Chime SpotMe Overdraft Line of Credit for Secured Deposit Account Agreement
Please read through this Chime SpotMe Overdraft Line of Credit for Secured Deposit Account Agreement (“Agreement” or “SpotMe for Credit Builder Account Agreement”) for eligibility and other important information. Please keep this Agreement for your records. The Chime SpotMe for Credit Builder product is an optional overdraft line of credit account offered by The Bancorp Bank, N.A. (“Bank”), and is distributed and serviced by Chime Financial, Inc. (“Chime”) on behalf of the Bank. “We,” “us,” and “our” means Bank and its successors and assigns. Please refer to Section E(1) below for important information on how limits are shared across the SpotMe products.
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in this Agreement.
Table of Contents
- Your Agreement With Us
- Opening an Account
- Agreement to Terms
- Incorporation of Other Agreements
- Security Agreement
- SpotMe for Credit Builder Description
- Eligibility Requirements
- Default and Losing SpotMe for Credit Builder Account Access
- Receiving the SpotMe for Credit Builder Account
- Receiving SpotMe Bonuses
- Receiving SpotMe Boosts
- Authorization Holds
- Authorized Users
- Billing Statements
- SpotMe for Credit Builder Tips
- Our Rights to Repayment
- Our Rights Upon Default
- Consent to Electronic Disclosures
- Our Communications With You
- Disclosure of Information to Third Parties
- Right of Reversal, Problems That Could Occur with Deposits, Transfers, or Credits to Your SpotMe for Credit Builder Account
- Assignments and Transfers
- Force Majeure
- Governing Law
- Warranty Disclaimer
- Indemnification, Limitation of Liability, Termination
- State Disclosures
- Modification of Agreement
- YOUR BILLING RIGHTS
Your Agreement With Us
This Agreement sets forth the terms and conditions governing the use of the Chime SpotMe Overdraft Line of Credit for Secured Deposit Account, which is an optional overdraft line of credit for the Secured Deposit Account offered by Bank and distributed and serviced by Chime on behalf of the Bank (also the “SpotMe for Credit Builder Account”).
NOTICE: THIS AGREEMENT REQUIRES ALL DISPUTES TO BE RESOLVED BY WAY OF BINDING ARBITRATION. THE TERMS OF THE ARBITRATION CLAUSE APPEAR IN SECTION DD OF THIS AGREEMENT.
Opening an Account
To enroll in and maintain the SpotMe for Credit Builder Account, you must be 18 years of age or older and have an open and active Chime Credit Builder Visa® Credit Card and/or Chime Cash Rewards Visa® Credit Card (collectively known in this Agreement as “Credit Card” or “Credit Card Account”), Chime Secured Deposit Account (“Secured Deposit Account”), and Chime Checking Account. You must also have downloaded the Chime mobile application (“Mobile App”) from either the Apple® App Store or Google Play Store.
Agreement to Terms
By your electronic acceptance of this Agreement, you agree to the terms and conditions of this Agreement and that this Agreement will govern your use of the SpotMe for Credit Builder Account and all credit extended under this Agreement.
Incorporation of Other Agreements
As a condition of applying for SpotMe for Credit Builder Account, you acknowledge that additional agreements are in place that govern your relationship with Chime and Bank, including, but not limited to, the Chime Credit Card Agreement, the Application Disclosure and Secured Deposit Account Agreement (also known as the Secured Deposit Account Agreement), the Deposit Account Agreement, the Bank’s Privacy Notice, and the Electronic Communication Agreement (collectively, “Additional Agreements”), each of which is hereby incorporated by reference. The terms and conditions of the Additional Agreements shall continue to apply in full force. This Agreement shall supplement the Additional Agreements. In the event of a conflict between this Agreement and the Additional Agreements, this Agreement shall control for purposes of the SpotMe for Credit Builder Account and the Chime SpotMe for Credit Builder product.
To secure all of your obligations under this Agreement (the “Debt” as defined in Section Q below), you hereby assign, transfer, pledge, grant a first priority security interest in, and set over to us all of your right, title, and interest in the Secured Deposit Account and the funds now or subsequently deposited into the Secured Deposit Account (the “Funds”), together with all renewals, substitutions of, and additions and proceeds of the Secured Deposit Account and the Funds. This is your “Security Agreement.” Your Secured Deposit Account and Funds do not secure any obligations to us other than the Debt.
SpotMe for Credit Builder Description
The SpotMe for Credit Builder Account is an optional overdraft line of credit product that enables you to transact on your Chime Credit Card for more than the amount of available funds held in the Secured Deposit Account linked to your Credit Card. The SpotMe for Credit Builder Account may only be used in association with “Qualifying Transactions” supported by your Chime Credit Card, which include purchase transactions, cash advances at ATMs, cash back transactions and “over the counter” (”OTC”) withdrawals.
The maximum amount by which you can transact on your Chime Credit Card in excess of the amount of available funds held in the Secured Deposit Account shall be deemed the “Limit.” As described further in Section E(1) below, this Limit is shared across the Chime and Bank SpotMe products in which you are enrolled. This Limit is determined by Chime and the Bank in its sole discretion based on the history of any Chime-branded accounts you have, direct deposit history and direct deposit amounts, spending activity and other risk-based factors, as well as any SpotMe Boosts or SpotMe Bonuses that you receive (as described below). Your Limit will be disclosed to you within the Chime App.
