Chime Banking Review: Is It the Right Bank Account for You?

By J.R. Duren
HighYa Staff
Updated on: Jun 6, 2019

Chime Bank is an online bank that offers checking and savings accounts that don’t charge fees.

The bank was founded in 2013, according to its LinkedIn profile, under the leadership of co-founders Chris Britt and Ryan King. Britt is the company’s current CEO, while King is Chime’s CTO.

Britt has a lot of experience working in the credit card and prepaid card industry. He was chief product officer and a senior vice president at prepaid card company Green Dot Corporation, as well as a Senior Product Leader at Visa.

King has a lot of experience working IT in Silicon Valley – he was CTO and Vice President of Comcast Silicon Valley from May 2011 to November 2012, according to his LinkedIn profile.

The bank has grown in popularity as Millennials have shunned big banks in search of smaller, online banks who don’t charge fees and function through app-based banking.

“It is an upstart bank account that pitches itself as being built for a more technologically savvy-generation,” a Jan. 2016 Fortune article said. “Unlike big banks, Chime was created during the smartphone era and, therefore, features an app that is more than just a way for customers to review their bank accounts.”

Chime certainly has, from our perspective, brand recognition and relevancy, but what exactly do they offer? In our review, we’ll discuss how the bank works, the fees it charges and what customers are saying about their Chime experience.

How Chime Works

Chime offers the basics you’d get with a traditional banking experience: checking, savings, and an app. However, as you’ll read, these features have nuances that separate them from big banks.

Chime Checking

Chime’s checking accounts are called “Spending” accounts and are purely online. There are no Chime brick-and-mortar stores.

At the time of publishing, Chime offered four ways to deposit money into your account: Direct Deposit, ATM deposits, and bank transfers.

Direct Deposit is pretty standard among banks, but Chime says that you might be able to receive your paycheck up to two days early.

Chime gives you a Visa debit card with which you can pay for stuff like groceries or bills, but you can also use it to deposit cash to your Chime account via Green Dot ATMs. If you remember from our introduction, Green Dot is where Chime’s CEO used to work.

According to Chime’s website, you may have to pay fees to do a transaction at a Green Dot ATM.

Chime says that you can deposit money from any of your existing bank accounts into your Chime account for free. However, Chime limits these transactions to $200 a day and $1,000 per month.

You also have the ability to make instant transfers to fellow Chime members via the app’s “Pay Friends” feature.

Also, you have the ability to deposit checks by using their photo deposit feature.

Pro tip: At the time of publishing, Chime Bank did not offer joint spending accounts.

Chime Savings Account

Chime’s savings account is one in which you deposit money with what’s known as a “round-up.” If your grocery bill, for example, comes out to $51.63, then Chime automatically deposits $0.37 (the “round-up” to the next dollar).

This is nothing new – Bank of America started a program like this around a decade ago.

The Chime App

You can follow your account, spending, and other data through Chime’s app, which is available for Android and iOS.

The app is, basically, your bank. It’s where you go to check your balance, find out if deposits have arrived in your account and see where your money is going.

Like other banking apps, you can use Chime’s app to find ATMs, conduct transactions and check your balance. The app also notifies you when transactions take place.

If you want to access your bank statements, you have to do so through Chime.com. The previous month’s statement is available on the 5th of the following month, Chime’s FAQ section says.

Pro tip: Chime lets you send paper checks via your chime account anywhere within the 50 states. Checks will take three to nine business days to arrive at the payee’s address.

Chimes Bank’s Fees and Spending Limits

Chime’s Spending and Savings don’t charge monthly fees or overdraft fees. However, there are fees and spending limits related to their accounts that you need to know.

Chime Bank’s Fees

After reading through Chime’s fine print, we found only one fee: a $2.50 charge for using out-of-network ATMs.

Chime says they will charge you $2.50 for withdrawing money from any non-MoneyPass ATM locations, and that some financial institutions may charge a fee for checking your balance or attempting a withdrawal without actually withdrawing money.

Here’s how their fine print puts it:

“If you use an ATM not owned by us for any transaction, including a balance inquiry, you may be charged a fee by the ATM operator even if you do not complete a withdrawal. This ATM fee is a third-party fee amount assessed by the individual ATM operator only and is not assessed by us. This ATM fee amount will be charged to your Spending Account.”

