Chime is an online money transfer technology that operates in the US. Even though the platform is not a bank, it operates the same way as online banks. Chime account holders can use money in their accounts for various transactions, such as buying goods online and transferring to bank accounts. But can someone send me money to my Chime account? You will find more about this later in this article.
To use Chime, you have to create an online account using your smartphone. A computer can also help you in the account creation process. I will discuss later the process of Chime account creation to help you to get started. The requirements to create a Chime account are similar to those of online bank accounts. The basic requirement is that you must be at least 18 years old. This is the minimum age that people can make well-informed decisions about various issues.
The ability to transfer money between accounts helps people to transact remotely. There is no need to physically meet one another to transact like it used to be in the olden days. Even though online money transfer platforms have various challenges, the advantages are many. You save time, funds are secure since you do not need to carry cash, funds are readily available, and running the platforms is easy.
How to create a Chime account
As I have mentioned above, the first step to using Chime services is by creating an online account. You need a secure internet connection to ensure that all the information you provide online is secure. Opening a Chime account online is not a difficult process as many may think. The same applies to other online money transfer platforms such as Cash App, PayPal, Venmo, Zelle, and Payoneer.
Chime allows you to open a Spending Account that has no hidden fees. Therefore, there is no need to worry about where you will get your account opening fees. Opening a Chime account involves three significant steps. They include the following.
Step 1: Apply for a Chime Account
The first thing is applying for a Chime Spending Account at the Chime account application page. Chime account application takes around two minutes to complete. Before you get started, you need to have the following information with you.
- Your legal names
- Social security number (SSN)
- Email and a password
The Social Security Number helps in the account verification to prevent criminals from opening accounts that they can use for money laundering and other fraudulent activities such as getting ransom and funding terrorism. Remember that you must be a US resident to apply for the Chime account; otherwise, Chime will not approve your account.
With a Chime Spending Account, you can deposit your money, manage your transactions, and view your balance. You also get a free Chime Visa debit card that you can use for online transactions and withdrawing money from ATMs. Chime also allows you to open a savings account to keep some money aside for future use.
Step 2: Download the Chime app
I had mentioned that you could run your Chime account on your computer. However, it is more secure to transact using the app since your information is secure due to the encryption technology applied by the company. In short, chime offers online banking services and an online banking app that you can get from the App Store or Google Play.
Using the app makes it easy to carry out transactions with ease. You can securely transfer money from Chime to a bank account within minutes.
Step 3: Set up a direct deposit with Chime
A Chime account has routing and account numbers. Therefore, you can provide the details to your employer to set up a direct deposit to your account. You can also give the routing and account numbers to trusted clients to transfer payments to your account when the need arises.
To get your routing and account numbers, you can navigate to settings whereby they appear below. You can also get the details in the Move Money section. You can also link a bank account so that you can use it to fund your transactions.
Chime allows users to transfer money to each other’s accounts. If a person wants to send you money, they can follow the procedure below.
- Log in to their Chime mobile app
- Select the Friends tab
- Search for your name or $ChimeSign
- Enter the amount to send to your account and the reason that they are sending you the money
- Confirm the amount and the recipient
- Choose Pay now to send the money
A single Chime user can send up to $2,000.00 per calendar month. It is essential to understand these limits so that you can regulate how you transfer funds to others. Apart from others sending you money, you can send money with a checking account number instantly to other account users as well. Chime to Chime transfers is instant. That means you can receive money as soon as the sender hits the Pay Now option.
What is a $ChimeSign?
$ChimeSign is a Chime member’s “username.” it is a unique identifier that each Chime user must acquire once they create their accounts. Other people can use your $ChimeSign to send you money. Therefore, if someone wants to send money to your Chime account, you have to share your $ChimeSign with them.
Can I send money to a recipient who is not in Chime?
Interestingly, you can send money to people who do not have a Chime account by entering their phone number or email address. Once you send money to a Chime non-member, they receive a notification in their phone number or email address directing them to claim their funds by entering the required information. Recipients have up to 14 days to claim the funds.
- To transfer money to Chime non-members, follow the procedure below.
- Log in to your Chime account in your mobile app.
- Select the Friends tab.
- Enter the email or phone number of a recipient who is not on Chime.
- Enter the amount to send and write the reason that you’re sending the funds.
- Confirm the amount to send and the recipient
- Choose Pay now to send the money
What happens when I send money to the wrong recipient?
Chime to Chime transfer is instant. That means you cannot cancel a transaction to another Chime recipient. If you send funds to the wrong recipient, you will need to convince them to send the money back to your account. That is why you should confirm the details before sending money to others.
In case someone uses your account without your consent and transfers money to others, you can call 1-844-244-6363 as soon as possible. The customer representative will put measures to prevent more loss of your money and try to recover the sent money.
Interestingly, you can cancel a transaction sent to the wrong recipient who is not in Chime. However, it is only possible to cancel a transaction that is pending. If the recipient has claimed it, you will need to convince them to return the funds. Follow the procedure below to cancel a transaction.
- Tap the transaction in your Chime Account.
- Next, confirm the cancellation
After confirming the cancellation, funds will return to your account instantly.
Can I transfer money from my Chime account to a bank account?
Chime allows you to transfer money to your bank account. However, you must add a bank account before initiating the transfer. To add a bank account to Chime, you should follow the procedure below.
- Under Move Money, hit on Transfers.
- Enter your other bank’s login credentials.
Once you have done that, Chime will instantly link your external bank account to your Chime Spending Account. Remember to check if your bank works with Chime before linking. Some of the banks that work with Chime include Bank of America, Chase, Citi, PNC, Capital One, Regions Bank, TD Bank, USAA, U.S. Bank, and Wells Fargo. The best way to know whether your bank is supported is to search it in your app. If it appears, then it is supported.
Once you have succeeded in adding your bank account, you can make transfers to your bank as much as possible. Money will reflect in your account within five (5) business days.
How do I add money to my Chime account?
You need money in your Chime account to perform several kinds of transactions. You can add money to your Chime account using various means, which include the following.
- Via direct deposit
- Bank transfers when you initiate the process from the Chime app or at the website.
- Bank Transfer from an External Account
- Mobile check deposit
Direct deposit and check deposits can be from your employer or a client. Direct deposit requires your routing and account numbers, and you should only share such details with people you trust.
Bottom line
Chime is an online technology that allows users to send and receive money via app or website. You can also transfer money from Chime to a bank account. To use Chime, you have to create an account which can be either spending or a savings account. Chime is not a bank, although it operates like one. You can send money to someone, not in Chime, but they have to enter the necessary details to claim their money.