment two days before direct deposit. Additionally, Chime does not charge any fees when you use your card outside the United States; Other banks usually charge 1% to 3% of the purchase price.

However, Chime charges $2.50 per transaction at out-of-network ATMs, and cash deposits can only be made at cash deposit partner locations (including retailers like 7-Eleven and Walmart). Walgreens offers free cash deposits, but other businesses may charge fees of up to $4.95. Mobile check deposit is available through the app, but you must have received at least one eligible direct deposit of at least $1 in the 30 days before using it. Chime does not have a physical checkbook, but you can pay bills by sending a check through their website or through the app's Chime Checkbook feature.

Chime also doesn't allow shared accounts, so it's not the best option if you want to share an account.

» Recommend: Check out our list of the best banking apps in 2022

Chime pays an annual interest rate of 0.50 percent and there is no minimum balance. All your Chime debit card purchases will also be rounded up to the nearest dollar and the rest will be deposited into your Chime savings account. Alternatively, you can ask your employer to deduct 10% of your salary and have it automatically deposited into your savings account. These two features are optional but useful and not available on all savings accounts. Chime also allows you to transfer money from your savings account to your checking account countless times, which is something not many banks allow.

It is important to note that you will need a Chime checking account before you can open a Chime savings account.

The company says: "Chime's annual savings account return ("APY") is variable and subject to change at any time. The specified annual return (APY) is effective November 1, 2021. There is no minimum balance required. To earn interest, you must have savings that do not less than $0.01.”

Chime recommends rolling over debit card transactions to the next dollar and depositing the rest from your Chime checking account into your Chime savings account.Save when I get paid transfer 10% of your direct deposits of $500 or more from your checking account to an automatically 'calculated' savings account.

Banking Experience :

What you need to know about the new banks: For customers who just want online banking, new banks can be a good option. Clients' funds are usually secured by partner banks, who will also receive their funds in the event of a new bank failure, ensuring that their funds are protected. Neobank accounts often have low monthly fees and offer competitive interest rates. However, they may lack standard banking capabilities, such as personalized customer service and access to personal checks, cashier's checks (sometimes required for large purchases such as home purchases), or wire transfers. (Learn more about the new banks and the services they offer.) Before opening an account, keep the following points in mind.

Chime Customer Experience: Customers gave the iOS and Android versions of Chime 4.8 and 4.7 stars out of five, respectively. Customers can also

Chime not only has cheap costs, but it also doesn't employ the same screening procedures that most banks do to decide whether a person will be denied a bank account if they've previously had one closed. So, if you're attempting to get your financial life back on track, Chime could be a useful banking alternative.

Every day from 3 a.m. to 11 p.m. CST, customer assistance is available by phone. Customers can also contact customer service via the app's customer support tab, email, or Twitter.

Overdraft fees :

Chime, like an increasing number of financial organizations, does not levy overdraft fees. Customers who meet the requirements can overdraw their account by up to $20 without incurring any fees, and they may later be allowed to make a debit card purchase that reduces their account balance to as low as negative $200. Your next deposit or transfer will be credited to the negative balance, and the company will cover the overdraft without charging you a fee. To be eligible for SpotMe®, your checking account must have received one qualifying direct deposit of at least $200 in the 34 days leading up to the overdraft. In addition, to remain in the program, a total of $200 in eligible direct deposits must be made every 34 days.

However, unlike many banks, Chime does not offer overdraft protection transfers or a line of credit, so users who overdraw outside of the SpotMe® program above its restrictions may likely have their transactions refused.