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Always thought of creating your own bank account? Well Chime is a bank that permits everyone above 18 to be able to create a bank account and use their services.
Well when someone opens a bank, they will have different motives. Some will open the account to receive money, some to send money, some to keep the money for future use. Well any reason why you want or are creating a bank account, Chime is a suitable platform for you to create your account.
Well, chime is an online platform that offers online banking but not physical banking. And with this online feature, they permit you deal with their services anywhere you are and at any time. And so, what will then happen if one day you will want to send some cash to someone that owns another bank account?
If this happens, then you will have to transfer the cash in your chime account to the other bank account; whether your other bank account, or another person or company's bank account. And to do this, we have brought up this article today to assist you in the transfer of money from Chime to Bank account.
Table of Contents
How to Send money from Chime to Bank Account.
What is Chime and what is it all about?
Chime is a financial institution that provides banking services to its clients. Chime is a financial technology business that operates online, not a bank, despite its appearance. Because Chime is an online bank, you must know how to transfer money from Chime to a bank account in order to transfer funds to your account when you need them.
Well, for those who are new to chime, one of the pathetic things about this platform is that they don't have any physical bank or place where one can go for any of his or her problems. And because of this, they are ranked very low when dealing with banks with the best Customer services.
Without that, they permit all their users to do online transactions in their platform at any time. As we said above, Chime is an online platform not a physical or traditional bank. But what are the differences between online banks and physical banks?
Differences between a physical bank and a traditional bank
| Online Bank | Physical Bank |
|---|---|
| Fees that are lower or free | Fees are going up, and the fees are high. |
| Interest rates on savings accounts and, In some cases, checking accounts are higher. |
Savings account interest rates are lower. |
| Automatic access to the internet and mobile apps | Internet access and mobile apps is frequently available. |
| Online method is quick and simple. | Processes are conducted both in person and online. |
| Customer service is available online and on the phone. | Customer assistance is available in person, online, and over the phone. |
| No physical locations | Physical branches available |
Is Chime Bank Safe to use?
The bottom line: Chime is an online-only financial technology business that offers checking and savings accounts in collaboration with two banks. Although it doesn't operate like a traditional neighborhood bank, its accounts are nevertheless insured by the Federal Deposit Insurance Corporation (FDIC), making them safe places to put your money.
Security is always the safest way to do things. And even in banking, before engaging with a certain bank, then one has to be sure that his money will be safe. And with this, you can now engage yourself with Chime.
How to Open or Create a Chime Bank Account
We said above if you read well, that Chime is an online platform. And to deal with online platforms, the first thing you will always be an internet connection. And so, you should be able to connect your PC or mobile smartphone to the internet before being capable of using Chime. Apart from that, below are some of the things you should have before starting with creating a chime account.
- Social Security Number (SSN)
- Email address
- Physical address
- Identification document. An Identification document can be an Identity card, Driver’s license, or a passport.
- Phone number
When you have gathered all the above things, then you are good to go. And the next thing to do will be to apply for a chime account which take about some few minutes. Though it can take up to a day to be confirmed at times because chime uses a third-party app to checkout the the verification of new members. To do that, go to member.chime.com/enroll/#/account.
After the enrollment is completed, you can download the chime app and signup with your account and all informations and then you are all done with your chime account creation and you can use your account anywhere on your mobile.
Well we are about to show you how you can transfer funds from your chime account to any bank account. And you can't send money from an empty account. Now the question turns out to be how can I refill my chime account?
One of the most asked questions on chime being how to deposit money to chime account. If you are looking forward to that, you can read the article below and know how to refill your chime account.
MUST READ: How to Deposit money to Chime Account Easily
Have you already deposited money in your account, then you are good to go and you can now know how to transfer that money in your account to another bank account.
How to Transfer Money from Chime Account to Bank Account
Wanna transfer money from your chime account to another bank? Well, there are two main ways that it is possible. With the first one being just a direct transfer that you will just have to go to the transfer page where you will fill in the other bank account's informations and the bank's routing number. And you will be done with that; the second being a direct linking of the two accounts. Where you will have to link the other bank account to your chime account. But to do that, the other bank account should be a bank that Chime supports(American banks like Wells Fargo, Chase, Bank of America, PNC, or CitiBank).
- Go to your Chime account and sign in.
- Then go to the Settings menu.
- Choose "Link a Bank Account" from the drop-down menu.
- Choose any of the banks on the list and log in with your other bank's credentials.
After you've successfully added your bank account, you may start the money transfer process. The actions outlined below will assist you in transferring funds to your bank account.
- Go to your Chime online account and sign in.
- Select Move Money from the menu.
- Transfers should be chosen.
- Select a bank account. If you haven't already done so, enter your external bank's login credentials when prompted.
Follow the steps after entering the amount to transfer. A maximum of $10,000 per calendar day and $25,000 per calendar month can be transferred. Within five (5) business days, the monies will be available in the bank account.
Frequently Asked Questions(FAQs)
How Long Does it take Chime to Transfer Money to Other bank
The Chime transfer uses a regular Automated Clearing House [ACH] transfer and is usually credited within three business days. When you complete the transfer under the Review Section, you will also receive an estimate of when the cash will be available in your account.
Can you move money from Chime to Cash App?
It's simple to transfer funds from Chime to Cash App. Without a debit card, you can transfer money from Cash App to Chime and from Chime to a Cash App. The Cash App implies Chime is a bank because it allows you to load money from a bank. To get started, simply enter your Chime banking information into the Cash App. As a result, you must enter your Chime account and routing numbers.
You can then request financing from your Chime account while executing various transactions after you have successfully added your Chime account. Cash App, interestingly, allows you to link debit and credit cards (both secured and unsecured credit cards) so that you can fund your transactions with them.
Why is my transfer taking so long?
Transfers between accounts are made using ACH, which is only available during business hours (Monday through Friday, excluding any Federal holidays). Chime's bank partners request that we retain a transfer for at least three (3) business days after it has been processed. As a result, the money is deposited into your checking account in less than a week.
What are the transfer limits?
ACH transfers to a Chime Checking Account initiated using the Chime app or website are limited to the following:
- $10,000 per calendar day
- $25,000 per calendar month
- No limit to the number of times per day
Cash loads have:
- A maximum of three (3) per day
- A limit of $1,000 per load per day
- A maximum of $10,000 per calendar month
Chime does not place any restrictions on ACH transfers started from a third-party account. There is no restriction to the number of times you can play per day or the amount you can spend. External banks, on the other hand, may set their own restrictions and fees.
Conclusion on How to Transfer Money from Chime to Bank Account
We have been talking about how you can transfer money from Chime to Bank Account and we have said that you have to link your other bank account to your chime account before sending money to your Bank account.
One can't also send money from an empty account and that is why we showed you how to deposit money into your chime account. We provided a link and you could also see how to create and open a chime account.
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