You might have a Chime account, or you might be considering opening an account with Chime to receive direct deposits.
Nowadays, people turn to online rather than traditional banking. According to Statista, by 2022, 65.3% of Americans will be using digital banking. Although Chime is a fintech company, it offers online banks’ features.
This article will help you know when the Chime direct deposit hits your account. You’ll also uncover some other Chime direct deposit facts. Discover why your deposit might be late and the holidays you need to remember when expecting fund transfers.
You can manage your money better because you know when direct deposits will be credited to your account.
We looked at official and non-official sources and scoured the web to review the most recent experiences of real Chime customers. We gathered the commonly asked questions and provided the answers for you.
You can avoid anxious waiting times when it comes to Chime pending transactions, so read until the end!
What is Chime?
Chime is a fast-growing financial technology company that partners with two banks to provide checking and savings accounts.
Its accounts even have FDIC insurance of up to $250,000, making it a relatively safe place to put your hard-earned money.
Interestingly, it has been around only since April 15, 2014, but it has already gained popularity due to its mobile-friendly approach to banking. Currently, Chime offers downloadable Android and iOS apps.
Take note that Chime is a completely online financial company. Due to this, you will have a Visa debit card to replace the usual checkbook.
Chime places your card in the mail within one day after opening your account. You can then expect the debit card within 7 to 8 days upon shipping.
What is Chime Direct Deposit?
One thing that Chime’s known for is its direct deposit program.
Direct deposit is one of the most convenient ways of putting money in your account. This program lets your employer or benefits provider transfer money to your account.
Chime made it clear in their FAQs section that it doesn’t hold your money. It posts your funds upon receiving the money from your employer.
You’ll receive an email or push notification once your account has been updated. It’s an easy method to accept money without commuting to and from physical banks.
Plus, you’ll see the real-time status of your funds using the iOS and Android apps.
How Can You Setup Early Direct Deposits with Chime?
Before you can receive a direct deposit, you should set up a direct deposit on your account first.
Using the mobile app, here’s a step-by-step guide to setting up a Chime early direct deposit account.
- Search for Settings or Move Money tab, then click Set Up Direct Deposit.
- Choose Complete direct deposit form.
- Input the name of your employer, benefits provider, or payer, then click Continue.
- Sign then tap Add Signature.
- Click the Share form to give out the direct deposit form from the app.
You can also find a copy of the form in your inbox. After that, you can email the form to the designated persons, companies, or government institutions.
You can also set it up using the Chime website.
- Click Move Money. This way, you can see Chime routing number and account number, which you will send to your payroll provider or any payer.
- Choose between Print or Download to get the deposit form.
- Give the form to your provider. You can also attach it in an email if you choose the Download option.
When Can I Expect My Chime Direct Deposit?
As soon as Chime receives the money from your employer or benefits provider, the fintech company posts it on your account.
However, Chime doesn’t receive the funds instantly since various mandatory steps are involved in moving and receiving money. Rest assured, though, that your money will be added to your savings or checking account.
Also, note that direct deposits may not reflect on your account at a consistent time. Some users report that their Chime deposits have been very consistent, but others say they experience different posting times.
So why do some accounts receive their funds on a consistent basis?
It depends mainly on your employers or providers. Not all finance departments process their employees’ salaries at the same time.
Even though you submit your payroll on time, but your employer processes it at a later time, then your direct deposit will also be posted late on your Chime account.
Does Chime Direct Deposit Early?
Good news: Chime offers early direct deposit! You can now access your paycheck up to two days early.
With this feature, there’s no need for a longer waiting time to access your salary or benefits. However, Chime only offers this program for those with an online checking account.
Since the process happens entirely online, you’ll access your money faster than a physical bank will allow.
Before, other banks required you to present a valid ID, endorse the check, then present it to the banker. Only then can your money reflect on your account.
Can You Receive Chime Direct Deposit on Weekends?
Why are your funds posted on a later or even earlier date? Perhaps it’s affected by the weekend or holidays.
Like a regular bank, Chime doesn’t process direct deposits on weekends. If you have a scheduled deposit that falls on a Saturday or Sunday, it will reflect on your account on the next business day, which is Monday.
In the same way, your early direct deposit that should be on the weekend will be posted usually on a Thursday or Friday.
Can Chime Direct Deposit be Late?
You might ask, “What’s the latest time Chime deposits money?”
