Chime Bank Name (What to Use For Direct Deposit)

chime bank name

Chime Bank is, in fact, no bank. That may be confusing at first but actually makes sense once you find out what the “bank’s” arrangement is. So, how do you know what bank is behind Chime? Here’s the short answer. 

Chime works with two banks – Stride Bank and the Bancorp Bank. To find out which bank issues your card, look at the card or go to the Chime app’s Settings and look under the “Account Policies & Terms.”

Keep on reading as we’ll explain what Chime is, what its partner addresses are, and how to set up direct deposit. 

What is Chime?

Chime is a so-called challenger bank. Other names for it are digital bank, online bank, mobile bank, neobank, etc. As you may have noticed, all the names include the word “bank”.

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That’s sort of deceiving in some cases. There are fully fledged digital banks such as Axos Bank, Varo Bank, and Ally Bank, for instance. They put the word bank next to their name because they can rightfully do so.

However, Chime used to do it as well, even though Chime isn’t a bank but a financial technology company such as Block (formerly Square, the owner of Cash App), MoneyLion, Current, Juno, One, Venmo, etc. You get the point.

Chime agreed to stop using the word bank after they got pushback from the California Department of Financial Protection and Innovation. Only licensed entities can call themselves banks according to the laws. 

Chime is, therefore, a fintech company and “more like a consumer software company than a bank . . . It’s more a transaction-based, processing-based business model that is highly predictable, highly recurring and highly profitable.” The words of Chime CEO Chris Britt. 

READ ALSO: Using Chime with Facebook Pay (How to Connect) 

How to Find The Bank Name? 

It’s actually very easy to find what bank is behind your Chime account. Simply open the Chime app and go to Settings. Under the “Account Policies & Terms” you’ll see the bank name. 

Here are the banks’ details: 

Stride Bank N.A.                                                 The Bancorp Bank  

324 W Broadway Ave                                           6100 S Old Village Pl

Enid, OK 73701                                                    Sioux Falls, SD 57108

How to Set up Direct Deposit?

If you want to set up direct deposits with Chime, not only can you get some extra Chime features but also get rid of your traditional bank account. 

You can set up direct deposit in a couple of ways; on the Chime app or on the Chime website.

To set up direct deposit using the Chime app:

  1. Open the Chime app 
  2. Tap “Move Money”
  3. Tap “Move your direct deposit” 
  4. Under “Have Chime do it for you”, tap “Find employer” 
  5. Enter the name of your employer, payroll provider, government benefits provider, etc.
  6. Sign in 
  7. Tap “Continue” to automatically set up your direct deposit 

What if you can’t find your employer if it’s a small business, for instance? Or you need to hand-deliver or email the form? Here’s the solution:

  1. Open the Chime app 
  2. Tap “Move Money”
  3. Tap “Move your direct deposit”
  4. Select “Get completed form”

This will put a request for an email copy of your Chime account number, routing number, and a voided check. 

Now you have everything to complete the direct deposit through your employer, payer, or benefits provider. 

If you want to do a direct deposit for Child Tax Credit payments, you’ll need to update your bank account information in the ​​Child Tax Credit Update Portal.

To set up the direct deposit via the Chime website, do the following: 

  1. Sign in to your Chime account
  2. Click “Move Money”, or 
  3. Click “Print or Download” to get a completed direct deposit form

By clicking on “Move Money”, you’ll see the Chime routing and account number you can give to your payroll or benefits provider.

The printed form can be given to your provider or sent in an email.

READ NEXT: 7 Possible Reasons Why Your Chime Account is Suspended

How to Unlock Additional Chime Features?

There’s more to Chime than “just” a Visa debit card and a checking and savings account. 

There’s also SpotMe. A fee-free overdraft that “spots” you up to $200. You can also send boosts to others to increase their SpotMe limits. 

You can get access to SpotMe by getting at least one $200+ qualifying direct deposit every 34 days. It has to come from your employer or similar. 

The other popular feature you unlock is the Chime Credit Builder. The company says that millions of people use it. 

With the Credit Builder program, you get a Chime credit card that you use to shop and pay bills. After successful repayment of your credit card balance, Chime will report the fact to major credit builder bureaus to help build up your credit score. 

Some people swear by the program, while others say their score actually got worse. 

chime negative comment
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READ NEXT: 2 Possible Reasons Why You Got Chime Card In The Mail (What To Do)

Cards 

Chime offers two types of cards – a debit card and a credit card. The Visa debit card can be issued by Stride or Bancorp, while the Visa Credit Builder card is issued only by Stride Bank. 

As we already mentioned, you can see the back of your card to find out what bank issued it.

FDIC Insurance

All Chime accounts are insured up to the maximum deposit insurance amount of $250,000. That’s thanks to partner banks, Stride and Bancorp, which are both Members of FDIC. 

About Stride Bank, N.A. 

The Stride Bank is one of two partner banks Chime works with. It has a long history (founded in 1913) and is based in Oklahoma. The bank offers a full range of financial services for personal, business, and commercial customers. 

Anything from auto loans to treasury management is present. They are also at the forefront of the neobank revolution because they developed and manage payment solutions for Chime and other fintech companies. 

About The Bancorp Bank

The Bancorp Bank is the other banking partner of Chime. It’s also a prolific provider of back-end services to fintech companies. Neobanks and fintechs such as SoFi, Oxygen, 

Netspend, Venmo, Uber, and others rely on Bancorp for their services. 

The Bancorp doesn’t have a rich history like Stride, but still, it does well. It manages $6.8B in assets and has 150M+ active cards in circulation. 

Bancorp’s Fintech Solutions business is a pioneer in prepaid card-issuing sponsorship, and today, the company is the number 1 prepaid card issuer and the 8th largest debit card issuer in the US.

Conclusion

Chime works with partner banks Stride Bank and The Bancorp Bank that issue the debit and credit cards and deal with money transfers. 

Digital Banking Apps Worth to Know About
Current: The Future of Banking
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As a mobile banking app affiliate, I earn from qualifying purchases.

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Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.
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Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.