Chime Review: A Fee-Free Way to Bank with Early Payday

Chime Review
Disclosure: We’re letting you know that this post contains sponsored links which The Smart Wallet receives compensation for, which may impact their order of appearance because talking about money should always be an honest discussion.

Banking can be complicated. Even the most simple bank accounts are often riddled with fine print, hidden fees, and complex terms like APY, NSF, liquidity, and mobile banking UX. ¯\(ツ)/¯

The average American pays on average $329 per year in bank fees. If you’re part of that statistic, then you may be interested in Chime.

What is Chime and How Does it Work?

Chime is an FDIC-insured online bank account with:

  • No hidden bank fees (including no overdrafts!)
  • Early payday – you can get your paycheck up to 2 days early through direct deposit
  • Automatic savings tools
  • 38,000+ fee-free ATMs
  • A Chime Visa® Debit Card with instant transaction notifications & ability to block the card when needed via the app

Their mission revolves around protecting their customers by giving them peace of mind and never profiting from customers’ misfortune or mistakes (hence, no hidden fees).

They also have a highly rated mobile app with over 15,000+ five-stars reviews. The app is so user-friendly you’ll never have to desperately google “where’s my savings account?!” again. With it, you can easily track your daily transactions, balance, and savings.

Chime also offers mobile payments. Need to split the brunch bill? Send money for free to your friends through Chime even if they don’t have the app!

With no monthly fees, no minimum balance requirement, no overdraft fees, and no foreign transaction fees, Chime makes a compelling case to switch over.

Get Your Paycheck Up to 2 Days Early

One of Chime’s most loved features is that you can get your paycheck up to 2 days early. All you need to do is set up direct deposit with Chime. That’s two more days to think about how you want to spend, save, or pay bills with your hard-earned money. If you’re one of the 78% of workers in the U.S. living paycheck-to-paycheck those extra days provide a little extra peace of mind so you can use your money better.

Chime Bank - How it Works

Grow Your Savings Automatically

If you aren’t great at saving money but know you need to get your act together, Chime makes that easy too. They have two automatic savings tools that allow you to be smart with your money with minimal effort.

  1. Save when you spend: This feature rounds up each debit card transaction to the nearest dollar and automatically deposits to your savings account. The spare change adds up!
  2. Automatic Transfer: If you opt in, they can automatically take 10% of every paycheck and deposit it directly into your savings account after you set up direct deposit.

How Chime Makes Money

Traditional banks make money by charging their customers overdraft fees, out-of-network ATM fees, monthly maintenance fees, transfer fees, and account maintenance fees. This can add up to $329 per year* in fees alone!

Chime doesn’t profit off of your money in the way of fees, instead, they make money from Visa®. They do this by collecting an interchange fee from merchants, which occurs when you use your Chime Visa® Debit Card. A portion of this fee gets paid to Chime, and those interchange fees add up and enable Chime to run smoothly without needing to charge their customers.

Can You Trust Chime?

Yes, Chime is FDIC insured up to $250,000.

Chime also has 128-bit AES encryption, access control, and security processes to ensure your money is always safe. They will send a text whenever your debit card is used to ensure there is no fraudulent spending. Debit cards are also protected by Visa’s Zero Liability Policy, which states that you won’t be held responsible for unauthorized charges made on your account.

You’ll also have the ability to block your card and order a replacement debit card from within the Chime app too.

Is Chime the Right Bank for You?

If you’re sick of hidden bank fees and complicated processes to open and close accounts, you should consider signing up with Chime for free.

Their easy and automatic savings tools also benefit anyone that not great at saving. Plus, getting paid up to 2 days earlier puts you ahead too!

Signing up for an account takes only two minutes and has zero impact on your credit score, so it’s risk-free. Stop spending on unnecessary bank fees and start getting paid early!

*15,000 five star reviews & 128-bit AES encryption source: https://www.chimebank.com/online-banking/
*$329 in fees source: https://www.chimebank.com/2017/04/26/you-will-be-shocked-when-you-see-how-much-americans-pay-in-bank-fees/

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