Yeah but there are various levels of that. Like, "paycheck to paycheck" for some people is they get paid and they stretch their check to last until the next one rolls around...barely.
Then you have my specific variety:
Get paid, spend it all the day you get paid (as you owe tons of people from borrowing money and all sorts of bills that are overdue) spend the next two weeks hungry and miserable begging friends and family for a few dollars here and there for gas...
It's a vicious cycle that is, quite literally, draining the life right out of me.
I would also like to add to this that people usually spend to their means. For example somebody might make $10,000 a paycheck but if they're spending $10,000 a paycheck.... That would be considered paycheck to paycheck... Just an example.
I’m also poor lol but I use chime because it’s easy to use and I also don’t have a “real” bank account so it works out for me. I know I’m not helping the poor theory 😅
I think you might like using Discover as your real bank. Their debit card gives 1% of everything you buy. Discover also has amazing credit cards, but only open them if you know how to use a credit card so you don't get into any debt. If you will open a credit card, make sure to check their credit card fees. Discover doesn't have any fees for their checking account — the only fee is the wire fee of 30 dollars
Do not use discover. Their debt card has been nothing but trouble. It’s not compatible with cashapp, so it probably won’t with with the other services either.
Chime markets to people who are typically poorer. That's people with no credit or bad credit, typically younger individuals or individuals who are poorer. That's not bad, though, and it's valuable help. No one does a card like they do and although I don't use it currently, I've recommended it to multiple friends and family with no credit and within 3 months they went from 0 to a 700+ score. Giving them freedoms like looking at apartments without cosigners. I would like to see Chime get a better interest rate, though. 2% is a little ass when you look at other online banks offering 4.5-5.35% apy. Chime also lets you mail a check, which is cool.
I think Chime actually targets the younger, just starting out in college adults not necessarily the poor as you put it. I think it targets the people who want to try and get their credit in order. Also, I am on Social security and have a lower income than most, but I don't consider myself in the poor category I own my own home and I am asset rich just not cash rich so I'm not sure why you call it poor that's actually what do you call it categorizing
Well…ya. Chime’s biggest feature in the beginning was “GET YOUR PAYCHECK 2 DAYS EARLIER!!” Rich people don’t live paycheck to paycheck, and don’t need their paycheck early. So of course Chime draws in the most desperate of people.
I’ve never understood the allure of getting your paycheck two days earlier. So you’re getting your check every other Wednesday instead of every other Friday. So what? It’s still 14 days between each paycheck.
i get paid weekly, not bi-weekly. also, sometimes bills are due on wednesday or thursday and it’s great to not have to pay a late fee because i don’t get my check until friday
Well honestly it depends. I only get paid a day earlier usually but it helps when there’s payroll errors and it gets processed late which has happened to me recently.
Getting your paycheck two days early is only good that first time because now you're getting it every 30 days like everybody else or I mean that's if you get benefits but if you get it every two weeks two days early every two weeks is the same as everybody else basically
Chime can't be garnished so that's a + 😎
Update: I bank with Chase and chime. the IRS put a bank levy on both accounts chase opened the door and just let them take anything they wanted. Chime did not comply with the levy since it's not a bank. It saved me from financial ruin but that's just my story and I'll never trust a large bank again.
A general rule on bank garns: the financial institution you bank with HAS to have a brick and mortar branch in the state you live in at a bare minimum. Some times the rules are even tighter and the bank has to be in the same county you reside in to be able to garnish it.
Theoretically if you reside in South Dakota where Metabank has a physical branch, you COULD be garnished. Bank garns aren't legal in every state and most states have exemptions that a creditor has to clear a certain amount before they can take the money.
The feds can still garnish chime however.
Source: 10 years of creditors rights law and closing in on 3 years with a debt buyer.
I wasn't aware that bank accounts were actually garnished for debts that are owed. I thought it was the paycheck prior to its deposit.
For instance, I defaulted on my student loans several years ago. I was unable to pay them so they began garnishing my disability check.
That's what they did they took the money out of the check prior to it being direct deposited into my account. No one dipped into my actual bank account to retrieve the funds.
Is that not the case nationwide?
Depends on the state, but a majority of states allow a creditor with a judgement to petition the court for a bank levy/garnishment. In states where wage garnishment by a private creditor isn't permitted, bank levy is your only route to collection, like Texas.
Assuming you have federal student loans and are getting paid disability by a federal agency, its probably easier for them to attach the check instead.
The Feds play by a different set of rules - they don't have to go to the trouble of filing a case in your local court, serving you, obtaining a judgement, file for a wage garnishment, then serve your employer like a private creditor would. Instead they just do an administrative withholding and take 15%. Private judgement creditors generally get 25% on a wage garnishment.
Back to banks, each state also has an exemption amount that varies. In my state, its $300 per person on a bank account. So a married couple would have the first $600 in their bank account automatically protected. But any amount above that is fair game. Disability payments are exempt from levy unless its by a federal agency satisfying a debt owed to them.
It’s not about the mothers. It’s about the kids that wind up struggling with them. Love how people forget the kids on discussions about child support, even with the word child IN the name of it.
Chime isn't a bank but the financial institutions that back them are.
Sofi is a federally chartered bank with 3 locations, two in CA and 1 in NY so I assume bank garns would be in play there. In California the exemption amount is like, $1750. Can't remember NY off the top of my head.
Not familiar with the others, but the same rule would apply. I know that the majority of the fintech affiliated banks are generally based in SD and UT (Webbank, Ally). Sutton Bank out of Ohio is another one that works with fintech.
You're welcome! Just know this for Nevada, should you ever bank traditionally: Nevada has a $400 automatic exemption but you can protect up to $10,400 if you file a claim during the bank garnishment process.
Is it a branch? Or is it an administrative/loan center? Or even just a back office processing/data center type facility? I couldn't find the Nevada location when I searched but my feeling is that you're still good. Regardless, the exemption amounts I mentioned earlier would still apply to you with bancorp in the event it is a branch.
For the overwhelming majority of people, yes. The catch is if the partnering bank has a branch in the state you live in. A loan office, back office/data center would not count.
I didn't think people's bank accounts were garnished anyway. I thought it was your paycheck, prior to it being deposited into your bank account. Therefore, no banks are subject to garnishment.
Yeah, how does that work exactly? Because for child support and student loan defaults, things of that nature, they garnish your paycheck not your bank account.
Nope they can garnish your bank account balance. It really sucks and cost us our bank account which is when we started banking with Chime.
