How ChimpChange Works… ChimpChange was originated in 2012 with the aim of providing no-cost banking to millions of Americans. The ChimpChange app gives several money management tools that will be appealing to consumers who do not have a bank, or who want a cheap way of sending money to their friends or family.
Apple and Android smartphone users can download the mobile app and sign up to create an account. Users who do not have a smartphone can access the web based features.
Besides having a ChimpChange account, you will also receive a ChimpChange Mastercard. The Mastercard is a prepared debit card that permits you to perform transactions with your account.
In this article, we will be explaining how chimpChange works and why you should use it
What you should Know about ChimpChange
You can load cash from another bank account with no charge or as a direct deposit from your employer into your bank account.
Additionally, through a money transfer service such as Western Union, etc, you can add money to your account for a fee. You can also deposit checks that you earn into your ChimpChange account using the Ingo Money check cashing system.
You can use your prepaid Mastercard just like any other debit card after you have funded your ChimpChange account. You can use your Mastercard to pay for personal or online purchases, as well as to access cash from an ATM.
ChimpChange can also be used to send money to anyone else with an account. Using their phone number, the ChimpChange app allows you to transfer up to $500 a day to other account holders. It is free to transfer cash to users via ChimpChange, and the money is available in their account immediately.
Funding Your ChimpChange Account & Checking Your Balance
Step 1: Download the App & Activate Your Card
In understanding how ChimpChange works, the first thing you need to do to set up your ChimpChange account is to install the iOS or Android app. You will then be required to enter your personal details, accept the terms and conditions, and enter the 5-digit verification code that you will receive via SMS.
You will also need to activate your MasterCard once your ChimpChange app is activated. Next, log back to your phone, go to the Settings screen, select Enable Card, then type your card’s last 4 digits, as well as your full social security number.
Note: This is required by law as part of the U.S. Patriot Act, according to the agency. However, this information is never seen or stored by ChimpChange.
Step 2: Verify Your Bank Account
Although the steps you’ll need to take here works depending on the type of banking institution, you’ll actually have to transfer funds from your bank account to your ChimpChange account (which is why it is called a prepaid card).
To do this, you’ll need to go to the Transfer Funds section of your online bank account and add an external account. Here, you’ll enter the routing and account numbers that you will see on the back of your ChimpChange card.
in 2-3 days, your bank would have made two small deposits into your ChimpChange account. Once they post this, you will have to log back into your bank account, enter the amounts to complete your verification process, and you’re all set.
Step 3: Load (or Unload) Your ChimpChange Card
Next step is to make a transfer of funds which will be made easy by just simply do by logging into your online bank account
Step 4: Sending & Receiving Money
After the loading process is over, you’ll need to log into your ChimpChange app by entering your phone number and password, your 4-digit PIN, or Touch ID, then, select the Send Money Icon. Touch the “Send To” field to open your contacts and then you choose the person you want to send the money to, and enter how much you want to send in the Amount field.
Finally, you’ll be taken to a confirmation page. Once you are ready to go, select Confirm to send your funds, and you’ll receive a receipt for the transaction you just made via email.
Unloading money from ChimpChange back to your bank account is just a reverse of the already stated process.
How Much Does a ChimpChange Account Cost?
Signing up for a ChimpChange account is extremely free, it doesn’t require a credit check, and it comes with no minimum balance requirement. You also won’t be subject to any monthly charges as long as you spend, withdraw, or load money at least once in every 60 days.
If you don’t use your card at least once in every 2 months, you’ll be charged a $4.95 inactivity fee per month. ChimpChange claims they’ll send you a reminder before this happens.
Other fees youre likely going to charged includes $1.50 each time you withdraw money through a bank teller, and $1.95 every time you withdraw money from an ATM that doesn’t display or have the MoneyPass logo. You’ll also be charged $0.50 for checking your balance at an ATM!
Important note: Also, have it in mind that if you load funds at 7-11, CVS, K-Mart, Rite Aid, Walgreens, or Walmart, you will be charged an additional fee of $4.95.
To avoid loading fees altogether, you can complete a form and give it to your employers so that you will have your funds direct deposited to your ChimpChange account.
Benefits of ChimpChange
- The major benefit of ChimpChange is that it offers a low-cost banking option to anyone using an Apple or Android smartphone.
- It provides a free and easy way to send cash to friends and family.
- It offers the option of enabling automatic round-ups. When you make any purchase using your ChimpChange debit card, the amount of the purchase rounds up to the next dollar automatically. So if you buy something for, lets say $7.50, ChimpChange will deduct $8 from your account and move 50 cents into your round-up account. Although the money is pushed into a sub-account, you can transfer it back to your regular account and use it at any time you want.
- The ChimpChange app also lets you keep track of your monthly spending by category with a graphical view of your monthly income and expenses.
Disadvantages of ChimpChange
- Some users may find out that their current financial institution provides many of the same features at a even lower rate.
- Reviews on the Android app were mixed. Some users reported having series of problems accessing their money, long waiting period before one can talk to a customer service rep, or having their card declined for a sale even when they had sufficient funds in the account.
- If your account has been inactive for 12 months, ChimpChange will close the account and then charge you $10.
- The service isn’t available in Vermont, Connecticut, or New Hampshire. so, If you move to one of those states and you already have an account, ChimpChange might have to close your account and return your money to you.
- Finally, if you decide to use its check-cashing service, it could take up to 10 days before you get the money.
ChimpChange offers a low-cost mobile banking alternative that could help users who are unable to meet a conventional bank’s minimum balance or direct deposit criteria.
However, ChimpChange is an easy and free way for users to send cash to other users directly. Others, however, may find that the additional fees are excessive compared to the features provided by their current account.
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