Stop paying unnecessary bank fees, get your paycheck 2 days early* with direct deposit, save money automatically, and manage your finances from anywhere using the Chime mobile banking app.
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Best
Great job @ChrisBritt and Ryan. I love the UI/UX.!
Congrats on the launch guys! I really like how straightforward the cashback system (e.g. at time of purchase, straightforward bonuses, etc). I can never seem to figure out half the time how my credit cards award bonuses so this is awesome!
@krithix Hi Krithika, unfortunately in this interest rate environment there really aren't high rates in any saving accounts - our current interest rate is only .01%. But our weekly savings rewards can help add to your Chime savings account balance over time. Regarding other rewards, they vary and are refreshed every few weeks. For example, we recently had offers from HotelTonight, Dunkin Donuts and MarineLayer. We also offer category rewards (e.g., $5 off your next restaurant purchase, $5 offer your next mobile phone bill, etc). In addition, our platform actually learns where you shop and automatically offers our members small dollar savings at their favorite places.
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Sounds cool. Is this an actual saving bank account? Or just a link to existing bank account then use more funcy, like Simple?
@smliad Thanks Myana. With Chime, there is a deposit account, a Visa debit card and an optional savings account. Both accounts are actual, FDIC-insured bank accounts with our partner bank, The Bancorp Bank, member FDIC. They are separate accounts that are linked.
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Looks cool! I've been using Qapital for a few weeks, which does the round-up savings thing, too. No 10% bonus though. Qapital is cool because of all the other savings rules you can set up, but it's tied to a traditional bank account, with Chase in my case, and the savings go out to an account with their partner bank. Any plans to add other savings triggers to Chime? And are there any particular services that a Chime account lacks? And what about "business" accounts? I'm self-employed.
@simplygrey Hi Grey, Thanks for checking us out! Yes, we definitely plan to add other automated savings triggers - stay tuned for that. We don't offer a biz account today but we have a ton of members who are self-employed. We may consider formalizing that sort of product down the line, but it's not part of our short term plan. Thx.
Wow! The signup process is so seamless and simple. 😀 Will be using this more often! Great job on the launch guys!
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The product is good promise but the problem is the fundamental of the product is very weak.
- Chime doesn't support Apple Pay (not at least in few months)
- Chime doesn't support money transferring apps (such as Cash by Square, Google Wallet, ...)
- Chime doesn't have chip on their card (not at least until end of the year)
- ...
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Two major issues after a year of using Chime
a) There is apparently a hard $2500/day limit on spending, but the card operates in a way where it will authorize a partial amount in the transaction that goes over, which means that while I was buying furniture from IKEA it managed to fail to cover my entire purchase and also strand me 30 minutes from home since it also ate up my entire limit for the day, forcing me to phone a friend to cover the rest
b) Woke up today and found that my account was suspended for some reason, but there was no email, no phone call, nothing until my card was declined and I couldn't log in on the app, and for some reason I couldn't even call into support since it couldn't verify any of my last 5 purchases, so once again, have to phone a friend to take me home.
Never again, this is definitely not a product ready for every day use.
Pros:
Won't let you spend money you don't have
Cons:
Won't let you spend money you have, also will strand you
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Pros & Cons
Two major issues after a year of using Chime
a) There is apparently a hard $2500/day limit on spending, but the card operates in a way where it will authorize a partial amount in the transaction that goes over, which means that while I was buying furniture from IKEA it managed to fail to cover my entire purchase and also strand me 30 minutes from home since it also ate up my entire limit for the day, forcing me to phone a friend to cover the rest
b) Woke up today and found that my account was suspended for some reason, but there was no email, no phone call, nothing until my card was declined and I couldn't log in on the app, and for some reason I couldn't even call into support since it couldn't verify any of my last 5 purchases, so once again, have to phone a friend to take me home.
Never again, this is definitely not a product ready for every day use.
Pros:Won't let you spend money you don't have
Cons:Won't let you spend money you have, also will strand you