One of the reasons so many people are moving from traditional banks to Chime is because of Chime’s customer-friendly deposit rules. Chime seems eager to get your money into your account, which is perfect for folks who always seem to be running a little low on funds by the end of a pay period.
The below article provides answers to a wide variety of questions related to Chime deposits.
1. What Time Does Chime Direct Deposit Hit?
Chime ensures that your direct deposit is posted by 9 AM EST on your designated payday. For instance, if your employer specifies that your payday falls on the 15th of the month, you can expect your deposit to be available in your Chime account no later than 9 AM EST on the 15th. It’s essential to note that this 9 AM EST timing represents the latest possible time you should anticipate receiving your deposit, representing a worst-case scenario.
2. What Time Does Chime EARLY Direct Deposit Hit?
If 9 AM EST on payday is the worst-case scenario for getting your direct deposit, then what is the best-case scenario? What about Chime’s promise to Get your paycheck up to two days early”?
Chime’s Fine Print on Early Deposits
Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
The short answer is: The speed in which you get a deposit depends on how quickly your company’s payroll sends the money. If your payday is Friday, it is possible you will get your money at some time on Wednesday, some time on Thursday, or by 9 AM on Friday.
Unfortunately, there is no way to know for sure what time an early direct deposit will come in.
Chime’s Early Deposit Advertising
To be clear — we are not saying Chime’s early deposit advertising is false. The early direct deposit is absolutely true. There are a ton of customers who successfully receive their direct deposit 1-2 days in advance of their payday. But there are some customers who only get their deposit on payday. In the cases of deposits arriving on payday, the finger of blame can usually be pointed at the customer’s company payroll department, and not at Chime.
Here is a quick, simplified lesson on how your pay is delivered from your company to your bank. For this example, let’s assume you get paid on Friday.
First, a note about modern banking. The vast majority of computer transactions are done in batches. So a bank may collect data throughout the day and hold it in a temporary data location. In the middle of the night (1 AM for example), the batch process executes and all of the day’s data is transferred from a temporary data location into the bank’s main computers. This is why you will see, in the below example, each step taking a day to complete; a bank’s computers only batch process once a day.
Steps in the Paycheck Deposit Process
- Saturday: The company payroll department creates a file that shows each employee’s name, bank routing number, bank account number, what the payment amount should be, and what date the money should be deposited (Friday in this example).
- Sunday: The company sends their payroll file to the company’s bank
- Monday: The company’s bank processes the file, and then sends their own file over to the federal bank (i.e. Federal Reserve, Automated Clearinghouse).
To be clear, no money has changed hands yet. The banks are simply communicating future expectations to each other, like digital IOU notes. The Feds are sitting in the middle, helping to pass the notes.
- Tuesday: The federal bank sends a notification out to all of the banks in the country, telling them what the Friday IOUs are.
- Wednesday: All customer banks receive the Fed IOU file. Remember, no money has changed hands yet.
This is where the Chime magic happens. Chime quickly processes the Fed IOU file, and then using Chime’s own money, funds the customer’s account with their Friday pay. Basically, Chime trusts the company bank and Feds enough to front you the payday money early.
- Wednesday: The company bank actually sends the money over to the Feds.
- Thursday: The Feds actually send the money over to the customer’s banks.
- Friday: This is when a traditional bank funds its customer accounts. So the banks have known since Wednesday that the money is coming, but they don’t disperse the funds until the funds are actually in hand.
Factors Affecting Paycheck Deposit Timing:
Chime already dispersed the funds on Wednesday. So when the real money comes in, Chime just puts it back into their own piggy bank.
The above shows there are a lot of steps to get your paycheck deposit, but steps #1 and #2 are the most unpredictable — when your company runs its payroll file and transmits it over to the company’s bank. If your company runs the file later than usual, then your deposit may come in later than usual. Steps #3-#8 are all automated and tend to run without problems.
Related: Transfer Money from Venmo to Apple Pay
3. Does Chime Direct Deposit Hit at Midnight?
No, Chime doesn’t specifically process deposits at midnight. Instead, deposits are made once Chime’s systems have completed batch processing of payment notifications received from the Federal Reserve. While early deposits might be available 1-2 days before your official payday, they can be posted at any given time during the day. For deposits scheduled on your actual payday, the posting can happen anytime between midnight and 9 AM EST.
