Chime is a strong option for those seeking a fee-free checking account with early access to paychecks and overdraft protection. Bank of America Advantage Plus Banking might be better for those who prefer in-person banking and can meet the requirements to waive the monthly fee, and want debit card rewards.
| Attribute | Bank of America Advantage Plus Banking | Chime Checking Account |
|---|---|---|
| Monthly maintenance fee | $12 (waivable) | $0 |
| Minimum balance requirements | $100 minimum opening deposit | $0 |
| Overdraft fees and options | $10 per overdraft item (max 2 per day). Balance Connect available with no transfer fees. | Chime doesn't charge overdraft fees. SpotMe is a fee-free overdraft service that may allow eligible members to overdraw up to $200 on debit card purchases and cash withdrawals. Eligibility requirements apply. |
| ATM access and fees | Free withdrawals at Bank of America ATMs. $2.50 fee for out-of-network ATMs in the U.S. ($5.00 outside the U.S.), plus ATM operator fees. | Chime provides access to over 47,000 or 50,000+ fee-free ATMs. Out-of-network ATM fee: $2.50. |
| Mobile banking features | Mobile check deposit, Zelle, bill pay, transfers, custom alerts, Erica (virtual financial assistant), Spending & Budgeting tool | The Chime app allows you to check balances, deposit checks, send money, transfer funds, and find ATMs. |
| Interest-bearing options | Not interest-bearing | While the Chime Checking Account itself doesn't earn interest, Chime offers a Savings Account with a variable APY. |
| Bill payment features | Available through mobile app and online banking | You can pay bills through the Chime Checkbook feature, which sends a check on your behalf. |
| Direct deposit availability | Yes | Yes, direct deposit is available. You can set it up online or in the app. With direct deposit, you may get your paycheck up to two days early. |
| Debit card features and rewards | Debit card included, digital wallet integration, $0 liability guarantee, BankAmeriDeals cash back rewards | Comes with a Chime Visa Debit Card. The card can be used anywhere Visa is accepted. You receive instant transaction notifications. |
| Customer service channels and ratings | Phone, chat (via mobile app), in-person at branches | Chime offers customer service via phone and chat. They have 24/7 support. |
| FDIC insurance coverage | Up to $250,000 per depositor, per insured bank, for each ownership category | Your deposits are FDIC insured up to $250,000 through Chime's partner banks, The Bancorp Bank, N.A. or Stride Bank, N.A. |
| Early access to paychecks | Early direct deposit may be available | With direct deposit, you can access your paycheck up to two days early. |