Table of Contents
- Chime Debit Card
- Chime Speaks to the Young
- Let's Dig Into the Card Itself
- Chime Debit Card Fees
- How Do I Add Money to Chime Debit Card?
- Transferring Funds From Your Chime Card to Cash App
- Is Chime a Reloadable Card?
- Where Can I Load My Chime Debit Card?
- Chime Credit Builder
- Chime Credit Card - How it Works?
- Chime Debit Card Shipping Time
Chime Debit Card
Overview: Chime Speaks to the Young
Update: as of December 9th 2020 Chime Savings account APY went from 1.00% to 0.50%. All savings account funds going forward will have a 0.50% interest rate.Chime debit card has actually emerged to the top of the list becoming Millennials favorite debit card. Chime speaks the language of the young and offers what the youth is looking for in a banking company. Their low-to-no fees and ease of use is also an attractive feature. Chime fee structure closely matches the American Express Bluebird card (which is a favorite among prepaid cardholders) and Simple mobile bank. Chime offer cardholders $0 overdraft fee and a feature called Spot Me which allow cardholders to spend $10 - $100 over their available balance. Last but certainly not least, Chime offer current cardholders the ability to sign up for their secured credit card called Chime Credit Builder. We discuss all of these topics in this complete in-depth review of Chime bank.
Let's Dig Into the Card Itself
Chime is an American online neobank (a bank without any physical locations) based out of San Francisco, California. Their services are mainly offered through a banking app that can easily be downloaded to your smartphone or device. Chime is known to offer a fairly free banking experience, without any of the typical banking fees that traditional banks charges including monthly account charges, and overdraft costs. The absence of physical locations is what makes their free banking model possible. The Chime Visa debit card can be used anywhere that Visa® is accepted, in-store and online and cardholders have access to over 38,000 ATMs across the U.S.
Chime Debit Card Fees
The Chime debit card is pretty fee-less which is one of the most attractive aspect of this card. There is no monthly maintenance fee, no pin transaction fee, no signature transaction fee and No overdraft fee. Their is an ATM withdrawal fee of $2.50 ontop of whatever the ATM operator charges. However, Chime cardholders can avoid ATM operator fees by withdrawing cash from surcharge free ATMs
How Do I Add Money to Chime Debit Card?
Direct Deposit - The easiest way to add money to your Chime debit card is through direct deposit. Cardholders can provide their employer with their Chime bank routing/account number and bank name (Bancorp or Stride it varies from user-to-user). A direct deposit form is delivered with your Chime Visa debit card. With direct deposit your funds go directly into your Chime card and you avoid any deposit/reload fees.
Reload @ The Register - Cardholders can add money to their Chime card by visiting retailers such as CVS, 7-Eleven, Walgreens, Rite Aid and other participating stores in the Green Dot Reload Network for a $4.95 fee. Chime has partnered with Green Dot's Reload @ The Register service so cardholders can reload their debit card conveniently. Their is a slight difference as to when your money is posted. Unlike loading a prepaid card and having your funds posted instantly in your account, Chime debit card takes up to 4 hours before the funds can be reflected in the Chime app. We've actually tried this method of adding funds and the money was reflected in our account within 20 minutes.
Bank Transfer - Cardholders can push money from their current bank account into their Chime account. This is another free method of adding funds to the Chime card without being charged a fee.
Prepaid/Debit card - If you have a prepaid or debit card you can link them to your Chime account. Once the cards have been verified you can transfer funds from the prepaid/debit card into your Chime Spending Account. This is another option to add money into your Chime account without paying a fee.
Transferring Funds From Chime to Cash App
Chime cardholders can transfer money from their Spending account to their Cash App balance. However, it can get tricky when attempting to transfer money from your Cash App into Chime. Cash App allow their members to choose any name for their Cash Card (doesn't have to be a legal name). It's actually a pretty cool feature. We decided to name the card after the website $ReloadableCards. When transferring funds into the Cash App from Chime there wasn't an issue. A couple weeks later we decided to transfer the funds back, but there was an issue with doing so because of our Cash App account name wasn't a legal name or matched the name of the cardholder. So we weren't able to transfer the cash back.
