If you have been asking, Can I overdraft my Chime card without SpotMe, this article provides answers and also shows you how to get up to a $200 overdraft at ATM locations.

Chime is mobile banking that lets you enjoy the typical financial services offered by traditional banks with the perk of no fees. This means that users who want to carry out certain banking transactions that ordinarily attract higher fees may not even pay any charge on Chime. And with the mobile app installed on your smartphone, you can easily see transaction histories, enjoy an overdraft of up to $200 without an underground charge and get paid up to 2 days earlier with direct deposit.

Is Chime a bank?

Chime is not a bank but a fintech service company. The banking services provided are powered by The Bancorp Bank or Stride Bank, a Members FDIC.

The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc.

The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. Debit card and Credit card may be used everywhere Visa credit cards are accepted.

How does Chime mobile banking work?

• With security features like 2-factor authentication, FaceID or TouchID, users are guaranteed safe and secured transactions on a daily basis as well swift notifications whenever they log in and card restrictions if they spot authorized access to their private data.
• You can also access overdraft of up to $200 on your debit card purchases when your cash balance is very lower than the transaction value or cash withdrawal without fees but you must be eligible on Chime.
• The mobile bank claims to offer free banking services; there is no monthly fee or charges on your minimum balances, and even foreign exchange transactions aren’t exempted. You can access up to $60 plus no charge at ATM points.
• With direct deposit, you can get your paycheck up to 2 days earlier compared to your traditional banking institutions.
• Chime also offers a credit-building interest-free, no monthly charge service that helps its customers to increase their credit score by up to 30 points when they make a regular one-time payment. Thanks to Chime Credit Builder Secured Visa® Credit Card
• For users that want to reach their financial goal for the year, Chime Automatic Savings features let you build your cash balance on auto-pilot and as well as send money to friends and family with no transfer or senders’ fee.

Can I overdraft Chime Card without Spotme?

Chima overdraft is an added value powered by Chime and its banking partner. It allows you to access additional cash when you have insufficient funds or cash balance to withdraw or make purchases with up to $200 for no fee.

For existing users that require overdraft from their Chime debit card, you may not be able to get it without Spot Me. This is the only requirement to overdraft your Chime card. Besides, you must receive a minimum of $200 direct deposit in the last 34 days to become pre-qualified.

The direct deposit has to be a Qualifying Direct Deposit from the employer, payroll service provider, or benefits paid by Automated Clearing House (ACH). But transfers from friends, trial deposits, PayPal payments, and tax refunds aren’t regarded as direct deposits in this case.

How does Chime SpotMe Overdraft work?

The Chime SpotMe lets you borrow money; make debit card purchases that overdraw your account with no overdraft fees. You can access a minimum of $20 and can expand to $200.

It actually works like a prepaid card and not a credit card

Even if you try to proceed with the overdraft without activating SpotMe in your account, the transaction won’t be processed hence the decline. In summary, you can only utilize the money you have in your cash balance to the extent of what you can afford or shop online.

How to get enrolled in Chime SpotMe

1. On your Chime app, tap the Settings tab to confirm that you are eligible for an overdraft on SpotMe
2. Make sure you agree to the Terms and Conditions of service, this is very important.
3. Once your request is approved and SpotMe activated, you will automatically be assigned a limit which is the cap of what you can borrow – it usually starts at $20 and is subject to upward review to $200 if you receive more direct deposit.
4. In your next deposit, your overdraft will be deducted automatically on the Chime app which should clear pending balances without extra fees. This part doesn’t only takes care of your repayments, it actually determines the limit on your account.

Let’s say you receive a direct deposit of $300 in a month, Chime may apply a limit of $20 at the beginning and as your deposit increases to, maybe $500, it will automatically assign a higher overdraft of up to $50 or more but certainly not $200. Chime SpotMe uses the consistency of the deposit and not the lump sum to determine an appropriate limit on your account.