To understand if Chime Debit Card is good, you have to understand what benefits should a decent bank offer. How can it deserve a place for its debit card in your wallet? You may not expect much. Why would you? You shouldn’t use a debit card to make purchases. However, there are some benefits that can make a debit card of a bank like Chime to stand out.
Easy way to deposit cash
First benefit is an easy way to deposit cash. How often do you need to deposit cash? Believe it or not 7 millions Americans have no bank account at all. How is it even possible? Having a Debit Card that allows you to stash a few hundred bucks must be handy for them.
Chime Debit Card allow you to deposit cash for free at Walgreens or for a small fee at other retail stores like Walmart, 7-Eleven, and CVS. Deposited money will go straight to your Chime Spending Account where you can access them almost immediately. For example, you can send newly added cash to your friend who has an account at Chime. So technically you can send cash to your relative even if they are on the other coast.
Fee free deposit at Walgreens!
In emergency situations most big banks will hold your money in pending state and move slowly. So big banks are not an option for urgent needs. The deposit feature, however, has limits. You cannot deposit more than $1,000 per day. You are also limited to deposit $10,000 per month.
Deposit up to $1,000 per day and $10,000 per month
Huge network of ATMs
Second benefit is related to cash too. If you like to pay for stuff with cash, Chime Debit Card gives you access to two large networks of ATMs, MoneyPass and AllPoint. You can find these ATMs at Target, Walgreens, CVS Pharmacy, and 7-Eleven. When you withdraw money at any of these ATMs you don’t have to pay any fee. AllPoint and MoneyPass have more ATMs than any of the big banks.
High Yield Savings Account
Having an emergency fund is very important. Chime bank offers a high yield savings account that pays 0.5% interest. It is significantly more than an average interest across American banks of 0.06%. The interest on your savings is paid monthly. You are not going to be rich from interest, but it can compensate .
Mobile Check Deposit
Mobile Check Deposit is a super important feature. You may not see paper checks often these days, but when you do, you may get confused. Especially if you receive a check for 3 bucks. Check cashing services are not going to talk to you. Throw it away? No! You must deposit the check to your Chime Bank Savings account. To make such a deposit – take your phone, open Chime Mobile App and snap the picture in less than 5 minutes.
No minimum balance
Having no minimum balance and no maintenance fee makes Chime Bank an easy choice. Banks like Chase, WellsFargo, and Bank Of America require you to have a minimum balance or receive a minimum direct deposit every month.
These are my favorite benefits of Chime Bank.