Chime, known to be an online mobile banking app that provides banking services to assist users to stay financially secure. While Robinhood on the other hand is a well renowned financial platform that offers services such as cash management, automated investing and other services such as Robinhood Financials, Robinhood Crypto, and securities.
Robinhood, Unlike banks, has no transaction fee, no monthly maintenance fee nor is there an overdraft fee, Although it partnered with about seven banks so as to offer premium services to its customers, Both online and offline.
However, The uncertainty surrounding it, is why customers of the fintech app have brought up the question; Does Robinhood work with Chime? The answer to this question “is chime compatible with Robinhood” is exactly what this article will look to provide.
I ask you to cooperate with me as I walk you through this tutorial to discover if there is how to link Robinhood and Chime and to make it quickly. Let’s get started without further ado.
Does Chime Work With Robinhood?
Yes, Robinhood works well with Chime. Users of chime or Robinhood can get to enjoy both applications together in one. This is because Robinhood allows its customers to add external banks during or after registration, As a Chime user, this means you can add your Chime account to Robinhood with ease.
Can I Link My Chime Bank Account to Robinhood?
Yes of course you can. We’ve established the fact that Because Robinhood allows for the use of external banks, Users can link a bank account to Robinhood, and Chime isn’t exempted. In essence, Chime can be linked with Robinhood.
How Do I Link My Chime Account to Robinhood?
Now, you know you can link your Chime account to Robinhood. To link chime and Robinhood, you have to do it manually. Therefore follow the below step to have your chime bank account linked to Robinhood:
Via the App:
- Download and install the Robinhood application.
- Launch the app, and at the bottom right corner click on the “Account icon”.
- A list of options opens, click on “Transfers”
- Scroll down to “Linked Account” and tap “Add New Account”.
- On the next screen click on “continue”.
- On your screen, you should see lists of banks which you can scroll down and choose Chime, or you can use the search bar to find your bank.
In the case where you don’t see chime, Follow the procedure
- Using the search box, search for chime and Choose the link manually button.
- On the page that follows, You choose to either use a checking or savings account.
- Now, enter your Chime account and routing number.
- Then enter and confirm your chime “Account Number”.
- Following the other written instructions on the platform, you have successfully linked your Chime with your Robinhood account.
Via the Web:
It’s good to know that without the use of Robinhood app, you can easily link your Chime account to your Robinhood account over the web. If you’re willing to use the website to link the two accounts, do the following:
- Visit the Robinhood website at robinhood.com
- Login to your Robinhood account.
- Click on the “Account Icon” in the upper right corner.
- Click on banking and then select “Linked Accounts”.
- Click on “Add New Account”
- Search for your bank, and in case you don’t see it. Click on “I don’t see my bank”.
- Provide your Chime account details.
- Click on Enter to complete the process after adhering to other on-screen instructions given to you.
For verification’s sake, Robinhood will make two micro-deposits deposits to your provided chime account that you want to link, It may take about 48 hours to show in your bank account and usually takes 2-3 business days to take place. After which you can now log in and start enjoying your chime and Robinhood partnership.
How to Verify Your Chime Account on Robinhood?
Once the two-micro deposit has made appearances in your account, You can use them to verify your account in the mobile application, by following the process below.
- Now, click on the “Account icon” in the bottom right corner.
- Click on “Transfer”
- Click on “Linked Account”
- Click on “Verify Account”
- Enter the two deposit amounts. Then, click on enter.
- You have successfully linked your Chime to your Robinhood account.
How to Deposit Money From Robinhood to a Chime Account?
You can transfer money from your Robinhood account to a linked chime account. To do that, take the following steps:
- Open your Robinhood account and click on the “Cash Tab”.
- Click on “Transfer”.
- Click on “Transfer to your bank”.
- Select the bank account you want to deposit the money into.
- Input the amount you want to transfer to your bank.
- And click on “Continue”
Note that transfers may take up to 3-5 business days to be completed.
On the other hand, you can set up a direct deposit through one of the following ways:
- Online directly through Robinhood
- Online through employer or payroll provider.
- Manually with a pre-filled form
When Can You Transfer Money From Robinhood to the Bank?
Before you make a transfer from Robinhood to your bank account, the money needs to be settled. The settlement period, also known as regular-way settlement, is defined as the trade date plus two trading days (T+2). This money will become part of your purchasing power and become available for withdrawal on the third day.
Will Robin Hood Overdraft Your Chime Bank Account?
With Robinhood, there is no overdraft involved. Robinhood has no account minimum and no local or foreign transaction fee.
How Fast Does Robinhood Transfer to My Chime Bank?
All transfers made from Robinhood to the Chime bank account take about 3-5 business days to reflect. It is neither slow nor fast.
Why Can’t I Withdraw From Robinhood to My Chime Bank?
The reason why you can’t withdraw from your Robinhood to your Chime account could be either of these two reasons.
- Exceeded Daily Limit: First, you are attempting to withdraw more than the daily limit. Robinhood only allows a maximum of five withdrawals per day. So, when you exhaust this option, you can’t withdraw and have to wait for the next day.
- Settling Time: For every sale made, the money in your account needs time to settle before it goes on the move again. When money is sent to you, you need to transfer it to your other account before withdrawing. This money needs time to settle. So, it may take about 3 days before you’ll be able to withdraw.
Is It Safe to Link My Chime Bank Account to Robinhood?
Linking both of your chime and Robinhood accounts together gives the platform a chance to conduct transactions. And since both of them are 256-bit encrypted it means it is safe to link your Chime bank account to Robinhood.
If you’re in doubt about the safety measures in place, contact either your Chime bank account Customer Care or your Robinhood Customer Service for further assistance.
If you’re one of the Robinhood users skeptical about linking your Chime account to your Robinhood account, there is no need to fret. It is safe and secure, and it is a help for transactions.
Robinhood also had debit cards that are given to all customers that can be used across over 75,000 ATM outlets. Being a global financial banking service, it works with Chime and many other online banking services.