Chime Review: Quick Analysis of Services and Features 2020
Sooner or later in life, everyone has to open a bank account to send or receive payment to and from contacts. However, the process to open a bank account is quite easy but as being a smart user, you must take care of a few things while choosing a bank. Else, you may have to regret your decision. As I have availed the services of more than 10 banks, I have found Chime bank is quite better in many terms. On the basis of my experience, I can say I am eligible to talk about Chime Review.
Undoubtedly, many of you might have heard the name of Chime online bank. But, not everyone is familiar with the services and features of Chime bank. That's why I thought it would be a great idea to write about Chime reviews on the basis of its services such as direct deposit, spending account, saving account, and Chime Visa Debit card.
So, to help you understand the experts' reviews about Chime, I am going to answer some of the frequently asked questions. Let's start with some basics.
What are the main features of Chime bank?
Chime is not an ordinary bank. It is totally an online bank that offers contactless money transfer services. Apart from offering basic money transfer services, it offers hassle-free debit card and credit card services. What personally, I have liked about the Chime credit card is that it helps the cardholder to gain and maintain the credit score. That's why Chime has named its credit card as a Chime Credit Builder Card. However, this service is yet to get fully operational. As of now, users can add their names to the waiting list to get the early delivery of the chime card right though app or website.
A major contributor factor to the positive Chime review is the fact that it doesn't charge overdraft fees. More importantly, Chime covers the negative balance up to $100 without any fee if you spend more than the balance you have (not more than $100).
Moreover, Chime also offers free spending account service, direct deposit, and saving account services without a monthly fee. Also, it has a large network of ATMs which are spread all across the US.
Chime Bank reviews: Features of Spending
As the name suggests, a Spending account on Chime lets the users spend money with ease of mind. A piece of good news is that there is no weekly, monthly, or yearly fee to open and use a Chime Spending account. Also, users don't require maintaining a minimum balance.
But, one feature that can lead you to have a negative Chime review is the fact that Chime Spending account comes with some limitations. However, the limits are quite sufficient but if your daily expenses are quite high then Chime may not be the best option for you. Here is the quick rundown of the transaction type and limit in dollars:
| Transaction Type | Frequency or Dollar Limit |
|---|---|
| ATM Withdrawal | $500 per day*, no limit to the number of times per day |
| Cash Back at Point-of-Sale (POS) | No limits to the number of times per day up to $500.00 per day* |
| Over The Counter (OTC) Withdrawals | No limits to the number of times per day up to $500.00 per day* |
| Card Purchases (Signature & PIN) | No limits to the number of times per day up to $2,500.00 per day* |
Chime Bank Saving account Reviews
As far as Chime Saving Account is concerned, it is also free to set up and maintain. Even more so, there is no limit to maintain a minimum balance in it. One thing which makes Chime Saving Bank account better than any bank account is its feature of offering a 1.00% annual percentage yield (APY). Additionally, Chime has not fixed any minimum limit to hold in its savings account to get regular interest. It means as long as you have at least a penny in your Chime account, you will do get an interest. So, for you, a win-win situation is guaranteed.
Last but not the least, Chime rounds the payment up to the nearest dollar and transfers the difference to your savings account. For example, if you made payment using your Chime debit card for $10.5 at any store. What Chime does is that it sends 50 cents to your Chime saving account. Doesn't it sound like a sweet deal? Also, with the help of the "Save When I Get Paid" feature you can set up a recurring transfer of 10% of your total direct deposit amount of $500 or more.
Negative points in Chime review 2020
As it happens with all other things, Chime also has a few drawbacks that you can't ignore.
- Some people who use Chime, have negative Chime reviews because of the absence of real bank branches where one can visit and meet the bank representatives to fix the issue.
- The Pay Friend feature only works if your friend also has signed up for Chime. Otherwise, you can't send or receive money to and from your contacts.
- The next point which negatively impacts the Chime review is difficulty in depositing the cash money to your account. However, you can take the help of a cashier available at the nearby store but it may charge you a small amount of fee.
Final Say
So, this is the end of today's topic: Chime Review and its features & services. To help you understand properly, we have also discussed the pros and cons of Chime. If something is missing to add in the list of Chimes reviews, feel free to mention it in the comment section.