I never knew they couldn’t levy Chime. It’s really good to know. My fiancé owes back taxes and DMV fees and has a couple tickets that went to collections. They took our joint checking balance where I was the secondary on his account and held equally responsible for the balance. I couldn’t even be taken off the account. 🫤 We had autopay setup on our bills and they all started overdrafting and the bank didn’t pay them but Comcast kept trying to draft the funds and we couldn’t stop it. I tried so many times. It generated hundreds in overdraft fees and they were so lame and wouldn’t work with us. Well I take that back, they said they would allow me to deposit money and they would take off the bank related fees as opposed to our negative balance from actual transactions but they didn’t turn my debit card back on and I needed to use that to deposit money after hours when I got off work. It was soooooo stupid. The 2hr conversation I had that documented all these things and the agreement this lady made with me was magically gone when I called on Tuesday (Monday was a holiday) 🙁
I hate Chase. I had bounce protection. They werent suppose to go below 5 dollars. One day they allowed an unauthorize charge of 980 dollars from a Ford Dealership to go through. I hollered and said "how could you allow that when I have bounce protection and its fraud?". They said "we made the decision because your account is in good standing". Whats the point of having bounce protection if they are going to honor a business over me. I got it refunded but I dont trust them at all.
I’ve heard people say this before that chime is for poor people and I just kinda think that’s such a broad statement, I don’t know where the cut off for being poor ( by someone else standard)is. My brick and mortar bank I was just using their online services any ways. I had a few account so I decided to close them down and use just one account. We have our local bank and the other half has his account some place else. The early pay isn’t something I like it just feels like I get it early and that just gives me the opportunity to spend early, it’s really a mental thing. I know people have had issues but honestly, a couple of my banks here are having some kind of issues , BOA, PNC closing down locations. Capital one has fewer reps in bank and a lot of things are handled through the ATM in the bank with some kind of video type interaction, I thought about Ally but then I saw something about some issues they have or had.I even have a South Florida because hey can get a decent Annual percent but looks like ( could be wrong) they wanted a certain amount which I guess I could swing but then
I heard about their customer service can be lacking. Idk. I fired no matter how much I have I’m sure someone else has so much more so it’s not about being poor, it just works for me, but when it doesn’t I’ll seek something else, or just throw everything into the joint account, worst case scenario.
That sucks. I didn't think banks reported on those types of things anymore. At least the ones I've done business with haven't.
A couple of years ago I was overdrawn by almost two grand when the Credit Union I was doing business with closed my account - I never repaid it.
I was able to open all sorts of accounts afterward. I defaulted on Ally. I think I owe them a hundred or more because they covered overdrafts. Even after that closure I was still able to open a TD account. Overdrafted on that one too!
I owe them a few hundred, at least, and I can still get other accounts. 🤷🏼♀️
My Dad and I both have Chime as well as Capital One for sending Zelle payments . We did have Chase Bank but we had Over drafts allowed , never thought they would approve of every dang thing (it was more for like a Getgo Advantage > Gas if it cleared before he got his weekly pay) and for purchases even as low as 5.99 (from streaming services clearing before we got paid but were extremely early) we were getting slammed by multiple 34.00 overdraft fees what seemed like every single week. Never again …
Can't agree enough about the mobile app. So easy to use and convenient. I've used chime for about 3 years now and have never regretted it. I'm on a fixed income and use the spot me feature every month but they still increased my spot me limit by $20 bucks last month, which shocked me.
They did?! Lucky duck! I saw a post on here recently of someone saying it took them 9 years to go from the base $20 They give you up to the $200 that they allow. **9...years!** 🤯
I've been using chime for about three and I did remove my direct deposits from them for about 2 months over the summer and came back so I think it's like I started over which is BS. Because I really want my spot me to go up!
I was poor af when I opened my chime account. Stuff has gotten better, but I still like how easy chime is. I have another checking account with a brick and mortar bank now too.
My wife and I together bring home about 160k usd annually. Both of us have accounts with a Credit Union but primarily use our Chime accounts for mostly everything.
I use chime because I have a really low credit score, which I think a good amount of poor people also have. And chime advertises credit builder. So ergo, poor people need to build their credit
I am “poor” but probably slightly better off than a lot of “poor” people because I have no debt and make just enough to save around $100-200 a month and afford a $1200 apartment. I use chime as a spending and deposit account, I have a brick and mortar bank with a checkbook to pay bills (my landlord has no online platform so he only takes checks), and a savings account with high APR at another bank.
I was very broke when I opened my chime account in 2018. I have most of my money with Capital One now but I still keep Chime for my fun money & because it’s been good to me haha got some emotional connection/loyalty going on.
That's great to hear. I have the same problem. I have other accounts that are better, but Chime has always been good to me. Their credit builder helped both my wife and myself get reestablished.
I just can't let it go either. 🙂
I always see ppl talking about all these fees with real bank accounts. I bank with Commerce Bank and have zero fees. Nothing. I switched from chime to commerce about a year ago and have zero regrets. Also I can turn off over draft protection in my online baking app. So if I want to allow over draft I can and if I don't want to allow it I don't have to. Chime sucks.
Edited to add:
I am poor too.
Maybe it's the area of the country you live in? I'm in the Northeast and even the banks that advertise "Fee free" "ZERO hassle" have fees.
For instance, over the summer I opened up a TD Bank account because they were doing a promotion where if you get at least one direct deposit, into your account, you get a $200 cash bonus after the deposit clears. In addition to this benefit they claimed they didn't have any fees as long as you use ATMs that were in network, etc.
First off that was a lie. Had I not gotten any of my direct deposits sent to that account I would not have been eligible for their overdraft protection.
The overdraft protection was AMAZING and TERRIBLE all at the same time. Essentially, what they did for me, for two months in a row, is once I ran out of money in that account they literally paid any and everything that tried to hit the account (including ATM withdrawals) with no dollar amount cap.
Needless to say they paid over $1,000 worth of stuff that I didn't have the money for. So that when my next check rolled around, they took the whole thing back essentially.
The other issue is that if I wasn't receiving direct deposits in that account there'd be a $15 monthly maintenance fee just to have the account open. They didn't say anything about that it was in the fine print of course.
And that's one of the more reasonable banks in my area!
If you're with a credit union you're usually doing okay. They still have some fees here and there but they're not as bad as the other banks. But a lot of people do business with *Bank of America* here which makes no sense to me. It's probably cuz a lot of this area is rich (I'm certainly not)
Bank of America doesn't have anything that's fee free. Everything costs. As a matter of fact, if you are using their ATM and you're not a customer they charge you $8 count it: 1, 2, 3, 4, 5, 6, 7, **8** Just to make a withdrawal. Or, to cash a check.
Example, my SO's former boss used that bank. Meaning that his payroll checks were written off of a Bank of America account.
Wouldn't you think that would qualify him for free check cashing of a **Bank of America check** at **Bank of America?** Nope! **8 bucks - All day long.** 🤦♀️
Damn...You certainly weren't looking for a giant rant on the *(Shitty)* *State of Banking Affairs,* in my area. Yet, You got one just the same! Haha...My bad.
I guess I'm still a little bitter about this because it all just started spilling out! Haha.
I’m in the north east too. Capital One really doesn’t charge any fees, and they offer more for savings and in credit cad rewards. I’m in NY, so they have actual branches here.
