Advancements in the field of Fin-Tech have enabled the creation of financial technology companies to offer their customers access to quick and reliable personal checking and savings from just about anywhere. With a mobile app like Chime, you can easily check your account balance, process payments, or even receive money from other people directly to your phone.
So if you’re looking for an app that allows easy access to your personal financial accounts, then Chime might be an ideal choice. But before you open an account with Chime, it’s important to understand how the business operates and the kind of products Chime offers. Continue reading to learn more about Chime through real and helpful Chime reviews.
What Is Chime?
Chime is a mobile app that offers a unique experience when it comes to personal finance and is designed to help you manage your finances on the go. Unlike other financial technology companies and financial institutions, Chime doesn’t have hidden fees for its users. This means that you won’t have to deal with monthly fees, overdraft fees, international transaction fees, and minimum balance requirements.
But before you open a Chime account, you need to understand that Chime is a financial technology company, not a brick-and-mortar bank. That being said, Chime has partnered with Bancorp and Stride Bank to offer different banking and financial services. So if you are wondering if Chime is legit, rest assured that this app will give you reliable access to all kinds of financial services from the comfort of your home or office.
How Do I Know If Chime Is FDIC Insured?
To protect its customers’ deposits, Chime has ensured that all its accounts are FDIC insured, up to the maximum of $250,000 per depositor, and for each ownership category through its offering banking services through Stride Bank and The Bancorp Bank. This means that all your deposits are insured on the off chance that Chime fails.
In a detailed Chime review on Money Rates, Peter Andrew listed several reasons why he believes that Chime is the ideal choice for people who want to have direct access to their funds wherever they go. In his review of Chime, Andrew indicated that one of the reasons why he loves Chime is because it is FDIC insured. He wrote, “FDIC-insured — Your money is safe up to the deposit insurance limit of $250,000 per depositor, per insured bank, per ownership category”.
In a recent post on their blog, Insurify (a company that helps people compare, buy, and manage their insurance online) reviews Chime and listed a few reasons why they believe Chime is a great financial technology company. One of these reasons is that Chime assures its users of the safety of their funds by partnering with reputable banks that are FDIC insured.
What Chime Says About Being Insured By The FDIC:
“Even though Chime doesn’t look like the brick and mortar banks, you might be used to, there’s no cause for worry: Chime is FDIC insured to the standard maximum deposit amount of $250,000 through its partner banks Stride Bank, N.A., and The Bancorp Bank,” the company wrote.
So if you’re worried that you might lose your money if something goes wrong with the Chime app, rest easy knowing that your Chime accounts are fully insured by the Federal Deposit Insurance Corporation.
Credit card fraud, scammers: Can I Trust Chime With My Funds?
Unlike most financial institutions, Chime doesn’t have any hidden charges or exorbitant fees. For instance, you can open a Chime account with them for free, without a minimum balance requirement. In addition to this, Chime doesn’t charge for ATM transactions and fund transfers. Another feature users love is that Chime offers overdraft protection in the form of their SpotMe feature, which allows you to draft up to $100 over your account balance so you’ll never need to worry that a might get your debit or credit card declined out of the blue. And if your card gets stolen or misplaced, Chime will replace it for free after you report it.
All this goes to show that Chime is a trustworthy financial technology company that wants to make money along with its customers instead of benefiting from them. It also means that the amount of money you deposit is the amount that stays in the account, and even grows over time if you open a Chime Savings Account.
One Reviewer States Why They Prefer Chime Over A Conventional Bank:
According to Cindy of Colville, WA, who is an active Chime client, says in her review that she prefers Chime over other financial institutions because she no longer gets ripped off. She recently wrote on Consumer Affairs:
“I hate banks. They rip you off, charge you interest on the fees they tack on for EVERYTHING, overdraft charges for overdraft protection (what?). Deposit a check into your account and who knows how long they hold it before you can access it…yeah, no thanks! Chime, literally, does none of the crappy bank stuff and does everything you really need your bank to do. I just deposited a large check, using the mobile check cashing feature, on the first attempt and you know what the fee was? ZERO”.
How Do I Know I Won’t Get Scammed With Chime?
To protect its customers from online scams, Chime’s tough security measures are routinely upgraded in order to ensure that the company stays ahead of any would-be banking scammers or hackers. For instance, the Chime app comes with several security features that keep every user and their funds safe. If you detect suspicious activities in your Chime account, you can easily block your card and transactions at any time. You can also call Chime’s excellent customer service line to report the incident, and they’ll send all of your money back to your accounts.
Furthermore, the app allows you to track your budget by sending you real-time updates anytime you make a purchase with your card. Another great aspect of Chime to consider is that it allows you to make payments from anywhere with your debit card, as long as Visa debit and credit cards are accepted.
Another Chime Review Says…
Recently, Dustin N. from San Diego, who has an account with Chime, wrote a review on Chime’s app, expressing his satisfaction with it:
“You can block the card using the app if you misplace it, and ordering a replacement is free if it doesn’t turn up. Recently, someone obtained my account info and made about $2,100 of charges for my card. Chime honored the visa card 0% liability promise and within a week the money was back into my account,” he wrote.
Chime’s Reviews: The Bottom Line With Chime
As these helpful reviews show, Chime is a reliable and safe mobile app that will give you complete access to different financial services. With Chime’s app, you can easily deposit money, make payments, save, and track your accounts without having to worry about your personal information being compromised.
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