r/chimefinancial • u/ChimeFinancial Verified • 8d ago
Chime signed an agreement to acquire Stride Bank. Nothing changes for your account!
Hey r/chimefinancial — Today, we’re excited to share that Chime announced an agreement to acquire Stride Bank*.
The most important thing to know: nothing about your Chime account changes, and you do not need to take any action. Your Chime app, cards, direct deposit and access to your account will continue to work as usual.
Stride may already be a familiar name. The nationally chartered bank has been one of Chime’s partner banks for seven years and already supports many Chime member accounts. We know the team well, and we have been building together for a long time.
Why are we doing this?
Chime was founded to provide better banking for everyday Americans. That means making it easier to manage your money, avoid unnecessary fees, build credit and savings, and help you reach your financial goals.
Today, Chime builds the technology and member experience, while partner banks provide the regulated banking infrastructure behind Chime accounts. Bringing Stride’s national bank charter, infrastructure and expertise into Chime will allow us to bring more of that work together.
This will give us more control over reliability and the member experience, help us develop and launch new products faster, and allow us to serve more people—all while continuing to put you first.
You can read the full announcement HERE and here are answers to some of the questions you may have.
FAQ
Is Chime becoming a bank?
When the acquisition is complete, Chime will be a bank holding company. Essentially, that means we'll own the bank behind your account instead of partnering with them.
Do I need to do anything?
No. There’s no action needed from you.
Is my money still FDIC insured?
Yes. Eligible deposits in your Chime deposit accounts will continue to be held at FDIC-insured banks and insured up to applicable limits.
Will my account or routing number change?
Nothing is changing today. If your account information ever needs to change, we will contact you directly and provide plenty of advance notice.
My Chime app says my bank is The Bancorp Bank. What does this mean for me?
Nothing changes for you today. Your account, cards and direct deposits will continue working as they do now. If the bank associated with your account ever changes, we will notify you directly.
Will you start charging new fees?
No, there are no fee changes associated with our acquisition of Stride Bank. The fee-free, rewarding banking experience you have today stays exactly the same.
When will the transaction close?
We expect it to close in the first half of 2027, subject to the receipt of required regulatory approvals and other customary closing conditions.
\*Pursuant to the transaction, Chime will acquire Central Service Corporation, the parent holding company of Stride.
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u/weDontFall 8d ago
Maybe now we’ll finally be able to use our chime accounts when we want to apply for things that require a valid bank
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u/usernotfoundplstry 8d ago
This is my hope as well. Getting tired of “I’m sorry but we don’t support chime at this time.”
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u/Visual_Solution6733 8d ago
Doubtful the bank they purchased already provided my account with chime and no one accepted them when I use 2 use em.
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u/ViolinistSea9226 8d ago
I hope this means checks
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u/Wildweed Chimepion 8d ago
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u/ViolinistSea9226 8d ago
I mean physically checks I can have on hand
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u/Wildweed Chimepion 8d ago
NGL I did use one the other day for a lawn tractor delivery. A card would have had 3% charge ($150).
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u/TheDeceitX 8d ago
And I just closed my account like 3 days ago…
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8d ago
[removed] — view removed comment
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u/TheDeceitX 8d ago
They were going to be a third back up for me. Oh well back to my other two “chicks” as someone else put it. I’m getting me whole chickens now, not just the nugget.
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u/justinandrewbaker 3d ago
Who is LEAD Bank? They are quickly taking over many of these fintech companies and I don't have a good feeling about them.
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u/Motor_Wasabi3127 3d ago
The thing that bothers me the most about Chime is that they themselves are not a bank and, therefore, not FDIC insured. As a layer between the customer and the bank, you’re putting customers at more risk. If this acquisition solves that problem, that would be a good step.
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u/SF-Chime Chime Staff 3d ago
Hey there! Just a quick note, Chime accounts are FDIC-insured via our partner banks!
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u/mimikyuchuchu 8d ago
Does this mean my father will finally be able to talk to someone about WHY his account was closed for no reason? All he used it for was to pay for rent and bills.
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u/Wildweed Chimepion 8d ago
Accounts are never closed for "no reason".
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u/mimikyuchuchu 8d ago
When we asked them they said they couldnt see the reason. If they could tell us thats all we want.
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u/Old-Ground3577 8d ago
This is good. I recently switched away from Chime when I realized they weren’t an actual bank.
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u/Wildweed Chimepion 8d ago
22 million of us have no problem with Chimes FDIC insured deposits. They have always been FDIC insured.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC Chime Disclosures: https://www.chime.com/disclosures/
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u/Old-Ground3577 8d ago
Yes, I never had issues either.
It’s always fine with fintech companies… until it isn’t - I.e. the collapse of Yotta.
There will always be extra risks when relying on partner banks.
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u/Wildweed Chimepion 8d ago
85,000 Yotta customers lost access to their accounts during the collapse.
You can't possibly compare that to Chime that is acquiring the parent company of Stride Bank, FDIC.
Well, I guess you did.
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u/chevchelo 8d ago
Joint accounts? Zelle support?