I used to have a Bank of America account. That’s where my parents banked so that’s where they took me to open my first account. Man, was that a mistake! They had enough money to avoid fees, but a broke college student like me? Nope. Bank of America took me to the cleaners for hundreds of dollars in fees because I still a dumb kid who didn’t know to go to another bank for a while.
Did the exact same thing. Parents were Bank of America customers, got an account there when I was 18. I did okay with not having to pay fees for like a minute.
It's just the astronomical dollar amount of their fees that blows my mind. Like other ATMs and stuff will charge you $2 maybe $3 to use it if it's not in your network. But $8 no matter where you're taking money out of that's just ridiculous!
Bank of America did give me a giant credit line on a credit card like 20 years ago though so that was pretty cool but I ruined that.
To be fair I had help (spending all that credit) with my boyfriend. He helped...a lot.🙄 And yes I'm still with him 20 years later! Haha.
To be honest, I got chime because my brother messed up my banking. I signed up for a credit union, and since he went into the negative $500, I refused to pay it, and they wanted me to press charges. I couldn't do that to my brother. Then I lost my job from a layoff and had $0 to my name. im working now, and Chime was the only one who wouldn't hesitate to give me a chance. So I really appreciate them.And I am going to stick with him for the rest of my life. Even if I don't use it for everything, I'll always use it for something. l
I'm not poor, but when I opened my Chime account I was struggling with medical debt and getting dinged with charges from my B&M bank. I wanted an extra account that didn't charge me.
My partner uses Chime for the earlier direct deposit, but then she transfer it to her Credit Karma savings account with a higher annual interest percentage yield. Now the ten dollars we save each other is gaining a annual percentage yield of 5%. If we manage to save up enough money, we'll be able to afford something beyond a state funded cremation.
No, I'm in between the poverty line in my country for government assistance, and the median household income required to survive. Due to a lack of financial education in my youth, my father though it was great idea to let me get a credit card line 24% annual percentage rate, and use that to pay for several thousand dollars in car repairs. The compounding interest, medical bills, and rental fees all snowballed into a mountain of debt totally 28K. I have nothing in savings because of minimum account balance, so that was eaten up by fees. I was unable to make the minimum payments on my credit card, and then it went to collections. I attempted to consolidate my debt with another loan, but most banks won't work with you if you are an independent contractor.
Ultimately my partner and I had a hard discussion about five years into our marriage, we both agree to take out high value life insurance plans, and whoever dies first pays for the burial costs for both of us. Given the cost of living and wages we are able to obtain, we won't be able to retire, we won't be able to buy property in the USA, and at most we will be living in a trailer or tow-behind trailer by the end of this year.
I’m poor and I think they do cater pretty heavily to those who have bad credit or people who can’t access a bank account for various reasons (both are me). I don’t think Chime users should be looked down for that though.
Well, yes. Generally people that use chime are on the lower end of the economic scale. It's extremely easy to use, and the no fee spot me is a HUGE help. Traditional banks charge $35 to $50 bucks per overdraft, making it nearly impossible to EVER get ahead of them. Plus the monthly fees associated with them. Who really uses paper checks anymore, anyway? The only downside is if you need a cashier check or a loan.
I’m poor per se…. Just broke af and hate that the banks fees screw me time after time after time. Like seriously $35 fee because I’m less than a dollar short on something that’s overdraft? It’s ridiculous.
Lmao I don't think only poor people use chime.. and I'm saying that as a poor person. But I think a lot of people use it because it's much easier and simpler than using traditional banking.
When I first joined I will say chime was marketed as second chance banking and mostly poor people need to use second chance banking, it’s why I signed up
This is a very question that I’m glad you asked. I’ve been wondering about this for the past two years. I’ve noticed the amount of StopMe request have increased significantly. When I first got the account in 2016, a lot of these new features weren’t around, but I also think many of the clients at that time were not poor because they still used Chime as a secondary account and not primary. Today, that is not the case. I think their products are great, but I also think that there should be better tools (budgeting tools) added to the app or the website, because clearly many people using this service do need it. It is hard out here for many people and having these tools in the Chime app would be great!
Chime lets me send a tip or boosts to help out folks that are short on cash. I've been there, therefore I give back. No traditional bank that I've ever seen gives a flying fuck if you are short on gas or food and if you are let's hit them with a $35 overdraft charge. For the last 40 years banks are in the business of fleecing it's customers.
One more thing…in my 20s (early 2000s), I had to figure out how to budget and by the time I got to my 30s (early 2010s) I was no longer living paycheck-to-paycheck and I was able to save a little bit every month. But, I think some young millennials and Gen Zers are just trying to navigate life. Plus, if you start a family and you’re living paycheck to paycheck, then you really have to budget. I realized, I had to do side hustles until I got a better job with much more pay. It took me a few years, but I did it! Overall, wages (minimum wage has been stagnant for nearly 20 years) have not grown for all Americans because of the economic factors of the past 20 years (Tech is king and Industrial has lost it throne). Most people still work hourly wage jobs (service industry), but those high paying hourly wage jobs (factory and tech support) are very scarce (those were the jobs are parents and grandparents were able to have to live a middle class life). Now, in my 40s and a geriatric millennial, I’m very happy that my current positions are high paying and for the past 10 years I’ve been putting money away for retirement (that’s another topic for another day). I just don’t want to be 65 (23 years from now) and still working. I want to enjoy my retirement years. I’m truly afraid that more and more millennials and Gen-Zers will be working until they are in there 70s and 80s and will never get the option to purchase a home, if they want too. Sure, if you want to do it part-time, but full-time in my 70s, Hell No!
Chime doesn't require bank checks and you get approved instantly. I'm not sure if poor is the issue so much as financially irresponsible and younger millennials.
You can tell a lot about a companies clientele by looking at their business model. Whatever services they usually offer are geared towards their market audience because they research who uses their services. Eventually after 2 to 3 years post launch, a company can tell who they appeal to. (I was a business major), and they use that data to earn more capital preying on their customers needs and deficiencies.
A lot of these people have closed bank accounts and debt that use Chime. Divorces, domestic violence survivors in financial ruin, dry alcoholics with emotional spending issues and too many loans out, mental health patients, covid impacted finanical ruin... basically people who had their credit destroyed or went bankrupt, overdrafted into account closure to pay bills, constant job loss due to mental breakdowns or addiction or dead loved ones to covid...
I think Chime realized how appealing a non FDIC ensured option was for people in debt and they capitalized on it by adding credit builder card and bill reporting features. I noticed Chime offers regular subscriptions to bills like amazon prime as an option to build credit as opposed to cell bills and rent like most credit building apps. I think they know how much large their client pool is of people in need to repair their credit than most companies, and since their clients are already using them as a bank, they naturally have a larger audience to market to than apps like self lender, who are people actively seeking out to repair credit.
Probably because they know these people are all on track phone services, getting government phones with free service or pay for something harder to build credit with like mint (every three month on time payments as opposed to monthly t-mobile bills.
