With a ton of finance companies offering multiple products, it can be daunting to determine which one best suits your personal financial needs. But among the many financial services options available today, Chime has proven to be a popular choice for many customers.
This is the reason there are so many Chime reviews on the web. However, before you open an account with Chime, it’s a good idea to go through these online reviews to know what you’re getting yourself into.
However, because it’s not possible to read through all the available reviews about Chime, we have collected an in-depth summary of the most useful comments and reviews about Chime for you. In this article, we’ll answer the most commonly asked questions about Chime.
What Is Chime?
Chime is an online-only financial enterprise that partners with Stride Bank and The Bancorp Bank to offer their savings and checking accounts. Although Chime differs from your traditional neighborhood bank, the accounts it opens for you at its partner banks still have Federal Deposit Insurance Corporation (FDIC) insurance. So, Chime is a secure place to keep your savings.
Chime’s checking account, which is known as a Spending Account, charges no monthly account fees and doesn’t require you to have a minimum balance. If you deposit or receive direct deposits of at least $200 every month, you can sign up for Chime’s SpotMe service.
This optional service lets you overdraw your checking account by up to $200 on debit card purchases with no fees.
Chime’s high-return Savings Account provides an 0.50% annual percentage yield (APY). This account doesn’t require a minimum balance either, and it doesn’t charge any monthly fees. Plus, there’s no limit on the amount of interest you can earn with your savings, as long as you have money in your account. However, to open a Chime Savings Account, you must already have a Chime Spending Account.
Through Chime’s Save When You Spend feature, you can save small amounts when you make purchases. Anytime you use your Chime debit card, Chime rounds up your transaction to the nearest dollar and transfers the rest to your Savings Account.
Chime is used mainly through its mobile application and so it offers a ton of features that make mobile banking convenient. Chime’s mobile app is popular and well-rated by its users, with a rating of 4.6 out of 5 at Google Play and 4.8 out of 5 stars at the Apple Store.
The Chime app also sends transaction alerts and daily account balance notifications any time you make a purchase. You can disable your account transactions from the mobile banking app. This saves you from making a customer service call, especially if you have misplaced your debit card. Also, you can opt to disable international transactions through the Chime app.
Can You Get Scammed On Chime?
Chime has put in several security measures and is committed to protecting its customers from online scammers, it continues to warn its customers against sharing their banking information with strangers or people they don’t know or trust.
The sad fact is that, in today’s digital world, often the biggest risk in compromising your financial details to cyber attackers comes from you. That’s why Chime seeks to educate its customers about the many ways they may be scammed online.
How Chime Protects Your Savings Account From Scammers
There are several ways to recognize online scammers before they take advantage of you. For instance, if you see an advertisement on Facebook or Instagram with the words “free money,” photos of large amounts of cash and luxury items, and references to Chime’s “reps” or “ambassadors” know that it’s a scam, and you should keep scrolling.
Chime advises its customers to be wary of people who ask for their full social security number, PIN, username, credit or debit numbers, password, or money in exchange for “Chime” services—those are all online scammers.
Also, Chime has put together a team of highly trained experts to ensure its customers’ safety. These experts stay on top of the latest threats in the world of financial technology so they can easily protect against, identify, and resolve any threats that may occur.
Further, the mobile banking application has set up robust industry-leading security infrastructure that’s built on the cloud infrastructure that other financial institutions, government agencies, and leading technology companies use.
Is Chime Bank Legit?
It’s essential to note that even though Chime is a financial technology company, it’s not a bank. It partners with different banks, including Stride Bank and Bancorp bank, to provide reliable and legitimate banking services. Further, through its partners, Chime accounts are fully insured by FDIC.
Also, Chime’s debit cards work effectively anywhere Visa cards are accepted; thus, you need not worry about Chime’s legitimacy. Plus, you can link Chime’s debit cards with Google Play or Apple Pay for ease of use.
A ton of personal reviews on the internet verify Chime’s legitimacy, with many customers expressing their happiness with the mobile banking app after several years of use.
For instance, on April 21, 2021, Jeremy from Plano, Texas posted a Chime reviews on Consumer Affairs outlining some of the exceptional services offered by Chime:
Jeremy wrote, “Direct deposit, mobile checking… etc you have to check it out. Chime’s got everything you need! Quick on response timing on the balance information.Great customer service. Cash-out at any 7-Eleven and load it at 7-Eleven.”
On October 5, 2020, Dustin N. of San Diego, California posted another great review about Chime on Consumer Affairs, outlining some of the outstanding services offered by the institution:
Dustin wrote, “I’ve been banking with Chime for about four years and have used almost all of their features. Direct deposits were always reliable and spending on the Visa card is safe and easy to use. You can block the card using the app if you misplace it, and ordering a replacement is free, if it doesn’t turn up. Recently, someone got my account info and made about $2,100 of charges to my card. Chime honored the Visa 0% liability promise, and, within a week, the money was back into my account.”
Can You Trust Chime?
Chime is a reliable, personal banking platform you can trust to keep your money safe. Using the Chime mobile app, you can activate push notifications to receive info about your daily account balance and transaction alerts every time you make a purchase using Chime.
Also, the mobile banking app allows you to disable your card directly from the Chime app, which is really handy if you suspect there has been fraudulent activity on your account.
Chime has garnered positive reviews on review aggregator websites such as the Apple Store, the Google Play Store, and Trustpilot from many of its long-term customers. Further, user reviews across the web all commend Chime’s functional layout, reliability, painless transactions, and excellent customer service.
Is Chime FDIC Insured?
Accounts with Chime are FDIC insured through its partner banks—Stride Bank and the Bancorp Bank, both of which are FDIC insured. So, yes, every Chime account is FDIC insured through its partner banks.
The insurance covers up to $250,000 per account in case Chime fails, keeping your money safe should something go wrong outside of your control. This means that as a Chime customer, you can have peace of mind knowing that a trustworthy financial entity has got your back and that your money is safe.
Is Chime Safe?
Without a doubt, Chime is a safe place to keep your funds. Many people may be worried about handing over their savings to a fully online financial company. By not being able to set foot in a traditional branch, some people fear that their money will be stolen through identity theft more easily than at a physical bank.
However, thanks to the many security measures Chime has put in place, it’s safe to use. All these security features help protect against identity theft and mitigate fraudulent activity from taking place in your account.
If someone makes unauthorized purchases with your Chime debit card or steals your Chime debit card details, you need not worry too much because all Chime debit cards are protected by Visa’s zero liability policy. This means you aren’t liable for any purchase made with your debit card when your card information is stolen or if you lose your card.
On top of that, all financial data or personal details that you provide to Chime are encrypted to keep your sensitive data safe. This means that potential cyber attackers and third parties can’t access your personal information, making it nearly impossible for anyone to steal your Chime account information, commit identity theft, or sell your data to other businesses.
Final Thoughts On Chime Reviews
Like most businesses that are fully online, Chime is able to put the money saved from having a physical location towards upgrading its infrastructure and services as a way to guarantee that all its customers get the excellent banking experience they deserve.
Also, Chime has continued to improve its safety procedures and measures and works diligently to educate its customers about how they can best protect their financial information and protect their accounts from fraud.