How To Use Chime SpotMe On Cash App
Are you looking for a guide on how to use Chime SpotMe on Cash app or do you want to transfer your Chime SpotMe overdraft to your wallet or cash balance on the Cash app? This article shows you everything you should know about Chime and whether it’s possible to do a transfer or send money to the Cash app.
Mobile banking has become the new cool as it has undoubtedly made banking seamless and stressless. It carefully takes out most of the hiccups or complex requirements associated with physical banking.
Imagine having to stand in a queue in the banking hall for hours just to carry out a simple transaction like borrowing or requesting an overdraft of just $200. The invention of this new-age banking system has made it easier to initiate, process and conclude personal or business transactions from the comfort of your home or office on mobile around the world. Nothing really beats that feeling of being in total control all the time.
Only mobile banking makes this possible.
After researching dozens of fintech apps that let you transfer your overdraft to other accounts, I have come to the conclusion that each has its limitations as well as advantages. But amongst the many, the most effective and less stressful is Chime. Chime is one platform that provides seamless and cheap banking services to its customers in the US.
This article covers a brief history of Chime and one of its most celebrated features.
Chime is an American-based FinTech(Financial Technology) company founded by Chris Britt and Ryan King in the year 2012.
It has its headquarters in San Francisco, California, United States.
It was publicly launched on the Dr. Phil show in the year 2014, April 15th.
Chime was founded with the aim of making bank services free, easy and helpful. It is targeted at making banking profitable for its customers rather than making profits from them.
To ensure that this plan is feasible, they created a model that does not rely on monthly service fees, minimum balance requirements, overdraft fees, service fees and other fees that normal banks would require. They also issue account holders credit cards and Visa debit cards to enable them to carry out transactions from anywhere in the world using their online banking system.
Chime makes the majority of its revenue from interchange fees.
Partnering with regional banks – Stride Bank N.A., and Bancorp Bank N.A.( both of which are FDIC members), they design financial products that put the customers first. This has created a lower-cost and better option for Americans who don’t get the best service from their traditional banks.
You can gain access to your account anywhere in the world by using their mobile app.
With the brief history of Chime, you can clearly see that it is your best option for a seamless banking service at a lower cost.
If you have been wondering if the SpotMe feature on Chime works on CashApp, then you want to continue with this article.
SpotMe is an optional no-fee service feature on Chime that requires a one-time deposit of $200 or more to qualify for direct deposit on the Chime checking account every month. Every qualified member is allowed to make an overdraw of up to $20 on their accounts on cash withdrawals and debit card purchases initially but may later become eligible for a higher limit of up to $200 or more based on their Chime account history, spending activity, direct deposit frequency and the amount and other risk-based factors.
You cannot automatically determine your eligibility for SpotMe, but the most important determining factors are the regularity of your debit card usage and your direct deposit.
Whenever a change occurs with your limit, you will be notified on your Chime mobile app.
There are no overdraft fees on SpotMe. This means that you do not get charged for overdraft, when you make payments, it just covers your SpotMe deficit. But you may have to pay third-party or out-of-network fees that come with ATM transactions.
SpotMe doesn’t cover non-debit card transactions that may include Chime chequebook transactions, ACH transfers or pay-anyone transfers.
Basically, SpotMe covers:
- ATM withdrawals
- Over-the-counter(OTC) withdrawals
- Debit card purchases
- Cash-back transactions
SpotMe Does not cover:
- Transfers to apps like Venmo and Cash app
- Pay anyone transfers
- Direct debit from Chime checking account
- Chime check-book transactions
You’ve probably heard so much about the SpotMe feature on Chime and are wondering how to work your way around it.
It is quite simple, just follow these steps:
- The first step to using SpotMe is to get your Chime card and activate it.
- Make a qualifying direct deposit of at least $200.
- Make more deposits from time to time. (This is to guarantee Chime that you’ll always make a deposit to cover your SpotMe deficit each time you’re given an overdraft).
- Make sure your Chime App is up to date(the SpotMe feature may not be available for outdated versions).
- Go to your Chime App settings.
- Click on the button invite to start using the SpotMe feature.