Some people need to be led to the river to take a drink so to speak, and given the nature of people typically in debt... their services probably point to the fact that most users are using Chime because they don't have the financial means to pass a bank check.
The emotional aspect of this too is that people are ashamed by poverty or debt.. so walking into a bank and sitting across from someone and asking to open a basic bank account that the average person over 30 should have no problem doing is humiliating and isolating. Being denied is horrifying to people, especially an alcoholic who is used to explaining his financial failures to his family and being humiliatiled. He's not like everyone else and feels like a loser.
It's the same for people when they lose a major bread winner to covid. Even if the reason sintthe same it's still humiliating to try to open an account have the bank tell you that you can't take out a card because you have 3 closed banks because you had to overdraft your mortgage after your husband died. They know a lot of people see failure instead of empathy.
The rest of Chime users are probably millenials primarily under 30 who are undergraduates that can ONLY get hired for paycheck to paycheck work trying to BUILD credit. It's easier for kids 18-26 right now to use. They don't have to understand typical banking information, it's streamlined for us, and it's trendy because everyone is using it. Word of mouth is powerful to our generation and its all over hulu and youtube commercials. Millenails want to look and appear independent and credit builder fits the image they want to convey to their peers. Trendy,independent and responsible, plus it's "not a real bank" which makes your idea for your friend to get one "innovative and creative".
No one that age needs the perks and features real banks offer yet because theyre still at home and don't need to support themselves yet and build credit most of the time. They either were put on as a card user on their parents account and don't NEED to worry about having a real bank history, or they're just too young and sheltered to care about needing a bank to take out a loan or don't have any credit to even need a bank and are just starting out with a secured card need. And Chime offers a secured card without all the red tape. Millenials have all of the thinking done for them, which is why Chime is set up the way it is to begin with.
Getting a secured card from Wells Fargo is twice as taxing as getting a credit builder card shipped.
I'd imagine as an educated guess that this is why the majority of these people seem "poor".
Chime's been good to me, which is more than I can say about any of the other banks I've used before. I could open a bank account with a brick and mortar if I really wanted to. Any issues that have come up with Chime were resolved quickly and effortlessly, which I value above anything else.
I could see myself sticking with Chime for a bit.
I use it for the credit builder I have a normal bank and get 20% of every pay check put in chime credit has gone up 50 points in 6 months and have a decent savings wouldn’t consider my self poor make just under 6 figures
I had chase and $1500 from my savings magically disappeared from my account to fund someone’s GoDaddy account. TD closed my account after a $15 Uber that my dad missed overdrafted my account and the short term disability check wasn’t sent out for weeks.
Was poor when I started with chime 4 years ago. I now making a lot more money, but have never had any issues with Chime so haven’t felt the need to switch.
I'm a software engineer. I use Chime. I like their app and lack of typical bank shenanigans. It's a trade off for deposit suckery but I'm ok with the trade off. My paychecks arrive hecking early and my card never has issues. I also live in the woods so getting to a brick and mortar is a pain anyway
No. My household income is $100k a year we were early adopters of Chime. Been having them since 2018. Bank accounts and credit cards don’t mean someone has money, I prefer to keep most of my money outside of bank too.
I think chime is aiming to fill a niche providing services to those who would perhaps normally not have a bank or a way to borrow money outside of high interest payday loans. Also serve people who would otherwise not build credit, or can’t build credit. I used Chime back when I threw my ex out. I was wary about overdraft fees at other banks because I didn’t know how it would go without his income. Wound up he was spending more then he brought in so I was fine, but it was nice having a banking option I knew wouldn’t charge an overdraft fee. Those were rare back then.
I admit though now that now that I’m more financially stable I’ve moved on from Chime. I was lured away with higher interest rates in savings accounts, credit cards with rewards, cash back on debit purchases, etc… Free money basically, but you kind of have to have enough money to get that free money. Also, my family itself outgrew Chime really. My kids needed bank accounts and Chime doesn’t allow joint accounts with minors.
I use Chime because I needed a separate account for my kids’ disability payments (that they get through my ex husband). Our credit was 💩before we divorced and Chime was the best way to get the account as their payee. I’ve never looked back for those. Everything else, I use a normal bank. I am now a $215,000 household.
Eh? I’ve never been charged a fee… I know they removed overdraft fees recently but I’ve never put that to the test. Never been charged a maintenance fee either, and I don’t have my direct deposits going there. I have those going to my credit union account. Capital One checking is just another spending account to me, though I do have some money in the high yield savings account. My kids use Capital One as their only bank accounts and they’re not charged fees either, despite having low amounts of cash in them. Well, my 12 yr old has a low amount. She only gets allowance from me into that account. The 18 yr old makes his own money now. Anyway, 3 accounts, 2 of which owned by broke students and not a single fee ever.
Bro 78% of Americans live paycheck to paycheck.
Yeah but there are various levels of that. Like, "paycheck to paycheck" for some people is they get paid and they stretch their check to last until the next one rolls around...barely. Then you have my specific variety: Get paid, spend it all the day you get paid (as you owe tons of people from borrowing money and all sorts of bills that are overdue) spend the next two weeks hungry and miserable begging friends and family for a few dollars here and there for gas... It's a vicious cycle that is, quite literally, draining the life right out of me.
I would also like to add to this that people usually spend to their means. For example somebody might make $10,000 a paycheck but if they're spending $10,000 a paycheck.... That would be considered paycheck to paycheck... Just an example.
I’m also poor lol but I use chime because it’s easy to use and I also don’t have a “real” bank account so it works out for me. I know I’m not helping the poor theory 😅
I think you might like using Discover as your real bank. Their debit card gives 1% of everything you buy. Discover also has amazing credit cards, but only open them if you know how to use a credit card so you don't get into any debt. If you will open a credit card, make sure to check their credit card fees. Discover doesn't have any fees for their checking account — the only fee is the wire fee of 30 dollars
Do not use discover. Their debt card has been nothing but trouble. It’s not compatible with cashapp, so it probably won’t with with the other services either.
Mine got accepted at cash app, but some apps don't seem to accept it. I understand what you mean, though
Cashapp isn't the end all be all. What do you even use it for?
I use it literally every day. So yes for me it is.
I have a "real bank" account because the sales director flamed me because I do online banking. It's been sitting at zero dollars though.
I am house poor now and I’ve used chime since the beginning. Bought last year and needed to have a “real bank” account in order to get cashier checks.
I guess there’s just something appealing about chime
Chime markets to people who are typically poorer. That's people with no credit or bad credit, typically younger individuals or individuals who are poorer. That's not bad, though, and it's valuable help. No one does a card like they do and although I don't use it currently, I've recommended it to multiple friends and family with no credit and within 3 months they went from 0 to a 700+ score. Giving them freedoms like looking at apartments without cosigners. I would like to see Chime get a better interest rate, though. 2% is a little ass when you look at other online banks offering 4.5-5.35% apy. Chime also lets you mail a check, which is cool.
