Chime is an American financial company that provides fee-free mobile banking services online. The company is owned by Bancorp Bank and the Central National Bank. As an account holder, you can get a Visa debit card and access an online banking system through the company’s website or via its mobile apps. Once you open an account with Chime, one of the most important things you should know is how to deposit money into Chime.
Since Chime is an online money platform, you can only use its services online. Therefore, you need to understand how you can have money in the account to use in various kinds of transactions. One of the most convenient financial technology companies has seen many Americans advance in their financial goals. You do not have to line up at a bank to get the services whatsoever, but only make a few taps on your device, and you are good to go.
Even though Chime is not a real bank, you can get services that are similar to the ones you get at banks. You can open a spending or savings account, send and receive money, and buy goods and services online. You also get an ATM card to withdraw money at ATMs and pay at physical stores and online shops.
How to open a Chime account
Opening a Chime account online may seem to be a daunting process. However, as long as you have all the necessary requirements, then the process will just be like a flow of water downstream. Chime allows you to open a new account or switch to a new one within minutes. Chime has a Spending Account with no hidden fees and makes managing your money very easy from the comfort of your phone.
The following is a step-by-step process of opening a bank account with Chime in three main steps.
Step 1: Apply for a Chime Spending Account
Opening the account requires you to provide the following information.
- Social security number (SSN)
- First and last name, and
- Email and a password
The Social security number (SSN) helps Chime and other financial institutions to verify your identity. It also helps to minimize money laundering and other fraudulent activities. Chime must first review and confirm your information before letting you in.
For your information, Chime requires you to be a U.S. citizen and be at least 18 years of age. You will also require a government identification document. Remember that you can also open a savings account at Chime and keep some money for a future project as you earn some interest.
Step 2: Download the Chime app
Once you have finished opening your bank account and have received a go-ahead from Chime, you can then download the Chime app from the relevant sites. Chime has both an online bank account as well as a mobile banking app. Again, it is free to download the app from the Google Play Store or even Apple App Store.
Your Chime spending account will help you to do the following.
- Deposit money
- Manage transactions, and
- View your balance
You can also transfer money from Chime to a bank account by initiating a direct deposit or wire transfer. You will also get a free debit card that you can use for various transactions, as I highlighted earlier.
Step 3: Establish direct deposit with Chime
Setting up a direct deposit for your Chime account is very important especially if you are employed. You will be able to receive funds from your employer, government agency benefits, aid from a non-governmental organization, and so on. When filling out your direct deposit form, you only need to provide the concerned agency with Chime routing and account numbers.
If you are wondering where you can get this information, there is no need to worry, as you can quickly get it when you open your app under Settings or in the Move Money section. Again, you can use the routing and the account numbers to move money from your old Chime account to the new one if you want to switch to a new Chime Spending Account and start afresh.
How to deposit money in Chime
Once you open your Chime Spending account, the next thing is to avail money in your account for various uses. As I had mentioned earlier, you can set up a direct deposit to receive money from your employer. In fact, setting up a direct deposit is one of the easiest ways to load money into your account.
Another way of adding money to your account is by logging in to your old account online if you have one and then transferring money to your account when you enter the new account details in the space provided.
Additionally, you can add money to your Chime account by using an external bank account. You can transfer money using the routing number and account number to your Chime account in the following manner.
- Log into your bank account online.
- Navigate to the money transfer section.
- Enter the Chime routing and account numbers.
- Enter the amount to transfer and proceed.
- Enter your PIN, Touch ID, or password to authorize the transaction.
You can also add an external bank account to your Chime bank to ensure that you use the bank account to fund your transactions when the need arises. To add a bank account,
- Navigate to under ‘Move Money.’
- Select Transfers.
- When you get a prompt, enter the other bank’s login credentials.
By doing so, Chime will instantly link to the external banks so long as it is one of the supported banks. Some of the banks supported by Chime include the Bank of America, Chase, Citi, PNC, Regions Bank, Capital One, TD Bank, U.S. Bank, Wells Fargo, USAA, among others. Chime allows you to make unlimited transfers from your other bank to your Chime account.
Moreover, you can have someone else with a Chime account transfer money to your account, and that way, you will have added money to your Chime account. Furthermore, you can deposit cash at over 90,000 retail locations throughout the country.
These include Walmart, 7-Eleven, and Walgreens. To get a deposit partner near you, you can open your Chime app, select Move Money, choose Deposit cash, and hit on See locations near me. Chime allows you to make up to three deposits per day.
Also, the institution allows you to add large sums of money to your account. You can deposit up to $1,000.00 every day and a maximum of $10,000.00 per month. If you use third-party platforms to add money to your Chime account, you may incur transfer fees and have daily and monthly limits different from those of Chime.
Does Chime accept wire transfers?
A wire transfer is an electronic money transfer that allows you to send money instantly from one bank account to the other. Wire transfers are fast and allow you even to transfer money to an international recipient.
Unfortunately, Chime does not allow wire transfers. However, there are plans to incorporate the feature in the future.
Does Chime offer mobile check deposits?
Chime allows you to deposit checks on your account. However, before you start using the service, Chime has to determine if you are eligible for the service depending on your previous Chime account usage.
You may have received a direct deposit of at least $1 since June 1, 2021, from sources such as Employer or payroll provider, Gig economy payer through ACH transfer or even via Original Credit Transaction (OCT), or government benefits in your Chime account. In that case, you qualify for the check deposit services. Chime will activate the service 30 days after you receive money in any of the ways mentioned above.
How do I send money to other Chime users?
You can send money to other Chime users so long as you have enough balance in your account. Again, if you have added a bank account to your Chime account, you can easily use your bank account to fund your Chime transactions. But can someone send me money to my Chime account? In the same way, you are sending money to others, then you can also receive funds from others.
You can use the ‘Pay Friends’ feature to transfer money to someone else in Chime in the following manner.
- Log in to your Chime app.
- Hit on the Friends tab
- Search your friend’s name or use the $ChimeSig. You can also enter the email or phone number of someone who is not on Chime.
- Enter the amount to transfer to the recipient.
- Enter the reason why you’re sending the funds.
- Confirm the amount to send as well as the recipient.
- Select Pay Now to send the money.
Chime allows you to send up to $2,000.00 per calendar month.
Chime is an online money transfer platform that operates as a bank. You can send and receive money via the app. Chime also gives a debit card that you can use for your various kinds of transactions. You can add funds to your Chime account via direct deposits from your employer, from other people when they send money into your account, by adding a bank to Chime, or by depositing checks.