What Bank Does Chime Use for Its Accounts?
Understand Chime's banking model and the FDIC-insured partners that hold and protect your funds.
Chime is a financial technology company that offers mobile-first banking services to consumers across the United States. It provides a digital platform for managing finances, aiming to simplify everyday banking.
Chime’s Operational Model
Chime operates as a financial technology (FinTech) company and does not hold a banking charter itself. Instead, Chime provides banking services by collaborating with established, federally regulated banks. This partnership allows Chime to offer various financial products. Chime primarily functions as the technology layer and user interface, while its partner banks handle the underlying banking operations.
Key Banking Partnerships
Chime partners with specific FDIC-insured banks to provide its services. The primary institutions that hold customer deposits and issue Chime Visa Debit Cards are The Bancorp Bank, N.A., and Stride Bank, N.A. These banks are the actual regulated entities responsible for the financial infrastructure behind Chime’s offerings. The Bancorp Bank, N.A., has been a long-standing partner, and Stride Bank, N.A., also supports Chime’s services, including checking and savings accounts and card issuance.
These partnerships enable Chime to focus on developing innovative features and a user-friendly experience. The partner banks are responsible for processing transactions and maintaining the security of customer accounts. This collaborative model allows Chime to offer products like early direct deposit and fee-free services. The Bancorp Bank, N.A., and Stride Bank, N.A., provide the necessary regulatory compliance and operational backbone for Chime’s financial products.
Deposit Insurance Protection
Customer deposits held through Chime are protected by federal deposit insurance. Because Chime partners with FDIC-insured banks, funds are covered up to the standard maximum deposit insurance amount. This coverage is currently $250,000 per depositor, per insured bank, for each account ownership category. This means that in the unlikely event of a partner bank’s failure, your money is secure up to the specified limit.
The Federal Deposit Insurance Corporation (FDIC) provides this insurance for deposit accounts such as checking and savings accounts. It is important to understand that the insurance is provided by The Bancorp Bank, N.A., or Stride Bank, N.A., where your funds are held, not directly by Chime. This structure ensures that Chime accounts offer the same level of deposit protection as those at traditional banks.
Identifying Your Account’s Bank
Users can determine which specific partner bank holds their individual Chime account through several methods. One straightforward way is to check the back of your Chime Visa Debit Card, as the issuing bank partner’s name is printed there. You can also find this information within the Chime mobile application.
Within the Chime app, navigate to the “Move Money” section and then select “Direct Deposit Setup”. Tapping “Get Completed Form” will display a direct deposit form, where the name of the bank associated with your account is located near the top. Alternatively, you can use the in-app chat feature by going to “Profile,” selecting “Help Center,” and typing “Who is the issuing bank partner for my checking account?” into the chatbot. Your monthly account statements also provide details regarding the partner bank.