When You Need Help Covering An Expense, This Bank Has $100 On Reserve For You

Technology is totally transforming the way industries operate and deliver products and services to consumers, and banking — one of the oldest — has seen some pretty amazing changes in recent years. Instead of the brick and mortar bank with the long lines and the endless paperwork your parents grew up with, you can now bank on-the-go with your smartphone.  Online banking has paved the way for instant money transfers between accounts, check deposit by photo, easy access to transaction histories and account activity alerts sent to your email or phone. That’s all pretty standard these days. But, Chime, which is an all-digital bank, is tackling an even bigger issue: fees. Being fully digital means Chime is able to pass on savings to its customers. And that means it is able to offer features that would be unheard of from a traditional bank. The Chime SpotMe feature, its newest offering, allows its customers to overdraft by as much as $100 without paying a fee. That’s a total game-changer. Here are just a couple of ways Chime is changing the banking game:

Chime SpotMe Overdraft Protection

Traditional banks charge around $34 whenever you overdraw your checking account, even if you’re only over by a few dollars (and that fee can hit someone’s account multiple times). Instead of punishing you for something that is oftentimes done unintentionally (and sometimes out of necessity), Chime will spot you up to $100 or more for free when you go over your available balance. When your next direct deposit hits your account, Chime will just apply it to your negative balance. All Chime members whose monthly deposits total to $500 or more are eligible for SpotMe. The coverage limit starts off at $20 and can be increased to $100 or more over time. 

No Hidden Fees

While most banks make a profit from your business by charging you maintenance, transaction and penalty fees, banking with Chime is 100% free. You read right, it doesn’t cost you a thing. Open an account from wherever you are in two minutes without a minimum balance requirement. You’ll never be charged a monthly service fee, transfer fee or foreign transaction fee and you’ll have access to over 38,000 fee-free ATMs.

Get Your Paycheck Earlier

Opening an account with Chime automatically makes you eligible to get your paycheck up to two days Earlierwhen you set up a direct deposit. Anyone on a bi-weekly pay schedule knows the struggle of having to make their paycheck stretch until the next one. At sign-up, Chime will email you a pre-filled direct deposit form. Give it to your employer to take care of the rest and just like that, you’ll get your paycheck up to 2 days ahead of schedule.

Automatic Savings

All Chime savings accounts have a “Save As You Spend” feature to help you reach your savings goals faster, which let’s be honest, we could all use a little help with. Every time you make a purchase with your Chime debit card, your transaction total will automatically be rounded to the nearest dollar and the difference will be deposited into your savings account. The more you use your Chime card, the more you save. We are obsessed with Chime for so many reasons, but given their range of offerings and in particular the new Chime SpotMe feature, we can’t wait to see what they come up with next. Open a bank account with Chime today.   Feature Illustration: Laura Caseley For The Money Manual