We recently pointed a spotlight on the piles of money banks make from ATM fees. It’s a big number, but it’s chump change compared to what banks take in from overdraft fees. In the first quarter of 2015, US banks generated $7.65 billion in overdraft revenue. That’s billion with a “b” and in just three months. In the full year, banks are projected to take in over $30 billion in overdraft fees.
At Chime, we don’t work this way. In fact, Chime has no hidden fees, nor do we require a minimum monthly balance. The way we see it, the less you have to worry about things like fees, the more you can focus on what really matters: experiencing life to the fullest.
Living within your means is a solid financial strategy. With the Chime app, you know exactly what’s in your account at all times, plus you get rewards at your favorite places to shop. That means doing more with less while staying within your means.
So instead of spending more than you actually have, why not get more fun out of your weekend, get more goodies out of your shopping trip, or get more living out of your life? Those are the kinds of overdrafts we can get behind.