Chime Bank Review: Fee Free Mobile Banking

The emergence of banking apps and online account access has given us the luxury of selecting to work with a bank that doesn’t have a branch near us.  Chime bank is one of the fastest growing banking solutions that offers a Chime Bank debit card without any hidden fees.

Today I’ll share with you my Chime Bank review and let you know all the pro’s, and con’s, of their virtual banking solution.  

Chime Mobile Banking Review

The Bancorp Bank— a company that provides banking services to a whole host of private label banks— offers white labels to Chime Bank banking services.

Bancorp Bank is an institution of the FDIC that has been in operation since July 2000. What this means is all The Bancorp Bank is concerned with all the legal aspects of running a bank.

All Chime does is connect to what Bancorp already provides through their services — including their phones, debit cards and rewards program. In this sense, in terms of the features and benefits it offers, Chime is its own separate entity.

chime online banking

Chime Bank Features

Chime’s concept is to help you use your main bank— you are allowed to deposit directly into your accounts and reward your spending. Of course, using Chime alongside other banks and finding other ways of depositing cash is nothing wrong.

It is also planned for mobile users as most features can be found on their app. You won’t find it inconvenient, slow or annoying to use!

The Chime Spending Account

Think of the expenditure account of Chime as a simple checking account that offers no interest, minimum balance amounts or paper checks.

However, there is a Chime Checkbook feature where you can send a paper check to someone. To do so, log in to the bill pay section of your app in your account. Then follow the prompts of the app and fill in the details needed. Chime will process your payment once it has been completed and will send a physical check within three to nine business days.

Certain features include tracking your assets, transferring money from Chime to external accounts, and showing all of your transactions. You can even evaluate from your account your spending plus instant updates.

Chime says that you can collect your paycheck up to two days earlier than your colleagues if you opt for direct deposit.

Because your debit card is linked to the expenditure account, you can use it to make easy and secure purchases and pay online bills.

The Chime Debit Card

When your spending account application has been accepted, you will receive a free debit card from Chime Visa, mailed within 10 business days. The card is attached to the account and you can use it to cash out or spend anywhere in the U.S.

You can also use your debit card to withdraw cash from ATMs. In fact, you don’t have to pay any surcharges if you do that at any MoneyPass ATM, meaning more convenience for you! Using your Chime app, you can find them in all locations and there are a lot. You will find over 24,000 locations!

Otherwise, if you check out at participating retailers such as CVS, Safeway, Target and Walmart among many others, you can get cash back.

Chime Savings and Micro Savings

You can also open a savings account in Chime Back, once you have a spending account.

If you want to opt into the automatic saving program of Chime, or its micro saving feature, you will need one. Yes, it means that by filling out another application form you need to sign up again, but that’s okay.

The Automatic Savings Program helps you save every time you make a purchase automatically. Whenever you do this with your Chime debit card, your purchase will be rounded up to the next dollar and the difference will be transferred to your savings account.

There is also no limit to the number of round-ups you get!

Chime Cash Back Rewards

When you use your debit card, Chime also offers a cash back rewards program.

You will have the opportunity to redeem points for bonuses if you use it to pay bills to participating retailers and utility companies.

You will normally find cash back bonuses for credit cards or savings apps. You will find that the rewards are often updated and are either for a particular category or a particular retailer.

Split the Bill

Split the bill is another feature that can be helpful if you split a payment with others.

How it works is that with Chime’s software, you can break utility bills or other transactions.

Then it will send a text message with a connection to your intended recipient to reimburse you with their own Chime account or via Venmo.

Spot Me

Another cool app is SpotMe. It is equivalent to defense overdraft unless you are not charged a fee.

For eligible account holders, Chime will spot you on debit card purchases— up to $100. Chime will apply the overdraft amount to your negative balance when you make your next deposit.

After your balance has been reimbursed, you can tip Chime any sum you want to help pay for it, even if it is not required to do so.