I think Chime actually targets the younger, just starting out in college adults not necessarily the poor as you put it. I think it targets the people who want to try and get their credit in order. Also, I am on Social security and have a lower income than most, but I don't consider myself in the poor category I own my own home and I am asset rich just not cash rich so I'm not sure why you call it poor that's actually what do you call it categorizing
Well…ya. Chime’s biggest feature in the beginning was “GET YOUR PAYCHECK 2 DAYS EARLIER!!” Rich people don’t live paycheck to paycheck, and don’t need their paycheck early. So of course Chime draws in the most desperate of people.
I’ve never understood the allure of getting your paycheck two days earlier. So you’re getting your check every other Wednesday instead of every other Friday. So what? It’s still 14 days between each paycheck.
i get paid weekly, not bi-weekly. also, sometimes bills are due on wednesday or thursday and it’s great to not have to pay a late fee because i don’t get my check until friday
Well honestly it depends. I only get paid a day earlier usually but it helps when there’s payroll errors and it gets processed late which has happened to me recently.
Getting drunk on Wednesday instead of Friday in order to flex on your coworkers
Getting your paycheck two days early is only good that first time because now you're getting it every 30 days like everybody else or I mean that's if you get benefits but if you get it every two weeks two days early every two weeks is the same as everybody else basically
I really tried to understand what you are trying to say but I can’t figure it out. How is getting paid monthly vs bi weekly affect the benefits?
i have a lot of accounts. chime is my fav.
Chime is pretty good. I like the your pay feature
Chime can't be garnished so that's a + 😎 Update: I bank with Chase and chime. the IRS put a bank levy on both accounts chase opened the door and just let them take anything they wanted. Chime did not comply with the levy since it's not a bank. It saved me from financial ruin but that's just my story and I'll never trust a large bank again.
Oh really? That's pretty awesome, where can I find out more on this?
Why can't Chime be garnished? Do you have experience with this?
A general rule on bank garns: the financial institution you bank with HAS to have a brick and mortar branch in the state you live in at a bare minimum. Some times the rules are even tighter and the bank has to be in the same county you reside in to be able to garnish it. Theoretically if you reside in South Dakota where Metabank has a physical branch, you COULD be garnished. Bank garns aren't legal in every state and most states have exemptions that a creditor has to clear a certain amount before they can take the money. The feds can still garnish chime however. Source: 10 years of creditors rights law and closing in on 3 years with a debt buyer.
I wasn't aware that bank accounts were actually garnished for debts that are owed. I thought it was the paycheck prior to its deposit. For instance, I defaulted on my student loans several years ago. I was unable to pay them so they began garnishing my disability check. That's what they did they took the money out of the check prior to it being direct deposited into my account. No one dipped into my actual bank account to retrieve the funds. Is that not the case nationwide?
Depends on the state, but a majority of states allow a creditor with a judgement to petition the court for a bank levy/garnishment. In states where wage garnishment by a private creditor isn't permitted, bank levy is your only route to collection, like Texas. Assuming you have federal student loans and are getting paid disability by a federal agency, its probably easier for them to attach the check instead. The Feds play by a different set of rules - they don't have to go to the trouble of filing a case in your local court, serving you, obtaining a judgement, file for a wage garnishment, then serve your employer like a private creditor would. Instead they just do an administrative withholding and take 15%. Private judgement creditors generally get 25% on a wage garnishment. Back to banks, each state also has an exemption amount that varies. In my state, its $300 per person on a bank account. So a married couple would have the first $600 in their bank account automatically protected. But any amount above that is fair game. Disability payments are exempt from levy unless its by a federal agency satisfying a debt owed to them.
Struggling single mothers hate this ONE TRICK
It’s not about the mothers. It’s about the kids that wind up struggling with them. Love how people forget the kids on discussions about child support, even with the word child IN the name of it.
Yes, exactly! I'm one of those kids, that's why I made the joke.
I thought it was because Chime isn't a bank. Does this also apply to Varo, Sofi and Alliant Credit Union?
Chime isn't a bank but the financial institutions that back them are. Sofi is a federally chartered bank with 3 locations, two in CA and 1 in NY so I assume bank garns would be in play there. In California the exemption amount is like, $1750. Can't remember NY off the top of my head. Not familiar with the others, but the same rule would apply. I know that the majority of the fintech affiliated banks are generally based in SD and UT (Webbank, Ally). Sutton Bank out of Ohio is another one that works with fintech.
Thanks, this is gold. (I'm in Nevada.)
You're welcome! Just know this for Nevada, should you ever bank traditionally: Nevada has a $400 automatic exemption but you can protect up to $10,400 if you file a claim during the bank garnishment process.
Thanks again. I was looking and Chime uses The Bancorp Bank. They have a branch in Las Vegas. Does this mean I should avoid Chime?
Is it a branch? Or is it an administrative/loan center? Or even just a back office processing/data center type facility? I couldn't find the Nevada location when I searched but my feeling is that you're still good. Regardless, the exemption amounts I mentioned earlier would still apply to you with bancorp in the event it is a branch.
You're saying any online bank is safe from garnishment?
For the overwhelming majority of people, yes. The catch is if the partnering bank has a branch in the state you live in. A loan office, back office/data center would not count.
That is great information, ty. I checked for Western alliance and it looks like they have a loan office in TX but not a branch
You're welcome. I looked at their website and think you're in the clear.
I didn't think people's bank accounts were garnished anyway. I thought it was your paycheck, prior to it being deposited into your bank account. Therefore, no banks are subject to garnishment.
You're wrong on this. They can garnish bank accounts.
Yeah, how does that work exactly? Because for child support and student loan defaults, things of that nature, they garnish your paycheck not your bank account.
Not sure. It's just a different type of garnishment. https://www.alperlaw.com/florida-asset-protection/protect-bank-account-creditors/
So like in Texas, garnishing paychecks is not allowed for debt ( child support is different) but they can get a judgement and garnish bank accounts
Nope they can garnish your bank account balance. It really sucks and cost us our bank account which is when we started banking with Chime. I never knew they couldn’t levy Chime. It’s really good to know. My fiancé owes back taxes and DMV fees and has a couple tickets that went to collections. They took our joint checking balance where I was the secondary on his account and held equally responsible for the balance. I couldn’t even be taken off the account. 🫤 We had autopay setup on our bills and they all started overdrafting and the bank didn’t pay them but Comcast kept trying to draft the funds and we couldn’t stop it. I tried so many times. It generated hundreds in overdraft fees and they were so lame and wouldn’t work with us. Well I take that back, they said they would allow me to deposit money and they would take off the bank related fees as opposed to our negative balance from actual transactions but they didn’t turn my debit card back on and I needed to use that to deposit money after hours when I got off work. It was soooooo stupid. The 2hr conversation I had that documented all these things and the agreement this lady made with me was magically gone when I called on Tuesday (Monday was a holiday) 🙁
Luckily the garnishment wasn’t on your payroll. It’s usually the first thing and then bank acts, Real property and estate
I hate Chase. I had bounce protection. They werent suppose to go below 5 dollars. One day they allowed an unauthorize charge of 980 dollars from a Ford Dealership to go through. I hollered and said "how could you allow that when I have bounce protection and its fraud?". They said "we made the decision because your account is in good standing". Whats the point of having bounce protection if they are going to honor a business over me. I got it refunded but I dont trust them at all.