It’s important to understand that the exact timing of a deposit’s posting can be unpredictable. Factors such as system processing speeds or the position of your payment in the batch file can influence the timing. As a result, even Chime cannot provide a precise posting time for every deposit.
Related: SoFi vs Chime
4. How Long Does Chime Direct Deposit Take?
Chime typically posts your paycheck about 3 days after your employer submits the payroll file to the employer’s bank. This should allow you to receive the money 2 days before your actual payday.
If you’re looking for the most recent and updated information directly from Chime or another authoritative source, I would recommend checking Chime’s official website or contacting their customer support for the most accurate details.
5. Why is my Chime Direct Deposit Late?
- If a few hours late: It’s common for early direct deposits to post at varying times throughout the day. For instance, if your employer sets your payday on a Friday and you usually get an early deposit on Wednesday, Chime could post that deposit at any time during Wednesday. Unfortunately, predicting the exact posting time of a deposit is tough. Even Chime can’t give an exact time because computer batch processing might delay, or they might position your payment at the end of their computer file.
- If a day or more late: The most likely reason for a delayed direct deposit is that your employer submitted their payroll file later than usual. Major delays within the Federal Reserve and banking computer systems are uncommon. Typically, the root of the issue lies with the employer’s payroll processing.
6. Does Chime Deposit on Weekends?
No, Chime deposits only from Monday to Friday. They do not process deposits on Saturdays, Sundays, or bank holidays.
Does Chime Deposit on Saturdays?
No, Chime does not deposit on Saturdays or Sundays. They also refrain from depositing on bank holidays. Deposits are exclusively processed from Monday to Friday.
7. Does Chime Deposit on Sundays?
No, Chime does not process deposits on Sundays or Saturdays. They handle deposits exclusively from Monday to Friday, provided it’s not a bank holiday.
8. Will Chime Deposit Today?
Chime processes deposits from Monday to Friday, excluding bank holidays. They do not deposit on Saturdays or Sundays.
9. How Long Does Chime Mobile Check Deposit Take?
Checks are typically cleared within 1-3 business days. The exact duration depends on the check’s amount and its issuer. For instance, checks with large dollar amounts and personal checks might require the full 3 days to clear. If you deposit a smaller check before 5 PM EST, the funds should generally be accessible by the following morning.
When initiating the deposit, the Chime app will provide an estimate of when your funds will be available.
Note: Mobile check deposit is not available for all Chime customers. Mobile check deposit is only available to customers who are actively using their Chime account as a primary bank — you need to have an active direct deposit coming in and be actively using your debit card. This is a risk/security measure to give Chime confidence you are not a scammer.
10. How Long Does Chime Mobile Deposit Take?
For small checks and government (stimulus) checks, they should clear within 1 business day. In contrast, larger checks and personal checks might require up to 3 business days to clear. When you initiate the deposit, the Chime app will provide an estimate of the time it will take for the funds to be available in your account.
How Long Does Chime Mobile Check Deposit Take with Chime?
The majority of checks will clear within just 1 business day. However, some personal checks and checks with larger dollar amounts might take up to 3 business days to clear. It’s essential to note the information provided by the Chime app when making a mobile deposit, as it will indicate when your funds will be available.
11. Does Chime Tell You if You Have a Pending Deposit?
Yes, any pending deposits will be visible on the activity page of the Chime app. Deposits that they are still finalizing will appear in a grey color, indicating that you cannot use the funds yet.
Once they clear the deposits, they will turn green, signifying that you can spend the money freely. It’s worth noting that Chime aims to process deposits swiftly. As a result, you might not always observe the deposit in its grey “pending” state, as Chime might have already transitioned it to the green “available” status promptly.
12. Can You See a Pending Deposit on Chime?
Yes, you can. Pending deposits will be displayed as grey-colored transactions on the main activity page of the Chime app. These deposits are still undergoing final validation, which means the funds associated with them are not yet available for you to utilize.
