Where do i deposit money on my chime card

Dive Brief:

• Chime’s new partnership with Walgreens will allow the neobank’s customers to deposit cash for free at the retailer’s more than 8,500 locations, the fintech announced in a blog post Monday.
• The San Francisco-based company claims 78% of its estimated 12 million customers live near a Walgreens location. 
• The latest fintech-retail partnership comes as Walgreens is moving deeper into financial services. The retailer in September launched Scarlet, a debit card and mobile banking app for Walgreens customers.

Dive Insight:

"We know having access to a physical location for cash deposits is important to our members, and until recently, the options have been limited," Chime co-founder and CEO Chris Britt said in a statement, according to Bloomberg.

Walgreens joins CVS, Walmart and 7-Eleven in allowing the digital bank’s customers to make deposits at their brick-and-mortar locations. Walgreens, however, is the only retailer to do so without charging Chime customers a fee. 

For companies like Walgreens, inking such deals with fintechs and payments companies could help the retailer strengthen ties with existing customers and attract new ones. 

The Federal Deposit Insurance Corp. (FDIC)-insured Scarlet accounts are available through a partnership with MetaBank. The retailer is also using payments technology company InComm Payments’ banking-as-a-service (BaaS) platform, while Mastercard is issuing debit cards for the accounts.

Walgreens in March said the bank accounts are part of its "alternative profit strategy" — one element in a broader initiative to launch new financial products and services that offer differentiated services and benefits to its customers.

In a statement earlier this year, InComm Payments President Stefan Happ said its deal with the retailer "will establish Walgreens as a destination for financial services, building on Walgreens’ legacy as a one-stop shop for pharmacy and convenience."

The retail benefit

For digital banks whose target market is a demographic that lives paycheck to paycheck, such as workers in the service industry who often receive cash tips, the ability to offer deposits at retail locations is an important service for their customers. 

Digital bank Green Dot boasts a network of retailers that consists of 90,000 physical locations it refers to as "financial centers." 

"[Our customers] want to withdraw cash, and they want to deposit cash. Every cashier carries cash, and it's very helpful for our customer base," Abhijit Chaudhary, head of Green Dot’s direct-to-consumer business, told Banking Dive in October, referring to the company’s retail partnerships, which include Walmart, Walgreens, CVS, Family Dollar, Dollar General and 7-Eleven.

Full review

Checking

Deposits are FDIC Insured

4.5

Upsides:

Free ATM access and no monthly fee: Chime’s checking account is free: It has no monthly fee and no minimum balance requirement. It also gives users access to make fee-free withdrawals at over 60,000 ATMs.

Early direct deposits and no foreign transaction fees: With direct deposit, customers can receive paychecks up to two days early. Plus, Chime doesn't charge fees to use your card abroad; other banks typically charge 1% to 3% of the amount of your purchase. See below for more information from Chime.

Downsides:

Fees for cash deposits and out-of-network ATM usage: Chime charges $2.50 per transaction at out-of-network ATMs, and the only way to deposit cash is at cash deposit partner locations (including retail stores such as 7-Eleven and Walmart). Cash deposits at Walgreens are free, but other retailers may charge a fee of up to $4.95.

Limits on mobile check services and no physical checks: Mobile check deposit is available via the app, but to access this feature, your account must have received a minimum of one qualifying direct deposit of at least $1. Chime doesn't offer a physical checkbook, but you can pay bills by sending a check through the Chime Checkbook feature on its website or in the app.

No joint accounts: Chime also doesn’t offer joint accounts, so it’s not ideal if you’re looking to share an account with someone.

See more information from Chime

Chime says: "Early Access to direct deposit funds depends on payer."

"Out-of-Network cash withdrawal fees apply. Third-party and cash deposit fees may apply."

Chime High Yield Savings

Savings

Deposits are FDIC Insured

5.0

APY

2.00%

With $0.01 min. balance for APY

Upsides:

Decent rate and no minimum balance: Chime offers an annual percentage yield of 2.00%, and it has no minimum balance requirement.

Two automated savings programs: It will also round up every purchase on your Chime debit card to the nearest dollar and deposit that difference into your savings account. Or, you can have the company automatically transfer 10% from your paycheck into your savings account. Both features are optional but handy, and not all savings accounts have them.

No limit on outbound savings transfers: Chime also offers an unlimited number of transfers from your savings account into your checking account, which not all banks allow. See below for more information from Chime.

Downside:

Checking account required: Be aware that you need to have a Chime checking account before you can open a savings account with the company.

See more information from Chime

Chime says: "The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of October 25th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest."

Chime says: "Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Checking Account into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account."

Banking experience

What to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. They do have differences to banks:

• Funds deposited in neobanks' accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe.

• Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. (Learn more about neobanks and what they offer.) Consider these details before opening an account.

Chime's high mobile app ratings, solid features: Chime's mobile app excels where it counts — customers have rated both the iOS version and the Android version 4.8 stars, both out of 5. What's more, daily balance updates and real-time transaction alerts can help customers stay on top of their spending. And if your card goes missing, you can block transactions using the Chime app.

Second chance checking option: In addition to having low fees, Chime doesn't use screening tools that most banks do to determine whether a person will be blocked from getting a bank account if they’ve had one closed in the past. So Chime can be a helpful banking solution if you’re trying to restart your financial life. See below for more information from Chime.

Multiple support options: Customer service is available by phone every day from 3 a.m. to 11 p.m. CST. Customers can also get help through the customer support tab in the app, by email and on Twitter.

Past history of involuntary account closures: Be aware that some Chime customers have had troubling issues with their accounts. ProPublica, a nonprofit news organization, reported in July 2021 that Chime customers have had their accounts closed without notice, leaving them with no way to access their money. These reports are similar to complaints that customers have made to the Better Business Bureau. (Find out what to do if Chime or another neobank closes your account.)