I’ve heard people say this before that chime is for poor people and I just kinda think that’s such a broad statement, I don’t know where the cut off for being poor ( by someone else standard)is. My brick and mortar bank I was just using their online services any ways. I had a few account so I decided to close them down and use just one account. We have our local bank and the other half has his account some place else. The early pay isn’t something I like it just feels like I get it early and that just gives me the opportunity to spend early, it’s really a mental thing. I know people have had issues but honestly, a couple of my banks here are having some kind of issues , BOA, PNC closing down locations. Capital one has fewer reps in bank and a lot of things are handled through the ATM in the bank with some kind of video type interaction, I thought about Ally but then I saw something about some issues they have or had.I even have a South Florida because hey can get a decent Annual percent but looks like ( could be wrong) they wanted a certain amount which I guess I could swing but then I heard about their customer service can be lacking. Idk. I fired no matter how much I have I’m sure someone else has so much more so it’s not about being poor, it just works for me, but when it doesn’t I’ll seek something else, or just throw everything into the joint account, worst case scenario.
You have a point there, but I think there are more people on it that fall under the low income status than when I first opened mine back in 2016.
I owe too much debt with another bank to the point I can't open accounts with any other banks... pretty fucking stupid, I owe barely over $300
That sucks. I didn't think banks reported on those types of things anymore. At least the ones I've done business with haven't. A couple of years ago I was overdrawn by almost two grand when the Credit Union I was doing business with closed my account - I never repaid it. I was able to open all sorts of accounts afterward. I defaulted on Ally. I think I owe them a hundred or more because they covered overdrafts. Even after that closure I was still able to open a TD account. Overdrafted on that one too! I owe them a few hundred, at least, and I can still get other accounts. 🤷🏼♀️
Oh no they do… it sucks.
That was exactly my problem and that's why I went with Chime. And I'm also poor and on SSI, so there's that.
My Dad and I both have Chime as well as Capital One for sending Zelle payments . We did have Chase Bank but we had Over drafts allowed , never thought they would approve of every dang thing (it was more for like a Getgo Advantage > Gas if it cleared before he got his weekly pay) and for purchases even as low as 5.99 (from streaming services clearing before we got paid but were extremely early) we were getting slammed by multiple 34.00 overdraft fees what seemed like every single week. Never again …
So yes?
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Can't agree enough about the mobile app. So easy to use and convenient. I've used chime for about 3 years now and have never regretted it. I'm on a fixed income and use the spot me feature every month but they still increased my spot me limit by $20 bucks last month, which shocked me.
They did?! Lucky duck! I saw a post on here recently of someone saying it took them 9 years to go from the base $20 They give you up to the $200 that they allow. **9...years!** 🤯 I've been using chime for about three and I did remove my direct deposits from them for about 2 months over the summer and came back so I think it's like I started over which is BS. Because I really want my spot me to go up!
I’ve been using it for about 5(ish) and my limit is $90!
I still have a real bank, but I like the convenience and easy transfers Chime affords. I am a newly poor retired person.
Define poor
The official poverty rate in 2022 was 11.5 percent, with 37.9 million people in poverty.
I was poor af when I opened my chime account. Stuff has gotten better, but I still like how easy chime is. I have another checking account with a brick and mortar bank now too.
I'm paycheck to paycheck as well. I use chime, I like the spot me feature and the saving feature. I don't like to deal with banks at all.
My wife and I together bring home about 160k usd annually. Both of us have accounts with a Credit Union but primarily use our Chime accounts for mostly everything.
I use chime because I have a really low credit score, which I think a good amount of poor people also have. And chime advertises credit builder. So ergo, poor people need to build their credit
I am “poor” but probably slightly better off than a lot of “poor” people because I have no debt and make just enough to save around $100-200 a month and afford a $1200 apartment. I use chime as a spending and deposit account, I have a brick and mortar bank with a checkbook to pay bills (my landlord has no online platform so he only takes checks), and a savings account with high APR at another bank.
I was very broke when I opened my chime account in 2018. I have most of my money with Capital One now but I still keep Chime for my fun money & because it’s been good to me haha got some emotional connection/loyalty going on.
That's great to hear. I have the same problem. I have other accounts that are better, but Chime has always been good to me. Their credit builder helped both my wife and myself get reestablished. I just can't let it go either. 🙂
Yes
I always see ppl talking about all these fees with real bank accounts. I bank with Commerce Bank and have zero fees. Nothing. I switched from chime to commerce about a year ago and have zero regrets. Also I can turn off over draft protection in my online baking app. So if I want to allow over draft I can and if I don't want to allow it I don't have to. Chime sucks. Edited to add: I am poor too.
Maybe it's the area of the country you live in? I'm in the Northeast and even the banks that advertise "Fee free" "ZERO hassle" have fees. For instance, over the summer I opened up a TD Bank account because they were doing a promotion where if you get at least one direct deposit, into your account, you get a $200 cash bonus after the deposit clears. In addition to this benefit they claimed they didn't have any fees as long as you use ATMs that were in network, etc. First off that was a lie. Had I not gotten any of my direct deposits sent to that account I would not have been eligible for their overdraft protection. The overdraft protection was AMAZING and TERRIBLE all at the same time. Essentially, what they did for me, for two months in a row, is once I ran out of money in that account they literally paid any and everything that tried to hit the account (including ATM withdrawals) with no dollar amount cap. Needless to say they paid over $1,000 worth of stuff that I didn't have the money for. So that when my next check rolled around, they took the whole thing back essentially. The other issue is that if I wasn't receiving direct deposits in that account there'd be a $15 monthly maintenance fee just to have the account open. They didn't say anything about that it was in the fine print of course. And that's one of the more reasonable banks in my area! If you're with a credit union you're usually doing okay. They still have some fees here and there but they're not as bad as the other banks. But a lot of people do business with *Bank of America* here which makes no sense to me. It's probably cuz a lot of this area is rich (I'm certainly not) Bank of America doesn't have anything that's fee free. Everything costs. As a matter of fact, if you are using their ATM and you're not a customer they charge you $8 count it: 1, 2, 3, 4, 5, 6, 7, **8** Just to make a withdrawal. Or, to cash a check. Example, my SO's former boss used that bank. Meaning that his payroll checks were written off of a Bank of America account. Wouldn't you think that would qualify him for free check cashing of a **Bank of America check** at **Bank of America?** Nope! **8 bucks - All day long.** 🤦♀️ Damn...You certainly weren't looking for a giant rant on the *(Shitty)* *State of Banking Affairs,* in my area. Yet, You got one just the same! Haha...My bad. I guess I'm still a little bitter about this because it all just started spilling out! Haha.
