Is Chime a Bank? Is It FDIC Insured? How Your Money Is Held

Chime looks and feels like a bank: you get a debit card, direct deposit, an app and a routing number. The difference is behind the scenes. Chime builds the app, the card and the customer experience, while a licensed partner bank holds your deposits and issues the account. This setup is common among popular money apps.

Which banks hold Chime deposits?

Partner bank	FDIC certificate
The Bancorp Bank, N.A.	35444
Stride Bank, N.A.	4091

Certificate numbers confirmed in the FDIC BankFind database.

Which one holds your money depends on your account. The partner bank is named in your account agreement, and usually on the back of your debit card.

Why does Chime use partner banks?

Getting a bank charter takes years of regulatory review and a lot of capital. Partnering with a chartered bank lets a company like Chime launch and grow faster, while the bank handles deposits, FDIC insurance and the regulatory side. Chime focuses on the app, the debit card, features like SpotMe and customer support. Many popular money apps work the same way, so the question is less whether an app uses partner banks and more whether you understand how your money is protected.

Is my money FDIC insured at Chime?

Yes, through the partner bank, up to $250,000 per depositor, per ownership category. This is often called pass through insurance: the coverage passes through Chime to you, as long as the partner bank’s records show which money belongs to which customer.

Two things to know about the limit:

• It is shared. If you also have money at The Bancorp Bank or Stride Bank through another app or directly, all of it counts toward the same $250,000 at that bank.
• It covers bank failure only. FDIC insurance pays out if an insured bank fails. It does not protect you against the failure of a non bank company such as Chime.

What FDIC insurance does not cover

The main extra risk with any fintech app is the company in the middle. In 2024, customers of several fintech apps lost access to their money for months after Synapse, a middleman company that connected those apps to their partner banks, went bankrupt. No bank failed, so FDIC insurance did not apply, and sorting out who owned which dollars took a long time.

That does not mean Chime will have a problem. It does mean the protection is not quite the same as holding money at a bank directly, which is worth knowing if you keep large balances.

Chime vs. a bank: what is different?

	Chime	A bank like SoFi or Capital One
Who holds your money	Partner banks	The bank itself
FDIC insured	Yes, through partner banks	Yes, directly
Protected if the app company fails	Not by FDIC insurance	The app company is the bank
Branches	None	Some have branches
Interest on checking	None	Varies; SoFi pays 0.50% APY

Does it matter that Chime is not a bank?

For everyday spending, not much. You still get a debit card, direct deposit, ATM access and insured deposits. It matters more if:

• You keep large balances. Consider holding savings at an FDIC insured bank directly.
• You want in person service. Chime has no branches.
• Your money at the same partner bank through other apps could add up past $250,000.

A simple approach many people use: keep spending money in Chime for its features, and keep savings at an FDIC insured bank that pays a high rate.

What Chime offers

Chime checking has no monthly fee or minimum balance, SpotMe overdraft coverage from $20 up to $200 or more with no fees for eligible members, direct deposits up to 2 days early, 47,000+ fee free ATMs, cash deposits at 92,000+ retail locations and 24/7 phone support. It pays no interest on checking. Read our full Chime review.

How to check which bank holds your Chime money

1. Look at the back of your Chime debit card for the issuing bank’s name.
2. Open your account agreement in the Chime app or on Chime’s website.
3. Look up the bank in the FDIC’s BankFind tool to confirm it is insured.

Bank alternatives to Chime

If you would rather bank directly with an FDIC insured bank, these free checking accounts are banks themselves:

• SoFi Checking: 0.50% APY, 55,000+ fee free ATMs
• Axos ONE Checking: 95,000+ fee free ATMs, no overdraft fees
• Capital One 360 Checking: 70,000+ fee free ATMs, branches and cash deposits at stores

See the full comparison in SoFi vs. Chime and our best checking accounts.

For accounts held directly at FDIC insured banks, see the best FDIC insured savings accounts.

Frequently asked questions

Is Chime a bank or an app?

Chime is a financial technology company that offers banking services through partner banks. It is not a bank itself.

What bank is Chime under?

The Bancorp Bank, N.A. (FDIC 35444) or Stride Bank, N.A. (FDIC 4091), depending on your account.

Is Chime FDIC insured?

Your deposits are FDIC insured through Chime’s partner banks up to $250,000 per depositor.

Is Chime safe to use?

Your deposits are held at FDIC insured banks. The main extra risk compared with a bank is the fintech company itself, which FDIC insurance does not cover.

Does Chime have a routing number?

Yes. Your Chime account has a routing and account number from its partner bank, so you can set up direct deposit and transfers like any bank account.