This service is available at more than 8,500 Walgreens at no fee. The company noted that 78% of Americans live near a Walgreens location.
“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.
Chime’s valuation swelled to about $25 billion in August following a $750 million fundraising round, setting the table for a possible IPO.
Often referred to as a “neo-bank” or “non-bank,” Chime routinely tops PYMNTS’ list of best banking apps.
The company earlier this year was forced to drop the term “bank” from its URL and marketing materials to appease the California Department of Financial Protection and Innovation.
“We’re more like a consumer software company than a bank … It’s more a transaction-based, processing-based business model that is highly predictable, highly recurring and highly profitable,” Britt said at the time.
Nevertheless, Chime still offers many banking adjacent services, such as debit cards, spending accounts and savings accounts.
It’s also among several nonbanks entering the world of consumer finance. Walmart, for example, recently launched a way for customers to pay bills with cash and to fund prepaid accounts through partnerships with InComm Payments and the VanillaDirect financial network.
As PYMNTS reported in October, this service gives customer access to more than 15,000 billers and account providers in the utility, telecom, tolling, banking, rental and insurance sectors.