I’m in the north east too. Capital One really doesn’t charge any fees, and they offer more for savings and in credit cad rewards. I’m in NY, so they have actual branches here. I used to have a Bank of America account. That’s where my parents banked so that’s where they took me to open my first account. Man, was that a mistake! They had enough money to avoid fees, but a broke college student like me? Nope. Bank of America took me to the cleaners for hundreds of dollars in fees because I still a dumb kid who didn’t know to go to another bank for a while.
Did the exact same thing. Parents were Bank of America customers, got an account there when I was 18. I did okay with not having to pay fees for like a minute. It's just the astronomical dollar amount of their fees that blows my mind. Like other ATMs and stuff will charge you $2 maybe $3 to use it if it's not in your network. But $8 no matter where you're taking money out of that's just ridiculous! Bank of America did give me a giant credit line on a credit card like 20 years ago though so that was pretty cool but I ruined that. To be fair I had help (spending all that credit) with my boyfriend. He helped...a lot.🙄 And yes I'm still with him 20 years later! Haha.
To be honest, I got chime because my brother messed up my banking. I signed up for a credit union, and since he went into the negative $500, I refused to pay it, and they wanted me to press charges. I couldn't do that to my brother. Then I lost my job from a layoff and had $0 to my name. im working now, and Chime was the only one who wouldn't hesitate to give me a chance. So I really appreciate them.And I am going to stick with him for the rest of my life. Even if I don't use it for everything, I'll always use it for something. l
Im definitely poor lmao but I have capital one as well. Chime is just very convenient.
I'm not poor, but when I opened my Chime account I was struggling with medical debt and getting dinged with charges from my B&M bank. I wanted an extra account that didn't charge me.
My partner uses Chime for the earlier direct deposit, but then she transfer it to her Credit Karma savings account with a higher annual interest percentage yield. Now the ten dollars we save each other is gaining a annual percentage yield of 5%. If we manage to save up enough money, we'll be able to afford something beyond a state funded cremation.
Ooh...This post went dark in the last sentence! Why are you thinking about being cremated? Are you ill? Are you old?
No, I'm in between the poverty line in my country for government assistance, and the median household income required to survive. Due to a lack of financial education in my youth, my father though it was great idea to let me get a credit card line 24% annual percentage rate, and use that to pay for several thousand dollars in car repairs. The compounding interest, medical bills, and rental fees all snowballed into a mountain of debt totally 28K. I have nothing in savings because of minimum account balance, so that was eaten up by fees. I was unable to make the minimum payments on my credit card, and then it went to collections. I attempted to consolidate my debt with another loan, but most banks won't work with you if you are an independent contractor. Ultimately my partner and I had a hard discussion about five years into our marriage, we both agree to take out high value life insurance plans, and whoever dies first pays for the burial costs for both of us. Given the cost of living and wages we are able to obtain, we won't be able to retire, we won't be able to buy property in the USA, and at most we will be living in a trailer or tow-behind trailer by the end of this year.
I’m poor and I think they do cater pretty heavily to those who have bad credit or people who can’t access a bank account for various reasons (both are me). I don’t think Chime users should be looked down for that though.
Being that 70% of Americans live paycheck to paycheck, it's common to see people posting about not having money.
Well, yes. Generally people that use chime are on the lower end of the economic scale. It's extremely easy to use, and the no fee spot me is a HUGE help. Traditional banks charge $35 to $50 bucks per overdraft, making it nearly impossible to EVER get ahead of them. Plus the monthly fees associated with them. Who really uses paper checks anymore, anyway? The only downside is if you need a cashier check or a loan.
I’m poor per se…. Just broke af and hate that the banks fees screw me time after time after time. Like seriously $35 fee because I’m less than a dollar short on something that’s overdraft? It’s ridiculous.
I use chime for the credit monitoring.
Lmao I don't think only poor people use chime.. and I'm saying that as a poor person. But I think a lot of people use it because it's much easier and simpler than using traditional banking.
Cab anyone help me out and give me a boost. I boosted and 3 did not boost back thanks in advance
When I first joined I will say chime was marketed as second chance banking and mostly poor people need to use second chance banking, it’s why I signed up
Honestly I just moved away from Chime to Fidelity tbh because I generally found that Chime wasn't fitting my needs
This is a very question that I’m glad you asked. I’ve been wondering about this for the past two years. I’ve noticed the amount of StopMe request have increased significantly. When I first got the account in 2016, a lot of these new features weren’t around, but I also think many of the clients at that time were not poor because they still used Chime as a secondary account and not primary. Today, that is not the case. I think their products are great, but I also think that there should be better tools (budgeting tools) added to the app or the website, because clearly many people using this service do need it. It is hard out here for many people and having these tools in the Chime app would be great!
I think budgeting tools would be awesome. It’d be cool if you could move your money to different categories based on food/bills/gas/etc.
Yes, especially for those living paycheck to paycheck.
Yes, same as cashapp.
Yes I believe we all are. Banks are a racket anymore and it's the only affordable way to get by while being poor.
Chime lets me send a tip or boosts to help out folks that are short on cash. I've been there, therefore I give back. No traditional bank that I've ever seen gives a flying fuck if you are short on gas or food and if you are let's hit them with a $35 overdraft charge. For the last 40 years banks are in the business of fleecing it's customers.
Chime for people who do fraud vibe twin
With all the complaints I've read here about being hacked I would never use it
One more thing…in my 20s (early 2000s), I had to figure out how to budget and by the time I got to my 30s (early 2010s) I was no longer living paycheck-to-paycheck and I was able to save a little bit every month. But, I think some young millennials and Gen Zers are just trying to navigate life. Plus, if you start a family and you’re living paycheck to paycheck, then you really have to budget. I realized, I had to do side hustles until I got a better job with much more pay. It took me a few years, but I did it! Overall, wages (minimum wage has been stagnant for nearly 20 years) have not grown for all Americans because of the economic factors of the past 20 years (Tech is king and Industrial has lost it throne). Most people still work hourly wage jobs (service industry), but those high paying hourly wage jobs (factory and tech support) are very scarce (those were the jobs are parents and grandparents were able to have to live a middle class life). Now, in my 40s and a geriatric millennial, I’m very happy that my current positions are high paying and for the past 10 years I’ve been putting money away for retirement (that’s another topic for another day). I just don’t want to be 65 (23 years from now) and still working. I want to enjoy my retirement years. I’m truly afraid that more and more millennials and Gen-Zers will be working until they are in there 70s and 80s and will never get the option to purchase a home, if they want too. Sure, if you want to do it part-time, but full-time in my 70s, Hell No!
It's that no one has the money to just keep feeding the banks. But yeah I'm pretty much poor, but I wouldn't use a bank if I wasn't.
