Are you looking for a new banking institution that offers great features and finance benefits? If so, Chime may be the perfect choice for where to open a savings or checking account. Chime has many banking features that are sure to appeal to anyone, including no minimum account balance requirements and no monthly use fees for customers–but are Chime banking services as safe to use as your bank? The answer is, yes! Show How Does Chime Banking Services Work?Chime is a banking institution that offers free mobile and online banking services to customers. But because Chime itself is not a bank, it offers these services though its partner banks: Bancorp and Stride.Chime does not have physical branches like traditional banks. Still, you can use it for a variety of banking needs. Some of the banking and finance services that Chime offers include: -A Visa debit card that can be used to make purchases and withdrawals What Makes Chime Safe to Use?There are multiple factors that make Chime a safe place to keep your money, including Federal Deposit Insurance Corporation (FDIC) insured partner banks.Having FDIC insurance means that your money is backed by the full faith and credit of the United States government–this insurance protects you from the loss of your account deposits (up to $250,000) in the event that Chime was to fail. All of the other above-stated security measures make it difficult for fraudulent activity to take place on your account–for example, two-factor authentication adds an extra layer of security by requiring you to confirm your identity using a second method, such as a code sent to your phone, in addition to your secure account password. On top of this, Chime Visa Debit Cards are protected by the Visa Zero Liability, meaning that you will not be held responsible for any unauthorized payments made with your credit or debit card that is connected with your Chime checking account. Has Chime Ever Been Hacked?There have been no reported instances of Chime or customers' accounts being hacked. This is due to the fact that Chime takes account security seriously and has implemented multiple measures to protect its customers. It is also worth noting that no company is immune to hacking and that even the largest and most well-known companies have been hacked in the past. But Chime's banking services are secured, and the Chime savings account offers a safe place to store your money.Does Chime Report to the IRS?Yes, Chime does report to the Internal Revenue Service (IRS). All banks and financial institutions are required to report deposits and withdrawals to the IRS–this is done so that the IRS can track and collect taxes on income.The only time you would be obligated to file a report to the IRS yourself is if you are making a withdrawal of $10,000 or more from your Chime savings account; this is in accordance with the Bank Secrecy Act. The takeaway here is that if you are making regular deposits and withdrawals from your Chime account, then the IRS will be aware of your banking activity and how you use your account. Does Chime Refund Stolen Money from a Chime Checking Account?If you experience fraud on your account or cards, then Chime will refund the stolen money. However, you may be required to provide documentation to Chime in order to receive a refund of your money without dispute. This could include a police report or other verified documentation that proves that the charges on your account were fraudulent.Make sure that you file your complaints with Chime within sixty days of the fraudulent transaction. Once you do this, Chime will begin its investigation of your savings account. During the Chime savings account investigation, you might receive a provisional credit while the merchant will be requested for a chargeback–if the chargeback is in your favor, then you will receive a refund for the full amount of the transaction. If not, then you might receive a money refund only for the portion of the transaction that was covered by Chime's fraud protection policy. NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. 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." Which banks does Chime work with?Chime partners with two banks, The Bancorp Bank and Stride Bank, to offer its services to customers.
Can I use my Chime card at a bank?Banks and credit unions: You can request a cash withdrawal by going into a bank or credit union and presenting your Chime Visa Debit Card to the teller. This is referred to as an over-the-counter withdrawal.
What bank ATM can I use for Chime?All MoneyPass, Allpoint, and Visa Plus Alliance ATMs are available to Chime members for fee-free transactions. Typically, these ATMs will feature the MoneyPass, Allpoint, or Visa Plus Alliance logos on their signage.
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