Key takeaways
Chime® is not a bank – it's a financial technology company offering banking services through FDIC-insured partner banks. (see disclosure 1)
Signing up for Chime is easy – it only takes a few minutes, and anyone can apply.
Chime offers fee-free banking, (see disclosure 2) get paid early, (see disclosure 3) 24/7 customer support, and credit-building services (see disclosure 4) to help you reach your financial goals.
When you set up a qualifying direct deposit and unlock Chime Plus™, (see disclosure 5) you can enjoy cash back, (see disclosure 6) a higher APY on savings, (see disclosure 7) and a fee-free overdraft with SpotMe. (see disclosure 8)
Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
When you bank through Chime, you can pay anyone, set up direct deposit, automate your savings, and manage your money easily online or via app. You remember seeing that Chime is the #1 Most Loved Banking App. (see disclosure 9) But this leads you to wonder: What is Chime? Is Chime a bank? And if not, what is it?
If you're wondering what exactly Chime is, we've got answers. We'll shine a light on the ins and outs of how Chime works and how Chime protects your money.
Is Chime a bank?
No, Chime is not a bank, but a financial technology (fintech) company. We offer banking services through our partner banks, The Bancorp Bank, N.A., and Stride Bank, N.A., Members FDIC. (see disclosure **)
Our mission is to unite everyday people to Unlock Financial Progress™ by offering financial features to help them reach their goals. Through Chime, you can enjoy perks like fee-free banking, (see disclosure 2) get paid early, (see disclosure 3) and unlimited cash back. (see disclosure 6)
Your funds are held at our partner banks, which are insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance covers up to $250,000 of your funds per depositor, per insured bank, per ownership category. This insurance keeps your money safe in the event of a bank failure. (see disclosure **)
Why choose Chime?
More than 9 million customers have chosen to trust Chime with their hard-earned money. Some of Chime's key features include:
No monthly maintenance, overdraft, in-network ATM, (see disclosure 10) or foreign transaction fees.
Overdraft up to $200 without fees with SpotMe. (see disclosure 8)
Get paid up to two days early with direct deposit. (see disclosure 3)
Thanks to Chime's commitment to no-fee banking, you could save up to $34 on fees typically charged by traditional banks. Here's how Chime compares to banks when it comes to fees.
Chime | Traditional banks (see disclosure 11) | |
|---|---|---|
Monthly maintenance fees | $0 | $13.95 |
Overdraft fees | $0 | $30.82 |
Non-sufficient funds fees | $0 | $34 |
ATM fees | $0 | $4.55 |
Foreign transaction fees | $0 |
How does Chime work?
As a digital-only mobile banking platform, all of Chime's accounts and tools are a tap away via our mobile app.
Signing up is easy if you're not yet a Chime member. You can open a Chime account in just two minutes by following these steps:
Apply for a Chime account. We just ask for your name, date of birth, address, and social security number. You'll need to be at least 18 years of age and a U.S. resident.
Download the Chime mobile app at the Google Play Store for Android devices or the Apple® App Store for Apple devices.
Log in on the mobile app or at chime.com to start using your account! You can connect your existing bank account to transfer funds.
Set up direct deposit by navigating to Settings or Move Money.
Personalize your security features in Chime's Security Center, available in the app. Set up a passkey, enable two-factor authentication, strengthen your password, verify your email, and learn how to recognize and avoid fraud.
How does Chime make money?
Chime makes money primarily from interchange fees. Merchants are charged these fees whenever a customer uses a debit or credit card to make a purchase.
Here's how interchange fees work:
When you make a purchase with your Chime Visa® Debit Card (see disclosure 1) or Chime Card™, the merchant pays an interchange fee (also called a payment processing fee).
Visa pays a portion of this interchange fee to Chime.
Whenever you use your Chime debit or credit card to make purchases and pay bills, Chime gets a small portion. Over time, these interchange fees add up.
How do I speak to a live person at Chime?
Help is available 24 hours a day, 7 days a week. You can get help in the following ways:
Chat feature on the Chime app (navigate to Settings → Help)
Phone: (844) 244-636
We're standing by to answer any questions you may have.
What bank does Chime use?
Chime partners with The Bancorp Bank, N.A., and Stride Bank, N.A., Members FDIC, which provide your Chime Checking Account and High-Yield Savings Account. Through this partnership, Chime creates innovative products, features, and benefits for members, develops handy tech tools, and enhances the customer experience.
Is Chime safe and legit?
Yes, Chime is safe and legit. Since Chime first launched in 2012, member safety and security have been top priorities. Here's how Chime protects your money and personal information.
FDIC insurance through our partner banks protects your deposits up to $250,000 in the event of a bank failure (see disclosure **)
Chime's Security Center lets you set up passkeys, enable two-factor authentication (2FA), and enable email verification
Receive instant transaction alerts and daily notifications to help you recognize and report fraudulent transactions faster
128-bit AES encryption ensures your transactions are secure
The Visa® Zero Liability Protection (see disclosure 12) means you're not liable for any unauthorized charges
Instantly block your card if you notice suspicious activity to prevent further transactions
Get 24/7 support in the Chime app or over the phone
As a fintech company that works with regulated banking partners, Chime is a secure and legitimate place to protect your funds.
What features does Chime offer?
Still not convinced? Here are some additional features that help Chime stand out among the competition.
Set up a qualifying direct deposit to unlock Chime Plus (see disclosure 5) and access a full suite of benefits
Get up to $500 of your pay before payday with MyPay (see disclosure 13)
Get cash back on everyday purchases, like gas, groceries, and monthly bills. (see disclosure 6)
Pay friends instantly without fees through Pay Anyone (see disclosure 14)
Grow your savings faster with Automatic Savings (see disclosure 15) – plus, use Savings Goals to put money toward a specific target
Deposit cash fee-free at over 8,000 Walgreens stores nationwide (see disclosure 16)
Improve your credit score using qualifying bills through Experian Boost® (see disclosure 17)
Build credit safely (see disclosure 4) with Chime Card
File taxes for free (plus, get your tax refund up to 5 days early) (see disclosure 18)
Refer up to 10 friends per year for an extra bonus with the Chime referral program
MyPay® line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).
Will I ever be charged an overdraft fee?
No. If you do not have sufficient funds in your Chime Checking Account or have reached your SpotMe limit (if enrolled), then your card will be declined. There is no fee for declining transactions or for utilizing SpotMe. (see disclosure 8)
Chime's got your back
Although Chime itself isn't a bank, we're devoted to empowering your financial growth, no matter where you are on your journey. If you aren't a member yet, we're confident you'll love our features, products, and tools. Get ready to enjoy all the member-first features of Chime.