Chime Banking, a smartphone-based banking company, announced today that it now supports Apple Pay in the U.S. for both in-store and in-app payments.
Chime Visa debit cards can be added to Apple Pay by tapping the "Add Credit or Debit Card" option in the Wallet app on iOS 8.1 or later on compatible iPhones.
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Chime Banking is an app that provides over 120,000 customers with FDIC-insured spending and savings accounts that are managed entirely from a smartphone.
The benefits of creating a Chime Banking account include no minimum or monthly fees, no overdrafts, personalized rewards, savings mechanisms, two-factor authentication, and no-fee ATM access at over 24,000 MoneyPass locations.
Chime Banking has no physical locations, so direct deposits and bills can be set up or paid using your Chime card number, by providing your routing and account number to the payee, or by mailing a check from the app.
Chime Banking is free on the App Store [Direct Link] for iPhone and Apple Watch.
Top Rated Comments
Never heard of this bank before (I'm in Canada) but I love the mobile-first mentality. Millennials don't want branches, don't want to use desktop and don't want fees. This meets all that criteria.
Don't speak for all millennials; I definitely would like some branches for ATM withdrawals and I actually prefer doing online banking through the browser most of the time. (Enough places where I live have $5-10 minimums and/or charge extra to use cards that I can't go completely cashless just yet.)The average person would qualify for the 5.00% as most make more than 15 debit card transactions, spend more than $500 a month, and gets direct deposit.
Although we have ATM/debit cards, we don't use them. In the US, you lose several legal protections if you use a debit card instead of a credit card, and we would give up the rewards from the credit card we DO use.We also don't have direct deposit. My wife and I are both retired, but aren't old enough to start any pension payments. We are living off periodic withdrawals from our investments, which are "transfers" rather than "direct deposit".
http://www.northpointe.com/banking/personal-accounts/ultimateaccount/
The catch: only on the first $5,000. 0.10% for the portion above that. And that's only if you make a minimum of 15 debit card purchases that total a minimum of $500 and have direct deposit. Fail to do any of that and the entire balance in the account only gets 0.05% interest.OK, well that's not allowed per the merchant/issuer agreement, sorry. Look it up yourself if you don't believe me.
I believe you. I think they're just violating the rule. A lot of these places are sketchy, so I wouldn't put it above them. Yes, besides the places that offer a discount for using cash, there are places that say after you try to use credit that there's a surcharge of some amount greater than 4%.[doublepost=1464661804][/doublepost]
That's because we live in America. In other countries, you tap your card and go. American's are too afraid and sensitive of such technology.
I don't know. It's probably just because the cities haven't modernized their train systems. Berkeley's BART trains are old, slow, and screechy, and they don't even have proper signage at the stops. I hear my city-planning-major friend complain about it all the time.Sit down restaurants are actually one of the most vulnerable to fraud
I don't know where you dine out but I've never had the tip changed from what I've written down on the receipt. (I almost always leave adequate tip though so maybe they don't feel the need to do so.) Also keep in mind that it is fairly easy to figure out who's skimming cards by correlating fraud reports with where and when people have used cards, so it's not exactly something that can be kept up for long.restaurants with wireless chip and pin readers should play apart of that role.
Why, when just any EMV terminal is enough to stop cloning/skimming?fraud always ends up at the weakest link... So restaurants without chip readers will be the target for fraud along with internet sales.
Thieves will get a much better bang for the buck with online fraud than by scamming restaurants out of a $20-30 check or two. It's why EMV came the most quickly to places like liquor and electronics stores, which sell expensive, easy to resell items.Once America goes to 95% > EMV transactions vs. 5% mag-stripe, customers will be wondering why a certain business still implements the old method and wonder if card skimming or another way of fraudulent activity is happening behind the scenes.
With zero liability policies in place by basically every card issuer, I don't think it'll matter to consumers as much as you think.I'm actually in favor of a law stating chip and pin cards are required to be issued, and the card is not allowed to leave the owners hand during a transaction by 2018. Merchants that don't have the correct pin pads would then be liable for fraudulent charges and also a fine per transaction. Consumer facing and wireless terminals should be the norm everywhere while counter-top readers should not be sold by the card reading manufacturers anymore unless they're wireless and used for restaurants businesses only.
Why should the government mandate that when PIN has actually proven to, at best, only improve lost/stolen fraud in the short term ('https://www.nerdwallet.com/blog/credit-cards/emv-shift-credit-cards-not-as-safe/')?I do agree with you about app bill paying at restaurants. However, many old timers who visit restaurants don't even have smartphones, so there needs to be an alternative; hence, wireless chip readers.
Almost 50% of people 65 and older own a smartphone ('http://www.marketingcharts.com/online/smartphone-penetration-rising-in-all-age-and-income-demos-hits-75-of-us-mobile-market-51585/'). That was back in 2014 so it's likely higher now.The way I see it, chip and signature and even NFC/contactless are stopgaps until the real transition (to mobile checkout/ordering) takes hold.