Chime: Advancing FinHealth for All Through Innovative Banking Services

For those who are trying to make ends meet, bank fees can be a significant barrier – leaving consumers who are living paycheck to paycheck with limited choices for both fee-free basic banking and low-cost short-term liquidity. As a result, consumers may end up paying high banking fees, which can quickly add up or cause consumers to turn to riskier products. 

After recognizing this barrier, the founders of Chime® built a financial technology company around the premise that basic banking services should be helpful, easy, and free. Chime creates products that allow the company to succeed when its members do, which is why the company doesn’t rely on overdraft, monthly service, or minimum balance fees.

The fintech is on a mission to unite everyday people, including those who often struggle with the high cost and barriers to entry in traditional financial services, to unlock their financial progress. By reimagining what banking can be, Chime empowers millions of people to take control of their finances. 

This means meeting people where they are on their financial journey and building products and services that help them build credit history, access liquidity, and move forward. Chime believes that the responsible use of technology has the power to bring about a fairer and more competitive marketplace, where consumers have more low-cost options.

Chime has been intentional about responding to customers’ unique needs by providing them with an easy and secure entryway to financial services. Chime’s product offerings, which include SpotMe®, MyPay™, and Chime Credit Builder Visa® Credit Card, have raised the standard for consumer-friendly banking products.

• • SpotMe: SpotMe provides customers with fee-free overdraft for up to $200, helping Chime members to cover daily expenditures when they’re short on funds without worrying about punitive fees. As one of the first full-feature accounts to offer fee-free overdrafts, Chime is committed to helping its members meet short-term liquidity needs. Since its inception in 2019, SpotMe has covered more than $32 billion dollars in transactions and allowed millions of eligible users to bypass overdraft fees entirely. The average overdraft fee is $35, and these fees can quickly add up. 
  • MyPay: The majority of workers have to wait at least two weeks for their pay, which can make it difficult to pay their bills or make everyday purchases. MyPay aims to transform how Americans get paid, offering members access to up to $500 of their pay any day before their next paycheck arrives. Members can receive money within 24 hours for free or instantly for a $2 fee per advance without any credit checks and or interest charges. MyPay’s mission is to put members in control and offer an affordable alternative to high-interest credit cards, payday loans, or overdraft fees.
  •  Chime Credit Builder Visa Credit Card: This secured credit card helps members build their credit history simply and safely with no interest, minimum security deposit requirement, or credit check. Credit Builder also offers features that help members stay on top of key factors that impact their credit scores. In addition to building their credit history, Chime members who consistently use Credit Builder have average credit score increase of 30 points after making on-time payments.

As part of Chime’s commitment to its mission, Chime has adopted financial progress metrics to keep the entire company laser-focused on supporting the financial health of its members. Chime uses the Financial Health Network’s FinHealth Score® survey to understand how its members are faring financially. It also conducts analyses that build on FHN’s Spend, Save, Borrow and Plan framework to assess whether its products are performing  as intended and to drive continuous improvement across Chime’s suite of solutions. Chime’s collaboration with the Financial Health Network has supported its survey designs and given it the ability to obtain real-time data. 

Chime’s measurement work has revealed that the company is meaningfully improving members’ financial health. In 2024:

• • 97% of members said that Chime helped with at least one aspect of their financial progress.
  • 81% of members say Chime has helped improve their financial situation. 
  • Members have saved over $18 billion in 2023.
  • 75% of members said they see themselves as lifelong Chime members.

Beyond building member-centered products, Chime is investing in advancing equity and prosperity within its communities. Recognizing that relevant, timely, and actionable financial education is a prerequisite to financial health, Chime has boldly committed to bringing financial education to 10 million people across the U.S. by 2027. It has also pledged 1% of its equity to the Chime Scholars Foundation to help nontraditional scholars pursue higher education, and it is engaging directly with local nonprofit leaders and entrepreneurs who are driving change on the ground.

Through its financial education initiative, Chime has partnered with financial education platform Zogo to give members fee-free access to more than 800 modules  on a variety of financial topics. 

“I’ve been loving this [Chime x Zogo] app! I’m so glad I found it out through Chime. I’ve been extremely focused on getting my finances together for the past few weeks, and this app really helps me feel like I’m getting my life back on track. I’ve been immensely stressed over it, but this will help me take it one day at a time!”
– Chime Member 

Chime also continues to address systemic barriers to financial progress through initiatives like Changemakers, which funds local leaders who are breaking down these barriers and empowering their communities in new ways.  

“For me, what it means to be a Chime Changemaker is to get access to create more access for others. And now, I get to do that in an accelerated way.”
– Kelsey Davis, 2023 Changemaker

Looking ahead, Chime remains committed to its mission of bringing safe, affordable, and easily accessible banking services to underserved communities. Putting members front and center is part of Chime’s DNA, and that focus will continue to be its north star as it explores new opportunities to improve their financial health.