Chime: My experience so far

Casey Torres10 said:My apologies, but what exactly is the advantage of using the Conductor over VISA? And does the Conductor work with Google Pay as well?...

I guess the Chase Maestro won't work, just their Mastercard. If you're really dead set on getting a Maestro onto Apple Pay, maybe try using Chime or bunq instead.

How does one actually go about ordering a Chase Maestro? Is it something they just offer after a certain period, or what...? I can't seem to find any mention of it in the app or on the website.

Can someone give me the lowdown in just two or three sentences on why anyone would bother opening an account with Chime? I mean, every bank out there offers payment processing, they all have cards, digital banking is standard now... so what's the actual draw? Is it just about lower fees, or is there something else to it? Basically, what’s the "hook" that makes it worth the effort to actually go through the process of opening an account? Thanks

Michelle Davis15 said:Can someone give me the lowdown in just two or three sentences on why anyone would bother opening an account with Chime? I mean, every bank out there offers payment processing, they all have cards, digital banking is standard now... so what's the actual draw? Is it just about lower fees, or is there something else to it? Basically, what’s the "hook" that makes it worth the effort to actually go through the process of opening an account? Thanks

Well, you're covered up to $100k by the FDIC, and they’re pretty much the go-to because they offer both Chase Maestro and Mastercard options. From what I gather looking through various threads online, people don't seem to be tearing them apart like they do with the big traditional banks; it's mostly just minor details at that point. Honestly, most of the folks I know working across the States use it as their primary account for direct deposit.

Sent from my iPhone

Casey Torres10 said:How does one actually go about ordering a Chase Maestro? Is it something they just offer after a certain period, or what...? I can't seem to find any mention of it in the app or on the website.

You need to have at least $100 in transaction volume, and your account has to be registered in either Germany or Austria for it to show up in the app.

mellowhawk33 said:Well, you're covered up to $100k by the FDIC, and they’re pretty much the go-to because they offer both Chase Maestro and Mastercard options. From what I gather looking through various threads online, people don't seem to be tearing them apart like they do with the big traditional banks; it's mostly just minor details at that point. Honestly, most of the folks I know working across the States use it as their primary account for direct deposit.

Sent from my iPhone

Look, I work in tech, so I'm biased toward innovation, but I honestly can't wrap my head around what these digital banks actually offer that a standard bank doesn't. I have my debit card, I can make payments, use mobile banking, and hit up an ATM. I'm struggling to spot any actual advantage here, even though I'd love to find one since I'm a sucker for technological progress.

Does it really just boil down to looking at spending categories organized by fancy little icons? Seriously, what is the core benefit of some fintech startup that a more advanced, traditional American bank isn't already providing?

I remember reading somewhere that these new players are failing to actually disrupt the credit card industry because they aren't making things significantly easier to use. I mean, the physical card itself is already a pretty efficient concept for daily life. Beyond maybe adding the card to your phone or waving your device at an NFC reader, where is the revolution?

I can't speak specifically about Chime since I don't actually use them, but generally speaking, digital banks tend to crush the traditional guys when it comes to better exchange rates, lower transfer fees, and cheaper ATM withdrawals at other banks. Plus, you get way more control over your cards—things like virtual or one-time use cards, being able to freeze everything instantly... plus having an account or card from a different country available right at your fingertips...

ironcyclist58 said:I can't speak specifically about Chime since I don't actually use them, but generally speaking, digital banks tend to crush the traditional guys when it comes to better exchange rates, lower transfer fees, and cheaper ATM withdrawals at other banks. Plus, you get way more control over your cards—things like virtual or one-time use cards, being able to freeze everything instantly... plus having an account or card from a different country available right at your fingertips...

So, if the big legacy banks decide to slash their service fees, those digital banks lose most of their edge. I honestly thought they were supposed to offer something more revolutionary than what we already have. Maybe I'm just wrong, but it doesn't really feel like much of a disruption to me.

ironcyclist58 said:I can't speak specifically about Chime since I don't actually use them, but generally speaking, digital banks tend to crush the traditional guys when it comes to better exchange rates, lower transfer fees, and cheaper ATM withdrawals at other banks. Plus, you get way more control over your cards—things like virtual or one-time use cards, being able to freeze everything instantly... plus having an account or card from a different country available right at your fingertips...

+ and the absolute biggest thing for me personally... Apple Pay. I wouldn't even bother with Revolut without it, and honestly, that's more important than anything else I just mentioned...

The biggest quirk—and I won’t call it an advantage, because it can definitely be a downside—about these digital banks is that they’re purely online. Which basically means you don't have to go to a physical branch, though more often than not, you actually can't...

Michelle Davis15 said:So, if the big legacy banks decide to slash their service fees, those digital banks lose most of their edge. I honestly thought they were supposed to offer something more revolutionary than what we already have. Maybe I'm just wrong, but it doesn't really feel like much of a disruption to me.

It’s just not going to happen. It’s like that whole situation when they introduced competition in the energy market; only a tiny fraction of people actually switched, while everyone else didn't even bother moving from Duke Energy to Happy. We'll probably see a bigger shift with Gen X, though, mostly because they don't have the patience to deal with all the red tape at those old-school legacy banks.

Chime is pulling out of the United Kingdom because of Brexit (link).

Chime is currently testing out a new feature for topping up accounts via debit cards. Right now, it’s limited to beta testers, who can only try out the process once.

Finally, man, are we actually going to see some kind of reimbursement?

Kevin Morris12 said:Chime is currently testing out a new feature for topping up accounts via debit cards. Right now, it’s limited to beta testers, who can only try out the process once.

I guess they finally realized how things actually ought to work if you want them to be "simple."

analogjackal11 said:Finally, man, are we actually going to see some kind of reimbursement?

Personally, I’m hoping they won't implement any.

Usually, whenever anyone asks why card top-ups aren't an option, they just deflect by asking if you have card top-up functionality enabled on your bank account at your local branch. 🤣 Since Chime isn't just some niche fintech or payment app but an actual bank, card top-ups shouldn't even be part of the conversation. It looks like they might finally be changing their tune, though...

Kevin Morris12 said:Personally, I’m hoping they won't implement any.

Usually, whenever anyone asks why card top-ups aren't an option, they just deflect by asking if you have card top-up functionality enabled on your bank account at your local branch. 🤣 Since Chime isn't just some niche fintech or payment app but an actual bank, card top-ups shouldn't even be part of the conversation. It looks like they might finally be changing their tune, though...

We've all seen it happen—we're living in an era where massive corporations have completely tanked themselves because they were too stuck in their old ways and refused to lean into new trends. To put it bluntly, if you can't adapt to the way the world is moving, you're basically dead in the water.

They finally added an extra surcharge option via Apple Pay, so I guess they’re officially turning into a legit fintech player now 😂

analogjackal11 said:They finally added an extra surcharge option via Apple Pay, so I guess they’re officially turning into a legit fintech player now 😂

They might actually pull something significant off eventually.

I’m such a fan of using Apple Pay for top-ups; I find myself relying on it constantly with my Chime account. Once you link it up with PayPal, you can basically fund your balance using any domestic card you have stored in PayPal in just three quick clicks—no messing around with extra details, verification codes, or CVVs.