Is Chime a Reloadable Card?
No, Chime isn't a General Purpose Reloadable Card like Green Dot, NetSpend, Serve Card, Bluebird, RushCard etc. The cards that I just mentioned are reloadable prepaid cards. Chime is actually a mobile bank account, and the Chime Visa® card is a bank debit card. However, for the most part it pretty much function like a reloadable card.
Where Can I Load My Chime Debit Card?
Chime cardholders can make a deposit or reload their cards at reload locations like CVS, Walgreens, Rite Aid, 7-Eleven, and other participating retailers. Chime bank has partnered with Green Dot Reload @ The Register service to allow cardholders to add funds to their cards at the cash register for a $4.95 fee. This is a game changer for a bank account, because one of the drawbacks that many young people have with traditional bank accounts is the process of actually going to the bank to deposit money onto their debit card. Although Chime is a mobile bank with no physical branch, it's a first for a bank account to allow members to make deposits via retail stores.
Can I Use My Chime Account Without My Card?
No, you cannot use your Chime account without the debit card. The Chime debit card is directly linked to the Chime account. Virtual debit cards are not available in Chime and without the debit card users will not be able to load, send, save or spend their money.
Chime Debit Card Shipping Time
Chime states that their shipping time is between 5-10 business days. Of course the shipping time can vary greatly depending on where you live in the US. We received our Chime debit card in 1 week (about 5 days). Your debit card will arrive in a slightly bright green envelope, you cannot miss it...unless you are used to receiving bright green envelopes in your mailbox.
Chime Credit Builder
The Chime Credit Builder is a secured credit card card that help users build their credit score. When users routinely make purchases and pay for bills, groceries, subscription services etc., it gets reported to the 3 major credit bureaus. There is a waiting list that Chime current members must sign up to apply for the Chime credit card. Chime members must have also direct deposited $200 or more into their account to qualify for the Chime credit card.
Chime Credit Card - How it Works (Video)
Chime Android App Loads Quickly
Chime android app loads quickly in comparison to other mobile banking & prepaid card apps I've tried. From the minute I tap on the app a window pops up requesting that I log into my account using fingerprint technology or by entering a pass-code. I am able to gain access to my account within a few seconds. In contrast the other mobile banking apps I've tried takes close to 60 seconds before I am able to gain access to login and access my account. It's a small thing, but a lovely experience.
Chime Bank Issues
Late Direct Deposits - Chime bank members have made complaints on several different occasions that their paycheck and direct deposits were late. This may be due to a holiday or payment processing issues on the back end from Chime. It's also worth mentioning that members can receive their direct pay checks "up to" two days early. This doesn't mean that payments will always be available two days early although Chime for the most part has made that happened.
Outage - Chime has notified their members on numerous occasions that there were outages happening and that it will affect users card far as transactions, ATM withdrawals and the ability to move money for example from the Savings account to the Spending Account. Many members have made complaints about the outages and how they happened during a crucial time, while they were in line at the grocery store or at the ATM for an emergency withdrawal and received an error/declined message.
Closed Account - There have been many instances where Chime bank has closed a users account almost without notice leaving the cardholder with a negative experience. Most accounts are closed by Chime due to what they believe are suspicious behaviors involving direct deposits.For example one user had just received his Chime card and direct deposited $500 onto the card. Within a few hours he tried to withdraw some cash from his Chime card and the transaction was declined. He later received notification that his account was closed. It's abnormal behavior to just direct deposit money onto your card and within a few hours go to the ATM to withdrawal cash. So to keep your account open do not have too much activity in your account within a short time period and think about whether or not the transaction may seem suspicious to Chime.
Chime debit card is a great debit card as far as the fee structure, customer service and our overall experience with the card. Chime have a pretty active social media account including Instagram and they've been known to answer cardholders concerns and complaints on Reddit and Facebook. adding money to the card is a breeze and the ability to upgrade to a secured credit card that help users build their credit score is definitely a two thumbs up. The only con we've experience with the company is server issues and not being able to make transactions or access money & account due to outages which happens more frequently than we would like. Overall Chime debit card gets an A Rating from us.
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