Chime SpotMe is an overdraft alternative that covers you for free if you’re overdrawn up to $100.
Keep reading below to learn more about Chime SpotMe Overdraft and how it compares with overdraft protection.
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Who Is Eligible For Chime SpotMe?
If you have or are planning on opening an account with Chime it is fairly easy to be considered eligible for Chime SpotMe. Essentially once you start receiving direct deposits of $500 or more per month, you are now eligible.
How Does Chime SpotMe Work?
Chime will send you a notification inviting you to enroll through the Chime app for SpotMe once the bank sees you’re receiving at least $500 per month in direct deposits.
The overdraft coverage limit starts at $20, and can be increased up to $100.
- Your overdraft limit may be increased from $20 up to $100, based on your direct deposit history and the amount you receive, your spending and according to Chime, other “risk-based” factors.
- This process is automatic so it will be adjusted accordingly.
Once you have enrolled any debit card purchases for more than your current bank balance will trigger SpotMe to kick in and cover the amount, as long as its within your coverage limit.
Do note that if you do not enroll for SpotMe, any debit card transactions that exceed your bank balance will be declined.
Fee For Chime SpotMe?
Chime in general does not charge any fees and the same can be said for Chime SpotMe. They do have a tip function however if you feel that you really enjoyed the service
What Can Chime SpotMe Be Used For?
While Chime SpotMe is very useful when you are in a tight spot it cannot be used for everything!
It is only available for debit card overdrafts only.
Some functions Chime SpotMe cannot be used for are:
- ATM withdrawals
- Chime checkbook transactions
- Pay Friends transfers
- Automatic clearing house transfers including direct debits, Square Cash or Venmo
Chime SpotMe can be used for a variety of their checking and referral options so be sure to check those out!
Author’s Verdict
Whenever you choose to open a new savings account, the rate is important, but so are other features. Be sure to factor in fees, minimum balances required to earn interest, and access to customer support.
Hopefully the above information helps you understand whether or not you should pursue a higher yield savings account.
Also be sure to check out our own lists of bank promotions, Chime bank promotions, Chime referral promotions, and CD tables!
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