Chime is a financial technology company that started on the basis that essential banking services should be easy, helpful, and free. They aimed to profit with their members and just not from them. Due to that, their model does not have overdraft fees, service fees, minimum balance requirements, monthly service fees, and so much more. Chime allows you to perform many transaction types, just like traditional banks. You will know how to transfer money from a Chime credit builder card shortly.
The financial technology partners with regional banks to develop member first financial products, which creates a more competitive market with lower-cost options for everyday Americans. That way, people can get services that they do not enjoy as expected from traditional banks. The company helps the consumers in inclusion, innovation, and access across the industry.
Chime is an online banking services platform whereby you can access your account easily online using various devices such as smartphones, computers, or tablets. Even the account creation is online, and the steps to create an account are easy, as we shall see. Online bank accounts allow you to manage your money appropriately as you can see your balance, view statements, send money to others, etc.
How to open a Chime account?
As I have mentioned above, you can open your account online using various internet devices, one of them being a smartphone. The importance of using a smartphone is that you can even download the Chime app and securely access your account.
The account opening should not take long, and once it starts running, you can start using it immediately. If I want someone to send me money to my Chime account, I will give them my account details and receive the funds immediately or within a few minutes.
Now, let us see the steps of opening your account. You should first open a Chime spending account and later savings account if you like. The Chime spending account is like a checking account as it allows you to keep funds for your everyday uses. The following are the steps you can use to open your account. Have a look.
- Visit Chime’s enroll page to get started.
- Once you pass the security check, Chime will require you to enter your first and last names, then your email address.
- After that, click next and enter your date of birth on the page that opens and click Next.
- Enter your mobile phone.
- Click Next.
- Enter your physical address so that Chime can verify it. They will use the address to send your new card.
- Click next and create a strong password then tap Next.
- Enter your Social security number on the page that opens and tap Next.
- Follow the remaining guidelines to complete your account creation.
Once your account is up and about, you can then add money. You can deposit cash to Chime using an external bank account or payment card.
How to add funds to Chime?
There are various ways you can add money to your Chime account. They include the following.
i) Receive funds from others
Chime allows users to send money to one another. If others have your phone or email address, they can send you money instantly. Remember that Chime allows you to accept business payments, and if you have an account, you can get your payments faster and securely from your clients.
ii) Direct deposit
Direct deposit is one of the best ways to receive funds into your account. You only need to fill out the direct deposit form and present it to your employer or government agency. Since the concerned source must transfer money using the routing number and account number when carrying out direct deposit. Then you must provide those details when applying for direct deposit.
iii) Check deposit
Another way you can add money to your account is through a check deposit. Nowadays, you do not have to walk to the bank to deposit checks. You need to log into your account, navigate to the check capture section, sign the back of your check, then take photos and upload them. Once the processing is over, funds will reflect in your account.
iv) Add from a bank account
It is possible to add an external bank account to your Chime account and use it to fund your transactions. Also, you can use your Chime routing and account numbers to transfer money to your Chime account from another bank using wire or ACH.
v) Add money to a reload center
Using your Chime debit card, you can add money to your Chime account from a reload center. The funds will also reflect in your Chime account to use in various transaction types. Various places you use to put money on a Chime card include Walmart, 7-Eleven, Dollar General, Family Dollar, Walgreens, CVS, Rite Aid, etc.
Does Chime issue a credit card?
Yes, Chime bank issues the Chime Credit Builder Visa® Credit Card that allows you to build your scores. It is a secured credit card, meaning you must part with a security deposit. The card charges no interest rate and has no annual fees. It only helps you build your credit.
Remember that the credit builder card is different from the Chime debit card. You can use your credit card to purchase goods and services at various stores such as groceries, filling stations, supermarkets, and others to buy goods and services.
Apart from buying goods and services with your card, you can also withdraw money for free at in-network ATMs. That is called a cash advance. However, unlike most credit card issuers, Chime does not charge you interest or fees for the transaction when you use your card at in-network ATMs. That is one exciting thing with the card.
Some of the fantastic features of the card include;
- Zero annual fees or interest
- No credit check to apply
- No minimum security deposit
When moving money to your credit builder card, you can use services such as Move My Pay which moves the amount of your choice into your Credit Builder card on every payday. This way, your card will always stay loaded with money for convenience.
How to transfer money from a Chime credit builder card?
You can move money from your Chime credit builder card to your Chime spending account when the need arises. The following are the steps you can use to transfer funds. They include the following.
- Open the Chime App to log into your account.
- Tap on Move Money.
- Click on Transfer Funds.
- Tap on the arrow, and choose between Spending Account and Credit Builder.
- Click on Credit Builder, choose Spending Account, and move your money.
It is just that simple, and thus you do not have to spend a lot of time in the process.
Is it possible to use your Chime credit builder card without money?
We have seen that Chime does not have any minimum amount to deposit in your secured card for building credit. The question is, can I use my Chime credit builder card with no money? To be precise, there is no way you can use your card without putting money in it. Remember that it is a secured credit card meaning that you should put money in it to use it.
However, unsecured credit cards allow you to use them without depositing any money. That is because you get the card depending on your credit scores. The better your scores, the more your limit.
The cards still add your scores when you use them appropriately. Once you grow adequate scores from your Chime credit builder card, you can get an unsecured credit card that matches your scores.
How to transfer money from your Chime account to a bank account?
As I mentioned earlier, Chime is an online financial services company. Therefore, you need to move money to a bank account since you will not need to use your money online all the time.
You can move money to your bank account and maybe move them to your savings account or do any other applicable transaction. But how can you transfer money from Chime to a bank account?
There are a few steps that you can follow to transfer funds from your Chime account to a bank account of your choice. You should first link your bank account to Chime as follows before the transfer.
- Open your Chime app to log in
- Go to Settings
- Choose “Link a Bank Account”
- Select any banks listed, then enter your external bank’s login credentials.
After linking your bank account, you can move money using the following steps.
- Open your Chime app to log in.
- Tap on Move Money.
- Tap Transfers.
- Choose the bank account to transfer money to. If prompted, key in your external bank’s login particulars. That is if you have not added the bank account to Chime.
- Enter the amount of money to move and follow prompts.
Chime is a financial technology company that started on the basis that essential banking services should be easy, helpful, and accessible. They aimed to profit with their members and just not from them.
The service operates online, and you can do many kinds of transactions such as payment of bills, sending money, and buying goods, among others. Apart from using the services for your day-to-day transactions, you can get the Chime Credit Builder card to grow your credit scores.