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Chime Banking Now Supports Apple Pay

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Chime Banking, a smartphone-based banking company, announced today that it now supports Apple Pay in the U.S. for both in-store and in-app payments.

Chime Visa debit cards can be added to Apple Pay by tapping the "Add Credit or Debit Card" option in the Wallet app on iOS 8.1 or later on compatible iPhones.

Apple-Pay-Chime-Bank.jpg

Chime Banking is an app that provides over 120,000 customers with FDIC-insured spending and savings accounts that are managed entirely from a smartphone.

The benefits of creating a Chime Banking account include no minimum or monthly fees, no overdrafts, personalized rewards, savings mechanisms, two-factor authentication, and no-fee ATM access at over 24,000 MoneyPass locations.

Chime Banking has no physical locations, so direct deposits and bills can be set up or paid using your Chime card number, by providing your routing and account number to the payee, or by mailing a check from the app.

Chime Banking is free on the App Store [Direct Link] for iPhone and Apple Watch.

Article Link: Chime Banking Now Supports Apple Pay
 
Article Link
https://www.macrumors.com/2016/05/19/chime-banking-now-supports-apple-pay/
Never heard of this bank before (I'm in Canada) but I love the mobile-first mentality. Millennials don't want branches, don't want to use desktop and don't want fees. This meets all that criteria.
 
Corrode said:
Never heard of this bank before (I'm in Canada) but I love the mobile-first mentality. Millennials don't want branches, don't want to use desktop and don't want fees. This meets all that criteria.
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The 0.01% interest is a joke though. Not that hard to get a better rate and still no fees and modern mobile app. I use Ally and get 1.0% on my savings account.
 
Corrode said:
Never heard of this bank before (I'm in Canada) but I love the mobile-first mentality. Millennials don't want branches, don't want to use desktop and don't want fees. This meets all that criteria.
Click to expand...

Don't speak for all millennials; I definitely would like some branches for ATM withdrawals and I actually prefer doing online banking through the browser most of the time. (Enough places where I live have $5-10 minimums and/or charge extra to use cards that I can't go completely cashless just yet.)
 
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Corrode said:
Never heard of this bank before (I'm in Canada) but I love the mobile-first mentality. Millennials don't want branches, don't want to use desktop and don't want fees. This meets all that criteria.
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I'm a millennial (25), and I want a physical branch.

Why? For many reasons of course.

1) The ATM vestibule can take cash after hours. My roommate pays half of their bills to me and that's how I deposit the money, since they're too much of a scared chicken to use checks apparently. All other ATM's don't provide this functionality.

2) I like having a physical branch so I can talk to someone in person to sign papers for loans, new accounts, etc. Doing it online through e-mail takes forever, and I like instant service, as I am a customer.

3) I can print stamps at my local ATM, which usually requires a branch ATM, while other ATM's in their network don't provide this functionality.

I don't care for fees, but they're easy to avoid. Just don't overdraft your account.
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supergibbs said:
The 0.01% interest is a joke though. Not that hard to get a better rate and still no fees and modern mobile app. I use Ally and get 1.0% on my savings account.
Click to expand...

There's checking accounts with 5.00% APY on up to $5,000.
 
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tmiw said:
Don't speak for all millennials; I definitely would like some branches for ATM withdrawals and I actually prefer doing online banking through the browser most of the time. (Enough places where I live have $5-10 minimums and/or charge extra to use cards that I can't go completely cashless just yet.)
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I was cashless for 18 months.

That ended this week... I'm going on a trip to the Bahamas and have heard credit card readers aren't as ubiquitous there as here. So I withdrew some money from an ATM to take with me. Should know within a few weeks whether cash is still necessary in the Bahamas or that advise to bring cash is dated.
 
I mostly do my banking online these days. I use the bank app to deposit checks, check balances, transfer funds, pay bills, etc. Going into a branch is almost impossible since they are mostly open from 10-3 and since I have a job....

Anyway, I do like the option of a bank for the 2 times a year when I actually need to talk to someone.
 
I have a few friends and family members in banking. Branch traffic is declining precipitously and the age of those people are increasing. There are still things we have to go to branches for, but as technology increases banks are going to do what is most profitable. You will continue to see a reduction in numbers of branches and an increase in what can be down electronically.
 
tmiw said:
Don't speak for all millennials; I definitely would like some branches for ATM withdrawals and I actually prefer doing online banking through the browser most of the time. (Enough places where I live have $5-10 minimums and/or charge extra to use cards that I can't go completely cashless just yet.)
Click to expand...
Of course I'm not speaking for ALL millennials. But I think a trend is happening. Also no branches ≠ no ATMs. My bank (Tangerine) has no physical branches but uses Scotiabank ATMs which are in every 7-Eleven.
 
I'm the #1 proponent of everything mobile, but I still receive cash from time to time, and none of these mobile-only banks has solved the problem of having cash that you need to deposit. I am NOT going to the grocery store to wait an hour in the customer service line behind everyone screwing with Western Union, just to buy a money order which I then have to mail in to my online bank.
 
