Chime Review 2026: Checking and Savings

What to know about neobanks: These nonbanks can be solid options for consumers who prefer managing money online and are comfortable at a nontraditional place to bank. But neobanks differ from banks in important ways that can pose risks, especially related to deposit insurance.

• • Neobanks are third-party platforms that don’t hold your money.

  Customer funds from Chime and other neobanks are held at partner banks for FDIC insurance. If a partner bank goes bankrupt, neobank customers’ money is protected – as long as the neobank maintains accurate records.

• • If a neobank goes bankrupt, there is no FDIC insurance involved.

  It’s up to the neobank to ensure customers get their money back, which may involve delays and potential loss of account access. Banks, in contrast, receive prompt assistance from the FDIC if they fail. (Learn about what can happen if a neobank closes.)

• • Neobanks often lack some traditional banking services.

  Neobanks tend to offer accounts at low costs and with attractive rates or other features but don’t usually have everything a bank offers. For example, don’t expect in-person customer service, physical checkbooks or certain specialty transactions often for large purchases, such as wire transfers and cashier’s checks.

Chime's high mobile app ratings, solid features: Chime's mobile app excels where it counts — customers have given high ratings to both the iOS version and the Android version. And if your card goes missing, you can block transactions using the Chime app.

Multiple support options: Customer service is available 24/7 by phone. Customers can also get help through the chat option in the app.

Inclusive checking option: Chime doesn’t use screening tools that most banks do to determine whether to reject a person from getting a bank account if they’ve had one closed in the past. So Chime can be a helpful solution if you’re trying to restart your financial life. See below for more information from Chime.

» Had banking issues in the past? Consider more second-chance checking accounts

Penalty for out-of-proportion CFPB complaints: Chime has a disproportionately high number of complaints in the CFPB database relative to the asset sizes of its partner banks, The Bancorp Bank and Stride Bank. Both banks fall well outside of the top-100 largest banks in the country by asset size, meaning the number of complaints that would qualify Chime for a penalty is lower than for financial institutions with significantly more assets.

NerdWallet reduced Chime’s overall star rating by 0.5. NerdWallet looks at CFPB complaints for all institutions it reviews, where data is available, and uses certain calculations to have a way to compare banks and other banking providers of different sizes. See more details about this penalty on our methodology.

History of issues around account closures: In May 2024, the CFPB ordered Chime to pay millions of dollars for failing to refund consumers in a timely manner after their accounts were closed. In July 2021, the nonprofit news organization ProPublica reported that some Chime customers had their accounts closed without notice, leaving them with no way to access their money.

• See more information from Chime

  Chime says: “Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.”

No overdraft fees: Like many online financial institutions, Chime doesn’t charge overdraft fees.

Overdraft program for those eligible: Qualifying customers can overdraw up to $20 without penalty (and that buffer can increase to $200, but there are eligibility requirements and restrictions). Through this SpotMe® program, Chime will cover your debit card purchase or cash withdrawal that triggers an overdraft without a fee, and your next deposit or transfer will be applied to the negative balance.

Direct deposits required for overdraft program. You must receive at least one qualifying direct deposit of at least $200 each month into your checking account in order to be eligible for the SpotMe® program.

No traditional overdraft alternatives: But unlike many banks, Chime doesn’t offer overdraft protection transfers or a line of credit, so customers who overdraw outside of the SpotMe® program or past its limits can’t get transactions covered; instead, those transactions will likely be declined. See below for more information from Chime.

» COMPARE: Best banking options for overdrafts

• See more information from Chime

  Chime says: "SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions."