As we continue into 2018, we want to take the time to celebrate another great year at Chime and more importantly reflect on the incredible progress Chime members have made toward living healthier financial lives. Our members inspire us every day and we’re proud to be the bank account that has your back!
Traditional banks continue to fail millions of Americans with business models that profit from people’s misfortune. Chime is different. We’ve created a bank account with our members’ bests interests at the core. Banking doesn’t need to come with unnecessary fees and adversarial banking products are no longer acceptable. We hope you will join us as we continue to help create paths toward financial freedom and healthier financial lives for all Americans.
Millennials have now surpassed baby boomers as the largest living generation, and they’re about to enter their prime spending years. They’re dominating the workforce, forcing companies to evolve how they do business, and reshaping the economy.
Their generation has also been labeled with some not so flattering stereotypes. Ever since Time’s 2013 cover story on the ‘Me-Me-Me Generation’, the media has piled on with stories describing Gen Y as lazy, entitled, narcissistic, job-hopping, unreliable, and social media obsessed. A quick Google search today shows these labels have stuck.
But generalizations about Millennials have also been refuted, and research indicates they also deserve to be called the “giving generation.” A 2014 Millennial Impact Report showed that 87 percent gave to nonprofits in the prior year. When it comes to volunteering, another study indicated Millennials contribute their time and skills more than previous generations. In business, they prioritize purpose over profits, and they’re more likely than previous generations to say it matters that companies give back to society.
When it comes to civic engagement, millennials are mixed. Seven out of 10 millennials identify as social activists, but only 50 percent voted in the 2012 presidential election. As election 2016 approaches, the number of Millennials eligible to vote (69.2 million) now matches that of the Baby Boomers (69.7 million). As a group, Millennials have the potential to be a deciding force in the election, though U.S. census data shows they are the least likely to vote.
Overall voter participation in the past few elections has been declining dramatically. In the 2012 election, 57.5% of eligible voters in America turned out to vote, dipping down from 62.3% in 2008 and 60.4% in 2004.
That’s why we launched #ChimeIn for Election 2016 — to encourage our employees and members of all ages to embrace their political power. This includes registering to vote, getting informed, and a number of other waysto get involved. As part of this initiative, Chime has also pledged to join the #TakeOffElectionDay campaign, which means we’re giving our employees the day off to vote on November 8.
Support for #TakeOffElectionDay is growing, particularly among tech startup companies thanks in large part to Chime investor Hunter Walk of venture capital firm Homebrew. It’s a great way to get company owners involved in fostering civic participation especially given some states have no legal requirement for employers to allow time for voting.
“Let’s flip the script and have the CEOs inform their teams of their right to go vote — and encourage participation. That’s what we’re looking to do with this effort. It doesn’t matter if you’re in a swing state or not. Register and vote in 2016. Your voice matters.” — Hunter Walk, Homebrew
Over 200 companies from New York to San Francisco have already joined in the pledge to give employees the day off on November 8. You can check out the full list of participating companies on the TakeOffElectionDay website. If you’re a CEO, I encourage you to join the list. If you’re an employee interested in getting your company involved, share this post with your boss and colleagues, or send an anonymous email from the site.
This year’s election is arguably one of the most pivotal in our recent history. Regardless of your political views, let’s do our part to make sure all voters have a chance to #ChimeIn on this important election.
We started Chime with a simple mission: to help our members save money, form healthy financial habits and get ahead without a lot of hard work. Today, we’re pleased to announce a major milestone in accomplishing that mission by introducing an interesting-bearing Savings Account that helps members save simply by using their Chime Visa® Debit Card. We call it Automatic Savings, and it literally pays you when you save.
Sounds too good to be true? To get started, simply open a Chime Spending Account and Savings Account online or through the mobile app. Once approved for a Savings Account, turn on Automatic Savings. Here’s how it works:
Use your Chime card to pay bills and make everyday purchases.
We’ll round up each purchase you make to the nearest dollar, and transfer the round up from your Spending Account to your Savings Account.
