Traditional banks usually charge for overdraft fees. Chime, on the other hand, makes it easy for the average working class adult to overdraft using Chime SpotMe, when there is no money in his or her bank account. This is what differentiates Chime from other banks out there.
You can spend more than you currently have, when you bank with Chime. Now, why is this a good thing?
Let us face it. As the working class adults we are, sometimes we have not all got it. This is especially in this economy where our wage rates do not keep up with the inflation rate. In such a dire financial situation, Chime SpotMe feature can come in handy.
What Is Spot Me On Chime?
What is Chime SpotMe?
Chime SpotMe is a feature which allows eligible accounts to perform an overdraft. Unlike a traditional bank’s overdraft, this overdraft is fee free. Chime has an overdraft protection for its eligible members.
You will need to have a Chime card to be able to use SpotMe on Chime. This is because your debit card is linked to this feature for eligible customers. Not to mention, you have to qualify to be able to spend more than you have in your bank account.
How Does Chime SpotMe Work?
How Chime SpotMe works is simple. You get to spend more than your account balance, whenever the need arises. You can spend up to $200 in overdraft without the usual overdraft fee. This is whether you are doing a cash withdrawals at ATM, cash-back or store locations.
It sounds good to be true, does it not?
Not every Chime customer qualifies for this feature. Just setting up a Chime account is not enough to grant you access to SpotMe. You have to activate your Chime card. In addition to this, you need a monthly deposit of $200 or more in your checking account to qualify.
You pay any overdraft, whenever you deposit money into your Chime account. This is how it works to use the SpotMe feature on Chime. If you reach the SpotMe limit, you cannot spend more unless you pay the overdraft. This is the Chime SpotMe rule.
What Does Chime Spot Me Cover?
Not all transactions are eligible for overdraft on Chime, because SpotMe only covers certain money transactions. So, what can you use Chime SpotMe for?
The transactions eligible for Chime SpotMe include:
- ATM Cash Withdrawals
- Cash backs
- Over the counter transactions
- Purchases made with a Chime debit or credit card
Here are purchases not eligible for Chime SpotMe:
- Money transfer from Chime to CashApp or Venmo.
- Automated Bill Payments
- Check transactions
- Instant Transfer known as Pay Anyone.
As long as you stick to these Chime SpotMe rules, you can overdraft within its limit. Speaking of Chime overdraft limits, I will be discussing about it later on this article. Having said that, let us talk about enrolling to use SpotMe money on Chime.
How To Enroll in SpotMe On Chime
Firstly, you need to have a Chime card to qualify. It could either be a debit card or a credit builder’s card. You can read How To Get A New Chime Card Without Stress, in case you do not have one. Activate your card as soon as you get it.
Secondly, you need a Chime checking account with a monthly deposit of $200 or more. Maintain a history of depositing this amount on this account. You can do this through setting up a direct deposit on your Chime account, so you will meet this requirement.
If not, you can always deposit a check into your account. You can read how to deposit a check on Chime app for how to go about it.
Once you meet these two requirements, here is how you can enroll on the SpotMe program.
- Login to your Chime app.
- Tap the settings icon on the top left of the app. Under SpotMe, check to see whether you are eligible. If you are, there will be a tab to turn it on or off below the SpotMe section.
- Under the SpotMe, tap on Overdraft fee-free tab to turn it on.
As long as it is on, you can use your Spot Me money on Chime. Be sure to see what your limit is, before making a transaction. That way, your transactions will be within the limit SpotMe could cover.
With respect to overdraft limits on this feature, here is what you must know.
How To Increase Chime SpotMe Limit
The highest SpotMe limit on Chime is up to $200. Your Chime SpotMe limit depends mostly on the amount of your monthly transactions, how long you have been a member and checking account deposits. To use this overdraft feature, you have to spend less than the limit on SpotMe. Transactions exceeding this limit will not go through.
When does Chime SpotMe increase?
Chime may consider an increase in overdraft limit for very active members. Simply put, customers who deposit money regularly on their checking accounts and use their accounts. You cannot get an increase by requesting it. Chime gives it to you, when it deems your account eligible for such.
What Is SpotMe Boost On Chime?
SpotMe Boost on Chime is a temporary increase on your baseline overdraft limit. How does Chime Spot Me Boost work?
With the boost, you get up to $5. This last till the end of the month, before your overdraft is reset to its baseline. The best thing about this, is you can get up to 4 boosts per month.
Additionally, you can send and receive boost from friends and family. To send a boost to someone on Chime, do the following:
- Login to Chime app.
- Tap Pay Anyone on the bottom of the app.
- Tap on SpotMe Boost.
- Select who you want to send the boost to and tap Send $5 boost.
On the whole, this is all there is to SpotMe Boost. You can do this four times a month. The same could be done to you too.
Chime SpotMe ATM Withdrawal
You can withdraw money from Chime SpotMe at an ATM. Chime’s in network of more than 50,000 ATMs can help you make cash withdrawals at no cost to you. The overdraft feature works the same way as trying to make a transaction.
Just go to one of the free Chime ATM locations and use your Chime card the way you would with a cash withdrawal. You can only make cash withdrawals within the overdraft limit. Anything more than the overdraft limit will not process.
Finally, you can also go to cash-back locations like Walmart to access money on the SpotMe feature. The same Chime Spot Me rule applies. So, be sure to stick with the terms and conditions.
Why Is Chime Not Letting Me Use SpotMe?
You are only prohibited from using SpotMe, when you are not eligible. You probably did not have a Chime card. Even if you did, you may not have met the requirement about depositing $200 or more on your checking account to maintain eligibility.
All these automatically disqualifies you from using SpotMe on Chime.
In conclusion of this article, Chime makes it easy to use its SpotMe feature. You can always pay back your overdraft, whenever you deposit money into your Chime account. Or, you can easily use these 4 Ways To Deposit Money Into CHIME Instantly to balance your overdraft debt.
This is as long as you play by its rules. Its terms and conditions are simple. Just maintain a monthly deposit of $200 or more on your checking account and have an activated Chime card. And, you can be spotted money when you do not have any balance in your account!
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