FinTech: Chime Partners With Walgreens To Allow Free Cash Deposits
Chime customers can now make free cash deposits at 8,500+ Walgreens locations.
“That’s more walk-in locations than you’d have using any bank in the US,” proudly claims Chime in an announcement. Customers can make free cash deposits into their Chime Spending Accounts at any Walgreens (NASDAQ: WBA) outlet.
This is another example of how retail chains, fintechs and banking challengers are muscling into consumer finance services traditionally offered by banks.
Previously, in September, Walgreens launched Scarlet, a debit card and mobile banking app for Walgreens customers.
How it works
Customers can deposit cash at a retailer by going across to the register and handing over their cash and Chime Visa Debit Card card to the cashier.
The cash would appear in their account after they leave the register. Though the service is free at all Walgreens locations, a charge may apply at other retailers.
Also, cash deposits have certain limits. The customer can add up to 3 per day, $1,000.00 per load; $1,000.00 per day; and $10,000.00 per calendar month (subject to any retailer imposed limits).
“We know having access to a physical location for cash deposits is important to our members, and until recently, the options have been limited,” said Chime Co-founder and CEO Chris Britt. About 78% of Americans live near a Walgreens location.
Alternatively, Chime customers may also deposit cash at 75,000 other retail locations including CVS, Walmart, and 7-Eleven.
Image Credit: Flickr
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