Chime Bank- online banking

Hi, has anyone opened an account successfully with Chime Bank?
Wondered if it was safe and secure, thanks.'
If not , does anyone still bank with Orange Bank anymore?

Started banking with Orange Savings Bank in Hackettstown back in the 70s..In fact, I even was employed by them at that time. Since then and several name changes later... the bank is now M&T bank on Grand Avenue, Hackettstown.....I still bank there. Never heard of Chime Bank.

thank you, joyful.
anyone else with online banking advice?

maybe just open a competitive savings account instead?

I really like Simple (Owned by BBVA compass) as an online only bank.

alpha1beta alpha1beta
March 12th

There are a lot of complaints about Chime Bank.

If you are looking for an online bank with a good interest rate CIT Bank is good.
I have an account with them that I am very happy with.

I’ve got an ally savings account. 2.20% interest. Love it. The only catch I’ve seen with any of the online banks is you don’t have immediate access to your money. You must transfer funds from one account to another and it takes 2-3 days to complete. Not a problem assuming you plan ahead.

Thanks for posting this, interesting. Apparently, like everything else is the millennial age, banking is changing, getting “hip,” and internet boutique banks are here. They offer less costs via less overhead and snazzy software to simplify your financial needs. So, if you like the ap, the rates are low, and they are FDIC insured, and most will be, have at it.

The bank can still fail, sw can have bugs, but you are federally insured and will get your money on failure someday unless we have a major collapse. In which case, who cares, even gold hoarders won’t be able to spend it.

Behind most of them is a real bank, like Bancorp, that handles the financial operations behind the ap.

Cool stuff. I use Ally but they are an online dinosaur compared to this stuff.

StrangerDanger StrangerDanger
March 12th

We have been using Ally for, I would guess, about 5 years now. Have absolutely no complaints at all.

I'm not sure exactly what Jnnjr means by " don’t have immediate access to your money. You must transfer funds from one account to another...", but to clarify:

As a security measure (for Ally), if you deposit a check over a certain $ amount, you only get access to a portion of that money for the first day or two, and then the full balance of that check becomes available. This is true for most, if not all, online-only banks. Otherwise, you have exactly the same access to your money that you do from any other bank: write checks, access ATMs*, transfer to/from savings and checking, etc.

*Ally uses the Allpoint ATM network, which charges no fees, but they will also reimburse for non-network ATM fees up to $10 per statement cycle.


It sounds like you are talking about Ally's interest bearing checking account - not the savings account. From what I see online, the only way to get funds from the savings account is an online funds transfer (takes 2-3 days to complete), outgoing wire transfer (immediate, but costs $), telephone transfer (same as online transfer), or requesting a check made to you. Yes, what you said about the check deposits is correct as well (which regular banks do not do, but I'm fine with that policy). The bigger concern is if you need money to cover a check that will clear tomorrow, you are not going to get it from the Ally savings account in time to cover that check. That is why you need to plan a little. Since this is a rainy day/emergency fund for me, none of this is an issue. In all fairness to Ally, I also had an ING Direct online savings account (now Capital 360), and they had pretty much the same restrictions and delays so it seems like these are just the norm for online banking.

Now, with the online checking account you have access to regular checks (which they give you for free), an ATM card, and the other funds transfer methods. The savings account, though, is a lot more restrictive in how to get funds out. That's why I say you don't have immediate access to the funds. (And, like all savings accounts, there are monthly limits to the number of withdrawal that can be made, but that is not specific to Ally.)

Best to call Ally with your questions....

We have been with Ally for 6 years plus years and very happy with them, we have both checking and savings accounts, it is our main bank. A few things to add....

You can transfer $ for Ally savings to checking and back instantaneous no waiting for funds. If you overdraw checking and have the funds in savings they will automatically cover the check. Our pension checks are automatically deposited monthly which may give us better service then if you do not have this feature.

You can set up automatic withdrawals for the cable, power, etc bills.

Getting a certified check such as buying a car is a little more challenging as well as depositing cash so we have a brick and mortar bank for that.

The ATM lack of fees is great if you travel and need $$.

If you have a problem or a question and call them a human answers the phone!

NotIn NJ Anymore NotIn NJ Anymore
March 12th

To note, my comments about transferring funds was based transferring to/from an external bank account. Sounds like if you have both checking/savings from Ally as NotIn NJ has, things are a bit easier/quicker.

First, who has a savings account? Kidding.... but I have evolved to the point of writing maybe one check a savings???

