Is Chime going out of business?

No. Chime is not going out of business. In fact, it has gained more customers during the Covid-19 pandemic. Chime, being an online-only bank, has attracted lots of people with its great offerings like early direct deposits, fee-free overdraft facility on debit card purchases, credit score building credit card, and its 0.50% APY.

This digital bank even claims that it can increase your credit score by up to 30 points when you use its credit builder card to make purchases. Interestingly, the bank won’t charge you a penny in annual fees and don’t have any additional charges or fees for using this card.

Another great thing about Chime bank is its early direct deposit feature that has garnered more attention. When you set up a direct deposit with Chime, the amount that your employer or payroll provider pays you will directly gets deposited in your Chime Spending Account and can be utilized right away.

Normally, all other traditional banks will give you access to your direct deposit funds only after processing them for up to two days. So, Chime is giving you access to your funds two days in advance which is really great.

If you still have a doubt that Chime might go out of business in the future, have a look at this article by Reuters.