When it comes to finances, you’re always going to want to do what’s best for your family, whether that’s saving, budgeting, or cutting back on expenses. While at times that can be challenging, there are steps you can use to make it a little simpler (it also helps to teach kids about money and saving so they have the tools to do when they’re older). If you’ve already made spreadsheets to track your expenses or automated your savings, and nothing seems to be doing the trick, then Chime may be able to help!
Chime is an award-winning financial app and debit card that allows you to manage your money on the go, which is great for busy, multitasking parents. They offer an array of benefits, which can be accessed through the easy-to-use app, to help you grow your savings and stay on track for the year ahead. And the best part? Chime allows you to manage your money without worrying about pesky fees and minimum balance requirements because who needs those, right? Read below for more of the perks you can receive when you sign up for Chime.
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Build credit
One of the best things about Chime is that while it’s an app, they also offer credit cards. The Chime Credit Builder Visa® Credit Card is a no annual fee, no interest, secured credit card that helps members build credit. A Chime checking account and eligible direct deposit is required to apply for the Credit Builder Visa® Card². Once approved for the card, you simply move money into your Credit Builder secured account. You’ll also be able to access a debit card with no monthly fees or maintenance fees when you create your Chime Checking Account. You can use both your Credit Builder card and debit card anywhere Visa® is accepted.
Get paid early
When you receive direct deposit to your online Chime Checking Account, you can access your funds up to two days early¹. That means no waiting for your money, and no paper check to get lost in the mail. Setting up a direct deposit in the Chime mobile app is also one of the easiest ways to fund your Chime Checking Account. When you open an account through Chime, you can email yourself a pre-filled direct deposit form that you can hand over to your employer. It’s that easy.
No monthly or ATM fees
As mentioned above, with a Chime online checking account, you don’t have to worry about monthly fees or minimum balance fees. Additionally, if you have the Chime app, you can locate and use over 60,000 fee-free ATMs~. This gives you access to a larger fee-free ATM~ network than offered through big banks like Chase, Bank of America, CitiBank, or Wells Fargo. Better yet, you can use the Chime app to locate 38,000 cash-back locations, including those at big-box retailers like Walmart, Target, and supermarket chains.
Fee-free overdraft up to $200* for eligible members with SpotMe®
In addition to no monthly or ATM fees, Chime also offers fee-free overdraft with its SpotMe® feature. An overdraft fee is a fee that your bank or credit union charges you when a transaction exceeds the available balance in your checking account. But with SpotMe®, eligible Chime members (those who receive a qualifying direct deposit of $200 or more a month) can overdraft up to $200* on debit card purchases and cash withdrawals with no fees. All you have to do is wait for a notification to enroll and then get “spotted” when you make a debit card purchase that exceeds your balance. When your next deposit arrives in Chime, it will be applied to your negative balance.
Send and receive money
By using the Chime app’s “Pay Friends” feature, you can easily pay and accept money from anyone who has a valid debit card (does not need to be through Chime). You can also split up and pay for bills if you have shared household expenses. To start today, simply sign up here and log into the Chime app (it takes just two minutes to sign up!). Click on “Move Money” and look for the Pay Friends option. You can even create a Chime nickname and search for friends who also use the app or invite friends to make the switch to better banking through Chime.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
¹ 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.
² To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Checking Account within 365 days of your Credit Builder application. The qualifying direct deposit must have been made by your employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.
*Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher 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 limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Friends transfers, or Chime Checkbook transactions. See Terms and Conditions.
~Get fee-free transactions at any Moneypass ATM in a 7-Eleven location and at any Allpoint or Visa Plus Alliance ATM. Otherwise, out-of-network ATM withdrawal fees may apply.
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