OK, how neat is this? Every time round-up money gets moved into your savings accounts you receive a 10% bonus on those deposits, up to $500 per year in bonus rewards.

Brick and Mortar banks usually have too many costs to have any kinds of creative benefits like Chime Bank offers; unlike your “stingy” bank, Chime will pass a lot of those saved costs on to their customers and even offer a lot more than any bank I have ever seen.

To start Chime Bank has NO minimum balance, NO monthly fees, and NO overdraft fees. No that’s not a typo-Chime really has NO OVERDRAFT FEES! They also offer no foreign transaction fees, and ATMs are fee-free at over 24,000 Money Pass locations. You can also locate 30,000 fee-free cash back locations using the ATM Finder in the Chime app. There is, however, a $2.50 ATM fee for “out-of-network” locations. There are 27 ATM’s in my area within a 7-mile radius.  More stuff;

  • Daily balance updates and real-time alerts for every banking transaction or deposit.
  • Temporarily block your card to keep your money secure.
  • Pay bills, send checks, and transfer funds between accounts.
  • Send a message to Members Services in the app for real-time support.
  • Send money to friends via their mobile app and accept money from other Chime members.
  • Visa Zero-Liability Policy protects all unauthorized purchases.
  • The Chime Visa Debit Card is issued by The Bancorp Bank; Member FDIC.
  • Manage your money on the go with Chime’s award-winning app.

With Chime you have 2 different accounts, 1-your spending account (a VISA debit card) and 2-your FDIC insured Savings Account. Similar to other keep the change round-up programs like Dobot and Qapital, Chime rounds-up to the next dollar of your Debit Card purchases and transfers that change, over to your Savings Account. They call this their “Automatic Savings” program. Every time a round-up is done you get paid a 10% bonus reward on these transfers. For example, if you have had $15 of round-up change transferred into your FDIC Insured savings account for the week you get paid $1.50 (10%) as your bonus reward (this is my favorite part of Chime) up to $500 per year! Have $150 of change round-ups and receive $15 (10%)! Actually, when you have $5,000 of change round-ups you will receive the maximum $500 bonus rewards. These 10% bonuses are paid weekly and amount to totally FREE INSTANT money! In fact, by making just 2 average round-ups each day you will save about $400 a year. Talk about easy?

Why stop there? Chime also rewards you for instant cash back for your shopping purchases made at Chime partners-retailers, utilities, groceries, restaurants, entertainment and more. The cash back rewards and categories change regularly and can be found in their up-to-date list in their award-winning mobile app. These cash back rewards are deposited into your savings account within 24 hours. Some recent instant cashback deals were;

$10 earned credit for $50+ purchase at Amazon or Best Buy or Target and more.

$5 earned credit for any purchase at Chili’s, Olive Garden, Gap, Bed-Bath-Beyond, Old Navy, NetFlix and more. Again these rewards and stores change regularly so you are not “stuck” with the same cash back choices.

$5 earned credit to donate $25 to The American Red Cross to help victims of Hurricane Harvey!

Imagine-instant cash back for a lot of purchases you were going to make anyway!

Unlike traditional banks, Chime does not rely on fees to profit.  VISA pays Chime for card transactions. The more Chime members spend the more Chime makes. In turn, they share some of those earnings with members. The more you use your card the more money you save. It’s a win-win.

There are 3 (current) simple ways to fund your account;

  • Direct Deposit-Fund your account with direct deposit and receive your paycheck up to two days early. ***
  • Bank Transfer-Link your old bank account and move your existing funds into your Chime account for free.
  • Deposit a Check-Our photo check deposit feature is in progress. In the meantime, you can deposit checks using a third-party app.
  • Deposit Cash-You can deposit cash to your Chime account at any 60,000 Green Dot locations; however, they may charge a fee.

Their interest rate of .01% is not where I will keep much money, and when they open (November 2017 target) I will be transferring most all of my funds from Chime to my Beam FDIC insured savings, which will be paying 2%-4% on savings and I wrote a detailed article about Beam here. Between Beam and Chime my FDIC Insured savings accounts will be paying 10% at Chime AND another 2%-4% at Beam!

 

Their customer service is phenomenal. Several years ago I first sent a message in the Chime app at 8 AM on a Saturday and had a real-time answer to my question from their reply at 8:05 AM that morning. Several months later I had another question so this time I tried their toll-free number: 844-244-6363 and got a “real person”-not a machine after just 3 easy menu selections! I was immediately transferred to a service rep who was very knowledgeable and answered my question at once. How about “live” bank customer service on weekends? They are open Mon-Sat 7am-7pm CST and Sun 9am-5pm CST!

Next time you happen to be at your current bank maybe ask them if they would be willing just to “match” all the benefits Chime (and Beam) has to offer? Think we all know to answer to this!

***Faster access to funds is based on a comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically.  Direct Deposit and earlier availability of funds are subject to payer’s support of the feature and timing of payer’s funding.

Banking Services provided by The Bancorp Bank, Member FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

The Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person opening an account. We also require your Social Security number to issue you a tax reporting form at the end of the year. Your Social Security number is only used to verify your identity. Stash does not perform a credit check.

 

 

 

 

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