Chime Review – No-Fee Checking Built Around Your Direct Deposit

Chime is a financial technology company, not a bank, so your accounts are held at The Bancorp Bank or Stride Bank, where deposit insurance for app accounts applies.¹ Most of its perks beyond free checking require direct deposits.

¹ Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

Key Features

• No monthly, overdraft, or minimum balance fees, and no deposit needed to open
• Paychecks up to two days early with direct deposit²
• Fee-free overdraft cover through the SpotMe® service, starting at $20 and able to reach $200, for members with $200 a month in direct deposits³
• Savings at 1.00% APY (annual percentage yield), 3.00% with Chime Plus™ status (a $200 direct deposit within 34 days), or 4.00% with Chime Prime™ status ($3,000 within 34 days)⁴
• Early access to earned pay through the MyPay® line of credit (in some states), free if you wait up to 24 hours or 3% ($2 minimum, $5 maximum) to get it instantly^5,6

² Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

³ SpotMe® on Credit is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, "SpotMe"). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member's Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. SpotMe for Credit and SpotMe on Debit share a single SpotMe limit. Your SpotMe Limit may change at any time, at Chime or its banking partners' discretion. Although there are no overdraft fees, there may be out-of-network or third-party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non-card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe terms and conditions.

⁴ Must have $0.01 in savings to earn interest.

⁵ MyPay® line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).

⁶ Option to get funds instantly for a fee of 3% of the advance amount ($2 minimum, $5 maximum) per advance, or get funds for free within 24 hours. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.

Pros

• 47,000+ fee-free ATMs, plus free cash deposits at Walgreens and Duane Reade
• No credit check to open, even with past overdrafts or bounced checks
• Plus and Prime status are free
• A secured Chime Visa® Credit Card for building credit, with no annual fee, interest, or credit check⁷

¹ Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

⁷ The secured Chime Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank.

Cons

• No branches
• No overdraft cover or higher savings rate without $200 a month in direct deposits
• $2.50 per out-of-network ATM or teller withdrawal, and possible retailer fees for cash deposits outside Walgreens and Duane Reade
• Overdraft cover starts at $20 and excludes bill payments and transfers
• A 2024 Consumer Financial Protection Bureau order over thousands of refunds Chime failed to send within 90 days of closing accounts

Workers paid by direct deposit who keep paying overdraft fees get the most from Chime, since sending it $200 a month unlocks fee-free overdraft cover and a higher savings rate. Savers who won’t move a paycheck should keep their savings at an online bank that pays its full rate without direct deposit, and anyone who wants a teller should pick a bank with branches.

Learn more about Chime or see how it compares to the best free checking accounts.

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