As you’ve discovered in the earlier section, Chime deposits are affected by weekends. Another thing that delays posting your paycheck or benefits is the holiday.
Take note that Chime observes these bank holidays for 2022.
|January 1 (Sat)||New Year’s Day|
|January 17 (Mon)||Birthday of Martin Luther King, Jr.|
|February 21 (Mon)||Washington’s Birthday (President’s Day)|
|May 30 (Mon)||Memorial Day|
|July 4 (Mon)||Independence Day|
|September 5 (Mon)||Labor Day|
|October 10 (Mon)||Indigenous Peoples’ Day|
|November 11 (Fri)||Veterans Day|
|November 24 (Thurs)||Thanksgiving Day|
|December 25 (Sun)||Christmas Day|
How to Check Your Chime Direct Deposit?
First, you need to have a Chime – Mobile Banking app for iOS or Android. Then, enable the push notifications for the app. This way, you can be notified in real time of the status of your direct deposit.
You can also opt to receive messages from Chime through SMS or email. Make sure that you have an email address and phone number so you can be updated regarding your checking and savings account.
Can you see pending direct deposits on Chime?
Yes, you can see Chime’s pending deposits on the app’s main screen. It helps ease your worries about funds not yet reflected on your account.
Here’s a guide on the fund category in your Chime account.
- In pending transactions, the amount’s color is gray.
- In terms of completed deposits, the amount’s color is green.
- Withdrawals from your account are colored black.
Does Chime Charge for Direct Deposit?
No, Chime doesn’t charge for direct deposits.
One of the things that customers like about Chime—it has no monthly fees, hidden, overdraft fees, and minimum balance.
You can also access over 60,000 fee-free ATMs.
Chime will not close your account since there’s no minimum balance. Also, you won’t be penalized for below minimum funds.
It’s excellent for cash-strapped individuals or those who have just started building their savings.
However, note that the ATM operator will charge a fee if you perform a transaction with an ATM not owned by Chime.
The third-party ATM will deduct approximately $2.50 per transaction, so make sure to withdraw or check your balance in partner ATMs.
You can then take advantage of the fintech company’s offers.
What is Chime’s Direct Deposit Limit?
There’s no limit to Chime direct deposits. For example, your payroll or benefits provider can send any amount to your account.
It may be a hundred or thousand dollars. However, transfers amounting to over $10,000 require additional verification.
It’s important to note that cash deposits at retail locations have the corresponding limits:
- Up to 3 deposits every 24 hours
- Maximum deposit of up to $1,000 every 24 hours
- $10,000 cash deposit limit every month
Aside from depositing your cash through 90,000 retail locations, including Walgreens, 7-Eleven, and Walmart, you can also initiate transfers through the Chime app.
What Bank Does Chime Use for Direct Deposit?
Chime partners with two banks, The Bancorp Bank and Stride Bank, for direct deposits. Both have been around for decades and are highly reliable.
About Bancorp Bank
The Bancorp Bank was established in 1999. It offers commercial banking services through savings accounts, loans, mortgages, merchant services, and wealth management. Bancorp is a member of the FDIC, which insures your deposits.
About Stride Bank
Founded in 1913, Stride Bank provides personal and business banking services. It’s also a well-known bank for wealth management, mortgage, and fund transfers. More importantly, it’s a proud member of the FDIC.
What is the Chime Routing Number for Direct Deposit?
First, what is a routing number, and why do you need it?
It’s a nine-digit number that serves as an identification for banks or financial institutions. The said number is required when clearing funds or processing checks in the US.
It’s also essential when setting up a direct deposit, requesting for a tax refund deposit, and transferring money between banks.
Since Chime has two bank partners, namely The Bancorp Bank and Stride Bank, N.A., here are the routing numbers you need to know.
|Partner Bank||Bank Routing Number|
|The Bancorp Bank||031101279|
|Stride Bank, N.A.||103100195|
Make sure to input the routing number correctly or you might experience difficulties and delays in your deposit.
What are Alternatives to Chime?
Do you still want to check other mobile banks? Below is a list of fintech companies that provide early or fast direct deposits.
Is It Worth It to Put Your Money in Chime?
With all its benefits, including early direct deposits, no minimum balance, and no hidden fees, Chime account is a must-have for people who are just starting to build their savings. It’s also excellent for on-the-go individuals due to the easily accessible mobile app.