While there is no fee to use the SpotMe for Credit Builder Account, fees for related services continue to apply according to the terms associated with such services. For example, all fees for transactions accessing the SpotMe for Credit Builder Account as described in the Chime Credit Card Agreement, including OTC cash advance/withdrawal fees and out-of-network ATM cash advance/withdrawal fees.
The SpotMe for Credit Builder Account may only be used for personal, family, or household purposes. Additionally, the SpotMe for Credit Builder Account may not be used for purposes that are illegal under state or federal law, including, without limit, illegal gambling activity. Chime reserves the right to deny SpotMe for Credit Builder Account transactions if any associated Chime Credit Card transactions or authorizations are from merchants that appear to be engaged in illegal activities.
- Shared LimitYour Limit applies to and is shared across any of the Chime and Bank SpotMe products in which you are enrolled, including the SpotMe for Credit Builder Account as well as the SpotMe overdraft feature associated with your Checking Account. In other words, your use of your SpotMe overdraft feature associated with your Checking Account will decrease the available Limit for your SpotMe for Credit Builder Account and vice-versa.For example, if you have a $100 SpotMe Limit and are enrolled in the SpotMe for Credit Builder Account and SpotMe for your Checking Account and you make a Qualifying Transaction (defined above) using your Checking Account that overdraws your Checking Account by $20, your available SpotMe for Credit Builder Account Limit will be reduced to $80 until you repay your SpotMe Checking Account balance.
- Limit Adjustment by Chime(a) Your Limit may be increased or decreased at any time at Chime’s discretion or in association with the application or expiration of a SpotMe Boost or SpotMe Bonus.(b) Any changes to your Limit will be clearly communicated to the email we have on file for you.(c) The Limit will be displayed to you within the Mobile App.
- Limit Changes by You(a) If you do not want to access your maximum available Limit, or have it increased automatically when Chime increases your Limit at its discretion, you must choose the “Personal Max” option in the Mobile App. By choosing this option, your Limit will not automatically increase when Chime increases the Limit at its discretion, and instead you must change your Personal Max manually in the Mobile App in order to increase the amount of your available Limit that you access. Even where you have chosen the Personal Max option, however, your Limit may still increase or decrease pursuant to the activation or expiration of any SpotMe Boosts or SpotMe Bonuses you receive.(b) You may adjust the amount of your Personal Max at any time in the Mobile App.(c) Your maximum available Limit and Personal Max (if different) will be displayed within the Mobile App.
- SpotMe Bonus DescriptionSpotMe Bonus is an optional temporary increase to a Chime member’s Limit in connection with promotional campaigns (each a “SpotMe Bonus” or “Bonus”). Bonuses may vary in the amount by which they will temporarily increase your Limit, the duration of that increase, or other restrictions based on the account standing or history on other Chime-branded accounts you may have. The amount and duration of a Bonus will be disclosed to you in the Mobile App, the terms of the promotion, or upon the activation of your Bonus or its addition to the Queue (“Queue” as described further below in Section I 2). SpotMe Bonuses will impact your Limit for both the SpotMe for Credit Builder Account and your SpotMe overdraft feature on your Checking Account.
- SpotMe Boost DescriptionSpotMe Boost is an optional, no fee service feature of SpotMe. SpotMe Boosts (or “Boosts”) are temporary increases to the Limit. SpotMe Boosts can be sent from a member eligible and enrolled in SpotMe to another member eligible and enrolled in SpotMe, or, in some cases, a non-member. Each member will have a limited number of Boosts available to send at any given time, as disclosed within the Mobile App. When a SpotMe Boost is received, a receiving Chime member receives a temporary increase to the Limit in that amount. If the recipient is not a Chime member and the sender is eligible to share Boosts with non-members, the recipient will receive the Boost upon opening an account with Chime and enrolling in SpotMe for Credit Builder Account. Each SpotMe Boost may expire at the end of the calendar month that a Boost is received, or as otherwise disclosed by Chime to the recipient. The temporary increase to your Limit provided by a Boost is determined by Chime, in its sole discretion based on the history of any Chime-branded accounts you have and account activity. SpotMe Boosts will impact your Limit for both the SpotMe for Credit Builder Account and your SpotMe overdraft feature on your Checking Account.
- To enroll in and use the SpotMe for Credit Builder Account and use Boosts or Bonuses, members must fulfill the following requirements. Chime reserves the right to determine additional requirements or make changes to existing requirements at its sole discretion.a. SpotMe for Credit Builder eligibility: You must have received a single Qualifying Direct Deposit of $200 or more into your Checking Account and continue receiving regular Qualifying Direct Deposits into your Chime Checking Account. A “Qualifying Direct Deposit” is a deposit by Automated Clearing House (ACH) that comes from your employer, payroll provider, gig economy payer, or benefits payer OR a deposit by Original Credit Transaction (OCT) from your gig economy payer. Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions are not Qualifying Direct Deposits.b. Boost Limit eligibility: In order to use a Boost on SpotMe for Credit Builder Account, you must receive a Boost from a Chime member, and already have a Secured Deposit Account and Credit Card Account (or open these after receiving a Boost). Chime may, at any time and in its sole discretion, determine additional requirements or changes to existing requirements that you must fulfill in order to use a Boost.c. Bonus eligibility: In order to use a Bonus on SpotMe for Credit Builder, you must already have a Secured Deposit Account and Credit Card Account (or open these after receiving a Boost). Chime may, at any time and in its sole discretion, determine additional requirements or changes to existing requirements that you must fulfill in order to use a Bonus.
