Chime Deposit
| Type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2013; 8 years ago |
| Founders | Chris Britt Ryan King |
| Headquarters | San Francisco, California, United States |
| Products | Checking accounts, savings accounts, debit cards, p2p, fee-free overdraft |
| Revenue | US$200 million (2019)[1] |
| Total assets | US$5.8 billion (2019)[1] |
| Website | chime.com |
- You can deposit cash in your Chime Spending Account at over 90,000 retail locations (like Walmart, Walgreens, and 7-Eleven) with our cash deposit partners. Ask the cashier to make a deposit directly to your Chime Spending Account. You can make up to 3 deposits every 24 hours.
- Jan 25, 2021 Chime also offers a Save When I Get Paid feature that allows you to set up a recurring transfer of 10% of your direct deposit paycheck of $500 or more from your Spending Account to your Savings.
Chime is an American technology neobank company which provides fee-free financial services through a mobile app. Chime has no physical branches and does not charge monthly or overdraft fees. As of February 2020, Chime had 8 million account holders.[2] Account-holders are issued Visadebit cards and have access to an online banking system accessible through chime.com or via the mobile app for Android or iOS. Chime earns the majority of its revenue from the collection of interchange.[3][4]
Chime offers mobile and online banking through its banking partners with no hidden fees‡. Overdraft up to $100. with no fees, get paid up to 2 days early with direct deposit^, and grow your savings. Chime offers mobile and online banking through its banking partners with no hidden fees‡. Overdraft up to $100. with no fees, get paid up to 2 days early with direct deposit^, and grow your savings instantly with purchase round ups and an optional High Yield Savings Account (get up to 0.50% Annual Percentage Yield‣ ).
Chime bank accounts are insured up to the standard maximum deposit insurance amount of $250,000 through its partners, The Bancorp Bank or Central National Bank, which rebranded itself as Stride Bank, N.A. in 2019.[5][6] Accounts are also owned and managed by either The Bancorp Bank or Stride Bank.
Chime Deposit Cash
History
Chime was founded by Chris Britt (CEO) and Ryan King (CTO) in 2013 in San Francisco, California as an alternative to traditional banking. The company launched publicly on April 15, 2014 on the Dr. Phil Show.[7] As of 2020, Chime has raised $1.5 billion in private funding.[8]
In 2018, Chime acquired Pinch, a startup focused on helping millennials and young adults build their credit scores by reporting on-time rent payments to credit bureaus. Pinch's co-founders joined Chime's team as a part of the acquisition.[9]
On October 16, 2019, Chime experienced a service outage leaving users without access to their deposits. The issue was resolved the next day. [10]
In January 2020, Chime announced a partnership with the Dallas Mavericks as their jersey sponsor as a part of a multi-year deal.[11]
Response to the COVID-19 pandemic
In April 2020, in response to the financial strain of the COVID-19 pandemic, Chime announced a pilot program to provide users who e-filed tax returns with the IRS a $1,200 advance on the Economic Stimulus Payment via SpotMe, Chime's fee-free overdraft product. [12] Chime later announced the successful processing of over $375,000,000 in stimulus payments 1 week ahead of the scheduled government disbursement date.[13]
Products
Chime offers various fee-free banking products, including checking accounts with no minimum balance, an automated savings feature, and early wage access.[14]
In September 2019, Chime launched SpotMe, a fee-free overdraft service where customers can overdraw their accounts up to $100 without incurring an overdraft fee; once the overdraft limit is reached, purchases will be declined but no traditional negative balance fees charged.[15]
Chime launched Credit Builder in June 2020, a credit card designed to help consumers build their credit history.[16]
See also
References
- ^ abFuscaldo, Donna. 'Digital Bank Chime Now Has a Valuation of $5.8 Billion'. Forbes.
- ^Magana, Gregory. 'Chime has hit 8 million accounts and is now offering a 1.6% interest rate on savings products'. Business Insider.
- ^'Online bank Chime is said to near funding at $1.5 billion value'. American Banker. Retrieved 2019-12-08.
- ^'Chime'. Growjo. Retrieved 19 November 2020.
- ^'Home'. stridebank.com. Retrieved 2020-07-29.
- ^'What type of account is my Chime account?'. Chime Banking - Help Center. Retrieved 2020-07-29.