Chime’s Spending Limits

Further reading in Chime Bank’s fine print revealed a series of limits on transactions that would be helpful for you to know about.

For the first 30 days you have your account, any check deposits above $5,000 will be split up. The first $5,000 is available the next day, but it could take up to nine days to see the remaining amount in your account.

Chime puts a $5,000 limit on the payment amounts you can make at one time with a check and a $10,000 limit on all checks written in a month.

As we mentioned earlier, Chime limits transfer to your account from other bank accounts to $200 a day and $1,000 a month.

Also, Chime limits your daily cash deposits to $1,000 a day and $10,000 a month.

Overdrawn Accounts

Chime may not process a payment if it requires more money than what you’ve got in your account. If for some reason, you have a negative balance, Chime says you need to make an immediate deposit to push your account back into a positive balance. If your account has a negative balance for 90 days, Chime says they’ll close your account.

Debit Card Restrictions

You can do an unlimited amount of Chime debit card withdrawals during any given day. However, your ATM withdrawal limit is $500 per day. The same rules apply to getting cash back at a point-of-sale.

Chime says your debit card purchases will be limited to $2,500 per day.

Chime Banking Customer Service

If you need to contact Chime, you can do so via calling their customer service phone number from 7 a.m. to 7 p.m. CST Monday through Saturday and from 9 a.m. to 5 p.m. CST on Sundays. You can also contact them through their app, as well as via their email address: support@chime.com.

Reviews of Chime Banking

Chime’s mobile banking apps get excellent reviews from users. At the time of publishing, the app had a 4.7 rating from more than 34,000 reviews in the iTunes store and 4.6 stars from more than 34,000 reviews in the Google Play store.

There wasn’t a high rate of bad reviews for the apps. Those that were negative focused on the limitations of the card and, in some cases, it took longer than anticipated for money to show up in the user’s Chime Spending and Savings accounts.

Our Final Thoughts About Chime Bank

Based on our research of this app, we believe the banking company's best features are its lack of a monthly fee as well as the ease with which you can use their app. Banks like Bank of America and Chase make a practice of charging customers each month to have a checking or savings account.

Chime doesn’t, nor does the company charge you when you overdraw your account. Considering that banks like Chase and Bank of America will charge you $34 and $35 for an overdrawn account, not worrying about those fees with Chime is a definite benefit.

The drawbacks to the banking app are that their ATM fees can be expensive if you’re not near an in-network ATM, which typically isn’t a problem you face with a traditional bank. However, considering that banking is becoming mobile and ATM withdrawals are declining in popularity, this may not be a big deal.

In general, we believe that Chime offers an excellent platform for someone who wants to take their banking online, receives direct deposits from their employer and wants to escape the monthly fees they pay at a bank.

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Read 364 Chime Banking Customer Reviews and Complaints

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Average Consumer Rating: 3.9
Rating Snapshot:
5 star: 237 4 star: 28 3 star: 5 2 star: 7 1 star:  87
Bottom Line: 74% would recommend it to a friend
Showing 1-11 of 364
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  • Chime in on great features and benefits

    • Casselberry, FL,
    • Sep 18, 2019
    • Verified Reviewer

    I applied for the Chime card and received it shortly after. I needed a good debit card for direct deposit. This card came highly recommended by co-workers and it came with more benefits then I anticipated. Customer service is outstanding and has always provided satisfactory answers to questions. I add it for all payment options and recommend it highly. If you're looking for a great debit card, Chime in on this one!

    Bottom Line: Yes, I would recommend this to a friend

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  • Satisfied customer

    • Wilmington, DE,
    • Sep 16, 2019
    • Verified Reviewer

    I'm completely satisfied with my accounts, I never had any issues with my deposit or using the app. The SpotMe fee is awesome, and just knowing you're never gonna have to worry about an overdrawn account with additional fees gives me a peace of mind. Thanks for making this part of my life easy!

    Bottom Line: Yes, I would recommend this to a friend

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  • Great!

