Chime Review: Checking and Savings

Chime’s spending account is free: It has no monthly fee and no minimum balance requirement. It also gives users access to over 38,000 fee-free ATMs. And with direct deposit, customers can receive paychecks up to two days earlier than at a traditional bank. Plus, Chime doesn't charge fees to use your card abroad; other banks typically charge 1% to 3% of the amount of your purchase. See below for more information from Chime.

However, Chime does charge $2.50 per transaction at out-of-network ATMs, and you'll have to deposit cash at Green Dot locations, which may charge a fee. Mobile check deposit is available via the app, but your spending account must be enrolled in direct deposit. Chime doesn't offer a physical checkbook, but you can pay bills by sending a check online through the Chime Checkbook feature. There are limits of $5,000 per payment and $10,000 in a calendar month. You can also provide billers with your Chime account number and the routing number.

Further limitations to Chime are the daily and monthly transfer limits. When you initiate an online transfer through Chime, the maximum you can send from an external bank is $200 per day and $1,000 per calendar month. There is a workaround, though: You can initiate a transfer from your external bank account, which likely has higher limits. Wire transfers are not available.

Chime doesn’t offer joint accounts, so it’s not ideal if you’re looking to share an account with someone.

» Looking for free checking? Compare accounts here.

What to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. Funds deposited in these accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe. Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. Consider these details before opening an account.

Chime customer experience: Chime's mobile app excels where it counts — customers have rated the iOS version 4.8 stars and the Android app 4.6 stars, both out of 5. What's more, daily balance updates and real-time transaction alerts can help customers stay on top of their spending. And if your card goes missing, you can block transactions using the Chime app.

In addition to having low fees, Chime opts out of using screening tools that most banks use to determine whether a person will be blocked from getting a bank account if they’ve had one closed in the past. This can make Chime a helpful banking solution if you’re trying to restart your financial life. See below for more information from Chime.

Customer service is available by phone Monday through Friday from 6 a.m. to 10 p.m. CST, and on the weekends from 7 a.m. to 9 p.m. CST. Customers can also get help via the app or email.

Complaints to the Better Business Bureau allege that when some consumers have reported suspected fraudulent transactions to Chime, their accounts were closed or locked, leaving them without access to funds. Kendra Boccelli, Chime's head of public relations and communications, confirmed that if Chime identifies suspicious activity in an account, it can be suspended during the review. Boccelli also says that the account review teams can request information from a customer without suspending the account. Chime isn't the only company that has suspended accounts as a response to potential fraud.

» Shop around: See banks and credit unions that are great on mobile

Chime doesn’t charge overdraft fees, and for certain customers who make a debit card purchase that drops their account as low as negative $100, the company will cover it without a fee. Your next deposit will be applied to the negative balance. You need to receive at least $500 in monthly direct deposits to be eligible for this program, called SpotMe®. Outside of that, if you don’t have the funds, transactions will likely be declined. See below for more information from Chime.

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. See below for more information from Chime.