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Chime is cool because whereas other banking apps process phone check deposits within a day or two, Chime gives themselves a free loan of the full amount of you
by jrflowers 2y ago
Chime is cool because whereas other banking apps process phone check deposits within a day or two, Chime gives themselves a free loan of the full amount of your deposit for as close to 8 days as they can get before putting the money into your account. It is nice because it involves average users in charity to the app owners
- rahimnathwani 2y agoAIUI it's the other way around: most banks will front their customers the money, assuming that the check won't bounce and that, even if it does, the customer will be able to repay the amount the bank fronted them. What you describe sounds like Chime isn't willing to take credit risk on its customers.