Marcus Marion, CMA™ How we exchange money is way different from what it was a few decades ago, all thanks to the digitalization of banking services. Today, transferring money isnt just easier and safer, and faster. Everyone is taking advantage of the remarkable convenience online banking offers, saving the time spent visiting a physical branch. In the U.S., 27% of users prefer online banking.
As the demand for mobile and online banking services soars, banks are doing their best to offer excellent services and stay afloat in the stiff competition. Consumers are the ultimate beneficiaries, with less stress and a cheaper way of managing money. Chime is one of the reputable online banking solutions with many benefits to users.
From 24/7 service access, secure transactions, and high interest on savings to no maintenance fees, read on to discover the amazing features of Chime online banking:
Pros of Chime Online Banking
Here are five reasons if you are wondering why, you should consider Chime online banking.
1. Enhanced Safety
Some people are reluctant to use online banking due to safety concerns. Fortunately, online banking like Chime is safe. The platform uses innovative features and tools to protect money from cyberattacks and hackers.
Chime online banking ensures safety in several ways. First, it employs encryption and two-factor authentication and performs frequent security tests to ensure safety and identify threats.
Second, account holders receive real-time transaction alerts to stay updated on their accounts and avoid nasty surprises. If you misplace or lose cards like Chime debit and credit cards, you can block them for optimal safety.
Third, monies in deposit accounts are FDIC-insured through Bancorp and Stride Banks, with coverage of up to $250,000 per account. Subsequently, you have peace of mind knowing that your money and personal information are secure.
2. High Yield Accounts and Referral Programs
One of the biggest benefits of Chime online banking is access to high-yield accounts, both checking and savings accounts. Whether you need a checking account for your day-to-day expenses or a savings account as a retirement strategy, Chime online banking offers higher-than-standard rates.
Although saving money is fundamental, 55% of Americans have little or no savings. Chime online banking offers the much-needed incentive for saving with a high-interest savings account. Your savings won’t just sit in the account but will make you money.
You get 2% APY on your savings account, nine times more than the national average. Even better, you can grow your savings effortlessly using automatic savings features.
Chime is among the select banking apps with referral bonuses, whereby existing customers get incentives when they bring in new customers. With the referral program, everyone wins, from the existing account holder to the new client and the bank.
Unlike standard referral programs, you must register as a Chime affiliate to leverage the referral bonus. Start by filling out an application form and submitting it for approval. Once accepted, you get an affiliate link and can share it with your contacts. When a person uses your link to sign up for Chime, you receive a referral incentive, currently at $100 per referral.
3. Award-winning Mobile Banking App
Banking apps like Chime are prominent features of online banking, giving you access to your online account on your phone. With over 700,000 five-star reviews, the Chime app is intuitive, fast, and secure. Many users report that the app has their backs, whether they need to spend or save.
The best thing about the Chime app is that you don’t have to visit a physical bank, queue for hours, and deal with a teller to make a transaction. You can transfer money, check your balance, deposit checks, and save money seamlessly at the comfort of your couch, office desk, or on the go.
Notably, the app allows you to set notifications for transaction alerts and access customer support when experiencing problems.
Chime online banking acknowledges that you occasionally need cash while managing your finances online. As such, they allow ATM withdrawals in over 60,000 ATMs free of charge using your debit card. Also, you can locate ATMs in your locality through the Chime app.
4. No Monthly Fees
Traditional banks are notorious for charging exorbitant monthly fees to cater to their operational costs, such as physical space, employees, and utilities. Fortunately, online banks do not have physical locations, thus don’t incur substantial overhead costs, and can pass the benefits to customers.
Chime online banking appeals to customers with no monthly service fees. Since you earned the money, you deserve to keep it without the bank making hundreds of unmerited deductions. In addition, chime banking has no minimum balance fees.
Did you know that overdraft costs consumers $15 billion annually? Imagine purchasing a $2 coffee and getting slapped with a $30 fee. That’s the most obnoxious types of lending traditional banks engage in.
Fortunately, switching to Chime online banking means you enjoy a fee-free overdraft. With the SpotMe feature, you can access an overdraft of $200 on your debit card free of charge. As such, you don’t have to worry about outrageous overdraft costs for small purchases when you spend more than your account balance.
5. Credit Building Features
A good credit score is a new currency in accessing loans, grants, and insurance. For instance, you get a competitive edge when applying for a mortgage and purchasing insurance in the form of lower rates. Nevertheless, building credit can be time-intensive, making an online account with credit-building features invaluable.
Chime online banking lets you build your credit by offering numerous credit-building opportunities. For example, using your Credit Builder Visa Credit Card, you can turn daily and on-time payments into improved credit scores. Your positive credit score is reported in three credit bureaus, and you earn an average of 30 points.
Consider filing your passive income taxes promptly to boost your credit rating further. It also goes a long way to avoid costly penalties and safeguard your social security. A good thing with Chime is that you can get your federal tax refund early with direct deposit. In fact, Chime has processed tax refund payments worth $14 billion to date.
How to Join Chime Online Banking
Joining Chime online banking is straightforward, and the application only takes two minutes. You don’t have to undergo a daunting process and strenuous scrutiny to open an online account. Open a safe account with no hidden or monthly fees and build your credit in three steps free.
- Fill in the application: Provide your full name, social security number, and email address to apply for a checking account. You must be 18 years or older and a US citizen. Unlike traditional banks, you need neither a deposit nor a credit check. Chime accounts include all Americans, including those with bad credit and without an opening deposit.
- Get approved: Once Chime confirms your data, you get an online bank account accessible on chime.com. You can download the Chime banking app on common app stores like Google Play Store for seamless transactions. Chime offers a free debit card in seven to ten business days sent to your address.
- Deposit Money: Many people wonder how to deposit money into their Chime account. Luckily, it’s straightforward. Simply link an external bank account for a transfer. You also make a deposit using more than 8,500 Walgreen locations countrywide fee-free and 75,000 retailers like Walmart and CVS at a fee.
In addition, you can set up a deposit with your payroll provider or employer to receive your paycheck through the Chime checking account. Among the most significant benefits of this feature are getting paid faster and setting automatic savings.
Chime Alternatives
1. Ally Online Bank
Ally Bank is a good choice for a Chime alternative since it does not have monthly maintenance fees and comes with unique savings tools. It has competitive interest rates, a vast ATM network, and a high customer service satisfaction score.
The bank’s saving tools allow users to create ‘buckets’ for different savings goals in a single account. The ‘round ups’ lets you grow your savings by remitting spare change from daily transactions to your savings account.
2. Cash App
When it comes to online banking, you must settle an online bank account that suits your financial needs and objectives. Sometimes, you need an online app for borrowing money when you need extra cash for your personal and business expenses.
Cash App is an excellent choice for borrowing money; you can get loan amounts between $20 and $200. The amount is repayable in four weeks, and a 1.25% late fee applies after a one-week grace period. Loan applicants must be 18 years, have a solid credit history, earn at least 1,000 monthly, and possess an active credit app card.
Summary
Chime online banking makes banking more accessible, safer, and more convenient, regardless of time and location. You leverage numerous features and services, including the Chime banking app, to suit your financial needs and attain financial wellness.
Chime’s lack of monthly fees, enhanced safety, high-interest savings accounts, and credit-building features are desirable for beginners and seasoned online bankers. Managing money has never been easier with Chime online banking!
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