Can I Deposit A Check Into My Chime Account?

With the recent rise in Chime users, there is a rush to know more about the features of the service including ways of depositing funds.

So, can you deposit a check into your Chime account? You can deposit a check into your Chime account. Chime offers a mobile Check deposit function that activates when a person is sent at least $200 of payroll through direct deposit. The function should show up within 30 days after the first transaction.

Chime users have a variety of ways to deposit funds in their accounts but some of them are not quite common or known to everyone.

In this text, we focus on the use of checks to deposit money to a Chime account. 

Depositing A Check Into A Chime Account

Chime is among the prominent alternatives for digital payments and online banking and hosts an array of features.

One of the main selling points of the platform is that it offers the safety of a traditional bank while giving the privileges of an online one.

The fact that it is FDIC insured makes it safer than most of its competitors like Venmo and Cash App. 

How do I Deposit a Check into My Chime Account?

Chime users can deposit checks by following a simple mobile check deposit process. The process is conducted through the app and can easily be completed using your phone without the need to go into a bank.

It means there are no additional fees, no making lines or filling out physical forms. The process also takes a few minutes to complete.

Here are the steps;

  • Launch the Chime App on your phone 
  • Tap on the option “Move money” 
  • You should be taken to the “Add funds” screen with several options available
  • Choose “Mobile Check Deposit”
  • Select the target account for the deposit whether checking or savings. 
  • Type in the amount written on the check
  • Take a clear picture of the check; front and back. Use a good camera and ensure there are no blurs. 
  • Review the details of the deposit 
  • Confirm your deposit and you are done. 

After completing the steps, you just need to wait for the clearing time of the check. Check clearing times vary depending on the bank but it normally takes 2-5 business days.

With Chime, you can wait up to a week to have the money in the account. If your check exceeds that time you should follow up with your bank to identify what the issue might be. 

It’s important to choose the account where you want to deposit the check wisely. If you intend to use the money soon, make sure it is the checking account. When you use a check to deposit money to a savings account, you will not be able to withdraw it at an ATM or make purchases with the amount. 

Also, if you want Chime to clear the check earlier, you should deposit during a business day. Non-business-day deposits take longer to be processed. You could also opt to use the routing number to make a transfer.

Preparing a Check for a Deposit to Chime

To ensure a check deposit goes through smoothly you need to make some preparations before the actual deposit. These are similar preparations people have to make in the case of physical check deposits. 

Double Check the Information 

The hassle of retrieving a wrong deposit can be taxing to a person and hence you should aim to get it right the first time. Even though Chime is FDIC insured, you can avoid a lot of phone calls and follow-ups by just double-checking the details. This includes your name and the account number. 

Confirm the Check Validity 

Make sure the check is not stale. Checks are stale if they are not withdrawn within 6 months. Chime can still process a stale check but it may incur some deductions which can be avoided. If you have a stale check, you can always request a fresh/new one from the issuer of the check. 

Void Your Check After Completion 

Identity theft is quite common and sometimes these individuals use checks whose details have been left intact. Even if you choose to file your check after the deposit, make sure you have erased any of the important recognizable details. If you aim to use the check later for reference, you can simply draw large letters on it, spelling “VOID”; front and back. 

Pros of Using Chime 

Chime offers some encouraging perks to users and we have mentioned one of the main ones which is that it is FDIC insured. To go into more detail, Chime users are insured for up to $250,000 per deposit in the event of bank failure.

Some of the other pros include; 

  • No fees. Chime has gotten rid of some of the common traditional fees other big banks offer. The lack of some of these fees saves you some money in the long run. 
  • Higher interest on savings. The Chime savings account pays 0.50% APY. That’s quite high considering the national average interest on savings accounts is 0.06%. 
  • Numerous and Well Spread Out ATMs. Even though Chime does not have a physical location it has a lot of ATMs approximately 38,000 of them across different locations. 
  • Easy to qualify to use the App. A lot of people are rejected by banks because they have a negative history with banking. However, Chime can still offer these people a chance to create an account and bank. 
  • Automated Saving tools. Chime offers various automated tools that help people develop better saving habits and build their credit score just by using the app. 
  • Early receipts of direct deposits
  • Chime is a reliable app with a good rating. It is rated at 4.8 at the app store and 4.6 at google play. The app is easy to use and can serve you on the go. Furthermore, users receive account notifications and transaction alerts when they make transactions.

Chime bank also works with different platforms like Cash App and Zelle.

Finally, the app offers more control to an individual. For example, if you lose your card, you can disable transactions yourself to prevent fraud and later get a replacement for free. 

Final Thoughts 

For a person getting started on their financial journey, Chime can be a reliable tool for all the basics thanks to its user-friendliness. The saving tools are also quite reliable for people who want to improve their financial habits. 

However, it falls a little short when it comes to offering the full array of banking services such as not having branches or physical locations.

So it might be a noticeable change for people who are used to the in-person service.