Do you know how to overdraft on a chime or can you overdraft the chime card? So this blog will help you out by answering your queries.
Fees overdraft or say overdue is the worst nightmare that appears without knocking on your door. After purchasing a small thing you might be asked to pay the overdraft fees that are included in the payment. Sometimes while shopping online you might not have enough funds to pay, leading to overdraft charges. These charges are similar to a bacteria that adds up slowly till you clear them all.
Chime, an online banking app that always provides the best offers to its users, also has an alternative option to prevent overdraft which is termed Chime SpotMe. Using this option you will not be charged overdrafts on Chime if you spend under $100.
If you are always having a chance of overdraft then Chime SpotMe is the best option for you to avoid overdraft.
How does chime overdraft work:
Let’s see who can use SpotMe:-
A bank account on Chime and have the eligibility to accept Direct Deposits of a minimum of $500 in the last 31 days then you can easily access the Chime SpotMe each month.
Once you are qualified, Chime will invite you through email to register into SpotMe. After an overdraft limit will be set and it starts usually from $20. After completing the signing up process, SpotMe will cover the fee and the amount will be deducted from the next deposit.
Have a look at an example:-
You received on SpotMe $20 on signing up. When you reach the store you have $50 on your card but as you shop your bill is $60. Swiping the debit card $10 is paid by SpotMe because you have signed up for it.
When you add funds to your account up to $400, $10 will be deducted from that added funds automatically to SpotMe. This process goes on when the difference is paid to the SpotMe as you register in the overdraft program on Chime.
Can I overdraft my chime card without SpotMe:
The answer is direct. No, you cannot proceed without SpotMe if you have overdraft fees incurred. In case you want to save from overdraft charges then sign up for Chime SpotMe. You can easily overdraft the account registered to SpotMe.
Does Chime SpotMe charge a fee for an overdraft:
We would like to pinpoint a note that upon using the SpotMe service Chime does not charge any fees. This is a great advantage for the users who always overdraft their accounts.
What is the limit for Chime Overdraft:
As per the rules on Chime, there are no limits set on how much time you overdraft the account. But make sure the limit should be within the SpotMe limit. Increasing the purchase limit will decline the transaction.
The limit of SpotMe is between $20 and $100 depending on the risk factors like the history of your direct deposit and the deposit amount.
The amount can gradually increase if the direct deposits remain and your Chime account also does not have any issue recovering the money. It will also increase the limit. You will receive an email after the limit is increased.
Can I overdraft my chime credit builder card:
No, the Chime Credit Builder card cannot be overdraft by you. In case you have less money you cannot utilize it because there is a caption “Available to Spend” on the credit builder card. This will not permit you to overdraft, therefore impeding you from excessive expenses and enabling you to build up the credit.
What are the uses of Chime SpotMe Overdraft:
It covers purchases on a debit card, helping you to pay for the groceries and spending on items you purchase but within the limit. You can overdraft a chime card at an ATM and also for gas.
Hope, this blog helps you to understand how to overdraft chime, no fees charged for using SpotMe if you remain within the monthly limit specified by SpotMe. This article is for educational purposes and not empowered by Chime.