Which is better, Green Dot or Chime? I’m sure anyone with a Chime or Green Dot card wants to know the answer. In this Green Dot vs Chime bank article, you will need to compare the cons and pros of each card before making that decision.
Green Dot is a digital financial technology bank that provides services to individuals and businesses. The company was founded in 1999 and has grown to be one of the largest financial institutions worldwide, if not the most prominent.
Green Dot serves millions of customers, and its services cannot compare to some companies that offer similar services. However, there are always competitors to consider.
Every company faces fierce competition, no matter what line of business. Green Dot has been around for a long time, and most consumers are loyal to a business or brand, even if they are not fully satisfied.
Many consumers like the convenience of not going into a bank, standing in line, and filling out paperwork. What makes Green Dot ideal?
Consumers, employees, and individuals can set up their own Green Dot accounts using their online platform. Like Chime, individuals can deposit their paycheck directly to their Green Dot account.
Customers also have access to their funds almost immediately following the deposit. In most cases, according to Green Dot, individuals can get their paycheck up to two days early. However, the fees associated with carrying a Green Dot card are expensive for most users.
Green Dot Fees
For example, having a Green Dot account will cost you $7.95 per month. This fee does not include a 2 percent interest rate higher than Chime’s 1 percent. What you might like is the privacy of not having to reveal personal information to Green Dot.
You can purchase a Green Dot card from dollar stores, Wal-Mart, and other places that sell gift and retail cards. To activate your card, just load money onto the card for a small fee, and you are done. This is the easiest way not to reveal sensitive information.
If you want a disposable card while protecting your identity, the Green Dot card might be the better solution. Adding money is available at select locations of participating stores and retailers. Participating stores and ATMs have a Green Dot symbol.
Nevertheless, Green Dot offers six ways to add money to your card account. You can try each alternative and decide which option is best for you, depending on which card you have.
For example, if you like the convenience of a debit card without the hassle of an onsite bank, you might be agreeable to opening an online checking and/or savings account.
Deposit Types and Features
MoneyPak- you can purchase a MoneyPak of specific amounts and have the money loaded onto your card. Assuming you have a Green Dot card, you will need to tell the cashier how much you want to load on your card.
Your receipt has a number on it that you will need to add the money to your card manually. You will also need to create an online pin to access your account.
Cash or Deposit checks- Through the app, you can cash your checks and deposit money if you are in an area that accepts Green Dot. Just walk into the store, hand the cashier your cash, and swipe your card.
Aside from in-store cash deposits, you can cash and deposit your check to your Green Card or Account. You can do this by downloading the Green Dot app on Google Play.
Wal-Mart- Wal-Mart will cash your approved check for a fee, whether a social security check or paycheck and deposit it directly to your card. You can opt to get some cash back if you prefer. Make your way to the nearest cashier, present your government ID, and show the cashier your check and card. You might have to swipe your card or insert it into the card reader for the load to take effect.
Bank Transfer- You can move money from your bank account into your Green Dot account. You can transfer to and from your Green Dot account if you have an active checking account. You can also have a percentage taken out of your check at any time.
Most people have a set amount taken out and placed in a savings and/or checking account. There is no minimum or maximum amount to transfer. You can even transfer your entire amount.
Early direct deposit- Depending on which type of cash you receive, you can get your government check deposited up to four days early. I know of no one that would complain about getting paid early.
You can opt to have all, part, or a percentage of your money taken from your paycheck, every payday, or once a month. Just sign up for direct deposit at your home, office, or through your social security office if you receive benefits.
Cash Deposit- If you prefer not to use any of the above methods, you can simply load your load manually. Just go to the money center at the store, or a cash register, tell the cashier how much money you want to load, pay the cashier, swipe your card, and do not forget your receipt. Your receipt has the unique number you need to load your prepaid Green Dot debit card.
Another feature that Green Dot offers is the convenience of sending money to family and friends. You can also pay your bills online. If you have bills that you pay regularly, you can put your bills on auto-pay or schedule them for payment.
Chime Fees
Like Green Dot, Chime has many features to offer customers. Chime has more features and fewer fees and is a favorite of many employees and everyday consumers. Chime users get more for their money and can look forward to saving money on card usage fees.
