Automatic Savings Account Agreement
Rev. 09/2023
Eligibility
The member must have an open and active Checking Account and a Savings Account to be eligible to enroll in the following automatic savings features: Round Up Transfers and Save When I Get Paid.
Chime (the “Sponsor”) reserves the right to cancel or modify an Automatic Savings Feature, or terminate the member’s eligibility, at any time with or without prior notice.
Opt-in
An Automatic Savings Feature may be activated or disabled by the member at any time under the Settings screen in the Chime mobile app or Website at chime.com.
Round Up Transfers
How it works
Following the member’s activation of Round Up Transfers, each Purchase made by the member with his or her Chime Visa® Debit Card (“Card”) will be rounded up to the nearest whole U.S. dollar (“Round Up Amount”). Foreign Purchases are rounded up to the nearest whole dollar after the Purchase is converted to U.S. dollars. Once the Purchase transaction settles, the Purchase amount plus the Round Up Amount will be debited from the Chime Checking Account, and the Round Up Amount (between $0.01 and $0.99) will then be transferred to the member’s Savings Account balance (“Round Up Transfer”). The Round Up Transfer will appear in your Account Statements and your Recent Transactions as a “Round Up Transfer to Savings Account” and “Round Up Transfer from Checking Account,” respectively.
- What is a Purchase?
Any settled card present or card not present Personal Identification Number (“PIN”) or signature purchase transaction made using the Chime Visa Debit Card. This includes online transactions made using the 16-digit card number. - What is not a Purchase?
Any cash withdrawal from an Automated Teller Machine (“ATM”) or Over The Counter (“OTC”) cash withdrawal; bill payment transactions using the Chime Checkbook; cash back received at a Point-of-Sale device; Online Transfers between the Checking Account and the Savings Account; ACH Credits initiated from the Chime Mobile App or Website to another bank account you own; and electronic Automated Clearing House (“ACH”) debit transactions. - How is the Round Up Amount determined for Purchase transactions made in a foreign currency?
All Round Up Amounts are based on the U.S. dollar value of the transaction when it posts to your Checking Account.
Transfer Timing
- One (1) Round Up Transfer will be completed for each Purchase transaction made with the member’s Chime Visa Debit Card when the Purchase transaction settles. A Purchase typically settles within 1 to 3 business days of the transaction date; the timing depends on the merchant’s actions.
- If a member’s Purchase is canceled or reversed for any reason (including disputes), the corresponding Round Up Transfer will not be reversed.
- Pursuant to the Savings Account Agreement, Federal regulations limit the number of withdrawals from the Savings Account to six (6) per statement cycle. Any transfers initiated from the Savings Account after the sixth transfer will be blocked until the start of the next statement cycle. If you have reached the transfer limit from your Savings Account to your Checking Account for a calendar month, you will no longer receive Round Up Transfers to avoid limiting your access to funds.
Exceptions
- A Round Up Transfer will not be made if a purchase transaction consists of a whole dollar amount, e.g., $5.00.
- If, at the time of settlement of a Purchase, the member’s Checking Account has insufficient available funds to cover the full amount of the Round Up Transfer, the Round Up Transfer will not be made. This does not apply if the transaction is authorized through the SpotMe program. See the Terms and Conditions for the SpotMe program
- Retroactive Round Up Transfers are not permitted. This means, even if the member later adds value, or a credit posts to the Checking Account, previously unmade Round Up Transfers will not be posted to the Savings Account
Save When I Get Paid
How it works
Following the member’s activation of Save When I Get Paid, a percentage of each Qualifying Direct Deposit you receive will be transferred automatically from the member’s Chime Checking Account into the member’s Savings Account, immediately after you receive each Qualifying Direct Deposit (“Save When I Get Paid Transfer”). The Save When I Get Paid Transfer will appear as “Transfer to Savings” in your Account Statements and your Recent Transactions.
- Save When I Get Paid Transfer Amount: Member may select one (1) to ten (10) percent of your direct deposit in the Chime Mobile App. Members may only select whole number percentages.
- Save When I Get Paid Transfers will only apply to direct deposits of $500.00 or more.
A Qualifying Direct Deposit is any direct deposit received to the Chime member’s Chime Checking Account by an Automated Clearing House (ACH) deposit greater than $500. Pay Anyone transfers, verification or trial deposits from financial institutions, transfers from PayPal or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.
Sponsor: Chime Financial, Inc., of San Francisco, California, d/b/a Chime
Banking Services provided by Stride Bank, Member FDIC. The Chime Visa Debit Card and the Chime Visa® Credit Builder are issued by Stride, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards and Visa credit cards are accepted.
This Agreement is effective 11/2023