SAN FRANCISCO, Jan. 31, 2018 /PRNewswire/ -- Chime, the leader in U.S. challenger banking, is on track to open more than 100,000 bank accounts per month and expects to reach 1 million total this quarter. With more than 750,000 bank accounts opened to date and over $2.5 billion in total transaction volume, Chime has emerged as the clear leader in the challenger banking segment.
Consumers are rapidly switching from traditional banks to Chime - "the bank account that has your back" - for a more simplified, connected approach to banking that helps members avoid fees, save money automatically, and stay on top of their finances. While most Americans pay more than $27 a month on average in bank fees, Chime doesn't charge overdraft fees, monthly fees or foreign transaction fees. With its award-winning mobile banking app, Chime members avoided more than $225 million in potential overdraft fees from traditional banks in 2017 alone, while putting over $72 million into savings accounts with help from Chime's automated savings tools.
"Traditional banks are failing to meet the changing needs and expectations of millions of Americans," added Chris Britt, CEO and Founder of Chime. "There's too much friction in consumer banking, and the days of big banks profiting from customer misfortune are ending. Your bank shouldn't be your adversary. We make banking easier and help our members achieve long-term financial health."
To mark the end of a successful year, the company released a Key Milestones and Trends Report with insights based on Chime member behavior. Key trends observed among its large base of millennial members include: early investments in cryptocurrencies and increasing usage of financial automation. For more 2018 trends, see https://www.chimebank.com/2018Trends
Chime, the leader in the U.S. challenger banking segment, helps members avoid bank fees, save money automatically, and lead healthier financial lives. Founded by financial and tech industry veterans Chris Britt and Ryan King, Chime offers a modern, mobile and connected approach to banking that gives members complete control of their finances. Chime members receive a Chime debit card, a Spending Account, a Savings Account, and a powerful mobile app that keeps members in control. The Chime mobile app is available for iPhone and Android devices and has been featured as one of the best Money Management apps in the App Store. Chime's global network of investors includes Aspect Ventures, Cathay Innovation, Crosslink Capital, Forerunner Ventures, Homebrew, Northwestern Mutual Future Ventures, Omidyar Network and PivotNorth Capital. Banking Services provided by The Bancorp Bank, Member FDIC. To learn more about Chime visit http://www.chime.com.