Chime offers direct deposit feature for its users through which they can receive their paycheck and other payments directly to their bank account with no extra fees. Setting up direct deposit is free, easy, and a more convenient way for people to receive their payments. Chime also offers “Get Paid Early” feature for its direct deposit users through which users can receive their paychecks up to two days earlier.
Direct deposit is one of the most popular ways of receiving your paycheck. Direct deposit allows you to receive your salary without physically going to your bank. You can also skip taking pictures of your check to have it directly deposited in your bank account. Instead, you can you have your money directly deposited in your bank account without following any extra steps or being charged any hidden fees.
Direct deposit is an electronic payment from one bank to another. Most employees offer direct deposit as a payment method and it is easy to set up.
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When you set up for a direct deposit at your job, the money for your payment will be transferred to your account from your employer’s account at the given time. In order to transfer the funds, the banks use the Automated Clearing House (ACH) network to coordinate these payments among financial institutions.
Direct deposit is not limited to your paycheck. Users can also set up direct deposit for their tax refunds, social security or disability outcome, and other payments that you are expected to receive.
Setting Up Direct Deposit in Chime
Here are a few ways you can set up direct deposit.
Get direct deposit from your employer
Ask your employer for a direct deposit form in order to begin setting up your direct deposit. Many employers and government agencies offer direct deposit and thus you can move forward with it without worrying about security and safety.
Provide personal bank account information
In order to complete the direct deposit form, you will have to provide the following information:
- Your bank account name and address
- Bank account number
- Routing number
- Type of account
- Name of the account holder
Most of this information can be found on your bank account statement, voided chequebook, or your mobile bank account app.
Decide how much money you want to be deposited in your chime bank account
Make sure you specify how much money you want to be deposited in your bank account. Most people choose to have their entire paycheck deposited in their checking account. With direct deposit, you also have the advantage of splitting up the payment between your spending and checking accounts.
For instance, you can have your employer deposit 40% of your paycheck to your savings account while the other 60% can be deposited into your checking account.
Chime does not have an official limit to the amount of money you can make a direct deposit of, nevertheless, deposits over $10,000 may require additional verification.
Include a voided check or deposit slip with your direct deposit form
When you submit the direct deposit form, you might have to do so along with a voided check or deposit slip. A voided check can not be accepted as payment but can be used for bank account details and information.
Submit your direct deposit form to your employer and check on your bank account
Once you have successfully submitted the direct deposit form along with the required documents, your employer will let you know how much time it will take to process the whole information and set up your direct deposit.
You might have to wait through two paydays before you are officially set up for receiving a direct deposit.
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