I had a chance to interview ChimpChange to learn more.
How does ChimpChange work?
1. It's a Mobile Banking App packed with innovative and essential banking features. It is free to download and you can register in minutes through the App. Once registered, we send you a Debit MasterCard in the mail. The App and Card are linked and any deposits to the account are FDIC insured, plus any signature purchases are covered against fraud by MasterCard.
What innovative features does it include?
2. You can instantly send money to other ChimpChange accounts that can be spent immediately. In a few weeks, you will be able to budget your spending, add any other accounts you have and review how you spend and set budgets (like mint). You also can upload checks for deposit or take advantage of free direct deposit. Free ATM access to all MoneyPass ATMs. You can also load cash into the account at many retail outlets (for a small fee). In a few months, we are going to implement an automated savings program that is easy to stick with.
Why is it a good alternative to other banking options?
3. There are no set up fees, no minimum balance requirement and no monthly fees as long as you have at least one deposit, card purchase or ATM withdraw in the past 60 days, otherwise there is a $4.95 inactivity fee. There are no card fees for domestic purchases. There is no credit check to join and no overdraft fees associated with the account. It's a great alternative to traditional banks because minimum usage is free!