Chime Bank Review 2020: Scam Or Legit?
I hadn’t either until a few months ago, but damn do I wish I had known about them sooner.
> With Chime Bank, you’ll get:
- A $50 Free Gift
- Award-Winning Online Banking
- Paid 2-Days Earlier Than Your Coworkers
- No Fees (+ No Monthly Minimum Balance Required!)
- An Automatic Savings Feature
- Top-Level Banking Security & Control
Keep reading this 2019 Chime Bank Review to see explore all of its features, the pros, the cons, and how to get started.
> How to get your $50 free gift
I like to get this little tidbit out of the way (since it’s usually what everybody wants to know about first!)
When you start using Chime, they’ll deposit $50 into your account FOR FREE.
You’re probably thinking:
But, there truly isn’t one!
To claim your free money simply:
1. Sign up for Chime Banking here (the easiest bank account set up you’ll ever, ever experience)
2. Set up your direct deposit
3. Get paid when your first direct deposit is made with Chime
When I signed up for Chime a few months back, it only took four days to receive my free $50!
And, it gets better:
And, on that note, let’s dive into all the other awesome features Chime has to offer.
> Award-winning online banking
And, their online banking database is no different.
With a clean and simple layout, it is no surprise that Chime’s online banking has won awards.
See for yourself:
- Set up direct deposit
- Open an automatic savings account (more on that soon!)
- Transfer money between Chime and external accounts
- Write e-Checks
- Send money to friends
- Find exclusive offers & deals
- Locate ATM’s (for your Chime Visa Debit Card)
The interface is simple, straightforward, and I know you’ll
And, getting started with Chime only requires your name and your email.
(Crazy, right?!) (Crazy awesome.)
> Get paid 2-days early (every week!)
Yep, you can actually get paid two days earlier than your coworkers every week (or bi-week).
To get paid early, it’s literally as simple as setting up your direct deposit with Chime.
How do they do it?
Chime make your checks available as soon as your employer deposits it – usually two days earlier than payday – instead of keeping your money in limbo.
I mean, who doesn’t love to get their hard earned cash sooner? (Get started here!)
> no fees (or monthly minimum balance)
With Chime, you’ll never be charged:
- overdraft fees
- monthly minimum balance fees
- monthly maintenance fees
- no foreign transaction fees
- no ATM fees
Unlike most banks, Chime doesn’t wish to profit off of their members’ mistakes or misfortunes.
“You deserve a bank account with no unnecessary fees because paying fees to use your own money is plain ridiculous.” – Chime
> AUTOMATIC SAVINGS FEATURE
Chime makes saving money simple by rounding up every dollar you spend and putting the difference into your savings account.
You can also opt-in to save 10% of every paycheck, making growing your savings account simple and quick.
And, don’t worry:
The money that Chime automatically saves for you isn’t on lockdown.
You can access your savings and transfer money to your checking account in seconds if need be.
> TOP NOTCH SECURITY + CONTROL
A lot of people are scared of putting their money in an online-only bank account.
But, here’s the deal:
Chime, like almost all banks, is insured by the FDIC.
And, they use 128-bit AES encryption, access control, and secure processes to ensure your money is always safe.
And if you suspect odd activity?
Simply log in and turn off your debit card to block all future transactions.
>> THE PROS
Now, let’s lay out the pros:
1. Award-Winning Mobile Banking: Chime’s online banking is simple and straightforward. Direct deposit is fast and easy to set up.
2. Pay Bills Directly From App: Use the Chime App to pay bills via eCheck or direct debit.
3. Transfer Funds: Can transfer funds to and from Chime to any external bank account. Setting up external transfers is simple and only requires the login information to the bank you wish to transfer to/from.
4. Pay Friends: Easily send money from your checking account to other Chime members.
5. Visa Debit Card: Receive a Visa debit card from Chime to use anywhere that Visa is accepted.
7. Invite Friends: Get $50 for every friend you refer.
8. Get Paid 2-Days Early: With direct deposit, get paid up to two days earlier than your coworkers.
9. No Fees: No overdraft fees, no maintenance fees, no monthly service fees, no foreign transaction fees, no atm fees, no transfer fees, no card replacement fees.
10. No Monthly Minimum Balance Requirement + No Deposit Required (to open an account)
12. Member FDIC: Insured up to $250,000 through the FDIC.
13. Real-Time Spending Alerts
14. Instantly Block Your Card: Turn your debit card off if you notice suspicious activity.
15. Two-Factor Authentification: Keep your money safe with two-factor and fingerprint authentification.
16. Cash Deposits: Cash deposits can be made with GreenDot at over 60,000 locations.
>> THE CONS
And, honestly, after using them for the past 4 months, I can only find a few cons:
1. Low APY: Chime’s savings account has a low APY of 0.01%. (Simply transfer your savings from Chime to a CD at another bank with higher APY’s!)
2. Limited Accounts: With Chime, you only have the option to have one spending account and one savings account. (However, transferring funds into an account at another bank is simple and quick.)
As you can see, the benefits of using Chime Bank far outweigh the cons.
If you agree, get started below.
>> GETTING STARTED
Simply follow these steps to get started:
1. Click here and sign-up with Chime (all you need is your full name and email address – this DOES NOT affect your credit score!)
2. Set up direct deposit through your Chime online banking
3. Open your savings account with Chime through your online banking
And, that’s it!
Enjoy your new way to bank 🙂
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