13. Does Chime Show Pending Deposits?
Yes, Chime does display pending deposits. On the main activity screen of the Chime app, they will display pending deposits in a grey color. These deposits typically take 1-3 business days to finalize, and they will then change them to a green color, indicating you can use the funds.
Related: Does Chime work With Venmo?
14. How to Check Pending Deposits on Chime?
To check for pending deposits on Chime, simply open the Chime app and navigate to the main activity screen. Here, you’ll see pending deposits displayed in a grey color. These deposits typically take 1-3 business days to finalize. Once they clear them, they will change them to a green color, indicating that you can use the funds.
Chime may reject SBA Loan deposits because they designed their accounts primarily for personal use, not for business purposes. Additionally, there might be concerns related to potential fraudulent activities, leading to the rejection of SBA Loan deposits.
However, if a bank, including Chime, rejects your SBA Loan deposit, there’s no cause for alarm. The funds are not lost. The SBA will get in touch with you, and you can then provide them with details for an alternative bank.
Note: there have been some stories from business owners who claim they have had no problem using Chime to run their business, including receiving SBA Loan funds. It is unclear why some funds are accepted and others rejected.
Our recommendation for any business owner who spends or receives large funds is to move your business to a more traditional bank where these kinds of rejects are not occurring. Chime clearly states that they don’t design their platform for businesses, so we suggest you move to a more business-friendly bank.
16. Does Chime Accept PPP Loan Deposits?
Chime’s deposit agreement clearly states that they designed their platform for personal use, not for business operations. This has led to confusion and dissatisfaction among business owners regarding how Chime manages their PPP Loan deposits. They are declining a significant number of PPP deposits, though they are still accepting some.
Chime has publicly stated that they intend to decline these PPP Loan deposits, emphasizing that they didn’t tailor their platform for business transactions. Concerns about potential fraudulent activities might also be a reason for these rejections.
For business owners who frequently deal with substantial funds, our recommendation is to transition your business to a more conventional bank. Such banks are less likely to reject these types of deposits. Given that Chime explicitly declares they didn’t design their platform for business activities, you should prudently choose a bank that caters more to business needs.
17. What Time Does Chime Deposit Tax Refunds?
Tax refunds don’t have a unique processing time compared to other types of deposits with Chime. Chime will process your tax refund after its computer systems have completed the batch processing overnight. This means the deposit can be posted anytime between midnight and 9 AM EST.
It’s important to understand that predicting the exact timing of a deposit’s posting can be challenging. Factors such as system processing speeds or the position of your refund in the batch file can influence the timing. As a result, even Chime cannot provide a precise posting time for every deposit.
Related: How does Spot Me work on Chime?
18. When Does DoorDash Direct Deposit Hit Chime?
The timing for DoorDash payments is largely determined by the DoorDash payroll calendar. DoorDash typically concludes their week on Sunday night and subsequently sends out the pay information on Monday morning. According to reports from DoorDash users, they usually receive their deposit in their Chime account late on Monday or at some point on Tuesday.
19. Does Chime Require Direct Deposit?
No, it’s not mandatory to have a direct deposit to use Chime. However, it’s important to be aware that Chime might decide to restrict certain features if you don’t have a direct deposit set up. For instance, they could limit or remove your capability to perform mobile check deposits.
20. Can Someone Deposit Money into my Chime Account?
Banking regulations typically prevent third parties (individuals not named as an account owner) from depositing money into someone else’s account due to concerns about fraud and money laundering.
For a third party to deposit funds into your account, they would essentially have to impersonate you, which might involve having access to your login credentials, debit card, PIN, and other personal information.
These steps seem unnecessarily risky and complicated when there are much easier methods to send money to someone, like using Cash App.
21. What Bank Does Chime Use for Direct Deposit?
Chime operates primarily as a financial technology (fintech) company, emphasizing the development of its app. The banking services associated with Chime are provided by Bancorp Bank.
Related: Does Zelle Work with Chime?
Related: Does Chime Work with Cash App?
Related: What Time Does Chase Direct Deposit Hit?