Unlike Green Dot, which pays 2% interest on the first $10,000 in deposits, Chime only pays 1% interest on the first $10.000. I worked for a company that offered its Pay Card, but I soon learned that people choose the Chime card because of the ease and convenience.
Unlike Green Dot, Chime offers a sign-up bonus of $50. If you open a Chime account, and if someone you refer opens a Chime checking account, you both get $100. I know this to be true because my daughter and I tested this, and we did get $100 each.
If you and your friend both have Chime, you two can transfer money to each other with no fees. I love this feature, and I use it all the time. I have my paycheck deposited to my Chime account and a specific percentage sent to my savings account without a fee.
Chime basically has a boost feature, where the people in your contact can boost you, and you can boost them. The boost is only five dollars per person, but that adds up.
However, you must have a direct deposit to qualify for this feature. And, of course, the person must be a member of Chime.
Once you use all your boost dollars, you must wait until the 1st of the following month to send out more boost dollars. That is when your boost account refills.
Another great feature is the overdraft feature. Depending on your deposit amount, you can get up to $200 overdraft fees at no charge.
The overdraft charge is taken off of your next deposit. Aside from my personal experience as a Chime cardholder, here are some other facts you need to know about your Chime.
First, you need to know if Chime is right for you. Unlike Chime, you are never charged a monthly maintenance fee, and there is no specific amount of money you need to keep in your account.
With Green Dot, you will need deposits totaling $1,000.00 to come through the account every month to avoid the $7.95 account maintenance fee.
Deposit Types and Features
What does Chime have that Green Dot does not? For starters, if you want to build your credit score, Chime is the card to go with. After setting up a direct deposit and opening your savings account, you will be offered the option to open a credit-builder account.
You can transfer any amount of money you want to your credit-builder account. I had a certain amount automatically deposited to my credit-builder account every pay period.
Your payment history will be reported to the major credit bureaus. The notation will show up as a secured card account. This is a free-fee service offered by Chime.
Similarities of Green Dot and Chime
There are similar features that both cards offer when you compare the two, but there are also notable differences. In comparison, both cards share the same partnering networks.
Customers can use the same ATM services that honor both cards and not pay a withdrawal fee. Both cards also offer consumers the option of opening an online account. However, without an online account, consumers cannot access their accounts.
Both card accounts are online checking accounts. You can deposit checks through the app by downloading either the Green Dot App or the Chime App.
Once you do that, you can create your account if you do not have one. Then take a picture of your check front and back. Depending on the type of check you deposit, your money might be available on the same day.
The initial amount you can load on your Green Dot card is $500; after that, you can load up to $2,999. Compared to Green Dot, Chime does not have a deposit limit.
You can get $2,000 or more in deposits daily, up to six-figure deposits annually. However, for deposits totaling more than $10,000, Chime might ask you for additional verification. Like Green Dot, Chime cardholders can get their deposits up to two days early. So, is Chime Green Dot the same, or is one better than the other
While Green Dot’s daily withdrawal limit is $400, Chime’s daily withdrawal limit is $500. Green Dot charges $3 per out-of-network withdrawal and .50 per balance inquiry. Chime charges $2.50 per out-of-network withdrawal, but in-network ATMs are free of charge for Green Dot and Chime cardholders.
Chime has the Spot me feature. Your spot money is used to cover the cost if you purchase at the store. This is the same money that you get when friends boost you.
In addition, you can move money from one account to the next immediately. For example, you can move money from your checking account to your savings, from your savings to your credit-builder account, and so on.
Green Dot vs Chime – What to Choose?
You get the idea. Suppose I had to choose between cards, which I did. I would choose Chime. Why? Because hands down, Chime provides the most features, costs less to use, and has no maintenance fee.
It is easy to choose the right card, depending on why you need it and for what purposes. Green Dot is the card for you if you just want an everyday card with no hassle about identity and red tape.
If you want a card with all the perks and thrills and offers you a secure card using your own funds, then Chime is the card for you.
With any card, there are always cons and pros to consider, and when you choose, please choose wisely. Both cards allow you to add funds. However, if you need to withdraw more money, go with Chime.
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