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 293 Chime Banking Customer Reviews and Complaints

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Average Consumer Rating: 3.8
Rating Snapshot:
5 star: 183 4 star: 21 3 star: 5 2 star: 7 1 star:  77
Bottom Line: 71% would recommend it to a friend
Showing 1-11 of 293
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  • Unacceptable

    • Ohio,
    • Jun 20, 2019
    • Verified Reviewer

    I got a Chime account and had my direct deposit sent to the account. For the second time, it has been rejected and Chime claims to have no fault at all. Account number and routing number is correct and the name is right but still no check. I have been without a paycheck for two weeks because Chime can't seem to get it together. Unless you can afford to be without pay please don't bank with Chime!

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

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  • Perfect

    • Coshocton, OH,
    • Jun 20, 2019
    • Verified Reviewer

    Do not waste your time with other banks! I promise you that once you get Chime, life will be easier. I love it! I would recommend this 120x over. I have never been able to truly keep a savings account but with Chime, it happens. My payroll is always early and I never have any issues with my card!

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

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  • Daylight robbery/scam!

    • Texas,
    • Jun 18, 2019
    • Verified Reviewer

    Chime violated Reg E for disputes claim, they will lie and say they didn't get the documents and next the documents will appear. If you want to deal with headache and light robbery, go with Chime.

    I called on the 28th of May and the 3rd of June regarding the status of my dispute and I was told they received the forms and I will get provisional credit on the 3rd of June.

    I spoke to the manager and they assured me they have the form and are working on the dispute and I will have the provisional credit by the end of the day. I called today, 06/05, and I was told they never got the form because I SENT them with a different email, while all this time they told me they have the forms.

    Each time I called they open an escalation case, and say I will hear from escalation team within a day, 4 days later, I am still waiting to hear from escalation team. Each time I called a new escalation is created. Chime what is an escalation, this is daylight robbery. I am so shocked that things like happens, I have never gotten such bad customer service.

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

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  • My experience with Chime

    • Missouri,
    • Jun 17, 2019
    • Verified Reviewer

    This Chime card has been amazing because it doesn't have any monthly fees, how good is that, come on now! Plus they got a savings account that you can put money into from your checking with 4 or 5 times to transfer, yesss.

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

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  • Chime rocks

    • Indianapolis, IN,
    • Jun 13, 2019
    • Verified Reviewer

    Chime is by far the best banking service that I have ever had. There are no monthly fees and the app lets you keep track of your spending and savings. Absolutely recommend Chime to everyone.

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

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  • 1 out 1 people found this review helpful

    Loving Chime

    • Lorain, OH,
    • Jun 11, 2019
    • Verified Reviewer

    I don't currently have a bank account so I was told by my sister about Chime, she uses it and recommended it to me. I love my Chime card, it works anywhere, the alerts are every day, anytime you use it. I highly recommend anyone to use Chime.

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

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  • Totally recommend

    • Miami, FL,
    • Jun 10, 2019
    • Verified Reviewer

    All I can say is, wow! And I'm a happy client. Customer service satisfaction and they attend to you right away. They take your personal information, keeping it privately very seriously. Way better than a bank that charges you for everything.

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

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  • Pretty good

    • Illinois,
    • Jun 10, 2019
    • Verified Reviewer

    My only complaint about Chime is how long they hold your check at the beginning of depositing. This has kept me from using this feature. Everything else about this has been super convenient and wonderful. It's my favorite banking app I've had and definitely one I will use for a long time to come.

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

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  • 0 out 1 people found this review helpful

    Chime

    • Wisconsin,
    • Jun 8, 2019
    • Verified Reviewer

    I love banking with Chime! You get paid a day or two earlier. They answer any questions you have for them. No fees or overdraft fees! Better than a bank!

    Their savings are awesome. You can have them take 10% from your check and it automatically goes to savings. They round up and you can put back Into your checking!

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

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  • 0 out 1 people found this review helpful

    Great bank

    • Georgia,
    • Jun 7, 2019
    • Verified Reviewer

    Great bank that assists you in all your needs without additional issues you go through with traditional banks. I have had other banking accounts and had to deal with additional fees. Not this bank, they care about you! Awesome experience so far! Please give them a try!

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

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  • 0 out 1 people found this review helpful

    Best customer service

    I've had a few other cards and the customer service doesn't stand out with any of them. But with Chime, they go the extra mile to make sure you're taken care of. They listen and they understand the situation and they do whatever they can to help. Best customer service hands down!

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

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Showing 1-11 of 293

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