When you need to make a deposit but don’t have time to go to the bank, a Chime check deposit might be the solution for you. But how long does it take for the money to be deposited into your Chime account? And is there a limit to how much you can deposit? Keep reading to find out!
How long does a Chime check deposit take? For non-government checks, it generally takes 3-5 business days from the time you deposit the check until the funds are available in your Chime account. Government checks typically take just one day.
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How Much Time Does It Take To Deposit A Chime Check Using Different Methods?
Chime accounts can receive funds from both Chime and non-Chime senders in a variety of ways. All of the options occur at different times depending on the day/time the money is deposited into the Chime account.
Mobile Deposits
A mobile deposit is one of the features and services offered by Chime that allows for the simple deposit of funds into your account.
Because Chime is an internet/mobile app as well as a small banking company, some of the things that need to be done at a bank branch can be done without going there.
However, because some guards are required in financial transactions, this facility is only available to qualified users.
Chime automatically activates the feature for all eligible users, which includes the standard financial industry risk-based assessment as well as your account’s transaction history.
Direct deposits from more credible sources, such as governments and employers, are required. Payments from the government under benefits, as well as payments from employers and other gig economy payment sources, qualify you for the purpose.
When enabled, mobile check deposit allows you to send images of the checks you want to deposit into your account. Large amounts from non-government accounts are typically processed in 3-5 business days.
Mobile checks from government accounts are credited within one business day.
Photo Checks
Photo checks necessitate the submission of scanned images of both sides of the check by the Chime user. The check amount will be reflected within 3 to 5 business days after the transaction is cleared, once verified by the relevant external party.
Chime never keeps any of the money that users receive from third parties. The amounts appear in the accounts of users as soon as the Chime system receives the payment.
ATM Deposits
Chime accounts do not support ATM deposits. Other methods of funding your account can be used with relative ease.
Chime forbids its users from depositing checks at ATMs because it is a virtual banking system with no physical contact points for its customers.
It prevents Chime users from depositing checks at ATMs that are not owned by Chime and from paying transaction fees charged by third parties.
Because Chime does not have its own ATMs, this type of deposit is not possible.
Direct Deposits
The amount that appears in your account depends on the source of the direct deposits. In the case of government accounts, the direct deposit amount is credited to your account the following business day.
Small-amount checks from other parties are credited to your checking account within one business day. Large amounts are credited to your checking account after 3 business days due to the routing process.
Because of the routing process, additional checks must be run on large amounts coming from third-party accounts.
The Chime mobile app keeps you informed of the approximate time of payment in your checking account.
Third-Party Checks on Chime
Third-party checks are a well-established payment method. Third-party checks are checks that are not drawn on the owner of the account into which they are deposited.
In this case, the original payee must endorse the check in favor of the owner of the account where it is eventually deposited. The signature on the endorsement enables the check to be deposited into the account for which it was written.
The rest of the process of depositing third-party checks in a Chime account is the same as a regular check deposit.
Fee for Check Deposits with Chime
In addition to the user-friendly features and facilities offered by Chime accounts, there are no fees associated with check deposits in your account.
FAQ
How Long Does it Take for a Chime Check Deposit to Post to My Account?
If you deposit a check through the Chime Mobile app, it may take up to 5 business days for the check to clear and the amount to be reflected in your account. The actual time is determined by the clearing check system of the concerned bank.
What happens if a Chime check is voided?
In the Chime system, a voided check is one that a user cannot use to make any type of payment. Certain verification processes are carried out by banks or organizations in certain circumstances, such as when applying for a loan (Chime also does loans). Customers or clients may be asked to provide a voided check.
Chime allows you to send or hand over voided checks by writing “VOID” on the front side of the check with permanent ink to make “VOID” permanent and non-erasable.
When presenting a voided check, the routing number or bank account number should be visible so that it can be used to send or receive payments.
In such cases, only the account number is used. The check is not used to make any kind of payment.