Chime Steps Up to Help Millions in Needing Fast Access to Covid Relief Funds

"The world needs banking, but it does not need banks." - Bill Gates

While the US government has struggled with getting Covid 19 Emergency funds to many Americans, Chime has stepped up. With millions needing it, they are helping get the money flowing faster.

Chime piloted a way for its users to receive their federal $1,200 stimulus checks instantly. CNBC reported that Chime randomly picked 1,000 of its customers to get the payments using its ‘SpotMe’ service. SpotMe lets you overdraw your account with no overdraft fees, helping those that have cash flow timing issues.

Chime is taking on risk by using its own capital to provide the funds, and is willing to expand the program to more people when they have more certainty that the funds will be directed their way by the government. To alleviate the risk, the program requires you have a Chime account in order to ensure this, applying for automatic deposit with the IRS.

More about Chime

Chime is a digital bank that largely does not charge fees to you, but earns money from Visa whenever you use the Chime debit card. Chime allows you access to your money from direct deposits as soon as they are deposited. Other banks take two days on average to clear these deposits, leaving you waiting.

Other Features

Free overdrafts up to $100 for eligible members

  • Must have total monthly direct deposits of $500 or more
  • Limits start at $20 and grow to $100 based on your account activity and history
  • Option to tip when you repay the negative balance, and it is paid forward


  • Over 38,000 fee-free MoneyPass® and Visa® Plus Alliance ATMs
  • $2.50 fee for ATM use of machines not in the network, and over the counter fees

Round Up Savings

  • Any spend on your Chime Visa® Debit Card is rounded up and put into your savings account
  • The funds are available whenever you need them

Pay Friends

  • Use the Pay Friends app to send money to those who have a Chime Spending account
  • Money is sent instantly to whomever you sent it to
  • The app is built into your mobile bank account
  • No charges for any transfers

If you are worried about your funds being safe, they are FDIC insured up to $25,000 through The Bancorp Bank. They also use up to date encryption security. Finally, you can simply open your app and block any transactions in an instant should your card be lost or you suspect it has been compromised.

Better Banking for Everyone

Chime claims this, and it is true. With most of the fees that traditional banks charge being eliminated and other modern features added to their debit card, Chime truly is helping people to get ahead.