I use Ally for CDs. Best rate, best service. Used to have early termination fee that was laughable; but still better than the other guys today. Just used that to rejigger all those 1%ers up to 3% with a 9 mth breakeven plus a tax deduction. Very kind of them.

Being one of the first onliners only, they made a real effort for customer service. Got questions, call them. Never waited too long or spoke to an incompetent or a rudimentary grasp of English. Been using them since GMAC owned

Only issue I have is IRA deposits must be mailed in. I can’t do that after a certain amount so I pass. They blame the guberment, no issue with CD wire transfers.

Ally Saving to Ally checking - instantly
Saving to 3rd party bank - three days

Check deposits; scan them in.

There’s a 1 day transfer version but can’t see the caveats for that; there must be some.

Can’t see any online institution beating that. Looks like financial laws of physics to me.

The only issue I have with Chime and the other new onliners is sw is sw and theirs is newer, they are smaller, they are aggressive for business and with that comes risk. Not that you will lose your money, but it could cause you to wait or work if bugs happen.

I would be totally online except Hope is so darned easy to do business with.

StrangerDanger StrangerDanger
March 12th

thank you so much

anyone else have Simple?

Ajms, try NerdWallet, they have a review. Simple rates 4 oo 5, lower rating for customer services. Many user reviews there too.

Again, my take is “do you like their ap, their rates, and the customer support because that’s what you’re buying. Their partner bank is just a bank like the other onliners.

Myself....I don’t need no stinkin ap. I roll my own which, at this point may look bad but works really well. Apparently my version only suffers like my writing—-very long winded ;-) I like to get my hands dirty with the numbers, don’t need no ap to sex that up. I like to put the hyphen in financial anal-retentive....

StrangerDanger StrangerDanger
March 13th

Stranger Danger, that's some good s--t!
What do u mean by roll your own, might I dare ask?

Heh, heh...well, I do own some MO aka Altira Group (sounds heavenly, don’t it) aka Marlboro, aka big invest in Can. Pot..... pays almost 6% dividend tyvm.... but no samples yet...:-)

I have an asset spreadsheet, updated Q, for past decade that computes its way to retirement. Current SS and pensions are added with up to 3 scenarios for average returns. All factored extremely conservative although we just pierced my home asset, a ten year low.... I use a 3% investment return to be safe. Shows average Q and Yrly ROR as well as cash/asset deviations. I call CDs definition.

For example, I had CDs at 5% until 2013. As they fell, my cash/asset ratio tilted to assets (equities) so given Mr T’s unstable actions and increasing interest, I started putting that ratio back. Even took, for the first time, a hit, a big hit, selling at the start of the correction.

I made the ratio back to my liking, and then some, and then had money to buy some safet dividend stocks in the trough. Feeling good, safer for the future, and pretty much mafe up the loss

Note: I am no angel in this, I made 20% in two months on Mr Ts defense budget. Then again, I lost 30% on Krafts debacle (ps; I think a great buy right now). But more good than bad and much 3% no odgena profits.

The spreadsheets guided me to that and told me I was out of balance to my plan. And I am not smart, just a lucky man with some plans.

At any time I can tell you inidividual return or average return for fixed assets like CDs, or for equities, or for my mutuals... Again, updated Q

I also have a budget sheet tracking monthly expenses indicating % +\- changes which is why I can tell you literally every expense for decades. With WAH, this was designed around taxes so less purpose for it now. Updated yearly and the only thing I learned is some years (Sandy) maintenance, some years expansion (new room), some uears vaca —- but all years all spent :-(

Actually I have learned weather is a giant cost variable so I invested in ways to lessen that. Amazing what skylight shades save but I have proof.

Many others, I think via spreadsheet, but my next favorite is my shoping sheet which computes Strangerdanger CPI based on my personal shopping cart. Would say more but for some mods reasons, always gets blocked. Its a great one.

StrangerDanger StrangerDanger
March 13th

AJMS- My husband has a chime account and loves it. The app notifies you every time your card is used accepted or declined. In fact he received notification that someone tried to use it for a Lyft purchase but didn't have the right expiration date. He was able to immediately stop all transactions using the app and request a new card. He thinks it was a gas station he went to where they didn't give his card back right away. In any event, they attempted to use the card 3 more times after that- he received all notifications, but since the transactions were blocked they didn't approve them. He received his new card within a week. If you have any more questions, I can ask him for you. Hope that helps!

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