- ^McGraw, Phil (April 15, 2014). 'Dr. Phil Surprises a Guest Preparing for a New Baby'. YouTube.
- ^'Chime is now worth $14.5 billion, surging past Robinhood as the most valuable US consumer fintechs'. CNBC. Retrieved 2020-11-01.
- ^'Mobile bank Chime picks up credit score improvement service Pinch in all-stock deal'.
- ^Son, Hugh; Rooney, Kate (October 17, 2019). 'Mobile bank Chime goes dark for millions of customers as it seeks $5 billion valuation'. CNBC.
- ^Rader, Doyle. 'Dallas Mavericks Announce Multi-Year Partnership With Chime As Jersey Sponsor'. Forbes.
- ^Son, Hugh (April 2, 2020). 'Chime pilots way to get $1,200 stimulus checks to users instantly after talks with Mark Cuban'. CNBC.
- ^'#ChimeCARES Update: Initial stimulus payments have been received. More on the way. Chime'. Banking Made Awesome. April 10, 2020.
- ^Green, Rachel. 'Chime's recent earnings marks the largest single equity investment in a neobank'. Business Insider.
- ^'Chime now has 5 million customers and introduces overdraft alternative'.
- ^'US challenger bank Chime launches Credit Builder, a credit card that works more like debit'. Techcrunch.
Stimulus payments and Chime
If you are a Chime member, you will be able to find out more about the status of stimulus payments on this page. We will be adding more details as we receive information regarding processing and payment timing.
Please note that our member support agents do not have information on the status of Economic Impact Payments.
Chime Card Info
Updated Jan 11th, 2021
If you have not received a stimulus payment yet, you may be impacted by an IRS error.
The IRS recently announced that it will reissue payments for all those affected by Feb 1. Most members should receive payment via direct deposit, or in some cases, paper checks.
We will continue to make payments available as soon as they arrive and keep you updated.
We've got your back
We’re offering temporary access to $200 of spending power through SpotMe to a random selection of eligible Chime members before their stimulus payments arrive.
Direct deposit your stimulus with Chime›
No hidden fees¹. Grow your savings automatically. Fee-free overdraft for eligible members².
Check my payment status›
Get information from the IRS on the status of your Economic Imapct Payment
We've got your back 💚
If you have questions regarding the stimulus payment and your Chime account, please check out our FAQ below.
If you’re eligible for an economic impact payment, but haven’t gotten it yet, it’s likely that the IRS will send you a paper check or debit card. This is expected to start soon and continue throughout the month of January.
If you received the previous stimulus payment as a direct deposit and haven’t received a second stimulus payment, the IRS likely routed your payment to tax preparer companies instead of your account. These payments were rejected and returned to the IRS. If you were impacted, you’ll either receive a paper check or a debit card from the IRS. If you do not receive your payment in any form, then you can claim the Recovery Rebate Credit on your 2020 tax return.
To check the status of your payment, go to IRS.gov/eip and use the Get My Payment tool.
For more information check out the IRS stimulus FAQs.
As with all direct deposits, Chime will make your money available the moment we can. Unfortunately, we have no way to track the status of your payment until it arrives in your account, but you may get your stimulus check early.
We’re offering temporary access to $200 of spending power through SpotMe to a random selection of eligible Chime members. The new SpotMe limit is temporary and limits will be adjusted to normal levels once stimulus payments are distributed.
Also, this increase cannot be combined with any offers or other bonuses. The maximum SpotMe limit is $200. Learn more here.
Is the increased SpotMe limit an advance, loan, and/or will this be in addition to what I receive with the government stimulus?
Your increased SpotMe limit is not an advance from Chime, a loan, or an addition to the government stimulus. It’s simply a step toward helping make the expected payment available to use as soon as possible.
What if someone offers to get me my stimulus payment sooner?
Protect yourself from scams. If someone is offering you a faster stimulus payment in exchange for money or information, they are a scammer. The IRS has noted a wave of new schemes involving Stimulus Payments. Most schemes involve attempts to collect your personal or financial information in order to receive your payment sooner, but other schemes may involve first sending you a bogus check and requiring that you call in with or mail in additional information.
If you are the target of a scam, you can report it to the IRS by emailing phishing@irs.gov. For more information, see the IRS’s Coronavirus scams page.