Chime Banking Services Spending and Savings Accounts

 Members get an individual Spending Account, Savings Account, and a Chime Visa Debit Card with chip technology.

Opening a savings account can be done following your checking account.

Send 10% of your direct deposit of $500 or more to Save When I Get Paid.

Tweet This 

Your Spending account is your point-of-entry; all money entering and exiting your Chime account goes through here. You can deposit as much as you’d like per day.

Every transaction with your Visa Debit card will debit from your Spending account. The current APY on a Chime Savings account is 0.06%

Mobile Payments & Paper Checks

Chime supports mobile payments from Google Pay, Apple Pay, and Samsung Pay. They don’t offer members physical checkbooks but will send paper checks on your behalf.

You can access this feature through the app, and they’ll mail them for you at no cost. You can also pay your bills by setting up direct debit payments with your account and routing number.

Chime

Chime is an award-winning mobile banking service and debit card with no minimum balance requirements, monthly maintenance fees, or overdraft fees. Automatically grow your savings, get paid early, and instantly transfer funds between members. Creating an account is free.

Funding Your Chime Bank Account

You can deposit money into your account via direct deposit, mobile deposit, or external bank transfers.

When linking an external bank, you can transfer up to $200 a day or $1,000 per month, and funds are available in five business days.

You can make cash deposits through Green Dot at over 60,000 locations. You’re allowed a $1,000 daily maximum or $10,000 per month. However, many retailers cap cash deposits at $500.

Be mindful of using third-party money transfer services as they may carry fees.

I asked a Chime representative about cash deposits; you will incur a fee from Green Dot each time you add cash to your debit card.

No Hidden Fees

Chime members won’t get charged monthly maintenance fees, foreign transaction fees,  overdraft fees, or minimum balance fees.

You gain access to over 38,000 fee-free MoneyPass and Visa Plus Alliance ATMs.

You can withdraw up to $500 per day at any in-network ATM. If you decide to withdraw from a bank or credit union, you’ll be charged a $2.50 fee known as an Over-the-Counter Withdrawal.

ATM Finder

You can access the ATM Finder inside the app. Chime won’t charge you a fee for using an out-of-network ATM.

However, the ATM owner (third-party) might. Its out-of-network fee is $2.50.

Get Paid Early

When using direct deposit with your Spending Account, you can get your paycheck up to two days early.

Upon opening your Chime bank account, they’ll email you a pre-filled direct deposit form to give to your employer.

Once you set up direct deposit through the mobile app, your funds are available as soon as your employer deposits them.

Automatic Savings Program & Round-Ups

When you set up a direct deposit, you’re able to take a percentage of every paycheck and automatically deposit it into your savings account.

And with each debit card transaction, RoundUps rounds it up to the nearest whole dollar and transfers the remainder to your savings account.

SpotMe Fee-Free Overdraft Protection

SpotMe is a fee-free overdraft feature on debit card purchases. A chime will spot you up to $100 when your account balance is low.

How SpotMe Works

If your monthly direct deposits total $500 or more, you’re eligible for this service. When you make a debit card purchase exceeding your balance, they’ll spot you up to $100. When you make your next deposit, Chime applies it to your negative balance.

SpotMe limits start at $20 but can increase to $100 or more based on your account history and activity. The mobile app displays your SpotMe limit.

Your debit card will decline all other transactions if your account balance has insufficient funds.

Notifications 

You’ll see transaction alerts every time you make a purchase and a daily balance notification each morning.

Block Card

Instantly enable or disable your Chime debit card in Settings whenever, wherever. You can also shut off international transactions or use one-touch transaction-blocking.

Pay Friends

Pay Friends is a fee-free way to send and receive money. Money is deposited into your account instantly on transfers between Chime Members.

Note: The monthly limit for sending money is $2,000.

Inside the app, tap ‘Pay Friends’ and enter your friend’s email, phone number, or pull from your contact list. Choose the amount of money to transfer and tap ‘Send.’

Because Pay Friends links to your Chime bank account, you send and receive money instantly versus connecting to a third-party money transfer app.

For example, when using PayPal, instantly transferring money carries a 1% fee (or you’ll wait a couple of business days to get your money fee-free).

You can also link credit cards and investment accounts to manage all balances in a single place.

View My Card

You’ll see your debit card information right from the app using View My Card.

Mobile Check Deposit

Mobile Check Deposit lets you take a picture and deposit checks into your account from anywhere. This service is available to Chime members receiving direct deposits over $200 a month.

Chime Resources

Education

Its blog features several topics detailing how to make better financial decisions. Topics range from Smart Money to Wealthy Habits to Make Money.

Chime positions itself as an online banking service that also educates its members.

Customer Support

The Member Services Team is available 24/7 through its customer support tab in the app, email at support@chime.com, or via telephone.

Phone support is available Monday through Saturday from 7 am to 7 pm, and Sunday from 9 am to 5 pm CST. You can reach them at (844) 244-6363.

Mobile App

Chime works on both iPhone and Android devices. You can also access it through the web application on your desktop.

Security

Your funds are FDIC-insured up to $250,000 through its partners The Bancorp Bank and Stride Bank, Member FDIC.

If you suspect fraudulent activity, you can instantly block your card. This feature prevents others from accessing your bank account while sidestepping the typical phone call you’d have to make with a traditional bank.

Your Visa Debit Card is protected by Visa’s Zero Liability Policy; you’re off the hook for unauthorized transactions.

Chime supports both two-factor and fingerprint authentication. You also get real-time alerts with every transaction.