Having an online bank account is convenient. In the 21st Century everything is going or has gone digital. You can make and receive payments, file a car insurance claim, and even earn a four-year degree, or more, all online. Chime is not the only financial technology company on the market, but they were one of the first. Chime has set, and in many cases created the standard for online mobile banking. The Chime service is quick, convenient, and completely secure online banking. And they offer a range of services like a secured credit card used to build credit. They also do not charge overdraft fees making them one of the most popular online mobile banking companies on the market. The digital world is a convenient one and having an online bank account is much more convenient, in many ways, than the alternative. But not having a physical bank to deposit money is not one of those convenient features of banking online or with an app. One of Chime’s innovation was to partner with retail outlets to allow cash deposits in their customers accounts. Some, like Walgreens, do not charge fees while many others do. But don’t worry, Chime has made the entire process as convenient a solution as those provided by using a banking app on your phone in the first place.
You can deposit cash into your chime checking account at over 90,000 retail locations. Deposits can be as many as 3 per 24 hours for a maximum of 1,000 per 24 hours for a total of 10,000 per month. When you log into your Chime account there will be an icon for ATM Maps. This feature will show on a map of your current location where these retail partners are located. And these are the locations where you can withdrawal cash from ATMs. But since these are also Chime retail partners, many of these retailers, like 7/11 and Walgreens will also allow you to deposit money into your account using your Chime debit card. The cashiers at these retail partners will have to deposit the money into your account as Chime does not currently allow cash deposits into any of its retail partners ATMs. The process is streamlined so that once you know where you can make deposits it becomes as convenient as it was intended to be.
Step one: Log into app select the move money icon on the bottom of your screen, click deposit cash, the select “see locations near me” to find locations local to you where you can deposit cash. Be aware that while Walgreens does not charge a fee, other partners such as CVS or Walmart do.
Step Two: Go to the location of your choice and provide the cashier with your Chime debit card along with the cash you wish to deposit.
Step Three: Your funds will be available within minutes, and you can pay friends through the app, pay bills, and transfer funds to your Credit Builder card.
Is Chime a Bank?
Chime is not a bank; it is a financial technology company. It is similar to other companies like PayPal, which specializes in facilitating financial transactions rather than taking on the full mantle that being a traditional bank would entail. There are several positives like the convenience and speed of the transactions processed. For example, direct deposits are available through Chime two days earlier, on average, than they would be at a traditional bank. You account balance updates in real-time after every single transaction so that you know exactly how much money you have to work with. And something which is a favorite of many, there are no overdraft fees. Any transaction that would send your account into the negative automatically gets rejected. And as a bonus, Chime offers a feature called Spot Me, which allows you to spend more money than is available in your account, up to $200. You can also send and receive Spot Me boosts of $5 each from friends and go beyond that $200 Spot Me limit. The Spot Me money spent is repaid with the next direct deposit to your account or if a friend sends you money using the Pay Anyone icon on the bottom of your screen when you log into your Chime account.
Does Chime Offer Its Customers a Credit Card?
Chime offers a secured credit card called Credit Builder. Credit Builder is a secured credit card with built in protections, no annual fee, and no interest. It works similarly to a prepaid debit card in that the credit limit is equal to the amount of money transferred into it. You can log into you Chime account and apply for it and you will be able to check balances and transfer funds to and from your credit builder account and checking account. The purpose of this card is to build credit as its name implies. Most Chime customers do see an increase on their credit score over time.
Question One: Which ATMs Can I Deposit Cash into My Chime Account From?
Answer One: Currently Chime does not accept cash deposits through any ATMs. The only way to deposit money into your Chime account is to use their retail partner locations.
Question Two: Can I Withdrawal Cash from My Chime Account Using Any ATMs?
Answer Two: Yes! If you log into your Chime account you can click on the ATM Map icon, you will see a map of the area you are in highlighting ATMs you can use to withdrawal cash from including Walgreens, 7/11, and any other partner location.
Walgreens and Duane Reade locations do not charge fees for cash deposits, but others do. These other partners include:
- 7-Eleven
- Circle K Stores
- Cumberland Farms Corp
- CVS
- Dollar General
- Family Dollar
- GPM Investments
- Holiday Station Stores
- Krause Gentle (Kum & Go)
- Kwik Trip Inc
- Pilot Travel Centers (Pilot Flying J)
- Rite Aid
- Royal Farms
- Sheetz Incorp
- Speedway
- TA Operating LLC (Travel Centers of America)
- Walmart
These partners that charge fees may also impose daily, weekly, and monthly limits of the amount of cash deposited or the number of transactions allowed.