We’re excited to offer this new way for our members to take small steps toward a regular savings habit. As we found in our recent Millennial Money Mindset Report, 93% of young adults believe setting aside money for savings is important, yet 40% aren’t doing it. As a Chime member with a Savings Account and Automatic Savings, you can put your savings on autopilot, get rewarded when you spend and get rewarded when you save.
Today we’re also announcing a number of new additions to your Chime Spending Account:
Pay bills with direct debit.
Pay your rent, mortgage, credit card or student loan payments electronically by providing your Chime Account and bank routing and account numbers to your biller.
Cash-back category-wide rewards.
Groceries. Restaurants. Utilities. We’re introducing new category-wide rewards that give you instant cash back when you use your Chime card at any retailer in a given category.
No Monthly fees and fee-free ATMs.
We’ve eliminated the Account Maintenance Fee for dormant accounts, and ATM transactions are now fee-free for all members at over 24,000 MoneyPass® locations.
We’re excited to offer our members even more rewarding ways to bank with Chime, and there’s much more to come. We look forward to hearing your feedback, and if you’re not already a member, you can sign up here.
When we launched Chime a year ago, we aimed to give our members more spending power and control with personalized rewards, realtime notifications, and no hidden fees. Since then we’ve been thrilled to see how Chime has helped our members save money and spend more confidently.
We’ve also received some great suggestions for how to make Chime even better. And we’ve listened.
Today we’re excited to announce some big updates. We’ve been working hard to create a more rewarding banking experience with new features that will help you get more out of every dollar you earn and spend.
Here’s a quick overview of the changes you’ll see when you download the new app, which is available today for both Android and iOS:
New Account Screen. When you log into the latest version of the Chime app, you’ll be greeted by a handy Account screen with your essential account details including balance, recent transactions, new rewards, and helpful notifications. Those personalized offers that previously appeared when you opened the app are now called Rewards, and you can easily access them from the main menu.
Early Direct Deposit. Now you can receive your paycheck up to two days early1 to your Chime account when you set up direct deposit with your employer. It’s easy to set up. Go to Add Funds in the app for details.
Fee-Free ATMs. Members receiving direct deposit to their Chime account now have access to over 24,000 fee-free ATMs2 nationwide. Direct deposit members will see the Fee-Free ATM Finder in the main menu of the app. The ATM finder is also available on the web at chimecard.com/atms.
Better Notifications. We’ve added balance notifications to keep you on top of your finances, and you can now manage all of your notifications under Settings.
Thanks to all of our members who provided feedback to help us improve Chime. We look forward to getting your thoughts on the latest version of the app so we can continue to build a better banking experience for all of our membersone that helps them save more, so they can do more.
Co-Founder & CEO
1Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct Deposit and earlier availability of funds is subject to payer’s support of the feature and timing of payer’s funding.
2Accounts are eligible for fee-free ATM transactions at MoneyPass locations for 30 days after last direct deposit.
Weeks after the earthquake hit, Nepal still needs our help.
Though it’s easy for our attention to shift with the latest news cycle, Nepal still needs our help. New reports continue to shed light on the immense impact of the 7.8 magnitude earthquake. Up to 90 percent of clinics and schools have been destroyed, and the need there is growing.
Today we’re adding our support to the cause by encouraging Chime members to donate by giving them more spending power when they donate to UNICEF using Chime this month. If you’re considering contributing to the relief effort, whether you’re a Chime member or not, it’s important to do your homework on how best to help. A common tipis to avoid sending physical goods, and instead donate to organizations that you can trust. A great resource is Charity Navigator which has a helpful guide to giving in times of crisisas well as a list of current, four-star rated organizationssuch as UNICEF that allow donors to designate their contribution specifically to the relief effort in Nepal.
Chime was designed for a generation of consumers looking for a better way of banking, and one that also cares about giving back. A 2014 Millennial Impact Reportshows that 87 percent of millennials gave to non-profits last year. They’re 80 million strong with more than $200 billion in annual spending power. At Chime, we’re dedicated to helping our members get more out of every dollar they earn and spend, and today we’re hopeful that we can help turn that spending power into spending that makes a difference.