Finance

Chime Review 2022 – Pros and Cons of Chime

If you are living in the US, then you can easily open a Chime account but before you open an account you should know the Chime review. When you sign-up at Chime you will get an FDIC-insured checking account, known as the Chime checking account. Through this account, you will have access to the Visa debit card. Additionally, there is no monthly fee for having a Chime Checking account. And Chime also offers you automated savings features that will help you in building your financial situation. Keep reading till the end to have all the details related to the Chime account. Let’s ’directly dive into it! 

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An overview of Chime:

We will go through the chime review, but before doing that let me share some features of the chime. Chime is the only platform that charges fewer fees and anyone who is a US resident can open this account. However, Chime is not a one-stop platform that can fulfill all your financial problems. If you are expecting someone who should have every aspect and guideline, then you are in the wrong place. You cannot avail yourself of CDs, investment options, and no loans at all. But it will provide you with a limited secured credit card.

Most people want to know that Can I trust Chime with my money? Chime is a legitimate financial company that is working with The Bancorp Bank and Stride Bank, which are both FDIC-insured. So, yes, you can trust this platform without any worries at all.

How Chime Builds-Up: 

Chime was initiated by Chris Britt (CEO) and Ryan King (CTO) in 2012 in San Francisco, California. It is introduced as the alternative to traditional banking as it provides you with more financial relaxation of mind. The chime company was launched publicly on April 15, 2014, on the Dr. Phil Show. Chime isn’t only an app that can help its customers to build their financial credit scores, but it also competes with many other online platforms like this. Its most competent alternative is Wealthfront, which is a popular money financing platform.

chime review

Most people want to know Is Chime good to use? Chime is popular because of its mobile app, which is rated 4.8 out of 5 stars on the App store and 4.7 out of 5 stars on the Google play store. The Chime app sends you daily account notifications and also tracks the complete record of transactions made on your account.

Here’s how Chime and Wealth front compare:

ChimeWealthfront
Early PaydayYes, up to 2 days earlyYes, up to 2 days early
Automatic SavingsYes, save up to 10% automatically with recurring transfers and round-upsYes, automate cash transfers with Autopilot
Investing OptionsNoneRobo-advisor with taxable and tax-advantaged accounts
Credit OptionsCredit-building credit cardPortfolio loans

Pros & Cons of Chime:

Pros of Chime: 

Chime is a less expensive mobile app that will help you in organizing and saving money. You can check the below-listed pros of chime: 

  • No Monthly Fees:

 Chime does not charge any monthly fee for chime checking accounts, saving accounts, and not from debit card holders. That’s why people are more inclined towards this platform, as many others charge monthly maintenance fees from their account holders. 

  • Offer Savings Up to 10%:

A Chime savings account provides you with two easy ways to save money by rounding up debit card transactions to the nearest dollar and apprehending up to 10% of your deposit paychecks. These automated options by chime help you to maintain your saving account. 

  • They offer you Direct Deposit Payments:

 When a chime account holder sets up Early Direct Deposit, then chime will offer you paychecks up to two days faster than others. 

  • No charges for Sending Money to Friends:

 It’s free to send money to your friends using Chime’s Pay Friends feature. This service isn’t unlimited, as you can only send money to 15 friends and not more than $ 20000. 

  • Give you Access to Free ATMs & Cash-Back Points:

Chime account holders can enjoy fee-free access to 30,000 Moneypass ATMs in the U.S. In short, it’s easy to hold on to your chime account. Most people have a query that Is Chime better than a bank? Chime is better than a bank account in terms of APY, as banks charge more interest rates from their customers. Chime also helps you build your personal saving account, which is the most attractive feature for its customers.

  • Multiple Mobile Wallet Incorporations: 

Chime provides its customers with Apple Pay, Android Pay, and Samsung pay. All these three mobile payments are accepted by all large retailers in the US. This is a good feature of the chime. 

  • Cash Deposits via Green Dot:

 Chime allows cash deposits of up to 60,000 Green Dot cash points nationwide. This is a good point for all those who occasionally want cash payments. Thus, if you are running a cash business, then you will need an account like this. 

Cons of Chime: 

Chime has some disadvantages that have a great impact on its accessibility, and its incentives are not comparable with other online money-managing platforms. Below we have listed the cons of chime: 

  • Chime has no physical address:

 Chime has no physical office branch at which you can visit. And it is a drawback as many people want to have face-to-face interaction. 

  • Chime offers No IRAs:

 Chime doesn’t offer any investment product (IRAs), money market, or brokerage accounts, and no taxable brokerage accounts. If you want to have a complete service provider, then you can go for any other online platform. 

  • No Loans:

 Chime doesn’t provide you with loans. As it is an important thing for many users, who want to have auto loans, mortgages and maybe some personal loans cannot prefer this platform. 

  • Bad Customer Support:

 Chime’s customer support is not as good as expected. As many customers need the answer to their quires, so they want to have full-time support. And Chime is not good in this regard. But if you have a query, is chime safe? Then yes, it is a safe and trustable platform.

Final Thought: 

We have shared all the details of the chime platform and chime review. So that, if any of you are facing a financial crisis, then you can go through all the above-mentioned details and make your decision easier to get out of your situation. Did you find it worth reading? let us know in the comment box below?

READ MORE: Kikoff Credit Review: How does it work?

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