- Enrolling in the SpotMe for Credit Builder Account does not require a check of your credit score.
Default and Losing SpotMe for Credit Builder Account Access
If you initially meet the eligibility criteria and subsequently fail to meet such criteria, or if you fail to comply with the terms and conditions regarding any other product or service offered through Chime and its bank partners, you will be in Default (as defined in Section Q of this Agreement), and your access to SpotMe for Credit Builder Account may be suspended or terminated as determined by Chime or Bank in their sole discretion. Further, if the frequency, cadence, or amount of your Qualifying Direct Deposits decreases, or if you fail to meet new requirements, you will be in Default and Chime or Bank may suspend or terminate your access to the SpotMe for Credit Builder Account at its sole discretion.
If we terminate your SpotMe for Credit Builder Account, we will notify you of the steps necessary to become eligible for enrollment in a new SpotMe for Credit Builder Account. If your enrollment in SpotMe for Credit Builder is terminated, Chime will not authorize any Credit Card transactions that exceed the limit on your Chime Credit Card until you re-enroll in the SpotMe for Credit Builder Account.
Receiving the SpotMe for Credit Builder Account
Once enrolled in SpotMe for Credit Builder, Chime will approve Qualifying Transactions that result in transaction(s) on your Credit Card Account for more than the amount of available funds in your Secured Deposit Account, up to the available Limit. In other words, if your available Limit is $20, Chime will authorize Qualifying Transactions on your Credit Card Account for up to $20 more than the amount of available funds in your Secured Deposit Account. If you reach the Limit, Chime will not approve any further Qualifying Transactions, until your next direct deposit or other deposit or credit to the Secured Deposit Account arrives.
Each time the SpotMe for Credit Builder Account is used, you will receive an email and/or push notification that Chime approved the transaction, including the amount SpotMe for Credit Builder has covered.
If you attempt a transaction that would cause you to exceed your available Limit, we may, in our discretion, authorize the transaction without increasing your Limit or we may deny the authorization. If we do allow you to exceed your available Limit at any time, that does not obligate us to do so any other time. Without limiting our other rights under this Agreement, you agree that if you exceed your available Limit at any time, you will owe us immediately for the full amount of the excess over the available Limit, as applicable.
Receiving SpotMe Bonuses
- Once a Bonus is applied, you will receive a temporary increase in your Limit up to the amount of your Bonus until the time at which the Bonus expires (prior to expiration, an “Active Bonus”). At any given time, multiple Active Bonuses may be applied together that provide a temporary increase in your Limit, provided that such Active Bonuses do not add up to more than the maximum Bonus amount that may be applied toward your Limit, as disclosed to you in the Mobile App (the “Maximum Bonus Amount”).
- If the total amount of Bonuses that you receive adds up to an amount exceeding your Maximum Bonus Amount, any Bonuses above your Maximum Bonus Amount will go into a “Queue” of “Backup Bonuses.” Upon the expiration of an Active Bonus that takes you below your Maximum Bonus Amount, one or more of your Backup Bonuses in the Queue will be activated and become Active Bonuses, to the extent that the activation of such Backup Bonuses does not exceed your Maximum Bonus Amount.If the activation of a single Backup Bonus would exceed the Maximum Bonus Amount, we will apply a partial amount of the Backup Bonus toward reaching your Maximum Bonus Amount. Any remaining amount of such a Backup Bonus after its partial activation will remain in the Queue until expiration of an Active Bonus once again takes you below your Maximum Bonus Amount, at which point the partial amount remaining in the Backup Bonus would be applied toward reaching your Maximum Bonus Amount. For example, let’s say you currently have a Maximum Bonus Amount of $50, with a $5 Active Bonus expiring, and a $10 Backup Bonus in the Queue. Upon expiration of the $5 Active Bonus, $5 from the Backup Bonus will be applied toward reaching your Maximum Bonus Amount, while the remaining $5 of the Backup Bonus will remain in the Queue until the next expiration of an Active Bonus.Each partial Active Bonus amount applied to your account will be applied for the same duration as the Bonus from which the partial amount was derived. Using the example above, if the $10 Backup Bonus in the Queue has a duration of three months, then the $5 partial Bonus applied after expiration of the Active Bonus will have a duration of three months, and the application of the remaining $5 of the Bonus (or any application of smaller amounts thereof) will have a duration of three months from the time that it becomes an Active Bonus.
Receiving SpotMe Boosts
Once you claim a Boost, you will have access to that Boost as a part of your Limit until that Boost expires.
- General promise to pay. You promise to pay us all amounts you owe on your SpotMe for Credit Builder Account, even if your SpotMe for Credit Builder Account is suspended or if we have canceled or terminated your SpotMe for Credit Builder Account or certain associated credit privileges. If we do not receive payment on your SpotMe for Credit Builder Account, your SpotMe for Credit Builder Account may be suspended or terminated.
- Making payments. In order to use SpotMe for Credit Builder Account, we require that you agree to make automatic payments from your Secured Deposit Account each billing cycle for which there is a balance on your SpotMe for Credit Builder Account. Each month you must pay the total due amount shown on your billing statement, and your payment must be received on or before the payment due date shown on your billing statement. The payment due date will be the same day of each calendar month, which is the same day of the month you receive your billing statement (e.g., if you receive a billing statement on August 7, the payment due date will be September 7). If the payment due date is not a “Business Day” (every day except Saturdays, Sundays, and federal holidays), we will treat any payment received by 5:00 p.m. Eastern Time on the next Business Day as having been made on the Payment Due Date. Payments will be credited on the Business Day the payment is received. We will treat any payment received after 5:00 p.m. Eastern Time on the next Business Day as having been made on the payment due date.You agree that funds from your Secured Deposit Account in the amount of the SpotMe for Credit Builder balance will be used to pay your balance automatically, on or before your payment due date, every month that your SpotMe for Credit Builder Account reflects a balance (the balance is the entire amount that you owe us at that time). Automatic payments will be made even if your SpotMe for Credit Builder Account is suspended, or if we have canceled or suspended certain credit privileges.Automatic payments will be for the full amount of any SpotMe for Credit Builder balance each billing cycle so long as you have adequate funds in your Secured Deposit Account to pay the full amount of such balance. If you do not have adequate funds in your Secured Deposit Account to pay the full amount of your SpotMe for Credit Builder balance on the automatic payment date, your automatic payment will be limited to the amount available in your Secured Deposit Account, and you will have until the due date to make a timely payment for the remaining amount due. If an automatic transfer is made (see Section K(3)) before the due date, those funds will be used to pay your remaining balance automatically. If an automatic transfer is not made prior to the due date, your remaining unpaid SpotMe for Credit Builder balance will appear on your next SpotMe for Credit Builder Account billing statement. For amounts in dispute, those amounts will be subtracted from the full amount of your SpotMe for Credit Builder balance until the dispute is resolved. Your SpotMe for Credit Builder balance will not show a paid status until the dispute is resolved. You may still owe the Bank the disputed amount following the resolution of your dispute, and such balance will be reflected on your current statement and will be carried over into your next SpotMe for Credit Builder statement if left unpaid.
- Automatic Transfers. In order to use SpotMe for Credit Builder, you agree and authorize Chime to make automatic transfers from your Checking Account to your Secured Deposit Account. You authorize Chime to transfer funds from any direct deposit into your Checking Account thereafter into your Secured Deposit Account in an amount equal to any existing SpotMe for Credit Builder balance.
- Irregular Payments. We may accept late payments, partial payments, or other non-conforming or irregular payments without losing our rights under this Agreement, including the right to require the full payment of all amounts owed under this Agreement.
- Closure of the Chime Credit Card Account and/or the SpotMe for Credit Builder Account.5.1 Notwithstanding Section 2 above, upon any closure of the Chime Credit Card Account, you agree and authorize Chime to make a payment from the Secured Deposit Account to pay off in full the SpotMe for Credit Builder balance without first being provided with a billing statement. 5.2 If you close your Chime Credit Card Account and/or the SpotMe for Credit Builder Account, and you have a SpotMe for Credit Builder Account balance, you agree and authorize Chime to make a payment from any available funds from your Chime Checking Account to pay off in full the SpotMe for Credit Builder Account balance without first being provided with a billing statement.
Transactions at some merchants (such as hotels, car rental companies, restaurants, and gas stations) may result in temporary authorizations on your Credit Card Account for amounts greater than the actual transaction amount. If this happens, and it creates a balance on your SpotMe for Credit Builder Account, it may make less credit available to you on your available SpotMe Limit (usually until the date the actual transaction amount is received by us from the merchant). Because such transactions may take several days to post as a transaction amount to your Credit Card Account, you may see associated charges posted to your SpotMe for Credit Builder Account even where your Credit Card Account or SpotMe for Credit Builder Account has previously been suspended or any credit privileges have been canceled or suspended.
If you give your Credit Card to any other person to use or otherwise authorize any person to use your Credit Card Account, you will be responsible for any associated SpotMe for Credit Builder Account extensions caused by that person’s use of your Credit Card Account and anyone else they allow to use your Credit Card Account, even if you did not anticipate, or agree to, that use.
Each month your SpotMe for Credit Builder Account is open, we will provide you with a billing statement showing your new balance, total due, and payment due date. We will provide the billing statement to you electronically by notifying you by email that your billing statement is available. When you receive this email, you will need to login to your account at chime.com or in the Chime App to view and/or print your billing statement. We may discontinue sending billing statements to you if we deem that your SpotMe for Credit Builder Account will not be repaid.
SpotMe for Credit Builder Tips
- Tips are Voluntary. You are not required to pay any charge or fee to be eligible to receive SpotMe for Credit Builder, or in return for receiving SpotMe for Credit Builder benefits. You may, however, choose to pay a voluntary gratuity (a “tip”) when your direct deposit or other funds are deposited into your Checking Account. We may present you the option to make a “tip” within the Chime App after you receive a SpotMe for Credit Builder benefits (including for merchant “holds”) and once the SpotMe for Credit Builder balance is fully repaid. Payment of a tip is optional. Payment or non-payment of a tip will not affect your eligibility for a SpotMe for Credit Builder Account, and also will not affect Chime’s approval of credit or debit card transactions that result in a negative balance in your Checking Account via SpotMe for Credit Builder. Any tip that you provide will be displayed on your monthly account statements associated with your Checking Account. Your tip will be paid from your Checking Account only after you’ve repaid the SpotMe for Credit Builder balance and you have greater than $20 in your Checking Account. You can request a refund of a tip within 60 days from the date the tip is paid by contacting member support at the number provided in the Mobile App.
Our Rights to Repayment
- You represent and warrant that you have the right to authorize us to charge your Secured Deposit Account and/or Checking Account for funds due to us under this Agreement. You will indemnify and hold Bank and Chime harmless from any claims by any other owner of the Secured Deposit Account and/or Checking Account. If Chime cannot recoup the SpotMe for Credit Builder balance from your Credit Builder and/or Checking Account, Bank and Chime warrant that they will not have any legal or contractual claim or remedy against you based on your failure to repay in full, but your SpotMe for Credit Builder Account may be suspended or terminated. Further, neither Bank nor Chime will engage in any debt collection activities if the SpotMe for Credit Builder balance is not repaid on the scheduled date, place the amount advanced as a debt with or sell it to a third party, or report any failure to repay to a consumer reporting agency.
- Please note that we do not charge interest on any outstanding SpotMe for Credit Builder Account balance, and you will only be required to repay the exact amount of the balance. Failure to repay a SpotMe for Credit Builder Account balance does not affect your credit. Neither Bank nor Chime will furnish information about its members to credit reporting agencies or other creditors with regard to their use of the SpotMe for Credit Builder Account. The only consequence for not fulfilling your obligation to repay is that your SpotMe for Credit Builder Account may be suspended or terminated, and you may be prevented from using other Chime-managed services until the earlier funds are repaid. However, in the event of fraud, misrepresentation, or other illegal activity, we will use the legal options available to us in order to collect the money you owe us.
Our Rights Upon Default
- Events of default. We may consider your SpotMe for Credit Builder Account to be in default if any of the following occurs (“Default”): (i) you fail to meet the conditions, to perform any obligation, or to make any required payment under this Agreement or any other agreement that you make with us relating to the Debt (as defined below); (ii) you have given us false or misleading information or misrepresentations; (iii) you die; (iv) any government authority takes action that we believe adversely affects your financial condition or ability to repay the Debt; (v) any guaranty or other agreement required in connection with the Debt is violated or ineffective; (vi) you file a bankruptcy petition, a bankruptcy petition is filed against you, or you make a general assignment for the benefit of creditors; or (vii) you fail to meet the eligibility requirements for SpotMe for Credit Builder. If you Default, the Bank may declare all of the Debt immediately due and payable. The Bank may also exercise all the rights of an owner of the Secured Deposit Account, as provided in your Application Disclosure and Secured Deposit Account Agreement. “Debt” includes all amounts you owe to the Bank, including but not limited to any charges that may accrue under your SpotMe for Credit Builder Account, and also include without limitation any continuing guaranty arising from the SpotMe for Credit Builder Account, as well as each extension, refinance or renewal of such obligations, and any expenses that the Bank incurs in enforcing your obligations under this Agreement, including fees for independent and/or in-house counsel, where allowed by law. Your Secured Deposit Account does not secure any obligations to us other than the Debt, as defined above.
- Our rights upon your default. Unless you are a “Covered Borrower” under the Military Lending Act, you waive any defense against the Bank. Upon any Default, we are authorized to exercise all of our rights under the security interest that you have granted to us in your Secured Deposit Account. See your Application Disclosure and Secured Deposit Account Agreement for details. Without limiting the foregoing, we may act as owner of the Credit Builder Secured Deposit Account, withdraw funds from the Credit Builder Secured Deposit Account, and apply all or any portion of the funds at any time(s) to repayment of the Debt and our costs in enforcing our rights hereunder and under the Application Disclosure and Secured Deposit Account Agreement. Your SpotMe for Credit Builder privileges may also be suspended, subject to reinstatement at our discretion. We are irrevocably appointed as attorney-in-fact for the limited purpose of executing any instruments required to satisfy the Debt.Our rights stated in this Agreement and in the Application Disclosure and Secured Deposit Account Agreement are in addition to any others we have under the law. If there is a conflict regarding the security interest between this Agreement or the Application Disclosure and Secured Deposit Account Agreement and any other agreement, this Agreement and the Application Disclosure and Secured Deposit Account Agreement will control. You represent that no insolvency proceeding or general assignment for creditors is pending that would affect the Bank’s security interest. If the Bank waives or delays exercising a right, it does not forfeit that right or any others. You waive any defense you may have against the Bank. The Bank can exercise its rights against the Credit Builder Secured Deposit Account even if you are no longer liable on the Debt because of a statute of limitations or because of other reasons. Until the Debt is fully repaid and you have no further obligations under this Agreement, you will subordinate in favor of the Bank any right of subrogation and any right to enforce a remedy the Bank now has or may later have.
- Cancelation by you. You may cancel SpotMe for Credit Builder and close your account at any time. To do so, you may turn “off” SpotMe for Credit Builder on your settings page. If you cancel SpotMe for Credit Builder, Chime will not approve Qualifying Transactions on your Credit Card Account that may have otherwise required a SpotMe for Credit Builder extension of credit. If you continue to meet SpotMe for Credit Builder’s eligibility criteria, you may re-enroll at any time.
- Cancelation by Chime or Bank. We may terminate this Agreement or suspend or terminate your use of SpotMe for Credit Builder for any reason at any time upon notice to you. For example, this can happen if we find out you are using SpotMe for Credit Builder in a way that violates this Agreement. We will inform you of our decision via in-app notification, and you can always talk to our support team if you have questions. You agree that Chime or Bank will not be liable to you or any third-party for any costs, fees, or losses associated with the termination of your access to SpotMe for Credit Builder.If we terminate your enrollment in SpotMe for Credit Builder, we will notify you of the steps necessary to become eligible for enrollment in SpotMe for Credit Builder again. If your enrollment in SpotMe for Credit Builder is terminated, Chime and Bank will not approve any credit card transactions that may have otherwise required a SpotMe for Credit Builder extension of credit until you re-enroll in SpotMe for Credit Builder.
Consent to Electronic Disclosures
This SpotMe for Credit Builder Account is only available electronically. In order for you to obtain and maintain the SpotMe for Credit Builder Account, you agree to receive all disclosures electronically, pursuant to the Electronic Communications Agreement which you previously agreed to when you enrolled with Chime, which is available at www.chime.com/policies/bancorp/electronic-communication-agreement/. If, for some reason, you cannot receive communications electronically in the future, you should close your SpotMe for Credit Builder Account.
Our Communications With You
By providing us with a telephone number or email address, including a mobile telephone number (telephone number and email address (to the extent an email is connected to a text-messaging feature on your device) collectively “telephone number”), you expressly consent to receive recurring and/or prerecorded communications from us, Chime, Chime’s subsidiaries and affiliates, and Chime’s service providers at that telephone number, including communications made by use of an automatic telephone dialing system (“ATDS”) for account-related purposes. You acknowledge and agree that the communications may be transmitted to you by various means, including, but not limited to, live telephone calls, pre-recorded or artificial voice messaging calls, text messages, and/or calls made by an ATDS from us or our agents or contractors, or Chime and its agents or contractors.
This express consent applies to every telephone number that you provide to us now or in the future. You will notify us immediately if you change or surrender any telephone number you have provided to us. You authorize your wireless carrier to use or disclose information about your account and your wireless device, if available, to us or our service providers for the duration of your business relationship, to help them identify you or your wireless device and to prevent fraud.
Message and data rates may apply. We and our service providers, Chime and its service providers, and the wireless carriers are not liable for undelivered or delayed text messages. Please consult your wireless provider with any questions about your text or data plan.
Disclosure of Information to Third Parties
Right of Reversal, Problems That Could Occur with Deposits, Transfers, or Credits to Your SpotMe for Credit Builder Account
If funds are deposited, transferred, or credited to your SpotMe for Credit Builder Account by mistake or other error, we may correct the situation by deducting the amount of the erroneous deposit, transfer, or credit from your SpotMe for Credit Builder Account without prior notice to you unless required by law.
Assignments and Transfers
Your rights under this Agreement may not be transferred by operation of law or otherwise. However, your obligations under this Agreement shall be binding upon your estate or personal representatives. The Bank may sell your SpotMe for Credit Builder Account and Credit Builder and/or assign or transfer this Agreement and our related rights and obligations without prior notice to you and without your consent.
Unless otherwise required by applicable law, we are not responsible and will not incur liability to you for any failure, error, malfunction or any delay in carrying out obligations under this Agreement if such failure, error or delay results from causes that are beyond our reasonable control (including, but not limited to inclement weather, fire, flood, acts of war or terrorism, and earthquakes).
Federal law provides important protections to active-duty members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a card account). To hear this same disclosure and for a general description of your payment obligations for this SpotMe for Credit Builder Account, call the following toll-free number 1-844-244-6363.
You understand and agree that this Agreement is subject to applicable federal laws and, to the extent not preempted by federal law, the laws of the State of South Dakota. If any provision of this Agreement conflicts with applicable law, that provision shall be considered modified to the extent necessary to comply with such law.
SPOTME FOR CREDIT BUILDER IS PROVIDED “AS IS,” “AS AVAILABLE” AND WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AND ANY WARRANTIES IMPLIED BY ANY COURSE OF PERFORMANCE OR USAGE OF TRADE, ALL OF WHICH ARE EXPRESSLY DISCLAIMED. CHIME, BANK AND EACH OF THEIR SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, AND EMPLOYEES (AND THEIR SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, AND EMPLOYEES) DO NOT WARRANT THAT: (I) SPOTME FOR CREDIT BUILDER WILL BE SECURE OR AVAILABLE AT ANY PARTICULAR TIME OR LOCATION; (II) ANY DEFECTS OR ERRORS WILL BE CORRECTED; (III) ANY CONTENT OR SOFTWARE AVAILABLE AT OR THROUGH SPOTME FOR CREDIT BUILDER IS FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS; OR (IV) THE RESULTS OF USING SPOTME FOR CREDIT BUILDER WILL MEET YOUR REQUIREMENTS. YOUR USE OF SPOTME FOR CREDIT BUILDER IS SOLELY AT YOUR OWN RISK.
Indemnification, Limitation of Liability, Termination
- You agree to hold harmless and indemnify Chime and Bank and their subsidiaries, affiliates, officers, agents, and employees (and their subsidiaries, affiliates, officers, agents, and employees) from and against any claim, suit or action arising from or in any way related to your use of SpotMe for Credit Builder, or your violation of this Agreement, including any liability or expense arising from all claims, losses, damages, suits, judgments, litigation costs, and attorneys’ fees, of every kind and nature. In such a case, Chime will provide you with written notice of such claim, suit, or action.
- IN NO EVENT SHALL CHIME OR BANK, NOR THEIR SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, AND EMPLOYEES (AND THEIR SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, AND EMPLOYEES), BE LIABLE UNDER CONTRACT, TORT, STRICT LIABILITY, NEGLIGENCE OR ANY OTHER LEGAL OR EQUITABLE THEORY WITH RESPECT TO THE SERVICES (I) FOR ANY LOST PROFITS, DATA LOSS, COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, OR SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, COMPENSATORY OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER (HOWEVER ARISING), (II) FOR ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE (REGARDLESS OF THE SOURCE OF ORIGINATION), OR (III) FOR ANY DIRECT DAMAGES IN EXCESS OF (OR IN THE AGGREGATE) OF $500.00.
CALIFORNIA RESIDENTS: After credit approval or meeting the eligibility requirements as applicable, each applicant shall have the right to use the SpotMe for Credit Builder Line up to the Limit. Each applicant may be liable for amounts extended under the plan to any joint applicant.
COLORADO RESIDENTS: This Agreement shall be governed by Colorado law, except where otherwise preempted or authorized by federal law, including the Agreement’s arbitration provisions, which are governed by the Federal Arbitration Act, and that any “interest” terms as contemplated by 12 U.S.C. § 1831d shall be governed by 12 U.S.C. § 1831d and the laws of Bank’s home state of South Dakota.
MASSACHUSETTS RESIDENTS: Massachusetts law prohibits discrimination based upon marital status or sexual orientation.
NEW JERSEY: The section headings of the Agreement are a table of contents and not contract terms. Portions of this Agreement with references to actions taken to the extent of applicable law apply to acts or practices that New Jersey law permits or requires. In this Agreement, acts or practices (i) by you which are or may be permitted by “applicable law” are permitted by New Jersey law, and (ii) that may or will be taken by you unless prohibited by “applicable law” are permitted by New Jersey law.
OHIO RESIDENTS: The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
UTAH RESIDENTS: This Agreement is the final expression of the agreement between you and us and it may not be contradicted by evidence of an alleged oral agreement.
MARRIED WISCONSIN RESIDENTS: No provision of any marital agreement, unilateral statement or court order applying to marital property will adversely affect a creditor’s interest unless prior to the time credit is granted, the creditor is furnished with a copy of the agreement, statement or court order, or has actual knowledge of the provision. If you are married, by signing this loan agreement, you are confirming that this loan obligation is being incurred in the interest of your marriage and your family. If the loan for which you are applying is granted, you will notify the Lender if you have a spouse who needs to receive notification that credit has been extended to you.
THIS AGREEMENT CONTAINS AN ARBITRATION CLAUSE. PLEASE READ THIS PROVISION CAREFULLY, AS IT AFFECTS YOUR LEGAL RIGHTS. IT PROVIDES THAT ANY CLAIM RELATING TO SPOTME FOR CREDIT BUILDER OR THIS AGREEMENT MAY BE RESOLVED BY BINDING ARBITRATION. YOU ARE ENTITLED TO A FAIR HEARING, BUT THE ARBITRATION PROCEDURES ARE SIMPLER AND MORE LIMITED THAN RULES APPLICABLE IN COURT, AND ARBITRATION DECISIONS ARE SUBJECT TO VERY LIMITED REVIEW.
CLAIMS MAY BE ARBITRATED ONLY ON AN INDIVIDUAL BASIS. YOU EXPRESSLY WAIVE ANY RIGHT THAT YOU MAY HAVE TO ARBITRATE A CLASS ACTION. IF EITHER PARTY CHOOSES TO ARBITRATE A CLAIM, NEITHER PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM IN COURT OR TO HAVE A JURY TRIAL ON THAT CLAIM, OR TO PARTICIPATE IN A CLASS ACTION OR REPRESENTATIVE ACTION WITH RESPECT TO SUCH CLAIM.
Arbitration of Claims. Except as expressly provided herein, any claim, dispute or controversy (whether based upon contract; tort, intentional or otherwise; constitution; statute; common law; or equity and whether pre-existing, present or future), including initial claims, counter-claims, cross-claims and third-party claims, arising from or relating to: (i) SpotMe for Credit Builder; (ii) any service relating to SpotMe for Credit Builder; (iii) the marketing of SpotMe for Credit Builder; (iv) this Agreement, including the validity, enforceability, interpretation, scope, or application of the Agreement and this arbitration provision (except for the prohibition on class or other non-individual claims, which shall be for a court to decide); and (v) any other agreement or instrument relating to SpotMe for Credit Builder or any such service (“Claim”) shall be decided, upon the election of you or the Bank (or the Bank’s agents, employees, successors, representatives, affiliated companies, or assigns), by binding arbitration pursuant to this arbitration provision and the applicable rules and procedures of the arbitration administrator in effect at the time the Claim is filed. The American Arbitration Association (“AAA”) shall serve as the arbitration administrator. You may obtain copies of the current rules, forms, and instructions for initiating an arbitration with the AAA by contacting the AAA as follows: on the web at www.adr.org or by writing to AAA at 1633 Broadway, 10th Floor, New York, NY 10019.
Other Claims Subject to Arbitration. In addition to Claims brought by either you or the Bank, Claims made by or against the Bank or by or against anyone connected with you or the Bank or claiming through you or the Bank (including a second cardholder, employee, agent, representative, affiliated company, predecessor or successor, heir, assignee, or trustee in bankruptcy) shall be subject to arbitration as described herein.
Exceptions. You and we agree not to invoke our right to arbitrate any individual Claim you bring in small claims court or an equivalent court so long as the Claim is pending only in that court. This arbitration provision also does not limit or constrain the Bank’s right to interplead funds in the event of claims to Credit Builder funds by several parties.
Individual Claims Only. It is the intent of the parties to require Claims to be submitted to arbitration on an individual basis only. Claims subject to this arbitration provision may not be joined or consolidated in arbitration with any Claim of any other person or be arbitrated on a class basis, in a representative capacity on behalf of the general public or on behalf of any other person, unless otherwise agreed to by the parties in writing. However, co-applicants, second cardholders and authorized users of a SpotMe for Credit Builder account are considered as one person, and the Bank, its officers, directors, employees, agents, and affiliates are considered as one person.
Arbitration Fees. If you initiate arbitration, the Bank will advance any arbitration fees, including any required deposit. If the Bank initiates or elects arbitration, the Bank will pay the entire amount of the arbitration fees, including any required deposit. Notwithstanding any provision of this arbitration provision or the rules and procedures of the arbitration administrator, the Bank will be responsible for payment and/or reimbursement of any arbitration fees to the extent that such fees exceed the amount of the filing fees you would have incurred if your Claim had been brought in the state or federal court nearest your residence with jurisdiction over the Claims.
Procedure. A single arbitrator will resolve the Claims. The arbitrator will be a lawyer with at least ten years’ experience or who is a former or retired judge. The arbitration shall follow the rules and procedures of the arbitration administrator in effect on the date the arbitration is filed, except when there is a conflict or inconsistency between the rules and procedures of the arbitration administrator and this arbitration provision, in which case this arbitration provision shall govern. Any in-person arbitration hearing for a Claim shall take place within the federal judicial district in which you live or at such other reasonably convenient location as agreed by the parties. The arbitrator shall apply applicable substantive law consistent with the Federal Arbitration Act, 9 U.S.C. § 1 et seq. (the “FAA”) and shall honor all claims of privilege and confidentiality recognized at law. All statutes of limitations that would otherwise be applicable shall apply to any arbitration proceeding. The arbitrator shall be empowered to grant whatever relief would be available in court under law or in equity. At the request of any party, the arbitrator will provide a written explanation of the basis for the disposition of each claim, including written findings of fact and conclusions of law. This arbitration provision is made pursuant to a transaction involving interstate commerce and shall be governed by the FAA.
Military Lending Act. Arbitration does not apply to you if you are covered by the Military Lending Act nor do any provisions that waive any right to legal recourse under any state or federal law to the extent required by the Military Lending Act.
Modification of Agreement
We may amend the terms of this Agreement from time to time in our sole discretion. Depending on the nature of the change, the amendment to this Agreement may, on or after the date on which it becomes effective, apply to all of your then-outstanding unpaid indebtedness to us under your SpotMe for Credit Builder Account. If required by applicable law, we will: (a) send notice of the changes to you at the address shown on our records for you and; (b) give you the right to opt out of the change. If you opt out of the change you will be unable to initiate any further transactions on the SpotMe for Credit Builder Account and you will be required to repay the amount that you owe us under the terms and conditions of the then existing Agreement.
YOUR BILLING RIGHTS
KEEP THIS DOCUMENT FOR FUTURE USE
This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.
What to Do If You Find A Mistake On Your Billing Statement:
If you think there is an error on your Billing Statement, write to us at:
PO Box 417
San Francisco, CA 94108
In your communication, give us the following information:
- Account information: Your name and Card Account number.
- Dollar amount: The dollar amount of the suspected error.
- Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a mistake.
You must contact us:
- Within 60 days after the error appeared on your Billing Statement.
- At least 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you think is wrong.
You must notify us of any potential errors in writing. You may call us, but if you do, we are not required to investigate any potential errors and you may have to pay the amount in question.
What Will Happen After We Receive Your Communication:
When we receive your communication, we must do two things:
- Within 30 days of receiving your communication, we must tell you that we received your communication. We will also tell you if we have already corrected the error.
- Within 90 days of receiving your communication, we must either correct the error or explain to you why we believe the bill is correct.
While we investigate whether or not there has been an error:
- We cannot try to collect the amount in question or report you as delinquent on that amount.
- The charge in question may remain on your Statement.
- While you do not have to pay the amount in question, you are responsible for the remainder of your balance.
- We can apply any unpaid amount against your credit limit.
After we finish our investigation, one of two things will happen:
- If we made a mistake: You will not have to pay the amount in question or any other fees related to that amount.
- If we do not believe there was a mistake: You will have to pay the amount in question, along with applicable fees. We will send you a statement of the amount you owe and the date payment is due.
If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill. We must tell you the name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been settled between us.
If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even if your bill is correct.
What Happens to Funds in Your Secured Deposit Account When We Investigate an Error
We will place a provisional hold on the funds in your Secured Deposit Account while we investigate the error, up to the total dollar amount that was charged potentially in error until the investigation is complete to make sure the funds in your Secured Deposit Account remain secured. This means that if the total dollar amount of your error is $20.00, we will place a provisional hold on $20.00 in your Secured Deposit Account while we investigate the potential error.
When we complete our investigation, you will have access to the funds in your Secured Deposit Account in accordance with the Application Disclosures and Secured Deposit Account Agreement. This means that if the total dollar amount of potential error is $20.00, and an error is found, you will have access to transfer $20.00 out of your Secured Deposit Account unless it is otherwise used to secure the Credit Card Account or SpotMe for Credit Builder Account balances, each in accordance with the relevant agreements.
This Agreement is effective 12/2023