Digital Banking: US based Fintech Challenger Chime to Offer $200 in “Spending Power” before Next Round of Stimulus Payments

Chime Financial Inc., a US-based banking challenger valued at around $14.5 billion, has confirmed that stimulus payments are coming and they’ve “got your back” with SpotMe.

The digital bank acknowledged that “a lot has changed” since the first round of stimulus payments were made back in April 2020. But it claims that what hasn’t changed is its “commitment to its members.”

Chime further noted that a second wave of stimulus payments is now expected and that they realize that “every minute counts.” That’s why they’re providing temporary access to $200 of “spending power” via SpotMe to “a random selection” of eligible or qualified Chime members.

Chime’s management stated:

“We’re happy that we can now offer this temporary increase in spending power to 5X more members than we were able to in April, and hope it brings financial peace of mind in advance of stimulus payments.”

Chime clarified that for those customers who might qualify for this offer, the new SpotMe limit is “temporary and limits will be adjusted to normal levels once stimulus payments are distributed.”

The digital bank added that all eligible members “will be notified through email, so keep on the lookout for additional notifications in your inbox.”

The bank’s management confirmed that “this increase cannot be combined with any offers or other bonuses.” Eligible customers’ maximum SpotMe limit is $200, the bank noted. It also mentioned that customers’ increased SpotMe limit is “not an advance from Chime, a loan, or an addition to the government stimulus.” Chime cannot guarantee that “any individual will receive a government stimulus payment,” the bank stated.

Chime further noted that all its members who use direct deposit will be getting their stimulus checks “up to 2 days faster than some banks.” The challenger bank also mentioned that “no matter what your current situation is, we hope having faster access to this money will help put your mind at ease.”

As covered recently, many more Americans now consider a digital bank like Chime to be their primary account, according to a financial literacy specialist.

Chime’s management stated in September 2020 that they intend to focus on the transaction processing based business model, after the Fintech firm reached its $14.5 billion valuation with additional funding.

In July 2020, Chime introduced Credit Builder, a Visa credit card that works like a debit card, only letting users spend funds available in their accounts

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