There’s no shortage of apps to make your life easier in today’s digital world, which is especially true in the financial world. Two of the most popular banking apps are Chime and Zelle. They each do different things and have different purposes, but both are great tools to improve your financial life.
Zelle is designed to move money between banks. The money can be moved from your account at one bank to another or transferred money between different individuals. For example, it’s helpful to pay rent or split the cost of lunch without using cash or writing a personal check.
Chime is different than Zelle. It offers many banking products without fees, including checking accounts with no minimum balance. Chime also https://loansolution.com/payday-loans-nm/ has an automated savings feature, and direct deposit times hit early and fast.
Chime can also issue you a Visa debit card. Additionally, their Credit Builder secured credit card can help you improve your credit score.
The Chime Credit Builder secure credit card has several advantages over traditional credit cards. There is no pre-set limit, but you can only spend as much money as you transfer into the account. It helps avoid charging too much and having high credit card utilization rates appear on your credit report.
As a benefit, Chime reports your banking history to the three major credit bureaus every month. It helps improve your credit history and credit score. Every positive report on your credit report helps improve your score.
Yes, Chime works with Zelle banking app. It’s beneficial they work together since Zelle helps you move money between accounts, and the Chime Credit Builder credit card needs funds in the account to work.
1. Setup Accounts
First, you need to set up a Chime and Zelle account. Fortunately, the two companies make opening a new online banking account easy. It’s so easy to activate an account that Zelle had more than 50,000 new users on average in 2017. In addition, according to Cornerstone Advisors and StrategyCorps, about 12 million US consumers use Chime online banking.
2. Download Mobile Apps
Download the Zelle and Chime mobile banking apps. Downloading the apps lets you immediately transfer money from your phone on the go.
3. Skip Where Do You Bank?
When Zelle asks you, “Where do you bank?” you might be tempted to type in Chime. But, unfortunately, Chime is a financial technology company and isn’t a bank. Therefore, it doesn’t show up on the list of banks in Zelle.
But don’t worry, the Federal Deposit Insurance Corporation insures all money deposited with Chime up to $250,000. Still, it’s not a traditional brick-and-mortar bank.
4. Don’t See Your Bank Option
Since Chime isn’t a bank, click on “Don’t see your bank?” This will bring up new options that allow you to continue.
5. Enter Chime Debit Card Information
The next screen gives you the chance to enter your debit card information. You’ll enter your Chime debit card number, expiration date, and security code. It must be an active account and won’t work for expired debit cards or ones still being processed during the activation period.
6. Create Password
Click continue and create the strongest online banking password to keep your account safe from hackers. But, be sure to make something that you can remember.
Don’t use the same password for other financial accounts. If your credit card is stolen at a financial institution, you don’t want the hacker to get into your other accounts too. It’s a basic financial survival tip, so you don’t lose all your annual savings.