We all have banking needs in order to take care of our finances. But more often than not, traditional banking services provide us with complex services and account schemes that left us wondering and confused. People get trapped in the complexities of the types of accounts and how they affect your money management and, as a result, are not able to take full advantage of their bank.
Moreover, there is also the case of savings, which proves incredibly difficult to get into the habit of. The savings account we have is usually our main account, which means we make most of our transactions and purchases using our savings account and end up not being able to save money.
This is where Chime comes in. Chime is a mobile banking platform that offers portable banking experience for those who need to manage money on the go. Apart from offering mobile banking solutions, Chime also eliminates a lot of hidden charges such as monthly fees, overdraft fees, and foreign transaction fees. It also does not have any minimum balance requirements.
Opening an account with Chime
Chime offers two types of accounts for its users. The basic account a.k.a Spending Account comes with a Visa debit card. The other option a.k.a Savings Account pays 1.00% APY.
In order to open an account with Chime, you will have to download the Chime app on your iPhone or Android device. The app will ask you for the following information:
- Date of Birth
- Residential Address
- Phone Number and
- Social Security Number
How much can you spend with Chime?
Chime has certain limits on the amount of money you can withdraw every day and the amount of money you can use to make purchases every day. The amount of money you can withdraw using an ATM is limited to $500 per day. While there is no limit to the number of times you can use a Chime Visa card to make a purchase, the amount of which you can make purchases is limited to $2,500 per day, including ATM and Over-The-Counter charges, withdrawals at POS, and purchases made at merchants.
Chime gives you access to your money through MoneyPass and VPA networks, which means using these ATMs will help you save the extra $2.50 charge at the time of withdrawal. Using any other ATM will cost you $2.50 for withdrawing money.