Chime® is a financial technology company, not a bank. Banking services, credit, and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

Chime Introduces MyPay™: Get Paid When You Say™

Chime Team • May 14, 2024

Today, Chime®The #1 Most Loved Banking App¹- is announcing MyPay™, a brand new offering that will transform how everyday people access their pay in America. MyPay, Chime’s newest innovation, lets eligible members access up to $500² of their pay, including government benefits, before payday with no interest,³ no credit check, and no mandatory fees. That means members can get access to their pay on their terms, whether it’s a needed trip to the vet, taking advantage of a last-minute offer for tickets to a sold-out concert, and everything in between! With MyPay, members are in control of payday to tackle whatever life throws their way.

Chime recognizes that the traditional pay cycle in America does not work for everyday people living paycheck to paycheck. In 2022, Americans earned $10 trillion in wages and salaries,⁴ but 73% of workers have to wait at least two weeks to receive their pay,⁴ leading many to rely on high-interest credit cards, payday loans or overdraft fees to make it to their next paycheck.

MyPay Makes It Affordable and Easy to Choose Your Payday

  • Free or Low Cost: MyPay advances are deposited to members’ Chime checking accounts within 2 days for free. They can also opt to get funds instantly for a low flat fee of $2 per advance.
  • Transparent & Simple: With MyPay, Chime members can get an advance when they want so they’re in control of their pay. MyPay requires no subscription fees, no tipping, no mandatory fees, no interest,³ and no credit check.
  • Seamless: MyPay advances are transferred to a member’s checking account (FDIC insured through Chime’s bank partners) for a seamless, easy way for members to get their pay when they want before payday. No extra apps to download or services to subscribe to.

“Chime was founded on the belief that everyday people deserve access to helpful, easy, and free banking services to help them stay in control of their finances and unlock financial progress. The rigid, outdated pay cycle just doesn’t match how people spend their money and live their lives,” explained Madhu Muthukumar, Chief Product Officer at Chime. “For more than a decade, Chime has listened to our members, and the tens of millions of people living paycheck-to-paycheck, to build industry-leading services like Get Paid Early⁶ and SpotMe®⁷, that directly deliver on their needs. MyPay is the perfect complement to these offerings that give members greater flexibility and control over when and how they access their money.”

How It Works

MyPay is available directly in the Chime app for a seamless experience, so members can conveniently access their pay without having to download any extra apps or sign up for a separate subscription outside of Chime.

  • Chime members will become eligible to enroll in MyPay by receiving qualifying MyPay direct deposits of $200+ into their Chime checking account plus other qualifying criteria.²
  • Eligible members can access $20 – $500 each pay period, which may increase or decrease over time.²
  • Eligible members select how much they’d like to have advanced and it’s deposited directly into their Chime checking account within 2 days fee-free. They can also opt to get funds instantly for a flat fee of $2 per advance. We believe in transparency—there are no other fees, tipping or subscriptions required.
  • Repayment is easy. The balance is simply repaid when the next direct deposit arrives.⁸

Get Paid Early, MyPay and SpotMe®: A Powerful Trio for Financial Progress

We believe members should get their pay as soon as possible. Our suite of innovative, thoughtful and transparent products fit together perfectly to help everyday people take control of their pay and unlock financial progress™:

  • Get Paid Early allows members to get their paycheck up to two days earlier when they set up a qualifying direct deposit to their Chime Checking Account.
  • MyPay puts members in control by allowing access between $20-$500 of their pay, depending on their limit, per pay period.
  • SpotMe is a fee-free overdraft that has our members’ backs. If a member’s account hits $0, SpotMe is there to cover up to $200, automatically, based on an available limit.

Starting today, we’re launching MyPay via a waitlist⁹ where members can get early access to MyPay before it is available widely later this summer. For those who are interested in trying MyPay early or want to learn more about eligibility, check out our MyPay Waitlist page.

Chime is a financial technology company, not a bank. Banking services and MyPay provided by The Bancorp Bank, N.A. or Stride Bank, N.A..

Chime® is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card and the Chime Credit Builder Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit and credit cards are accepted. Please see the back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

Third-party trademarks referenced for informational purposes only; no endorsements implied.

‡ SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month.

Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank, N.A. and Stride Bank, N.A. (“Banks”). Banks are not responsible for the accuracy of any content provided by author(s) or contributor(s).

1. Chime is recommended by more of its users than that of any brand per 2023 Qualtrics® NPS score.
2. To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Available Advance Amount will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See MyPay Agreement (The Bancorp Bank, N.A. members) & MyPay Agreement (Stride Bank, N.A. members) for details.
3. Option to get funds instantly for $2 per advance or get funds for free within 2 days. See MyPay Agreement (The Bancorp Bank, N.A. members) & MyPay Agreement (Stride Bank, N.A. members) for details.
4. “St. Louis Fed, Total wages and salaries, BLS”
5. “Bureau of Labor Statistics, Frequency of pay period in the CES survey, February 2023”
6. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
7. SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month.
Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe Terms and Conditions.
8. Outstanding MyPay balances will be repaid from direct deposits to your Chime Checking Account from Eligible Sources. See MyPay Agreement (The Bancorp Bank, N.A. members) & MyPay Agreement (Stride Bank, N.A. members) for details.
9. Certain restrictions and eligibility requirements apply. See MyPay Waitlist Terms and Conditions for details.

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