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What Bank Is Chime? 7 Questions Answered! (Full 2022 Guide!)


Isaac Floyd


Last Updated

When asking what bank Chime is, the first thing to establish is that Chime is not a bank, but rather a financial technology company taking a modern approach to banking by using electronic technologies, allowing for less costly banking services when compared to traditional, physical banks. 

There are many questions related to Chime’s banking system, so let’s run through everything you need to know about banking with Chime and how the company operates.

What Bank Is Chime?

Chime is not a physical bank, but rather a neobank (virtual bank) working by allowing access to its banking service partners, The Bancorp Bank, and Stride Bank. Instead of overloading you with choices, Chime provides simple, fee-free consumer-level banking, with options including checking and savings accounts, a Visa Debit Card, and Chime Credit Builder Visa Credit Card.

Who Does Chime Bank With?

Chime’s banking service partners are The Bancorp Bank N.A. (FDIC Cert #35444) founded in 1999, and Stride Bank, (FDIC Cert #4091) founded in 1913, who are both fully secure and FDIC-insured up to the limit of $250,000 for each depositor should they experience bank closure. 

Where Is Chime Bank Located?

Chime itself does not own a physical bank. However, Chime’s headquarters are located at 77 Maiden Lane, San Francisco, California. Regarding their banking service partners, The Bancorp Bank is headquartered in Wilmington, Delaware, the United States, and Stride Bank in Enid, Oklahoma, United States.

Who Owns Chime Bank?

Chime was founded in 2013 by entrepreneurs Chris Britt (current CEO) and Ryan King (current CTO), whose objective was to modernize banking through an online-only approach, making services helpful, straightforward, and less costly for consumers. Chime has continued to grow at a fast pace, and as of 2022 has over 13 million active customers, and is projected to have around 23 million users by 2025. 

How Does Chime Make Money?

It’s reasonable to question how Chime makes money considering they don’t charge usual bank account fees. Instead, they charge a small percentage (~1.5%) on transaction fees that are made using their Visa debit card. As purchases are made, such as paying for goods or bills, Visa takes a small interchange fee from the merchant who is processing your payment, and Chime takes a cut of this.

Chime also makes money through interest earned on cash and when you use out-of-network (fee charging) ATMs.

What Bank Is Chime On Zelle?

At some point in 2021, Chime, who partners with The Bancorp Bank, and Stride Bank, stopped being available on the payment app Zelle, and currently does not show up on the list of banks active on the Zelle Network. It is however still possible to send money through Zelle to your Chime account by using their “Don’t see your bank?” option and adding your Chime debit card info this way.

A potential reason for the conflict between Chime and Zelle is that Zelle was Created by Early Warning Services, which is a fintech company owned by 7 of America’s biggest physical banks. As Zelle was created with the goal of helping physical banks offer digital payment features, they are in direct competition with online-only companies such as Chime. However, this matter has not been directly addressed by either Chime or Zelle.

What Bank Is Chime On Plaid?

Chime uses a third-party provider called Plaid in order to facilitate external account linking and transfers through their banking service partners, The Bancorp Bank, and Stride Bank. For Chime members to link a bank account with Plaid, they need to select their outside bank from a list and input the login info associated with that account.





About Isaac

Isaac graduated with an MBA in 2014. After graduating he worked in the software industry for 5 years. He started his first online side hustle in early 2018, today he makes a full-time income from his 3 online side hustles. One of the 3 is Humbled MBA.