Why Chime is the best online bank?

Online banking has many advantages but not all online banking is good. When you are looking into online banking, you want to make sure you look for these exact things:

- Will this help me manage my cash flow more effectively?

- Does this bank have encryption and fraud monitoring?

- What is the APY (annual percentage yield)?

- Does it have overdraft protection?

- What is the spending and withdrawal limit?

- Can I make cash deposits?

- What ATM’s are available for me?

- Is there account fees?

There is one bank in mind. That bank is Chime. So let me answer the questions you really want answered. Which is those questions I mentioned above.

Will Chime help me manage my cash flow more effectively?

Yes. Chime allows you to grow your savings automatically anytime you spend or get paid. Chime helps you save. This is called a Round Up Transfer. A Round Up Transfer is any settled debit transaction, which is rounded up to the next full dollar. It automatically transfers into your savings account. Chime allows you to enable or disable this feature.

Does Chime have encryption and fraud monitoring?

Yes. Deposits are FDIC insured up to $250,000 through The Bancorp Bank. Chime uses encryption and other safety measures to help safeguard your money and data. If your card is lost or stolen, you can block all transactions on your cards. Plus, you have real-time alerts. This allows you to receive instant transaction alerts anytime you use your Chime debit card. Chime also has a “Visa Zero Liability” policy. Which means cardholders will not be held responsible for unauthorized charges.

What is Chime’s APY (annual percentage yield)?

Chime’s APY is 0.50%. Chime also has no minimum balance requirement. As long as you have a penny in your account, you’ll earn interest.

Does Chime have overdraft protection?

Chime has fee-free overdraft. They allow you to draw up to $20-$100 without charging a fee. This feature is called Spot-Me. To be eligible, you must have a total monthly direct deposit of $500 or more.

What is Chime’s spending and withdrawal limits?

Chime allows you to spend up to $7,500 in 24 hours using your Chime Debit card. Chime allows you to withdraw up to $1,500 from ATMs every 24 hours.

Can you make cash deposits with Chime?

Yes. You can deposit cash at over 60,000 retail locations using Green Dot. You just ask the cashier at the location to add cash directly to your Chime debit card at the register. Please keep in mind that the cashier will charge you a small fee to deposit the cash.

What ATM’s are available for Chime?

ATMs are fee-free and surcharge-free at over 38,000 MoneyPass and Visa Plus Alliance locations. The Chime ATM Finder includes all these locations as well as additional cash-back locations.

Is there account fees with Chime?

No. Chime doesn’t have any fees. At All!!

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