Corrode said:
Of course I'm not speaking for ALL millennials. But I think a trend is happening. Also no branches ≠ no ATMs. My bank (Tangerine) has no physical branches but uses Scotiabank ATMs which are in every 7-Eleven.
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ATMs inside bank branches are less likely to be compromised by skimmers.
 
dwaltwhit said:
We have plenty of banks on board, now lets get some more merchants!
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And in more countries. Some services are pretty much US only or available in a few countries at some capacity, yet we pay more for an iPhone.
Apple is rolling out services at a very slow pace.
 
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tmiw said:
The catch: only on the first $5,000. 0.10% for the portion above that. And that's only if you make a minimum of 15 debit card purchases that total a minimum of $500 and have direct deposit. Fail to do any of that and the entire balance in the account only gets 0.05% interest.
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I said on the 1st $5,000. The average person would qualify for the 5.00% as most make more than 15 debit card transactions, spend more than $500 a month, and gets direct deposit.

People should appreciate that they're giving 500x back what the big banks would give you on a savings account to do what you'd normally do anyways.
 
American Hero said:
The average person would qualify for the 5.00% as most make more than 15 debit card transactions, spend more than $500 a month, and gets direct deposit.
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Although we have ATM/debit cards, we don't use them. In the US, you lose several legal protections if you use a debit card instead of a credit card, and we would give up the rewards from the credit card we DO use.

We also don't have direct deposit. My wife and I are both retired, but aren't old enough to start any pension payments. We are living off periodic withdrawals from our investments, which are "transfers" rather than "direct deposit".
 
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ptb42 said:
Although we have ATM/debit cards, we don't use them. In the US, you lose several legal protections if you use a debit card instead of a credit card, and we would give up the rewards from the credit card we DO use.

We also don't have direct deposit. My wife and I are both retired, but aren't old enough to start any pension payments. We are living off periodic withdrawals from our investments, which are "transfers" rather than "direct deposit".
Click to expand...

I should point out how I always use a credit card. My double cash gets me 1% + 1% back on all purchases, plus many other protections.

The average person in America however, is too afraid of "having a bill" at the end of the month, even though it's not that hard to be responsible with your card and pay it off in full.. Again, proving that American's are as slow as they come in the entire world.:)

I would think social security would be able to have direct deposit into your account though? Even if your employment pension hasn't started yet. Another option in the fine print is having an electronic payment for $100 or more every month, being for your car insurance payment, cable, etc--you can use that instead of direct deposit to qualify for the 5.00% APY. People like you and I who get credit card rewards are better of using those every month. This type of checking account is for someone who's illiterate in the card world.
 
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I think it's very interesting to learn about all the online banking options that exist now. As someone who isn't particularly happy with my primary banking option, it's great to see the various options. I'll also admit I haven't found the right option to make me leave my physical bank.

In reading about Chime the past day or so, they do have a somewhat unique take on automatic savings plans compared to other versions I've seen, that, for some, might make up for the paltry 0.01% interest they offer. Specifically, when you allow them to round up to the nearest $ for all uses of their debit card and deposit that money into savings, they give a 10% bonus to those funds up to $500/year in bonus earnings. While it would take a lot of rounding and debits to max out the bonus, it's a pretty good amount relative to other options out there. I think it'd be particularly good for those who struggle to save. Because it certainly beats the 0.75-1% I get in high-yield savings accounts.
 
American Hero said:
The average person in America however, is too afraid of "having a bill" at the end of the month, even though it's not that hard to be responsible with your card and pay it off in full.. Again, proving that American's are as slow as they come in the entire world.:)
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No, we don't have a problem with "having a bill" -- we don't spend any more than we can pay off every month, in full.

Frankly, the reason a lot of Americans have a problem with credit card debt is because lenders are willing to lend more money than a person can afford to pay back. They do it because high interest rates cover the defaults. High interest rates make payment that much more difficult, and it's a vicious circle.

Don't get me wrong: the borrower is ultimately responsible. They just don't teach financial literacy in schools, and too many parents are setting the wrong example for their kids.

American Hero said:
I would think social security would be able to have direct deposit into your account though?
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That is indeed possible, and actually preferred by the Social Security Administration. It eliminates mailbox theft as a vector for fraud.

But, it will be a long time before I start collecting Social Security benefits. I (voluntarily) retired early, and plan to wait to start benefits: I get an 8% raise every year I wait, until age 70. You have to balance your life expectancy against spending your assets before starting the monthly benefit. But in our situation, it's better to wait.

American Hero said:
Even if your employment pension hasn't started yet.
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No employment pension for me -- two of my employers offered them, but I left before I was vested and rolled the balance over to an IRA.

American Hero said:
Another option in the fine print is having an electronic payment for $100 or more every month, being for your car insurance payment, cable, etc--you can use that instead of direct deposit to qualify for the 5.00% APY.
Click to expand...

That would be an option, but we pay all our recurring bills with a credit card, too -- and collect the rewards. :)
 
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