What Bank Is Chime? 7 Questions Answered! (Full 2024 Guide!)

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When asking what bank Chime is, the first thing to establish is that Chime is not a bank, but rather a financial technology company taking a modern approach to banking by using electronic technologies, allowing for less costly banking services when compared to traditional, physical banks. 

There are many questions related to Chime's banking system, so let's run through everything you need to know about banking with Chime and how the company operates.

What Bank Is Chime?

Chime is a financial technology company, often referred to as a fintech. While not a bank itself, Chime has partnered with banks to provide its users with a range of banking services. It operates as a digital platform connecting its customers to banking products and services from The Bancorp Bank, N.A., and Stride Bank, N.A., both of which are Members of the FDIC.

As a financial technology company, Chime's primary focus is on providing a user-friendly banking experience through its mobile app and website. The mission is to streamline the traditional banking process and eliminate unnecessary fees, thereby making banking more accessible to a wider range of consumers. By partnering with established banks, Chime can leverage their infrastructure and resources to offer features like fee-free overdraft protection, early direct deposit, and a debit card for its customers.

The growth of Chime and other fintech companies has led to a shift in the way many people perceive and engage with banks. These innovative businesses challenge the traditional definition of a bank, emphasizing the function and utility they provide to their customers rather than simply adhering to traditional regulatory categorizations.

Who Does Chime Bank With?

Chime is a financial technology company that partners with banks to provide innovative banking services to its customers. Although Chime is not a bank itself, it works closely with two FDIC-insured banks: The Bancorp Bank and Stride Bank, N.A.

The Bancorp Bank and Stride Bank, both members of the FDIC, support Chime by offering banking services, issuing debit cards, and ensuring that account holders have access to a secure and reliable banking system. FDIC-insured banks provide an essential safety net to customers by protecting their deposits up to the insurance limit, which is currently set at $250,000 per depositor, for each account ownership category.

By partnering with these banks, Chime is able to offer its customers unique features and benefits, such as fee-free overdraft protection with SpotMe, early direct deposit access, and easy-to-use tech tools through its online banking platform and mobile apps.

Where Is Chime Bank Located?

Chime is not a traditional bank but a financial technology company. It partners with two banks, The Bancorp Bank, N.A. and Stride Bank, N.A., both of which are FDIC-insured. These partnerships enable Chime to offer its customers various banking services and products effectively.

As an online-only platform, Chime does not have physical branches like traditional banks. Despite this, the company has its corporate office located in San Francisco, California. Customers interact with Chime primarily through their website or mobile app, which are designed for seamless user experiences, including customer support and account management.

By being an online-only financial company and working with The Bancorp Bank and Stride Bank, Chime can provide its services nationwide, making it accessible to customers regardless of their physical location within the United States.

Who Owns Chime Bank?

Chime is a financial technology company that offers banking services through its partnerships with The Bancorp Bank, N.A. and Stride Bank, N.A. It is not a bank itself, but rather provides its customers with banking services through these partner banks, both FDIC-insured institutions.

Chime was founded by Chris Britt (CEO) and Ryan King (CTO) in 2012, with the objective of providing an alternative to traditional banking, focusing on financial peace of mind. The company is based in San Francisco, California, and launched publicly on April 15, 2014.

As of now, Chime remains a privately owned company, under the leadership of its co-founders Chris Britt and Ryan King, as well as other executives. The company has raised $1.5 billion in private funding to support its growth and development.

Chime's objective is to change the way people think about banking by offering easy, helpful, and free basic banking services. The platform's popularity has grown significantly in recent years, and it continues to expand its services and user base.

How Does Chime Make Money?

Chime, a financial technology company, differs from traditional banks as it does not charge consumers a plethora of fees. Instead, Chime primarily generates revenue through its partnership with Visa. Each time a purchase is made using the Chime Visa®️ Debit Card, Visa collects an interchange fee from the merchant for processing the payment. A portion of this interchange fee is then paid to Chime.

Interchange fees play a significant role in Chime's business model, contributing to a large portion of the company's earnings. Despite being one of the top challenger banks, Chime still faces competition in the market.

In addition to interchange fees, Chime also earns money from interest on cash balances and ATM fees. Its range of financial features, such as providing early access to paychecks and fee-free overdrafts, appeals to a growing user base, enhancing its revenue potential.

What Bank Is Chime On Zelle?

Chime is a financial technology company that partners with The Bancorp Bank, N.A. or Stride Bank, N.A. to provide banking services for its users. As it is not a traditional bank, it operates solely as a mobile banking app, enabling users to access banking services digitally without the need for physical locations.

However, when it comes to Chime's compatibility with Zelle, a popular digital payments network owned and operated by traditional banks such as Bank of America, JPMorgan Chase, and Wells Fargo, there are some limitations. Since Chime is not a conventional bank, it is not listed among the options provided on the Zelle app.

Despite this, Chime users can still enroll their Chime debit card on Zelle. To do so, they simply need to select the “Don't See My Bank” button within the app and proceed to add their Chime debit card details. This allows users to utilize Zelle's services for sending and receiving money instantly, even without being associated with a brick-and-mortar bank.

