Key takeaways
Chime® is not a bank – it's a financial technology company that offers banking services through established, regulated partner banks.
Opening a Chime account takes only a few minutes, and anyone can apply with no credit check.
Chime offers fee-free banking, the option to get paid up to two days early with direct deposit, 24/7 support, and tools to help you build credit. (see disclosure 1) (see disclosure 2) (see disclosure 3)
When you set up a qualifying direct deposit and unlock Chime Plus™ or Chime Prime™ benefits, you can earn cash back, a higher Annual Percentage Yield on savings, and fee-free overdraft coverage on debit card purchases and cash withdrawals with SpotMe®. (see disclosure 4) (see disclosure 5) (see disclosure 6) (see disclosure 7) (see disclosure 8)
When you bank through Chime, you can pay anyone, set up direct deposit, automate your savings, and manage your money online or in the app. You may have seen that Chime is called the #1 Most Loved Banking App, which leads to a fair question: what is Chime, and is Chime a bank? (see disclosure 9) If you're wondering what Chime actually is, we've got answers. Here's how Chime works and how it helps protect your money.
Is Chime a bank?
No, Chime is not a bank. Chime is a financial technology (fintech) company that offers banking services through its partner banks, The Bancorp Bank, N.A., and Stride Bank, N.A.
Chime is a legitimate, established financial institution that millions of members use every day. Your money is held at Chime's regulated partner banks, not by Chime itself, and those banks provide your Chime Checking Account and savings account.
Our mission is to unite everyday people to Unlock Financial Progress® by offering features that help them reach their goals. Through Chime, you can enjoy perks like fee-free banking, the option to get paid up to two days early with direct deposit, and cash back on everyday purchases.
What bank does Chime use?
Chime partners with The Bancorp Bank, N.A., and Stride Bank, N.A., which provide your Chime Checking Account and High-Yield Savings Account. Through this partnership, Chime builds products, features, and tech tools designed to improve the everyday banking experience.
Because our regulated partner banks hold your funds, Chime can focus on the app, the features, and the member support while the banks handle the underlying accounts.
Who owns Chime?
Chime is an independent, publicly traded financial technology company that trades on the Nasdaq under the ticker symbol CHYM. It was founded in 2012 in San Francisco by Chris Britt and Ryan King, and it's led today by its founding team.
If you're wondering whether Chime is a real company, the answer is yes. Chime is a well-established fintech that serves millions of members across the United States.
How does Chime work?
Chime is a digital-first banking platform, so your accounts and tools are a tap away in the mobile app. You can open an account, move money, and manage your finances without visiting a physical location.
Signing up is quick if you're not yet a member. You can open a Chime account in about two minutes by following these steps:
Apply for a Chime account. We ask for your name, date of birth, address, and Social Security number. You must be at least 18 years of age and a U.S. resident.
Download the Chime mobile app from 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 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 pay 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 or Chime Card®, the merchant pays an interchange fee, also called a payment processing fee. (see disclosure 10) Visa pays a portion of this interchange fee to Chime.
Whenever you use your Chime debit or credit card to buy things and pay bills, Chime earns a small portion. Over time, these interchange fees add up.
How do I speak to a live person at Chime?
Member services is available 24 hours a day, 7 days a week. You can reach us in these ways:
In the Chime app chat feature by navigating to Settings, then Help.
By phone: (844) 244-6363
We're standing by to answer any questions you have.
Why choose Chime?
Millions of members trust Chime with their hard-earned money. Some of Chime's key features include:
No monthly maintenance, overdraft, in-network ATM, or foreign transaction fees. (see disclosure 11)
Fee-free overdraft coverage of up to $200 on debit card purchases and cash withdrawals with SpotMe. (see disclosure 6)
The option to get paid up to two days early with direct deposit.
Chime keeps costs low by skipping many of the fees you might see elsewhere. Here's how Chime compares to fees many traditional banks may charge.
Chime | Many traditional banks | |
Monthly maintenance fees | $0 | $15.65 (see disclosure 12) |
Overdraft fees | $0 | $35 per transaction (see disclosure 13) |
Non-sufficient funds fees | $0 | $16.82 (see disclosure 12) |
ATM fees | $0 | $4.86 (see disclosure 12) |
Foreign transaction fees | $0 | 1% to 3% of the purchase (see disclosure 14) |
Is Chime safe and legit?
Yes, Chime is safe and legit. Since Chime launched in 2012, we’ve made member safety and security a top priority. Here's how Chime helps protect your money and personal information.
Your funds are held at Chime's regulated partner banks, which keeps your money at established financial institutions rather than with Chime directly.
Chime's Security Center lets you set up passkeys, enable two-factor authentication, and turn on email verification.
Instant transaction alerts and daily notifications help you spot and report anything that looks off faster.
128-bit AES encryption helps keep your transactions secure.
Visa Zero Liability protection means you're not responsible for unauthorized charges.
Instant card blocking lets you freeze your card in the app if you notice suspicious activity.
24/7 support is available 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 keep your funds. See how Chime stacks up against other financial institutions regarding security features.
What features does Chime offer?
Still deciding? Here are some more features that help Chime stand out.
Set up a qualifying direct deposit to unlock Chime Plus™ and access a full suite of benefits, including a higher APY on your high-yield savings account.
Get up to $500 of your pay before payday with MyPay®. (see disclosure 15)
Earn cash back on everyday purchases like gas, groceries, and monthly bills.
Pay friends and family, Chime members or not, through Pay Anyone. (see disclosure 16)
Grow your savings with Automatic Savings, plus use Savings Goals to put money toward a specific target. (see disclosure 17)
Deposit cash fee-free at thousands of retail locations nationwide. (see disclosure 18)
Help improve your credit score using qualifying bills through Experian Boost®. (see disclosure 19)
Build credit with Chime Card®.
File your taxes at no cost, and get your federal tax refund up to 5 days early. (see disclosure 20) (see disclosure 21) (see disclosure 22) (see disclosure 23)
Refer up to 10 friends per year for a bonus with the Chime referral program.
Will I ever be charged an overdraft fee?
No. If you don't have enough funds in your Chime Checking Account, or you've reached your SpotMe limit when enrolled, your card is simply declined. There's no fee for declined transactions or for using SpotMe.
Chime has your back
Although Chime itself isn't a bank, we're focused on supporting your financial growth wherever you are on your journey. If you're not a member yet, we're confident you'll appreciate the features, products, and tools built to put you first.