At many banks, one little mistake can result in not-so-little overdraft fees. In fact, big banks collected more than $11 billion in overdraft fees from their customers in 2019 alone.
But at Chime, we’re not a bank and we like to do things differently. With our SpotMe feature, you can overdraft your account by up to $100 without paying a dime in fees!¹
In 2020, we spotted our members $1.5 billion, helping them avoid as much as $5 billion in overdraft fees²— and helping them make crucial purchases when money was tight.
Want in? We thought so. Here’s everything you need to know.
How SpotMe works
SpotMe is available to Chime members who receive qualifying monthly direct deposits of $500 or more. Once you’ve enrolled in SpotMe (it’s fee-free!), we’ve got your back when you overdraft your account by up to $100.
Let’s say you have $40 in your Spending Account. At the grocery store, your total is $52, and you want to pay for it with your Chime Visa Debit Card®. Most banks would charge you upwards of $30 for overdrafting your account by a measly $12. We’ll spot you the money instead.
You’ll receive a notification saying “Because your Spending Balance was low, SpotMe covered $12. Your new balance is –$12.”
Then, the next time money is deposited into your Spending Account, we’ll automatically apply it to your negative balance. You’ll be in the clear, without having paid any overdraft fees.
Is it really free to use?
We know, we know, it sounds too good to be true. But it’s not!
It’s pretty simple, really: We think overdraft fees are the pits, so we decided to get rid of them. SpotMe is a totally free service for our Chime members.
While you’ll be able to leave a tip once you’ve repaid your negative balance — a way of saying thanks and paying it forward to other members — doing so is totally optional. (And will have no effect on your future eligibility or limit for SpotMe.)
How to use SpotMe
If you’re ready to hop aboard the SpotMe train, make sure you have the latest version of the Chime app, then scroll down your Homefeed or over to Settings.
If you’re eligible for SpotMe (which means you’re receiving at least $500 per month in qualifying direct deposits), you’ll see a button inviting you to sign up. Once you agree to the terms and conditions, you’re in!
The next time you make a debit card purchase that exceeds your balance, we’ll spot you up to your limit. That limit will be between $20 and $100, and will be based on a variety of factors, such as your account history and activity.
While Chime Member Services can’t manually change your limit, we do occasionally offer referral promotions that allow you to increase your SpotMe limit — so be on the lookout for those.
What happens if you try to overdraw your account by more than your limit?
We’ll simply decline the transaction. But don’t worry, you still won’t pay any fees.
It’s important to note that SpotMe only covers debit card purchases. It doesn’t apply to ATM withdrawals, Pay Friends transfers, ACH transfers (including direct debits and services like Venmo or Square Cash), or Chime Checkbook transactions.
How can I see or change my SpotMe limit?
Changing your limit is easy and fast. If you’re eligible for SpotMe, all you need to do is open your Chime app > Scroll down in your Home feed > Tap Settings > and adjust your limit. As easy as 1,2,3.