A Chime Bank? – Who Knew This Bank Existed?

Good morning Beautiful Women Supporting Women,

Happy Monday to you! I hope you had a great weekend. My heart was heavy, as my college Brother had to bury his wife of 17 years in Richmond. Please love on each other. Life is too short and we never know when it is our time. Live your life and let NO ONE stop you!

Last week I asked the burning question “Who knew Chime Bank Existed?” Apparently I hadn’t, until a colleague asked me if I had. Then two days later, what do I receive in the mail? A Chime Bank card, ready for activation! So I figured, why not do some research on it and share with the masses!

Chime Bank is an online bank that has been around since 2013. Its home base is in California and was founded by two gentlemen by the names of Chris Britt and Ryan King. It puts you along the lines of Ally Bank.

In contrast with traditional consumer firms, Chime has no physical branches and does not charge monthly or overdraft fees. Account-holders are issued Visa Debit cards and have access to an online banking system accessible through chime.com or via the mobile app for Android or iOS.

Chime earns the majority of its revenue from the collection of interchange. Interchange is the fee that banks charge to the merchant who processes a credit card or debit card payment in order to cover the costs associated with the authorization and processing of card transactions. An interchange based revenue model means that profitability is contingent on successfully incentivizing customers to regularly make card purchase transactions.

Since it doesn’t have physical branches, the fee to have a location can be used for technology and employees. Currently they have 500-1000 employees and their services include:

  • Checking accounts, savings accounts, debit cards, p2p (peer-to-peer payments), fee-free overdraft
  • SpotMe, a fee-free overdraft service as an alternative to the traditional $35 overdraft fee charge levied by traditional American Banks. Customers can overdraw their accounts up to -$100 without incurring an overdraft fee; once the overdraft limit is reached, purchases will be declined but no traditional negative balance fees charged.

If you want to learn more about Chime Bank or open up an account go to: chime.com.

If you have any additional questions, please feel free to reach out to me at: thefinancialcomforter@gmail.com

As always, thank you for reading.

Have a beautiful and blessed week.

Marsha

Changing the lives in our community….one family at a time

Note: Some information was gathered from Wikipedia

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