Chime, the financial technology company, has probably changed the way we look at banks now. Founded in 2014, it has already reached a milestone of over 12 million users, with nearly $6 billion in assets alone in 2021.
It has two key services that intrigue users to be a part of it: a credit builder account and SpotMe. However, it also provides a checking account, and savings account with no monthly or overdraft fee.
Basically, Chime offers a checking account that comes with a Visa debit card, and whenever you use your debit card, it automatically transfers the round-up fund from your checking account to your savings account.
It is free of any monthly or setup fee, despite all the premium features it offers. For some, Chime is way better than traditional banks, but Chime is not a bank itself.
What Is The Name Of Chime Bank?
Chime is a Neobank, and its financial services, including online banking and debit/credit cards, are backed by The Bancorp Bank, N.A., Stride Bank, N.A. (NationalAssociation), and Member FDIC.
This financial technology company was launched in 2012 in San Francisco, as an alternative to traditional banking.
Since it’s a digital bank backed by some other banks, you won’t see any of Chime’s physical branches or locations. So in case you’ve got some queries or want to cash a check, you have to do it online via its site or app.
As a Chime member, you can receive your paycheck up to two days early, and get up to $200 in automatic overdraft protection with SpotMe.
And one of the benefits that come with being a member is building credit without interest or fees. It offers a credit-builder account with the Chime Visa Credit Builder Card issued by Stride Bank.
Note: Chime’s Checking account members with a direct deposit of at least $200 within the last 365 days can qualify for the credit limit of $200 to $500.
Chime Bank Features:
- With direct deposit, you can get paid up to two days early.
- Qualifying members can get up to $200 in fee-free overdrafts with the SpotMe feature.
- You can deposit checks from anywhere over the phone.
- Offers automatic savings features.
- It doesn’t charge a monthly subscription fee or have a minimum balance requirement.
- You can disable your transactions and manage your security settings online or via the app.
- Peer-to-peer money transfers with Chime users.
What Is The Chime Bank Name For The Direct Deposit?
Below are the names of the banks and addresses that your payroll provider or employer needs to know to deposit cash into your checking account.
- The Bancorp Bank at 6100 S Old Village Pl, Sioux Falls, SD 57108.
- Stride Bank N.A. at 324 West Broadway Avenue, Enid, OK 73701.
Explore: Can you see pending deposits on Chime?
What Is The Chime Bank Address Or Location?
As we know, Chime banking services are provided by Bancorp, N.A., or Stride Banks, N.A. Both banks are subsidiaries of other banks.
Bancorp, N.A., is affiliated with Bancorp, being a major subsidiary, followed by tbbk Acquisitions I, L.L.C., Ellis Brooks Leasing, Inc., and a few more. It’s a bank holding company headquartered or located in Wilmington, DE.
Whereas Stride Bank is a financial institution based in Oklahoma, founded in 1921 by A. E. Stephenson. It has multiple branches across the U.S.
These two banks control some interest in Chime, providing online banking services for average Americans with poor or no credit scores.
Here’s the address of Bancorp Bank, National. Association:
409 Silverside Rd #105, Wilmington, DE 19809
Stride Bank Address:
324 W. Broadway Ave. Enid, OK 73701
Is Chime owned by a US bank?
Chime is a privately held company owned by Chris Britt and Ryan King. Bancorp, N.A., and Stride Bank, N.A., are the two banks that provide Checking/Savings accounts, Debit/Credit cards, P2P, and fee-free overdrafts.
So, no bank or government has any authorization over this fintech platform, it just works with the two banks to hand over actual banking tools.
The unicorn is valued at a staggering $25 billion in 2022 after it raised a behemoth $750 million in 2021 funding.
Will Chime Become A Bank?
It’s not officially disclosed that Chime will transition into a full-fledged bank. Currently, it’s a digital fintech technology company that serves banking services in the U.S. by means of two other banks.
It doesn’t matter if it will become a bank or not, as long as it continues to provide its online banking services for free.
Chime is quite outstanding in terms of fees and cutting-edge banking features, unquestionably, bridging the gap between traditional banks that levy more fees than they pay in interest.
Frequently Asked Questions (FAQs)
Chime doesn’t own any bank; it’s affiliated with the two most popular banks: The Bancorp, N.A., and Stride, N.A.
Also, this unicorn is a private fintech company, not held by any other organization or bank.
Yes, both are real banks. If you’re to choose between the two, we’d say Stride is technically a bank that has various physical branches across the United States for people to open a bank account.
Bancorp is basically a bank that offers financial services to nonbank companies such as Chime itself. You won’t find multiple physical branches of Bancorp because it’s a bank’s bank.
Chime Mobile offers online banking services provided by Bancorp Bank, N.A., Stride, N.A., and Member FDIC.
We hope you got the name and address of the banks that Chime works or is affiliated with. This article circles around the Chime bank’s name and address. The Bancorp Bank, N.A., offers online banking, including a debit card, and the Stride Bank provides a credit builder card. Also, you can count on the Member FDIC to cover your insurance against money theft or loss.
Also Read: How to check Chime balance over the phone?