Chime is a financial technology company that operates online. The American company provides fee-free banking services on your mobile phone. You can do various transactions with a Chime bank account, including money transfer and check deposit. But how long does it take Chime to deposit a check? We shall see about that later on.
Either Bancorp Bank or Central National Bank owns the company. That means some accounts of the institution are in the Bancorp Bank while others are in the Central National Bank. Again, being owned by banks with FDIC insurance means that the funds in Chime accounts are secure if, at one time, the institution collapses, your money will be safe. FDIC insures up to $250,000 per single account.
As I mentioned earlier, Chime is purely an online platform. That means you must create an online account if you want to get started with Chime. You only require your smartphone or tablet to open a Chime account. Online bank accounts are very convenient for accessing money to use for various kinds of transactions. You do not have to queue at a physical branch to withdraw money for various uses.
What are the necessities to open a Chime account?
You can only open a Chime account or any other bank account only if you have the requirements. The federal government requires every financial institution to ensure that every bank account applicant has the following things.
- Have at least 18 years
- Social Security Number
- An identification document, e.g., driver’s license, government ID card, or passport
- An email address
- Phone number
- Physical address
Once you have got all those things, you can apply for a Chime account online.
How to apply for a Chime account
Applying for a Chime account is straightforward as long as you have all the requirements. You only need to visit the Chime account application page to get started. The following is the process to open a Chime account.
- Open the Chime account application page.
- Enter your names plus your email.
- Click continues.
- Enter your birth date as it appears on your identity document.
- Hit next.
- Enter your mobile phone number. Make sure you don’t provide a VoIP. Only a cell phone number.
- Tap next.
- Enter your physical address. i.e., where you live and make sure that everything is correct since this is where Chime will send you a debit card.
- Tap Next.
- Create a strong password and tap Next. Chime will capture your password and secure your account with high-security protocols.
- After that, enter your Social Security Number.
- Hit Next.
- Proceed to answer a few questions regarding your source of income, what you work for, and how you heard about Chime.
- Tap Next to proceed.
- Choose whether you want to open the Chime Spending Account or a credit-builder by ticking appropriately.
- You can agree to all and have both a credit builder and a Spending Account or choose one.
- Click submits.
Once you click submit, Chime will like you to confirm the information you provided them. You will have to re-enter your details just as you did earlier. Chime will also verify your information before allowing you to own an account with them. Once your account is ready, you will top up to start using it. I will show you how to deposit cash to Chime shortly.
How to top up a Chime account
There are various ways you can top up your account to use for various kinds of transactions. They include the following.
i) Cash deposits
Chime accepts cash deposits whereby you need to visit any participating merchants and hand over cash to a cashier to help you deposit money. Chime has over 90,000 retail locations.
Some of the retailers that accept cash deposits include; Walmart, 7-Eleven, Walgreens, Duane Read, Speedway, Dollar General, Family Dollar, CVS, Rite Aid, Pilot Travel Centers (Pilot Flying J), Holiday Station Stores, Circle K Stores, GPM Investments, Sheetz Incorp, TA Operating LLC (TravelCenters of America), Royal Farms, Cumberland Farms Corp, Kwik Trip Inc, and Krause Gentle (Kum & Go).
Once you deposit the funds using the third party, the third-party will present the cash to the holding bank. Only when the funds reach the holding bank that they will be eligible for FDIC insurance.
ii) Direct deposit
Direct deposit allows you to transfer money using the routing number and account number. With Chime, you can top up your account via direct deposit. All you need is to provide your employer or any other relevant party with your Chime routing and account numbers. You can get the routing and account numbers in your Chime app’s Money and Settings section or at chime.com.
You can also get the direct deposit application form mailed to your email address from the Move Money section of the Chime app. Remember that Chime only posts deposits under your name. Chime returns any other deposit under someone else.
Direct deposit helps you to receive your paycheck up to two days earlier. The good thing is that Chime never holds direct deposits, and they will deposit funds as soon as they receive them.
iii) Top up from an external bank account
You can also link Chime with an external bank on the app. Just go to Settings, tap “Link a Bank Account,” and choose from one of the banks in the list and then enter your other bank’s login credentials.
Once you have linked your bank, you can then proceed to add money from your bank account. Some banks also allow one to transfer money to your Chime account via wire or ACH transfer. You require your Chime routing and account numbers.
Chime supports Chase, Bank of America, US Bank, USAA, Wells Fargo, Citi, Fidelity, PNC Bank, SunTrust, TD Bank, Navy Federal, and Charles Schwab.
iv) Receive money from friends and relatives
You can receive funds from friends and relatives since Chime users can transfer money to one another. So if you had a question like, can someone send me money to my chime account, then now you have the answer? One can use the following process to transfer money to a Chime user.
- Log in to your Chime account in the mobile app.
- Choose the Friends tab.
- Look for your friend’s name, $ChimeSign, email address, or phone number of someone who isn’t on Chime.
- Enter the amount of money to send to the recipient and why you’re sending the money.
- Confirm with your PIN and send.
v) Check deposit
Chime allows you to deposit money to your account using a check. The following is the procedure to deposit a check in your account.
- Log into your banking app.
- Look for the mobile check deposit option.
- Select the account to deposit your check into (can either be checking or savings).
- Enter the check amount.
- Take a photo of the check for both front and back.
How long does it take Chime to deposit a check?
Anyone depositing checks would like to know when the funds they deposit via checks will reflect in their accounts. Well, most checks clear in just one business day. However, some personal checks and extensive dollar amount checks can take up to 3 business days to clear.
Be keen on when you will receive the funds since the app will tell you the exact date you will receive funds. Other Chime account users can also send you checks since Chime issues checkbooks to account holders.
Chime checks take 3-9 business days to reach the intended recipient. Again, the Chime checkbook is free for its members.
Is it safe to use Chime?
It is entirely safe to use Chime for your financial transactions. Chime online activities are encrypted so that no third party can access your details when keying in. Moreover, your account has a password that you have to use when logging in to your account.
Additionally, your Chime debit card has a PIN that helps you to access your account at an ATM.
How do I get money out of my Chime account?
There are various ways you can get money from Chime. They include the following.
1) Buy goods and services
Chime allows you to buy goods and services online. That way, you can get money out of your account to the merchant’s account. You can also transfer money from Chime to a bank account as long as they give you the necessary details.
2) Send money
Chime allows you to send money to other Chime users. You require their $ChimeSign, email address, or phone number.
3) Withdraw to a bank
You can transfer money Chime to a bank account of your choice when you add the bank account to Chime.
4) Withdraw at an ATM
You can withdraw funds from an ATM point using the Chime debit card. The card allows you to get cash when you’re in need.
Bottom line
Chime is an online financial technology company that allows you to send and receive money from other Chime users. The platform also allows you to buy goods and services, transfer to a bank, and withdraw money at an ATM with a debit card. You can top up a Chime account via direct deposit, check deposit, when you receive money from others, and from a linked bank account.