    • Virginia,
    • Sep 16, 2019
    • Verified Reviewer

    I love the fact I get paid a day early. When I first signed up I got 50 bucks and so did my co-worker, awesome. I love love love Chime, keep doing a great job!

    Bottom Line: Yes, I would recommend this to a friend

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  • Great

    • Pennsylvania,
    • Sep 14, 2019
    • Verified Reviewer

    I love dealing with Chime and having an account with Chime. What I like most is the savings I get by Chime rounding up my purchases to the nearest dollar and putting the roundup amount in savings for me. Being able to have my employer direct deposit my income is great too. Thanks Chime!

    Bottom Line: Yes, I would recommend this to a friend

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  • Chime is the best

    • Baton Rouge, LA,
    • Sep 13, 2019
    • Verified Reviewer

    I love the fee-free banking. I love how y'all are expanding the ATMs that accept Chime. I love how I get a notification when I spend money and when money is given back to me. I love how every morning I get told my balance. It's very easy and convenient to use the Chime app. Y'all have made a great card and app. Thank yall very much.

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Do not use Chime

    • Overland Park, KS,
    • Sep 13, 2019
    • Verified Reviewer

    If you have a problem, they do not respond. If you have unauthorized charges or your card has been stolen/cloned, they will NOT pay you back. You lose whatever was taken and they won't even tell you, after over a month, why not. They promise to send paperwork and never do. Don't fall for this crap. I even found the CEO's number and he does not respond or have his employees respond. In fact, this is company policy not to pay. There are attorneys that specialize in suing Green Dot and Chime they are so bad.

    Bottom Line: No, I would not recommend this to a friend

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  • Chime is amazing!

    • Ohio,
    • Sep 13, 2019
    • Verified Reviewer

    I love everything about Chime, there are absolutely no fees. SpotMe has saved me multiple times and I have no problem leaving a tip for them after repaying. RoundUp feature is amazing as well it saves you money without you even noticing. I get paid 2 days early, which is also very convenient. I recommend Chime to everyone. Thank you!

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Problems depositing checks

    • The Dalles, OR,
    • Sep 11, 2019
    • Verified Reviewer

    As a retiree, I switched to Chime to receive my Social Security a few days earlier, and Chime’s advertising claim in that regard is accurate. The lack of fees was also a consideration.

    Unfortunately, my experience with Chime has been a nightmare. They apparently do not accept deposits of personal checks, and I rely on supplementary income from transactions with family and friends. They even rejected the deposit of a check from my sister for my birthday without notifying me of the rejection. I finally had to call their (offshore) "member services" department to find out the deposit was declined, but couldn’t get any explanation of why. I would definitely not recommend Chime for anyone who has to use the check deposit feature on their app.

    Bottom Line: No, I would not recommend this to a friend

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  • 1 out 1 people found this review helpful

    Chime is trash...no instant transfer to bank

    • Hampton, VA,
    • Sep 10, 2019
    • Verified Reviewer

    Chime is trash...why does it take 4/5 days to get money transfer, but get it in an instant by card to card Chime? That is stupid. I got to wait days for money transfer, that means a lot of people do not use this app. Takes too long to transfer money through bank account card...sicken crap, you need to fix that ASAP before you lose more people.

    Chime is garbage until you fix instant transfers, stupid things can mess up a business, hope you get better before I let you go. This is a waste...formal. This gets no stars. Garbage business.

    Bottom Line: No, I would not recommend this to a friend

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  • Love the convenience

    • Savannah, TN,
    • Sep 10, 2019
    • Verified Reviewer

    I get my check two days early and am immediately notified when I use my card. Makes keeping up with everything a breeze. No fees, no fuss. And with the immediate notification, I would know any questionable transactions if my card was being used without my knowledge or permission.

    Bottom Line: Yes, I would recommend this to a friend

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  • Great bank

    • Cincinnati, OH,
    • Sep 9, 2019
    • Verified Reviewer

    Before setting up my account with Chime I had a hard time trusting banks so a family member suggested Chime and I've had nothing but great experience with Chime. My account is always right, I got direct deposit and it arrives early, I started saving. I won't complain.

    Bottom Line: Yes, I would recommend this to a friend

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Showing 1-11 of 364

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