Electronic Fund Transfer Terms & Conditions for Safer Credit Building (Secured Account to Card Account Transfers)
These Electronic Fund Transfer Terms & Conditions “(EFT Terms)” govern your authorized periodic transfers between your Credit Builder or Cash rewards Secured Deposit Account (“Secured Deposit Account” or “Secured Account”) and your Chime Credit Builder Visa® Credit Card or Chime Cash Rewards Visa ® Credit Card (each the (“Credit Builder Card” or “Credit Builder Card Account”) (the “Secured Deposit Account Transfers” ), as further described below. By agreeing to make a Secured Deposit Account Transfer, you agree to these EFT Terms. Please keep a copy of these EFT Terms for your records.
These EFT Terms incorporate and include the Chime User Agreement, the Chime Credit Card Agreement and the Application Disclosure and Secured Account Agreement, as they may be updated from time to time. In particular, the Secured Deposit Account Transfers as described in these EFT Terms shall, for purposes of these EFT Terms, constitute Electronic Funds Transfers subject to the Application Disclosure and Secured Deposit Account Agreement, and specifically Section II(R). To the extent that the terms of Application Disclosure and Secured Deposit Account Agreement, and specifically Sections II(R) of that Agreement, and these EFT Terms conflict, these EFT Terms shall control.
Safer Credit Building Authorization
By turning on Safer Credit Building, you authorize Chime to automatically make transfers from your Secured Deposit Account to your Card Account to pay off the monthly Billing Statement’s Total Due (terms as defined in Chime Credit Card Agreement) for that Card Account. The amount of each payment will be the Total Due for the relevant month’s Billing Statement. You choose the “Selected Payment Date” for automatic payments, which can be either 1 or 10 days after your Statement Date (as defined in Chime Credit Card Agreement).
- Automatic Payments for the Card Account. By turning on “Safer Credit Building” at enrollment and at any time thereafter through the settings menu in the Chime app, you have elected to enable automatic payments from your Secured Deposit Account to your Credit Builder Card Account. You do not need to enable automatic payments to be able to deposit funds into the Secured Account or make purchases with your Credit Builder Card. Your access to credit and the “Available to Spend Amount” will be determined in the same manner whether or not you enable automatic payments. If you enable automatic payments, you authorize transfer of funds from your Secured Deposit Account in the amount of the Total Due as reflected in your monthly Credit Builder Card Account statement to be used to pay your Chime Credit Builder Card balance after the Statement Date. See Section II(K)(b) of the Chime Credit Card Agreement for details. If an automatic payment attempt is not completed on the Selected Payment Date, you authorize subsequent daily attempts until the automatic payment is completed in full.
- You have the right to receive notice of your automatic payment amount ten (10) days prior to the payment occurring. By agreeing to “Build Credit Safely” or selecting one (1) day notice in the application settings, you agree to opt-out of ten (10) days’ notice and instead will have your automatic payment applied one (1) day after the Statement Date so long as the payment amount falls within the range between $0.00 and the total amount you’ve transferred into the Secured Account. If the payment falls outside that range, your automatic payment will be limited to the amount in your Secured Account, and you will have twenty-one (21) days from the Statement Date to pay the remaining amount due. You may change your notice period between the one (1) and ten (10) day options at any time in the Settings menu. The amount of each Secured Deposit Account Transfer is based on each Billing Statement’s Total Due. If that amount would cause your Secured Deposit Account balance to dip below $0, payment of the entire Secured Deposit Account balance will be made to your Card Account, and you will have until your current due date to pay off the remaining amount due. You agree that we will continue to make the Secured Deposit Account Transfers in the amount due as reflected in your Billing Statement’s Total Due and according to your Safer Credit Building selections unless you cancel your authorization or make a manual payment to your Card Account.
- Our Liability for Failure to Make Transfers. If we do not complete a Transfer to or from your Secured Account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable for instance:
(1) if through no fault of ours, you do not have enough funds available to complete the transaction; (2) if there is a hold on your account, or your funds are subject to legal or administrative process or other encumbrance restricting their use; (3) if we have reason to believe the requested transaction is unauthorized;(4) if the Transfer is not complete, or is reversed, because a third party does not permit the Transfer;
(5) if the system was not working properly and you knew about the breakdown when you started the Transfer;
(6) if circumstances beyond our control (such as fire or flood) prevent the Transfer, despite reasonable precautions we have taken; or
(7) if there are other exceptions stated in our agreements with you.
- In case of errors or questions about your funding Transfers call us at 1-844-244-6363 as soon as you can, if you think your statement or receipt is wrong or if you need more information about a funding Transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared. When reporting an error or making an inquiry: (1) tell us your name and account number; (2) describe the error or the Transfer you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information; (3) tell us the dollar amount of the suspected error. If you tell us orally, we require that you also send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your Secured Deposit Account within 10 business days for the amount you think is in error, so that you will have the benefit of your money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing, and we do not receive it within 10 business days, we may not credit your Secured Deposit Account. For errors involving your Secured Deposit Account as a new customer, we may take up to 90 days to investigate your complaint or question and we may take up to 20 business days to credit your Secured Deposit Account for the amount you think is in error. We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
- Statements. We will provide periodic statements for your Secured Deposit Account as part of your billing statement for your Card Account electronically by notifying you by email that your statement is available. When you receive this email, you will need to login to your Card Account at chime.com to view and print your statement.
- Business days. Our business days are every day, except Saturdays, Sundays and federal holidays.
- Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your Secured Deposit Account, you can stop any of these payments. Here’s how:Call us at 844-244-6363, or write us at Chime, P.O. Box 417, San Francisco, CA 94104-0417, in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. There is no fee to process your stop payment.
- Notice of varying amounts. If these regular payments vary in amount, we will tell you 10 days before each payment, when it will be made and how much it will be.
- Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
This Agreement is effective 12/2023