Chim’s overdraft feature called SpotMe is a great way to earn up to $200 at no charge. However, can you use Chim SpotMe in the Cash app?

SpotMe is an overdraft feature only available on Chim and not through the Cash app. It is also important to note that SpotMe only covers cash withdrawals and debit card purchases. And it can’t be used to send money to the Cash app, Venmo, or even other Chim users.

Read on to learn more about SpotMe as well as credits. Cash overdraft option

How to use SpotMe properly

SpotMe is a catchy name for the overdraft facility, but unlike other (mostly traditional) banks, SpotMe is free. This means that there will be no overdraft entry fee once you are accepted into the program.

So how do you qualify for SpotMe? You must have one deposit of $200 or more in qualifying direct deposits. The deposit is paid monthly into your Bell Improvement Account.

You must have an active CHIM debit card. If you have reviewed both of these terms, you can sign up for SpotMe.

You should know that once you are accepted, you will not have a maximum overdraft of $200.

You can withdraw up to $20 from your account for debit card purchases and cash withdrawals.

To qualify for a limit increase of $200 or more, Chim will make a decision based on:

Direct deposit frequency
Direct deposits
Merge Account History
spending activity
Additional risk factors
Direct deposits are only eligible if made:

Automated Clearing House (HH) of Beneficiaries Payroll providers, employers or payers in the gig economy
Initial Credit Transaction (OCT) from your program payer.
You can always check your SpotMe limit on the Chim mobile app and the app will notify you when the limit changes.

What else should you know;

Chime may change your limits at any time in its sole discretion.
Off-network fees may apply for ATM withdrawals.
SpotMe does not cover non-debit card transactions.
Transfers paid.
ACH is a transfer.
See how it works in Chime’s book

Why is SpotMe limit lowered?

There are several reasons why CHIM’s overdraft limit may be reduced. One is if you don’t get more than $200 in direct deposit every 34 days. On the other hand, when you start receiving money again, you will return to the SpotMe program with the same limitations.

If you have Upgrades or bonuses and they have now expired, your limits are also likely to decrease or even disappear altogether.

As a reminder, Chime may approve, accept or limit your overdraft options at your discretion. Often, however, limits will decrease due to changes in direct deposit, account activity, or bonuses or upgrade expiration.

You don’t have to do anything to get a refund on SpotMe. Chim will only take the amount necessary to cover excess funds from subsequent fund transfers or direct deposits.

Cash loans on the application

The Cash App introduced an overdraft feature for customers in August

This feature is very similar, if not identical to SpotMe. Consumers can borrow (overdraft) up to $200. Minimum is also $20.

But what differentiates the two services is the price. While SpotMe is completely free (you can tip if you like), the Cash app charges some customers. However, if your Cash App account accepts direct deposits of $300 or more, you will not be able to pay overdraft fees.

But even if you have to resort to overspending and pay a small fee, knowing that you can spend $200 can give you peace of mind, even if it costs you money.

The fee is 5% far below what major banks charge (up to $35 per transaction!). Traditional banks make billions of dollars charging these high fees.

With these greedy banks, if you don’t get any notifications or alerts and you’re in overdraft mode, every transaction will cost you a fortune. The money you didn’t have in the first place.

With the credit feature in the Cash app, you get a one week grace period if you don’t pay within the agreed four weeks. As a result, the Cash app will start charging 1.25% interest weekly no-nonsense.

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