Company type | Private |
---|---|
Industry | Financial services |
Founded | 2012 |
Founders | Chris Britt and Ryan King[1][2] |
Headquarters | 101 California Street San Francisco, California, United States |
Key people |
|
Products | Checking accounts, savings accounts, debit cards, p2p, credit cards, fee-free overdraft |
Revenue | US$200 million (2019)[3] |
Total assets | US$5.8 billion (2019)[3] |
Website | chime |
Chime Financial, Inc. is a San Francisco–based financial technology company that partners with regional banks to provide certain fee-free[4][5] mobile banking services. The company offers early access to paychecks, negative account balances without overdraft fees,[2] high-yield savings accounts,[5] peer-to-peer payments,[6] and an interest-free secured credit card.[7] Chime earns the majority of its revenue from the collection of interchange fees on debit card transactions.[8]
Chime is not a bank and Chime customers do not have a customer relationship with its banks. Chime can and does cancel user accounts without notice; moreover, it is not required to provide a reason for the cancellation to the customer or even have a reason. Customers cannot appeal to banking regulators to retrieve their deposits, which may not be returned in a timely fashion.[9][10]
ForbesAdvReview
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