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Is Chime Legit? What’s Chime and Why Should You Use It to Build Credit

Is Chime Legit? What’s Chime and Why Should You Use It to Build Credit

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Online banking has become necessary nowadays as we all move towards digital transactions. Chime is one of those online banks that’s been gaining popularity in recent years. It provides online-only services like savings account, checking account, and credit building. In this blog, we will learn about what Chime is, its benefits, and how their credit building service works.

What Do Reviews of Chime Say? Is Chime Legit?


Is Chime a Bank?

No Chime is technically not a bank but a financial services company that works with banks.

But unlike traditional banks, Chime doesn't have physical branches. Instead, it has mobile apps and a website for banking transactions. You can use Chime to make deposits and withdrawals, pay bills and transfer funds. All these transactions can be done from your smartphone or computer.

Chime is one of the most talked-about online banking platforms that has disrupted the traditional banking industry with its fee-free banking solutions. With over 12 million users, Chime Bank prides itself on its user-friendly mobile application, instant transfer features, and cash-back rewards. But, what do reviews of Chime say? Is Chime legit? This blog post will dive deep into the reviews of Chime Bank to help you decide whether Chime is worth your trust.

What are the benefits of using Chime?

There are many benefits of using Chime. Firstly, it’s a free online bank that charges no fees. Unlike traditional banks, Chime doesn't have monthly maintenance fees, overdraft fees, or ATM fees. Secondly, Chime has an early direct deposit feature that allows you to receive your paycheck early. This feature can be a lifesaver if you’re living paycheck-to-paycheck. Lastly, with Chime’s high-yield savings account, you can earn interest on your money.


Is Chime Legit?

Yes, Chime is a legit financial services company and can be trusted. 

Another concern among some reviewers is whether Chime Bank is safe and secure. While Chime Bank is a legitimate financial institution that is federally insured up to $250,000 by the FDIC, some users have reported identity theft and fraudulent transactions on their accounts. However, such issues are also common with traditional banks and are not unique to Chime

What do positive Chime Reviews say? 

Firstly, Chime Bank has received an overwhelmingly positive response from its users. Many customers note that Chime's zero-fee policy is one of its most appealing features, as it helps them save money. Reviews also suggest that Chime's mobile application is user-friendly and well-designed, making it easy to open and manage accounts. The bank's overdraft protection feature has also won over many users, as it allows them to avoid over-drafting their accounts and any associated fees.

Secondly, Chime has been rated as one of the top online banking platforms by various publications, including Forbes, which ranked Chime as America's Best Bank of 2021 in its annual customer survey. The bank has also received accolades from other reputable institutions, including NerdWallet, Bankrate, and Consumer Reports.

What are the negatives of using Chime?

However, not all reviews of Chime are positive. Some customers report that Chime's customer service is not up to the mark, with long waiting times and a lack of support for specific issues, especially when it comes to dispute resolution. Moreover, some customers have also reported issues with Chime's direct deposit feature, with their payments being delayed or not credited to their accounts.

Does Chime work with Klarna?

No, at this time Chime does not work with Buy Now Pay Later service Klarna

How does Chime help build credit?

Chime offers a service called Credit Builder that helps you build credit easily. Credit Builder helps you establish a credit history by reporting your rent and utility payments to the credit bureaus. This means that your bill payments count towards your credit score. Your payment history makes up 35% of your credit score; therefore, paying bills on time with Chime can help boost your credit score.


How Chime Credit Builder Works?

Once you have signed up for Chime, you can start the Credit Builder process by opting into the program. Chime will then create a Credit Builder Account for you, and you'll need to make an initial deposit to start credit building. You can deposit any amount, and the Credit Builder Account’s purpose is to hold this deposit. From there, Chime will make payments towards your rent or utilities and report them to credit bureaus. You’ll see the payment activity on your Credit Builder Account, and after a few months, you should see a significant increase in your credit score.

Is Chime Credit Builder Good?

Yes, Chime Credit Builder is an excellent program for people who are starting to build their credit. The program is easy to use, comes with no fees, and helps establish a credit history. Credit Builder doesn't require a credit check, and these activities aren't reported to other credit reporting agencies. Therefore, the program is also suitable for people with poor or no credit scores.


Chime is an excellent online-only bank, and its Credit Builder program is a great way to start building credit. By opting into the Credit Builder program, you can establish a credit history, and timely payments will reflect positively towards your credit score. Being a completely fee-free bank, Chime is definitely worth considering for anyone who needs online banking services. With its app and website, you can easily manage your money and build credit on the go.

In conclusion, reviews of Chime Bank are largely positive and show the bank's commitment to providing fee-free banking solutions to its users. With its user-friendly mobile application, cash-back rewards, and overdraft protection feature, Chime has gained a significant following within a short amount of time. While some customers have had issues with customer service and direct deposits, overall, Chime is a safe and secure online banking platform with multiple benefits. Therefore, we can confidently say that Chime is legit and worthy of your consideration.

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