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Today, we’re excited to announce one of our most requested features of all time. 🎉
Meet SpotMe, a new service from Chime that allows eligible members to make debit card purchases and cash withdrawals with no overdraft fees. Today we’re announcing the rollout of overdrafts up to $200.*
It’s time to say goodbye to the overdraft fee. 👋 With SpotMe, we’ll simply apply your next deposit into your Chime Checking Account to your negative balance. It’s that easy!
The overdraft fee epidemic
A few small purchases each month can wind up costing Americans hundreds of dollars per year in overdraft fees when using traditional overdraft protection. Let’s look at the numbers:
Yeah, we’ll just let that sink in. 🤯
We’ve launched a beta and saved members over $200 million
Before releasing a full version to the public, we rolled out a private beta version and tested SpotMe with a sample of hundreds of thousands of Chime members. During our beta, we saved our members over $200 million** in overdraft fees, giving them the freedom to pay for everyday necessities including groceries, food, and transportation.
We have your back
By now you may have noticed we like to do things differently here. We challenge the status quo because we believe you deserve financial peace of mind. That’s why we built SpotMe.
Our goal with SpotMe is to help Chime members avoid overdraft fees and worry less, so that they can focus on the more important things in their lives. 💚
How it works
Chime members who have activated their Chime debit card and receive a qualifying direct deposit of $200 or more a month are eligible to enroll. SpotMe Limits start at $20 and can be increased up to $200 or more by Chime, based on factors such as account activity and history.*
1. We’ll notify you in the Chime app when you’re eligible to enroll in SpotMe.
2. When you make a debit card purchase and cash withdrawals that exceed your balance, we’ll spot you up to your SpotMe limit.
3. When your next deposit arrives in Chime, we’ll apply it to your negative balance.
Pay it forward with a tip
Our SpotMe service is completely free and relies on tips from Chime members to stay that way. When your next deposit arrives, and your negative balance is repaid, we’ll give you the option to pay it forward. Also, note that whether or not you tip won’t affect your SpotMe eligibility.
Next time you’re in a bind and need a little extra cushion to cover a debit card purchase and cash withdrawal, don’t worry – we can spot you! 💚
Have additional questions? Check out our SpotMe FAQ’s.
This page is for informational purposes only. Chime does not provide financial, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for financial, legal or accounting advice. You should consult your own financial, legal and accounting advisors before engaging in any transaction.