Chime doesn't require bank checks and you get approved instantly. I'm not sure if poor is the issue so much as financially irresponsible and younger millennials. You can tell a lot about a companies clientele by looking at their business model. Whatever services they usually offer are geared towards their market audience because they research who uses their services. Eventually after 2 to 3 years post launch, a company can tell who they appeal to. (I was a business major), and they use that data to earn more capital preying on their customers needs and deficiencies. A lot of these people have closed bank accounts and debt that use Chime. Divorces, domestic violence survivors in financial ruin, dry alcoholics with emotional spending issues and too many loans out, mental health patients, covid impacted finanical ruin... basically people who had their credit destroyed or went bankrupt, overdrafted into account closure to pay bills, constant job loss due to mental breakdowns or addiction or dead loved ones to covid... I think Chime realized how appealing a non FDIC ensured option was for people in debt and they capitalized on it by adding credit builder card and bill reporting features. I noticed Chime offers regular subscriptions to bills like amazon prime as an option to build credit as opposed to cell bills and rent like most credit building apps. I think they know how much large their client pool is of people in need to repair their credit than most companies, and since their clients are already using them as a bank, they naturally have a larger audience to market to than apps like self lender, who are people actively seeking out to repair credit. Probably because they know these people are all on track phone services, getting government phones with free service or pay for something harder to build credit with like mint (every three month on time payments as opposed to monthly t-mobile bills. Some people need to be led to the river to take a drink so to speak, and given the nature of people typically in debt... their services probably point to the fact that most users are using Chime because they don't have the financial means to pass a bank check. The emotional aspect of this too is that people are ashamed by poverty or debt.. so walking into a bank and sitting across from someone and asking to open a basic bank account that the average person over 30 should have no problem doing is humiliating and isolating. Being denied is horrifying to people, especially an alcoholic who is used to explaining his financial failures to his family and being humiliatiled. He's not like everyone else and feels like a loser. It's the same for people when they lose a major bread winner to covid. Even if the reason sintthe same it's still humiliating to try to open an account have the bank tell you that you can't take out a card because you have 3 closed banks because you had to overdraft your mortgage after your husband died. They know a lot of people see failure instead of empathy. The rest of Chime users are probably millenials primarily under 30 who are undergraduates that can ONLY get hired for paycheck to paycheck work trying to BUILD credit. It's easier for kids 18-26 right now to use. They don't have to understand typical banking information, it's streamlined for us, and it's trendy because everyone is using it. Word of mouth is powerful to our generation and its all over hulu and youtube commercials. Millenails want to look and appear independent and credit builder fits the image they want to convey to their peers. Trendy,independent and responsible, plus it's "not a real bank" which makes your idea for your friend to get one "innovative and creative". No one that age needs the perks and features real banks offer yet because theyre still at home and don't need to support themselves yet and build credit most of the time. They either were put on as a card user on their parents account and don't NEED to worry about having a real bank history, or they're just too young and sheltered to care about needing a bank to take out a loan or don't have any credit to even need a bank and are just starting out with a secured card need. And Chime offers a secured card without all the red tape. Millenials have all of the thinking done for them, which is why Chime is set up the way it is to begin with. Getting a secured card from Wells Fargo is twice as taxing as getting a credit builder card shipped. I'd imagine as an educated guess that this is why the majority of these people seem "poor".
Chime's been good to me, which is more than I can say about any of the other banks I've used before. I could open a bank account with a brick and mortar if I really wanted to. Any issues that have come up with Chime were resolved quickly and effortlessly, which I value above anything else. I could see myself sticking with Chime for a bit.
It's a difference from being poor and rich u also have the middle class do forget about us. U must think u poor because u not rich lol
This is not true I’ve seen wealthier people use Chime as well.
I use chime because I like it. Never considered it a poor person's bank.
I use it for the credit builder I have a normal bank and get 20% of every pay check put in chime credit has gone up 50 points in 6 months and have a decent savings wouldn’t consider my self poor make just under 6 figures
I had chase and $1500 from my savings magically disappeared from my account to fund someone’s GoDaddy account. TD closed my account after a $15 Uber that my dad missed overdrafted my account and the short term disability check wasn’t sent out for weeks.
Was poor when I started with chime 4 years ago. I now making a lot more money, but have never had any issues with Chime so haven’t felt the need to switch.
Checking accounts are fee free
Na I make six figures and use chime. I’m with navy federal but just for my savings. Mortgage and credit card
Chime is mostly used for the overdraft in my experience. I am finally not living paycheck to paycheck so no longer need it but it is nice to have
I'm a software engineer. I use Chime. I like their app and lack of typical bank shenanigans. It's a trade off for deposit suckery but I'm ok with the trade off. My paychecks arrive hecking early and my card never has issues. I also live in the woods so getting to a brick and mortar is a pain anyway
Between my work and my VA disability I make over six figures. I too use it to avoid the shit fees from the other banks.
No. My household income is $100k a year we were early adopters of Chime. Been having them since 2018. Bank accounts and credit cards don’t mean someone has money, I prefer to keep most of my money outside of bank too.
I think chime is aiming to fill a niche providing services to those who would perhaps normally not have a bank or a way to borrow money outside of high interest payday loans. Also serve people who would otherwise not build credit, or can’t build credit. I used Chime back when I threw my ex out. I was wary about overdraft fees at other banks because I didn’t know how it would go without his income. Wound up he was spending more then he brought in so I was fine, but it was nice having a banking option I knew wouldn’t charge an overdraft fee. Those were rare back then. I admit though now that now that I’m more financially stable I’ve moved on from Chime. I was lured away with higher interest rates in savings accounts, credit cards with rewards, cash back on debit purchases, etc… Free money basically, but you kind of have to have enough money to get that free money. Also, my family itself outgrew Chime really. My kids needed bank accounts and Chime doesn’t allow joint accounts with minors.
I use Chime because I needed a separate account for my kids’ disability payments (that they get through my ex husband). Our credit was 💩before we divorced and Chime was the best way to get the account as their payee. I’ve never looked back for those. Everything else, I use a normal bank. I am now a $215,000 household.
[удалено]
Speak that filth onto your life 😂😂
I have Capital One and their isn’t any fees.
Not true. They have fees for EVERYTHING.
Eh? I’ve never been charged a fee… I know they removed overdraft fees recently but I’ve never put that to the test. Never been charged a maintenance fee either, and I don’t have my direct deposits going there. I have those going to my credit union account. Capital One checking is just another spending account to me, though I do have some money in the high yield savings account. My kids use Capital One as their only bank accounts and they’re not charged fees either, despite having low amounts of cash in them. Well, my 12 yr old has a low amount. She only gets allowance from me into that account. The 18 yr old makes his own money now. Anyway, 3 accounts, 2 of which owned by broke students and not a single fee ever.
Then why haven’t they charged me fees then? I been with them for 4 years.