See more information from Chime

Chime says: “Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.”

Overdraft fees

Free overdraft program for those eligible: All qualifying customers can overdraw their account by up to $20 without penalty and could later be eligible to make a debit card purchase that drops their account as low as negative $200. The company will cover the overdraft without a fee, and your next deposit or transfer will be applied to the negative balance.

Two program requirements: To gain access to this program called SpotMe® requires your checking account to have received one qualifying direct deposit of at least $200 in the 34 days before the overdraft occurs. In addition, there must be a minimum of $200 total in qualifying direct deposits every 34 days to stay in the program.

No traditional overdraft alternatives: But unlike many banks, Chime doesn’t offer overdraft protection transfers or a line of credit, so customers who overdraw outside of the SpotMe® program or past its limits can’t get transactions covered; instead, those transactions will likely be declined. See below for more information from Chime.

See more information from Chime

Chime says: "SpotMe® won't cover non-debit card purchases, including ATM withdrawals, ACH transfers, Pay Friends transfers, or Chime Checkbook transactions."

"Eligibility requirements and overdraft limits apply."

Checking

Deposits are FDIC Insured

4.5

Upsides:

Free ATM access and no monthly fee: Chime’s checking account is free: It has no monthly fee and no minimum balance requirement. It also gives users access to make fee-free withdrawals at over 60,000 ATMs.

Early direct deposits and no foreign transaction fees: With direct deposit, customers can receive paychecks up to two days early. Plus, Chime doesn't charge fees to use your card abroad; other banks typically charge 1% to 3% of the amount of your purchase. See below for more information from Chime.

Downsides:

Fees for cash deposits and out-of-network ATM usage: Chime charges $2.50 per transaction at out-of-network ATMs, and the only way to deposit cash is at cash deposit partner locations (including retail stores such as 7-Eleven and Walmart). Cash deposits at Walgreens are free, but other retailers may charge a fee of up to $4.95.

Limits on mobile check services and no physical checks: Mobile check deposit is available via the app, but to access this feature, your account must have received a minimum of one qualifying direct deposit of at least $1. Chime doesn't offer a physical checkbook, but you can pay bills by sending a check through the Chime Checkbook feature on its website or in the app.

No joint accounts: Chime also doesn’t offer joint accounts, so it’s not ideal if you’re looking to share an account with someone.

See more information from Chime

Chime says: "Early Access to direct deposit funds depends on payer."

"Out-of-Network cash withdrawal fees apply. Third-party and cash deposit fees may apply."

Chime High Yield Savings

Savings

Deposits are FDIC Insured

5.0

APY

2.00%

With $0.01 min. balance for APY

Upsides:

Decent rate and no minimum balance: Chime offers an annual percentage yield of 2.00%, and it has no minimum balance requirement.

Two automated savings programs: It will also round up every purchase on your Chime debit card to the nearest dollar and deposit that difference into your savings account. Or, you can have the company automatically transfer 10% from your paycheck into your savings account. Both features are optional but handy, and not all savings accounts have them.

No limit on outbound savings transfers: Chime also offers an unlimited number of transfers from your savings account into your checking account, which not all banks allow. See below for more information from Chime.

Downside:

Checking account required: Be aware that you need to have a Chime checking account before you can open a savings account with the company.

See more information from Chime

Chime says: "The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of October 25th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest."

Chime says: "Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Checking Account into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account."

What to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. They do have differences to banks:

• Funds deposited in neobanks' accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe.

• Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. (Learn more about neobanks and what they offer.) Consider these details before opening an account.

Chime's high mobile app ratings, solid features: Chime's mobile app excels where it counts — customers have rated both the iOS version and the Android version 4.8 stars, both out of 5. What's more, daily balance updates and real-time transaction alerts can help customers stay on top of their spending. And if your card goes missing, you can block transactions using the Chime app.

Second chance checking option: In addition to having low fees, Chime doesn't use screening tools that most banks do to determine whether a person will be blocked from getting a bank account if they’ve had one closed in the past. So Chime can be a helpful banking solution if you’re trying to restart your financial life. See below for more information from Chime.

Multiple support options: Customer service is available by phone every day from 3 a.m. to 11 p.m. CST. Customers can also get help through the customer support tab in the app, by email and on Twitter.

Past history of involuntary account closures: Be aware that some Chime customers have had troubling issues with their accounts. ProPublica, a nonprofit news organization, reported in July 2021 that Chime customers have had their accounts closed without notice, leaving them with no way to access their money. These reports are similar to complaints that customers have made to the Better Business Bureau. (Find out what to do if Chime or another neobank closes your account.)

See more information from Chime

Chime says: “Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.”

Free overdraft program for those eligible: All qualifying customers can overdraw their account by up to $20 without penalty and could later be eligible to make a debit card purchase that drops their account as low as negative $200. The company will cover the overdraft without a fee, and your next deposit or transfer will be applied to the negative balance.

Two program requirements: To gain access to this program called SpotMe® requires your checking account to have received one qualifying direct deposit of at least $200 in the 34 days before the overdraft occurs. In addition, there must be a minimum of $200 total in qualifying direct deposits every 34 days to stay in the program.

No traditional overdraft alternatives: But unlike many banks, Chime doesn’t offer overdraft protection transfers or a line of credit, so customers who overdraw outside of the SpotMe® program or past its limits can’t get transactions covered; instead, those transactions will likely be declined. See below for more information from Chime.

See more information from Chime

Chime says: "SpotMe® won't cover non-debit card purchases, including ATM withdrawals, ACH transfers, Pay Friends transfers, or Chime Checkbook transactions."

"Eligibility requirements and overdraft limits apply."

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