You will get tips from Chime on how to increase your limit on SpotMe through referral promos through the app. You can log in and follow through with the process to increase your overdraft limit.
Can You Use Chime SpotMe On CashApp?
Chime is one of the most flexible fintech apps as it is one of the few apps that allows its users to send money to anyone including those that do not use the app.
This flexibility with Chime has raised a lot of questions as to whether its feature – SpotMe can be used on other apps, one of which is CashApp.
Well, it’s quite sad to let you know that the SpotMe feature on Chime cannot be used on CashApp. You can make transfers to anyone but you cannot send more than what you have. You can only be allowed an overdraft if you’re making a direct debit from your card or making a withdrawal from the ATM.
To send money from Chime to CashApp, you would have to use the Pay Anyone feature on Chime and your CashApp debit card. You can also link your CashApp debit card to Chime.
Considering the fact that you cannot use the SpotMe feature on Chime on CashApp, an alternative will do a lot of good.
There are three ways to send money from your Chime account to CashApp and we will be discussing each of them.
Link Your CashApp to your Chime Account:
One way to send money from your Chime account to CashApp is by linking your Chime account to your CashApp and making it your funding source. This is possible only if both accounts (that is, the Chime and CashApp accounts) belong to you.
In case you are wondering how you can link your Chime account to your CashApp, here’s how to:
- As you try to link your accounts, you’ll be asked if you want Plaid to link them up( Plaid is a top-tier company in the fintech industry that connects fintech platforms to bank accounts). This question will pop up as you try to link from either the CashApp or Chime account.
- If you are linking it from your CashApp account, Plaid provides a list of banks of which Chime is a part.
- Select Chime and enter your login information and password.
- If you have properly done this, you will see on your CashApp that your account has been linked with a Chime account. This way, you can access your Chime account and make an account top-up from your Chime account to your CashApp.
Note that this is only possible if both accounts are yours.
Use The Chime Pay-Anyone Feature:
With the pay anyone feature on Chime, Chime users can send money to anyone including non-chime users through their emails or phone number. The receiving party will get an email notifying them that they have money waiting for them. This way, even a CashApp user gets credit too. All you need to claim your cash is to have an active debit card. You do not need to withdraw from the platform or join the Chime App to receive your credit or gain access to your money.
Here is a step-by-step process on how to use the pay-anyone feature to send money to your CashApp or any other account.
- Log into your Chime app, and enter your pin if you use one.
- Scroll to the bottom of the screen, you’ll see four tabs; Home, money, pay anyone and ATM Map. Click on the third one which is the pay anyone tab.
- If it is your first time using this feature, Chime will ask you to access your contacts.
- Once you grant permission, Chime synchronizes your contacts with the App, this way it can fetch whatever contact you wish to make payment to without having to search for their profile.
- Once you select the contact you wish to make a transfer to, you are required to input the amount you wish to send. Note that Chime has limits on the amount you can send depending on some conditions.
- Once you have completed the transfer, the recipient has two weeks to claim the money with an active debit card.
Use Your Chime Debit Card:
To use your Chime debit card to transfer to your CashApp, simply input your Chime debit card details into your CashApp and enable it as a funding source for your CashApp. This only works when both accounts(that is, the Chime and CashApp accounts)are yours.
Using your Chime debit card is quite similar to linking your Chime account to your cashApp, but here, your Chime debit card will be your funding source for your CashApp account.
You can link your CashApp debit card to Chime. To get that done, follow these steps:
- Log in to your CashApp
- Navigate your way to the ‘My Cash’ or ‘Banking’ tab.
- Click on the ‘Add debit card’ option provided.
- Go ahead and enter your Chime debit card details.
- Immediately after doing inputting your card details, it notifies you that your card has been linked.
- You can go ahead and make a transfer to your CashApp app by clicking on the ‘My Cash’ or ‘Banking’ tab and choosing the amount you want to transfer from Chime and choosing your debit card as the funding source. Your CashApp account will be credited immediately after you confirm the transfer.
Chime is one of the cheapest and safest fintech platforms that is worth trying out.