Money Transfer is a common practice in our everyday life. And if we can do it for free, then this transaction can give us real peace of mind. An online financial company, ‘Chime’, gives us a free banking service integrating with another online free payment service ‘Zelle’. This two service combinedly play a vital role in the online banking sector and helps millions of people to transact money everyday in their need.
Lets have a look in these two services. At first I make it clear that Chime is not an online bank. It is a financial technology company that offers banking services provided by the Bancorp Bank, N.A or Astride Bank, N.A ; members FDIC (The Federal Deposit Insurance Corporation). All Chime members have a checking account with an optional savings account.
Zelle is a peer to peer payment service that allows users to send and receive money instantly through their bank’s mobile app or online banking platform. A peer to peer payment service allows its clients to lend and borrow money directly from each other through an online platform.
Chime And Zelle Works Combinedly
You can send money from your Chime account to another Chime account with the help of Zelle, and it is absolutely free. You can also send money from Chime to other banks or credit unions. But in that case please verify if the bank/credit union has any charge for this service. To get this free service, you need to combine Chime with Zelle. We come to this point in a later part of the article. If you want to send money from your Chime account, then you must be linked with Zelle and the recipient (If it is a chime, bank, credit union or any other fianancial institution) that receives the money also needs to be linked with Zelle. If either party have no access to Zelle, then transaction cannot be possible.
How to Install Chime And Zelle Apps
You can download and install Chime and Zelle App from Google Play Store (For Android device), or App Store ( For Apple device).
Set Up The Chime App
You can set up the chime app in three easy steps.
- Step:1: Open the app and type your name, email address, password, and SSN.
- Step:2: Set up a direct deposit or connect with your existing bank account.
- Step:3: You will receive a Chime Visa Debit Card in the mail. You need to integrate this debit card with Zelle.
How to Integrate Chime With Zelle
It is to be noted that when you try to set up Chime with Zelle, then Chime does not have an option that allows its users to connect directly to Zelle. Rather you can connect Zelle app to Chime with Chime Debit card. The process to set up your Chime account to work with Zelle is given below:
- Step:1: Download and install Zelle app in your mobile phone. It is absolutely free for android and iOS.
- Step:2: Now set up a free account. Then input your mobile number and click ‘continue’.
- Step:3: You may not see the Chime in the list of banks in the Zelle app. So, hit ‘Don’t see my bank’ option. Now type ‘Chime’ in the space provided.
- Step:4: Now add your Chime Debit Card to Zelle. Enter card information, such as card number, expiration date, and security code or CVV (Card Verification Value), then hit ‘continue’.
- Step:5: Finally choose a strong password for your new Zelle account.
Recently , some users complain that when they try to combine Chime Debit Card with Zelle account, they cannot do it. If you face this problem then you can link an external bank account( where you have an existing account) with Zelle and transfer money from this account to Chime and vice versa.
Transaction Process of Chime With Zelle
You can send money from Chime to Chime Or Chime to any Other bank, credit unions etc, with the help of Zelle in the following simple steps.
- Step:1: Open the Chime app and select ‘Send Money with Zelle’ from the navigation menu.
- Step:2: Now enter the email address or phone number of the person to whom you want to send money.
- Step:3: Enter the amount of money you want to send and hit the ‘Send’ button.
That’s it. You have successfully sent the money.
You can make transaction for maximum $500 with Chime in a week. Compare to it you can transact a large amount (between $2500 to $ 3500) with Zelle when you use traditional bank account (JP Morgan, or Bank of America etc). So, if you like to transfer a limited amount of money, then Chime is a good option. But for a large amount of money to be transferred, a traditional bank should be a better choice.
Benefits of Using Chime Financial App
The Chime does not charge any fee to sign up, and have no monthly fee or service fee, no minimum balance fee, no transaction fee, no card replacement fee, and no overdraft. They only charge $2.5 when you get cash from either an over the counter withdrawal, or an out of network ATM that is not included in Chime’s fee free network of 60000+ ATMS.
You can use Chime’s Debit Card where ever VISA card is accepted. You may use this card for any online transaction and there is no minimum balance requirements or account maintenance fee for the card.
Benefits of Zelle As a Payment Method
Zelle’s service is free. You can send and receive money without having to worry about fees or exchange rates. You can keep track of your finances with this app. You only need your recipient’s phone number and email address for completing the transaction process. So, it is hassle free also.
From the above discussion we can come to the decision that Chime obviously works with Zelle and it is a nice combination to send or receive money without any fee or hassle. You can add Chime Debit Card to Zelle and send or receive money. This free and user friendly online banking system gives us the opportunity to send and receive money in a more secure and convenient way.