What is Chime, the neobank for "economic peace of mind"

chime app

Chime is a neobank, with fintech tools, that offers online banking services and products to its members. It’s one of the many options available right now. It’s a completely digital service, there are no brick and mortar banks. 

This allows banks to offer more digital services, be more flexible, and cut back on costs normally associated with them. In this article, we’re going to give you the key takeaways on Chime. What Chime is? What features Chime has to offer? And how robust is Chime’s infrastructure? We’ll also answer the question: is Chime a real bank?

What is Chime?

Chime is a technology company that offers great online banking services to its users with no bank fees. It’s a great option for many users due to its many amazing tools. The company is mostly located in San Francisco, where its headquarters are at. It was founded in 2013 by Chris Britt and Ryan King. 

Chime’s vision is simple and succinct — banking services should not only be helpful but easy to understand and free. It is a person’s right to have these services. Chime, as they often tell the press, wants to profit with their members, not of them. 

Chime’s model relies on monthly service fees, or minimum balance requirements, or overdraft fees — most of its basic banking services are free. Chime partners with regional banks in order to design customizable options for its many, many members. This allows it to interact in a more competitive market and offer low-cost options for everyday Americans who feel their traditional banking institutions are letting them down. It is a completely innovative and inclusive service that can be accessed across the nation. 

what is chime

The History of Chime

Chime was created because its founders believed that everyone deserves financial security — economic peace of mind. The company built a new kind of online bank account that helps members get ahead, and grow their financial wealth, by making money management something easy to perfect and incorporate into daily life. 

The company, which was created in 2013, has raised over $2.6 billion in funding in more than 10 rounds. It has 28 epic investors, amongst them, General Atlantic and Tiger Global Management. The company was co-founded by Chris Britt as a small startup in San Francisco. It was a small mobile banking app and debit card that offered no monthly feed. Over the years it has constantly tippled its value. 

In 2020, due to a rather innovative feature - a stimulus advance, where users could borrow $1,200 before government checks for the pandemic arrived - Chime managed to increment its users by double. 

What are Chime’s Features

Chime is a neobank that offers all manner of tools, including personal accounts, debit cards, and other tools that can be managed through a simple to use smartphone application. Users can access online tools through their mobile banking application. This includes overall balance, daily transactions, savings, and others.

Amongst its many features we can find: 

  • Online payment through ApplePay, GooglePay, and SamsungPay.
  • Allows users to send money and deposit paper checks — up to $5000 per payment and up to $10000 per month. 
  • Chime savings account offers an Annual Percentage Yield (APY) of 0.01%.
  • Chime allows users to grow their savings accounts by rounding out their transactions. Purchases are rounded to the nearest dollar and the remainder is deposited automatically into their savings account. 
  • Another way to increase amounts in a savings account automatically is through Chimes 10% transfer service. 10% of every deposited paycheck is transferred into the user’s saving account. 
  • Chime will give you up to $200 on debit card overdraft without any fees.
  • Allows users to set up direct deposits and get their paycheck up to 2 days earlier.
  • No hidden fees. 
  • No foreign transaction fees. 
  • More than 60,000+ free-free ATMS.
  • Helps you increase your credit score by 30 points.
  • Chime has a new secured credit card — no interest, no annual fees, no credit check to apply.
  • Pay friends and family win no extra apps. 
  • Security you can trust.
  • Funds are FDIC insured up to $250,00