You will need to make a total monthly direct deposit of at least $500 to be eligible for this benefit. Your cap starts at $20 and then up to $100 or more upon acceptance. Different factors, including your account activity and history, decide your actual cap. For your specific situation, contact customer service representatives.

Chime Contact Info

When it comes to customer service, you can contact Chime Bank in a number of ways — by email or by using your mobile app’s secure messaging option.

Keep in mind that response times can be sluggish, like when you’re waiting for a message to pop up in your email inbox from two to five days for an app response or longer.

Chime Fees

Chime’s fee list is small. No overdraft, insurance, international transfers, and bounced check fees will be paid. Moreover, if you use one of the 24,000 + machines in the MoneyPass network, you won’t even have to pay ATM fees.

Though, if you add money to your account using a debit card instead of a direct deposit (also known as an additional debit charge), you will have to pay $2.50 to use a network ATM and 3 percent of the amount transferred.

In other words, as long as you make sure you use an in-network ATM and only make bank transfers, it’s pretty much a free account. How great is that?

Also here is no overdraft fee because there is no overdraft insurance available, unless you apply for their SpotMe app. This means you will be refused your transaction if you try to withdraw cash or make a purchase that is higher than your balance number.

As for the minimum account balance, there are no requirements on savings or expenditure accounts.

Chime Bank Limitations

  • Green Dot: up to $1,000 per 24 hours
  • External debit card (based in the United States): a minimum of $25 per transaction and up to $200 per day. Up to three external debit card transfers in total are also allowed if you do not participate in direct deposit.
  • Bank transfers outgoing: $200 per day, up to $1,000 per month.
  • Checkbook for Chime: Up to $5,00 per check

Is Chime Right for You?

Chime is best for those who want their cash to be stored by a simple bank and one that also helps them save on the side. If you’re someone who doesn’t care about visiting a branch for transactions and you’re comfortable using a mobile banking device, then try Chime.

It’s also better for individual people who don’t intend to make large transactions, as you’re only allowed $5,000 in one transaction at the moment.

However, the amount of checks you can send is not limited. Besides, you can’t have joint accounts, so if you want one with your friend, you’ll have to look elsewhere.

If you’re also someone who needs to do all their banking (including loans), then Chime isn’t the best choice for you.

Chime Bank Pros and Cons


  • Ability to save automatically-the automated round-up feature of Chime where contributions are made to your savings account, plus the ability to deposit up to 10 percent of your paycheck.
  • Quick sign-up process-in as little as two minutes you can get approved for an account, plus there is no impact on your credit score.
  • No fees-There are no fees to keep the account, that’s right.


  • Mediocre customer service – So far, the only way to get in touch with customer service seems to be to send messages to their mobile app. Several consumers have noticed that it may take reps to get back to them a few business days.
  • No multiple accounts allowed – currently, only one savings and investment account is available to customers.
  • Debit connect does not seem user-friendly-to link your Chime Bank account – you need to send a photo of the front and back of your external debit card

How to Get Started with Chime

Step 1:

You will need to fill out an online form with your username, date of birth, social security number and create a secure password to start with.

Step 2:

Log in and make a deposit through the smartphone by choosing to use direct deposit or manually send money.

To do so, you can use the Chime app or your external bank to link to another bank.

You can also make deposits using Green Dot, a prepaid card company.

Step 3:

You’ll need to do your banking through their mobile app once you’re all set up — activate a new debit card, transfer money, and open a savings account.

Who Should Use Chime Bank?

If you are looking for a simple banking option and hate the thought of paying fees, Chime Bank can be a good option, then opening an account is worthwhile. Every time you use your debit card, it will help you with automatic savings and earn rewards.

Know that Chime’s mobile banking app is intuitive if you’re worried about the technology, and there have been many positive reviews.

Unfortunately, if you’re pursuing the highest account level, you’re not going to find that here, although a fraction of a percentage here and there may not make a big difference for smaller balances.

Given that you pay little or no fees, at least give a chance to Chime Bank. Who knows, Chime could grow with time to have more functionality than the major players.

Tim Schmidt


Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started this website to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.