It is essential to note that Zelle's primary function is to facilitate quick and secure money transfers between bank accounts within the United States. As a result, working with Chime's mobile banking services may present some differences in user experience compared to using Zelle with traditional brick-and-mortar banks.

What Bank Is Chime On Plaid?

Chime is a financial technology company that partners with banks to provide banking services to its customers. On Plaid, a third-party platform utilized by Chime to facilitate account linking and transfers, Chime works with two banking partners: The Bancorp Bank and Stride Bank.

Plaid allows Chime members to easily link their accounts with their outside banks, making transfers and money management more convenient. To use Plaid, Chime members need to select their external bank from a list and input their associated login information.

The collaboration between Chime, its banking partners, and Plaid aims to make banking services more accessible and helpful to users. This partnership ensures a seamless experience for Chime members while keeping their financial information secure through reliable banking institutions.

Chime Accounts

Chime is a financial technology company that offers users banking services through its partnership with The Bancorp Bank, N.A. and Stride Bank, N.A., which are both FDIC-insured. In this section, we will cover the two main types of accounts Chime offers: Checking and Savings accounts.

Checking Account

Chime's Checking account, also referred to as a ‘Spending' account, operates as a full-featured deposit account. Users receive a Chime Visa Debit Card, which can be used for various transactions including online and in-person purchases, as well as for withdrawing cash from ATMs. The account also supports:

  • Direct deposits
  • Pre-authorized withdrawals
  • Interbank transfers through the Automated Clearing House (ACH) Network

Chime's checking account has no monthly fees and offers features such as early direct deposit and SpotMe, a fee-free overdraft service that can cover users for up to $200 on debit card purchases, subject to eligibility requirements.

Savings Account

Chime also offers a Savings account that is FDIC-insured, providing a secure place for users to store their funds. The account offers various features designed to help users grow their savings effortlessly. Some of these features include:

  • Automatic Savings: When users make a purchase or pay a bill using their Chime Visa Debit Card, Chime can round up the transaction to the nearest dollar and transfer the difference to the savings account.
  • Save When You Get Paid: Chime allows users to set up an automatic transfer of a percentage of their direct deposit paycheck into their savings account.

While Chime's Savings account does not come with a dedicated debit card, users can easily transfer funds between their Checking and Savings accounts using the Chime mobile app or website.

Additional Services and Customer Support

Chime offers a variety of user-friendly services while prioritizing customer support. Some of their notable features include Chime Checkbook, SpotMe, and handling Direct Deposit funds. Their approach to privacy and security showcases their commitment to earning customers' trust.

Chime Checkbook

Chime Checkbook allows users to conveniently send paper checks to anyone within the United States. This feature stands out as many online bank accounts do not offer traditional check-writing capabilities. Chime Checkbook handles the physical mailing process, saving users both time and effort.


Chime's SpotMe service offers a safety net for users who might need overdraft protection. With SpotMe, Chime covers transactions even if the user's account balance is insufficient. Qualifying Chime Visa® Debit Card users have access to this feature, which helps them avoid minimum balance requirements and overdraft fees.

Direct Deposit Funds

Chime users can receive their paycheck and other qualifying Direct Deposits directly into their accounts, often up to two days earlier than traditional banks. Users simply need their routing number and online bank account number to get started. Chime's Automated Clearing House (ACH) capabilities streamline the deposit process, enabling users to access their funds more quickly.

Privacy and Security

Chime understands the importance of maintaining user trust by implementing strict privacy and security measures. Chime SpotMe is designed to protect sensitive user data, and the company continually Improves its security protocols. Additionally, Chime involves its team in privacy-focused initiatives and educational programs, ensuring that customer security remains a top priority.

In addition to their product offerings, Chime's commitment to customer service plays a significant role in their mission. Chime provides 24/7 customer support through phone, email, and chat systems, ensuring that users can confidently address any concerns or inquiries. Users can also easily transfer funds to friends and family, open Chime savings accounts, and apply for additional services without the need for credit checks from institutions like Experian.

Comparison with Other Banks

Chime is an online-only financial services platform that partners with The Bancorp Bank and Stride Bank, both members of the FDIC. As a fintech company, Chime offers checking and savings accounts that slightly differ from traditional banking systems. One of the major competitors of Chime in the online banking industry is Ally Bank.

Ally Bank provides a broader range of banking products and services, including interest checking accounts and various other financial offerings. Though both Chime and Ally Bank offer fee-free accounts, their target markets and features vary. Chime primarily focuses on helping its customers improve their credit, while Ally Bank offers a more comprehensive product line.

When comparing rates on savings, both Ally and Chime provide similar opportunities. However, Ally Bank sets itself apart by also offering an interest-bearing checking account. The security and ease of access for online financial accounts are crucial for both banks. Chime, in particular, offers a secure platform for users to store and access their money without any technical difficulties.

Although Chime and Ally Bank have their unique attributes and cater to different customer needs, both offer reliable and user-friendly online banking services. As a result, the choice between these two banking options primarily depends on individual preferences and banking requirements.

Article by
Max T.
Max is the founder of Knowledge Eager and has made it his mission to find and review the best online business courses. He has taken more than 20 online courses and runs a small portfolio of content websites.