5 Star Chime Reviews: Are The Reviews Too Good To Be True?

When a disruptor comes on to the market, it can be easy to get swept up in the hype. Chime launched itself as a very real alternative to traditional brick-and-mortar banks back in 2013. Now, almost 10 years after its creation, Chime is upsetting the traditional bank landscape and many people are enjoying the fact that being able to step foot in a bank’s branch is no longer a prerequisite for a financial institution.

More importantly, though, Chime has also garnered a great deal of interest from many happy customers, if you are to believe the number of five-star reviews that Chime has collected over the years. Some people have difficulty believing such positive reviews, but you have every reason to believe the multiple positive Chime reviews that say Chime as one of the best online personal finance systems currently available. There are countless benefits that Chime offers its customers.

No Hidden Fees

Perhaps two of its biggest selling points that attract new customers is the fact that there are no hidden fees and that customers can access their paycheck up to 2 days early if needed - again with no fee.

It is that type of approach that has made Chime a possibility for anyone looking to switch their bank. Plus, the company offers so much more than a fee-free deal. Its software for its mobile app is second to none. It makes staying on top of your finances a total breeze, which, in turn, helps customers to achieve financial stability and save more money. So many of us struggle with our finances as we are not aware of how much money we have, or do not have, in the bank. Chime eliminates that problem with easy and simple account access.

Daily Account Notifications

Chime has prioritized sending customers daily notifications of their account balance so they always know how much money they have. Plus, it lets customers know whenever a transaction has gone through immediately. Again, that really helps customers know where they are, financially speaking. It also keeps users' savings safe. If a transaction goes through that the Chime user has not verified, they can report it and have their money returned.

Plus, on top of all that fantastic software allowing customers to stay on track, is the fact that customers are encouraged to save regularly. That’s a big difference from other banks who try to make their money out of selling financial products or loans.

Easy Way To Grow Your Savings Account

Chime keeps its offerings simple, yet also provides many innovative new features that make transferring funds to a savings account a breeze. It does so automatically, in many instances, so that customers quickly see the difference that regularly putting a little money aside can make.

However, one thing that many people worry about when using a relative newcomer to the industry is how reputable Chime is. Here, we answer some really common yet important questions that should be asked of any bank.

Is Chime FDIC Insured?

Chime partners with FDIC insured banks, Bancorp Bank and Stride Bank, to keep your money safe. That's great news for those thinking of opening an account through Chime as FDIC insurance means that all funds held within either a savings or spending account are covered up to the value of $250,000.

Why It Is Best To Have An Account At A FDIC Insured Bank

A bank run is when customers rush to withdraw their money - amounting to more funds than the bank actually holds, since it often invests and loans out customers’ cash as a means to make money. People in the past have tried to withdraw as much of their money as possible - literally to hide under the bed. These bank runs caused great instability in the financial markets and led to the creation of the FDIC in 1933.

When a bank is FDIC insured, it means that should a bank fail or experience a run, a person’s funds are protected. Each account with up to $250,000 is safe and the funds will not be lost should the bank fail. This actually makes the entire banking system far safer as a whole since it prevents panic among customers. It is also beneficial because having FDIC insurance means you will not need to purchase any other type of insurance for your savings account.

Is Chime Safe?

The short answer is: Yes. Chime is safe to use. Skeptics may be worried about handing their money over to a fully online business. By not being able to set foot in a branch, some traditionalists may fear that funds can be stolen through identity theft more easily than from a brick-and-mortar bank. However, Chime is safe to use thanks to the plethora of security processes and procedures it has in place to prevent accounts from any fraudulent activity.

Chime Security Features To Protect Your Savings Account

Plus, the app from Chime has additional features that help users remain safe and secure from fraud. Fraudulent activity on an account is far easier to rectify if it’s caught early. The daily account balance updates sent to customers were designed to help them see quickly if any funds have left the account that were not authorized by them. In addition, notifications about any transactions affecting their accounts are also a big help in protecting against fraud. In the unlikely event that a customer notices a transaction they did not authorize, the process to regain those funds is the same as it would be for any other bank.

In short, no bank is 100% safe to use, but Chime is pretty close to being perfect!

Is Chime Legit?

As well as being questioned as to whether it is safe or not, Chime is often questioned as to whether it is legitimate or not. That is because there is still some skepticism as to how a personal financial company without four walls can operate legally and properly. The fact of the matter is that technology has evolved in such a way that four walls are simply no longer needed. Chime is totally legitimate and it offers its services in a highly professional way.

Plus, its streamlined business model - which does away with physical branches - is arguably one of its strengths. It means no costly overheads that have to be recouped somewhere down the line. As a result, it can afford not to charge monthly fees on accounts and does not require a minimum balance, either. It does not even charge for foreign transactions.

Chime puts the customer at the forefront by offering no-frills products and concentrating on giving customers a low-cost, high-quality service.

Can You Get Scammed On Chime?

Unlike some financial institutions, Chime doesn’t hide behind a complex fee structure that seeks to find a way to nickel and dime their users at every chance possible.

Instead, Chime’s online Savings and Spending accounts are easy to understand and yet come with a whole raft of advantages. The savings rate is competitive in comparison to other banks. Its spending account comes with a Visa debit card, and you can get a Visa credit card. Customers can also write a check using the Chime checkbook feature, should they need to.

That feature asks Chime to send a check on a customer’s behalf and can be for any amount up to $5,000. It’s pretty quick, too, as it will often deliver those checks in under 9 days. That’s crucial because it means customers can stay on top of their finances far more easily. Staying on top of the withdrawals and deposits into an account not only helps a person’s financial health, but it also helps ward off any scams. Again, the earlier a fraudulent transaction is identified, the easier and quicker it is rectified.

Can You Trust Chime?

Chime is a trustworthy and reputable financial technology company that has been around for the best part of a decade now. In that time it has managed to hone its offerings so that everything it does is to help their customers make the best financial decisions. Plus, with helpful features like the SpotMe capability, customers benefit from a no-fee arrangement on any overdrafts - among many other big bonuses that come with using Chime’s services.

While some may say that it is essential for a bank to have four walls to be trustworthy, Chime repeatedly shows that this is not the case. Its customers are consistently happy with the service that they receive. You can read online review after review where Chime users post the benefits they've seen from using this online banking system. Each reviewer knows that, should a problem transpire, they can be confident that Chime will resolve it for them in a straightforward and efficient manner. Can you really say that about traditional banks?

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes