SpotMe Terms and Conditions
This is an explanation of the things you should know about "Chime SpotMe," a product made available by The Bancorp Bank ("Bancorp," "we," or "us") on behalf of Chime Financial, Inc. ("Chime"). LAST UPDATED January 17, 2020.
Table of Contents
- Acceptance of Terms
- Incorporation of Other Agreements
- SpotMe Description
- Basic Requirements
- Receiving Chime SpotMe from Chime
- Chime SpotMe Tips
- Paying Back Chime SpotMe
- Curing a Negative Balance; Loss of Chime SpotMe Eligibility
- Our Rights to Repayment
- Cancellation by You
- Cancellation by Chime
- Warranty Disclaimer
- Indemnification, Limitation of Liability, Termination
- Modification of Terms
- General Provisions
Acceptance of Terms
This document (the “Agreement” or the “Terms”) governs your use of Bancorp’s “Chime SpotMe”. By enrolling in Chime SpotMe, you agree to be bound by the terms of this Agreement. If you do not agree to be bound by these Terms, you cannot access Chime SpotMe. If you have any questions about these Terms, please contact us at firstname.lastname@example.org.
Incorporation of Other Agreements
Chime SpotMe is an optional, no fee service for which you must meet certain qualification criteria (see Section IV below for Basic Requirements criteria) and enroll in through the Chime mobile application (the “Chime Application”). Chime SpotMe enables you to draw your Chime-managed demand deposit account in your name (your “Chime Spending Account”) negative for debit card purchase transactions (“Qualifying Transactions”) up to a specified amount (the “Limit”). The Limit is determined by Chime 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. Your Chime Account is continually monitored, and your Limit may be adjusted from time to time in Chime’s sole discretion.
Limit Adjustment by Chime
- Your Program Limit may be increased or lowered at any time by Chime and will always represent the maximum limit you may draw your account negative on Qualifying Transactions.
- Any changes to your Limit will be clearly communicated to the email we have on file.
- The Limit will also be displayed to you within the Chime Application.
Limit Changes by You
- If you do not want to access your Limit in full, You may decrease your Limit. You may increase your Limit to your full Limit allotted to you by Chime at any time.
- Your Limit will be displayed to you within the Chime Application.
Chime SpotMe is not available for all other types of transactions, including ATM withdrawals, Pay Friends or Split Bill, Chime Checkbook, ACH transfers (including direct debits), and transfers to your Chime savings account (“Chime Savings Account”).
- To enroll in Chime SpotMe you must fulfill certain basic requirements.
- You must be 18 years of age or older;
- You must have a Chime-managed demand deposit account in your name in good standing (your “Chime Spending Account”);
- You must have received $500 or more in Qualifying Direct Deposits into your Chime Spending Account over the preceding 31-day period. A Qualifying Direct Deposit is a direct deposit from your employer, payroll provider, or government payer made by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends 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;
- You have downloaded the Chime Application from either the App Store or Google Play Store.
- In addition, 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 enroll in Chime SpotMe.
- Signing up for Chime SpotMe does not require a check of your credit score.
- If you initially fulfill the eligibility criteria and subsequently fail to fulfill such criteria, your access to Chime SpotMe may be suspended or terminated as determined by Chime in its sole discretion. By way of example, if you opt into Chime SpotMe and subsequently stop receiving direct deposit or if you fail to meet new requirements, Chime may (a) suspend your access to Chime SpotMe until you receive the necessary direct deposits; or (b) terminate your access to Chime SpotMe.
Receiving Chime SpotMe from Chime
- Once enrolled in Chime SpotMe, Chime will approve debit card purchases that result in a negative balance on your Chime Spending Account up to the Limit, until your next direct deposit or other deposit or credit arrives. In other words, if your Limit is $20, Chime will authorize debit card purchases that draw your Chime Spending Account balance negative up to a balance of -$20. Your Limit will be displayed to you within the Chime Application. Chime may increase or decrease your Limit at any time in Chime’s sole discretion. You will be notified of any change to your Limit. Each time Chime SpotMe is used, you will receive an email and/or push notification that Chime approved the transaction, including the amount Chime SpotMe has covered and the updated balance in your Chime Spending Account.
- To be clear, your Limit will not appear in your Chime Spending Account as balance credit. Rather, Chime SpotMe allows you to draw your balance negative up to the Limit. Please note Chime SpotMe is only available for debit card transactions, and is not available for other types of transactions, such as ATM withdrawals, Pay Friends or Split Bill, Chime Checkbook, ACH transfers (including direct debits), and transfers to your Chime savings account (“Chime Savings Account”). These transactions will continue to be declined if there are insufficient funds in your Chime Spending Account.
Chime SpotMe Tips
You are not required to pay any charge or fee to be eligible to receive Chime SpotMe, or in return for receiving Chime SpotMe benefits. You may, however, choose to pay a voluntary gratuity (the “tip”) when your direct deposit or other funds are deposited into your Chime Spending Account. We will present you the option to pay a “tip” within the Chime Application once the Chime SpotMe is fully repaid. Payment of a tip is optional. Payment or non-payment of a tip will not affect your eligibility to participate in Chime SpotMe, and also will not affect Chime’s approval of debit card transactions that result in a negative balance in your Spending Account via Chime SpotMe. Any tip that you provide will be displayed on your monthly account statements associated with your Chime Spending Account.
Paying Back Chime SpotMe
When you receive a direct deposit, or when funds are otherwise deposited to your Chime Spending Account, whichever is sooner, any negative balances resulting from your use of Chime SpotMe will be automatically repaid before bringing your balance positive. We do not charge any interest or fees for Chime SpotMe. See Section VIII entitled “Curing a Negative Balance; Loss of Chime SpotMe Eligibility” below for additional information regarding repayment.
Curing a Negative Balance; Loss of Chime SpotMe Eligibility
- By enrolling in Chime SpotMe and agreeing to these Terms, you authorize Chime to apply any deposit, including any direct deposit, to cure any negative balance in your Chime Spending Account and for payment of voluntary tips You elect to make as a result of your use of Chime SpotMe. If a Chime SpotMe negative balance is not repaid within 90 days of initially incurring a negative balance, Chime may suspend your Chime Spending Account. Chime will notify you of the steps required to avoid suspension. If your Chime Spending Account balance remains negative for 120 days, your Chime Spending Account and, if applicable, your Chime Savings Account may be closed and any remaining positive balance will be returned to you in accordance with your Chime Deposit Account Agreement and Chime Savings Account Agreement.
- If your Chime Spending Account does not receive a direct deposit within a 32-day period, Bancorp or Chime will terminate your enrollment in Chime SpotMe and notify you of the steps necessary to make your Chime Spending Account eligible for enrollment in Chime SpotMe again. If your enrollment in Chime SpotMe is terminated, Chime will not approve any debit card transactions that result in a negative balance on your Chime Spending Account until you re-enroll in Chime SpotMe.
Our Rights to Repayment
- You represent and warrant that you have the right to authorize us to charge your Chime Spending Account for funds due to us (to cure any negative balance) under these Terms. You will indemnify and hold Bancorp and Chime harmless from any claims by any other owner of the Chime Spending Account. If Chime cannot recoup the Chime SpotMe balance from your Chime Spending Account, Bancorp and Chime warrant that it will not have any legal or contractual claim or remedy against you based on your failure to repay in full, but you will be prohibited from obtaining another Chime SpotMe from Chime. Further, neither Bancorp nor Chime will not engage in any debt collection activities if the advance 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 Chime SpotMe negative balance, and you will only be required to repay the exact amount of the negative balance. Failure to repay a Chime SpotMe negative balance does not affect your credit. Neither Bancorp nor Chime will furnish information about its users to credit reporting agencies or other creditors. The only consequence for not fulfilling your obligation to repay is that you will not receive another Chime SpotMe 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.
Cancellation by You
You may cancel your use of Chime SpotMe at any time. To do so, you may turn “off” Chime SpotMe on your settings page. If you cancel your use of Chime SpotMe, Chime will not approve debit card transactions that result in a negative balance on your Chime Spending Account. If you continue to meet Chime SpotMe’s eligibility criteria, you may re-enroll at any time.
Cancellation by Chime
We may terminate these Terms or suspend or terminate your use of Chime SpotMe for any reason at any time upon notice to you. For example, this can happen if we find out you are using Chime SpotMe in a way that violates these Terms. 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 Bancorp will not be liable to you or any third-party for any costs, fees, or losses associated with the termination of your access to Chime SpotMe, including but not limited to, insufficient funds fees, late fees, legal fees or other charges.
CHIME SpotMe 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, BANCORP AND EACH OF THEIR SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, AND EMPLOYEES (AND THEIR SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, AND EMPLOYEES) DO NOT WARRANT THAT: (I) CHIME SpotMe 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 CHIME SpotMe IS FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS; OR (IV) THE RESULTS OF USING CHIME SpotMe WILL MEET YOUR REQUIREMENTS. YOUR USE OF CHIME SpotMe IS SOLELY AT YOUR OWN RISK.
Indemnification, Limitation of Liability, Termination
- You agree to hold harmless and indemnify Chime and Bancorp 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 Chime SpotMe or your violation of these Terms, 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 BANCORP, 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.
Modification of Terms
Chime may, from time to time, modify these Terms. Such modifications shall be effective as soon as the modified version of the “Chime SpotMe Terms and Conditions” is posted in the Chime Application or any other authorized Chime Application distribution location. We will also send you notification of any modification of these Terms. You can determine when these Terms were last revised by referring to the “LAST UPDATED” legend at the top of then-current version of the “Chime SpotMe Terms and Conditions” in the online application store or any other authorized Chime Application distribution location. Your use of the Chime Application following such changes constitutes your acceptance of the revised version of the “Chime SpotMe Terms and Conditions” in the online application store or any other authorized Chime Application distribution location.
- These Terms represent the entire agreement between you, Bancorp and Chime with respect to Chime SpotMe. They supersede any other communications you have with us regarding Chime SpotMe, such as by email or phone. If any part of these Terms is found to be unenforceable or invalid, only that part will be removed or limited as needed, but the rest of these Terms will stay intact. No agency, partnership, joint venture, or employment relationship is created under this Agreement, and neither you nor Bancorp nor Chime has any authority to bind the other in any way. The paragraph headings in these Terms are for convenience only and do not affect any provision’s meaning or interpretation.
- All provisions of these Terms which by their nature shall survive termination, including, without limitation, ownership provisions, warranty disclaimers, indemnity and limitations of liability.
- We work with some third-party companies, such as payments processors. Chime is not responsible for any errors of or damages caused by any of these third-party companies.
- This Agreement is specific to the relationship between you, Bancorp and Chime, so you cannot transfer any part of the Agreement between you and Bancorp to anyone else, or assign any part of your relationship with Bancorp to another person or organization.
- We do not waive our rights by delaying or failing to exercise them at any time. If we decide to make a special exception and waive your obligation to follow any part of these Terms, we will notify you in writing.
- If you have any questions or concerns, please contact us at: email@example.com.