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Many people are bank users right now in the world. And Chime is one of those online banks that many people in the world have used their services to store some cash and to make some cash transactions.
Are you one of those people that have some cash in your chime account and looking forward to withdrawing it? Or are you one of those few people that are still not with Chime and looking for a way to join them? Well one can't join a platform when they are not sure of how secured the platform is and someone can't put his money somewhere if he is not sure his money will be safe there.
Well, in this article, we will be talking about some certain features of Chime and also crown it by showing you how you can withdraw money from Chime with and without the chime card.
Table of Contents
How to Withdraw Cash from Chime Account with and Without Card
What is Chime?
Account holders receive Visa debit cards or credit cards and have access to an online banking system through the company's website or mobile apps.
Chime Financial, Inc. is an American financial technology company that offers fee-free mobile banking services that are provided by The Bancorp Bank or Stride Bank, N.A. Interchange fee collection is where Chime derives the majority of its income.
Chime doesn't have any physical locations, doesn't impose overdraft or monthly fees, and doesn't ask for an initial deposit or a minimum balance to start a free checking account. Chime had 8 million account holders as of February 2020.
The FDIC insures bank accounts offered by Chime's partners up to the normal maximum deposit insurance limit of $250,000.
To create financial products that put members first, Chime collaborates with local institutions. As a result, the market becomes more competitive, offering better, more affordable options to regular Americans who aren't well-served by conventional banks. We support industry-wide innovation, access, and inclusiveness.
Is Chime Safe?
It's vital to note that Chime offers FDIC insurance on all accounts even though it is not a bank. This means that Chime is just as safe for your money as any traditional bank or internet bank would be.
And with that, you can be assured that your money in Chime is safe and secured and you will always be refunded if something comes up.
Pros And Cons of chime
Pros
- Positive savings competition
- Automated savings tools that help you develop better money management skills
- advance your direct deposit by up to two days.
- more than 60,000 ATMs are available.
- Build credit with no credit check and no fees
Cons
- No branches exist for in-person assistance.
- Only those who have registered for direct deposit have access to mobile check deposit.
- recent consumer complaints about finances and account access with Chime
How to Open a Chime Account?
Opening a chime account is not quite difficult since it won't take you much to create a chime account. Also, chime is an American bank(Online bank) and they don't have any major branch that will also make it even easier in creating an account.
All you have to do is to choose the best account you want to get and after that, you can just apply online and you will get your account easily.
Chime Banking
Chime provides two bank account choices to aid in money management. The features, advantages, and costs of each account are shown below.
Chime Checking Account
There are no ongoing monthly maintenance costs for The Chime Checking Account. Additionally, this account has no minimum balance requirements.
A fee-friendly checking account is the Chime Account. For instance, when you sign up for Chime's SpotMe service, you can use your debit card to make transactions without incurring any fees and up to $200 in account overdrafts.
To be eligible for this service, a single qualified direct deposit of $200 or more must be made each month. Your SpotMe allowance may be increased by up to $200 at Chime's discretion based on your account history, the amount and frequency of your direct deposits, your spending patterns, and other aspects.
To open an account and get a Chime debit card, there is no credit check required. You can use your debit card anyplace Visa is accepted.
Chime Savings account
An annual percentage yield (APY) of 1.00% is available on Chime's savings account. Comparing that rate to high-yield savings accounts from reputable online banks, it is fairly competitive.
To open a Chime Savings Account, you must first have a Chime Checking Account. You can utilize Chime's Round Ups feature to save automatically once your accounts are set up. Chime rounds up every transaction made with your Chime Visa® Debit Card* to the nearest dollar and deposits the difference into your savings account.
Chime additionally has the Save When I Get Paid tool, which enables you to program a recurring transfer of 10% of each direct deposit paycheck of $500 or more to your savings account.
How to Withdraw Money from Chime Bank Account
Do you want to withdraw money from your chime account? Well, there is just one main way to withdraw money from Chime and that is by using the chime card at an ATM. But this does not rule out the fact that if your card is lost you won't be able to make any withdrawals again.
Withdrawal with Card
To withdraw money from chime with card, you'll have to know where a chime ATM is. On its website and mobile application, Chime offers an ATM and a Cash Back Finder. The ATM Map may be found in the bottom right corner of the app's screen in its most recent iteration.
The map will display nearby ATMs as well as well-known stores that provide cash back, including Target, Walmart, CVS, and others.
Out-of-Network ATM Fees
Expect to pay $2.50 if you choose to use an ATM that isn't part of Chime's extensive network. Keep in mind that Chime is solely responsible for this cost; the ATM provider is not. Typically, the ATM operator will charge a fee in addition to Chime's cost.
Well, there are many other ways that one can use to withdraw cash from chime. They are;
1. Use another Account or Card
You'll most likely have a bank account or card to use to make an ATM withdrawal if you don't have a Chime debit card. This could be a credit card or a debit card connected to an account at an outside bank.
If you have a debit card, you can even use ACH to transfer money from your Chime account to a different bank account (this process can take up to two days to complete because Chime doesn't accept bank wires).
You can do this by selecting Link a Bank Account in the Chime app or website, selecting a bank from the list, and then inputting the login information for your other bank (see more here).
Once the transfer is complete, you can use your second debit card to use cash that was originally from your Chime account to make an ATM withdrawal.
2. Use another Online Bank as Option
This is an option if you wish to access your Chime balance to make payments in other ways (like online or at the point of sale), rather than necessarily utilizing an ATM to get cash. In this situation, it's usually a smart idea to link your Chime account to a mobile wallet or other online payment method. The most well-liked of these in the US are:
- Apple Wallet
- Google Pay
- Venmo
- PayPal
- Zelle
- Cash App
You can add your Chime account as a payment option in their mobile app and send money to your Chime account via ACH transfer in order to connect your Chime account to one of these mobile payment solutions.
Alternatively, you can scan a barcode with your smartphone to make a payment and have the funds taken right out of your Chime balance.
3. Use a Global Debit Card
The best option to withdraw money is using a prepaid debit card made for low-fee purchases, including ATM withdrawals, whether you don't have a Chime card, have lost it, or simply forgot it at home.
Even when traveling abroad and using a foreign currency, you can avoid ATM withdrawal costs entirely by using a competitive travel card solution. (Depending on the card, the only costs you would incur in these situations could be modest Visa or Mastercard exchange rate markups or network fees from the ATM itself.)
Opening a Wise Multi-Currency Account, which provides access to a current online account, multi-currency balances, and a debit Visa or Mastercard, is one of the finest solutions if you frequently travel outside of the US.
Wrapping up the best ways to withdraw cash from Chime
Anyone looking for a straightforward online financial software experience should check out Chime. Chime has put a lot of effort into building a network that is big enough to meet the needs of its users and offer a variety of possibilities.
Additionally, it continuously improves its technology and method of delivery while keeping its members in mind. And so, if you are one of those few people looking for how to withdraw cash from your chime, then this article hopefully should be an answer to your problem.
Hope that a quick review on this article will help you. Checkout the article once more and get all the ways you can withdraw money from chime.