Chime Banking Review: A Detailed Overview

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

What Is Chime Banking?

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.

The Bottom Line

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.

Pros

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.

Cons

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.


Read 406 Chime Banking Customer Reviews and Complaints

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Average Consumer Rating: 3.9
Rating Snapshot:
5 star: 266 4 star: 29 3 star: 5 2 star: 7 1 star:  99
Bottom Line: 74% would recommend it to a friend
Showing 1-11 of 406
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  • 2 out 3 people found this review helpful

    The best

    • Dallas, TX,
    • Apr 22, 2018
    • Verified Reviewer

    Chime has been the best bank I’ve ever seen when it comes to online banks. They have a credit customer service team. I’ve had issues with the bank, but the way they handle everything made me stick with them. I highly recommend them.

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

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  • 2 out 4 people found this review helpful

    Banking for free

    • North Hollywood, CA,
    • Apr 22, 2018
    • Verified Reviewer

    I was in the ChexSystems Database and because of that, no bank would open an account for me. Luckily I found Chime banking around two years ago. Ever since then I do have a bank account, and it's all free. I can do bill pay, send checks, transfer funds, make ATM withdrawals, buy online items and even use a savings account and it's all free. No minimum is needed in your account to have a Chime account. I personally think it's great and no hidden costs or fees! Thanks Chime!

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

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  • 0 out 1 people found this review helpful

    Great card

    • St. Louis, MO,
    • Apr 22, 2018
    • Verified Reviewer

    I love that I get my paycheck two days ahead of time. I would say a $1.00 charge for out of network ATMs would be better than the $2.50 charge. But overall it's a really great card. This card helps me in a huge way.

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

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  • 0 out 2 people found this review helpful

    I actually love Chime

    • Queens, NY,
    • Apr 22, 2018
    • Verified Reviewer

    Chime is a really cool online bank. I honestly have no problem banking with them or have any hassles. I just wish there were more places to get money from like ATMs for Chime without fees.

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

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  • 1 out 1 people found this review helpful

    Amazing

    • Minnesota,
    • Apr 22, 2018
    • Verified Reviewer

    I have had my Chime card for almost three years and I love it. I have always had problems with banks but not one now that I have this card. I get my checks early, it helps me save money, keeps track of my money/spending, and they are always on top of everything and get back to you fast if something seems off. Thank you Chime!

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

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  • 0 out 1 people found this review helpful

    The best

    I have never had experience with a bank like Chime! Paying early, dependable, savings, great customer service! I can always count on when my money is going to be there. No fees, no monthly balance. Just a great all around experience.

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

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  • Get paid early

    I love Chime because I get paid early, and that is very much helpful for me. I love that you have a savings account as well. Meaning you can put aside and save. I recommend Chime to anyone.

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

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  • 0 out 1 people found this review helpful

    My positive experience

    • Providence, RI,
    • Apr 22, 2018
    • Verified Reviewer

    I have had Chime for quite some time now, and I can honestly say it’s the easiest banking I have ever done and I have never had any trouble with my account. The one time I did was because my debit card was stolen and my Chime alerts alerted me of a transaction I never authorized. I was truly grateful, and I received a replacement card immediately.

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

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  • I love Chime!

    I love the automatic savings and the simplicity of shopping and banking with Chime as a whole! Customer service is always on hand and extremely helpful when needed. I just love Chime! Since 2015 until now and they've never failed me!

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

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  • 1 out 3 people found this review helpful

    Amazing

    Fast, easy, get paid early with direct deposit - easy reload at CVS, mail checks to pay bills or family and friends, keep savings and earn round up bonus' every day on purchases! Best investment for pre-paid banking! Leave corporate banks behind.

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

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  • 3 out 4 people found this review helpful

    Love it!

    Getting paid early with direct deposit and being able to send money instantly to other cardholders, having a separate savings account is convenient. I also like being able to move my money from my savings account to my spending account with one or two steps. Customer service is very friendly and helpful when I have had to call.

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

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Showing 1-11 of 406

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