Can You Withdraw Money From Chime SpotMe?

Chime is a financial institution, that provides multiple banking services for it’s users. Another interesting fact about this bank is that it doesn’t have a physical location, Chime is an online banking institution, therefore all transactions done with Chime are done online using the Chime mobile app…

Chime created so many features to make banking easy and convenient for its users, service like their “Zero interest rate”, “zero security deposit” “chime SpotMe” amongst others.

Chime account holders who use the Chime SpotMe option don’t usually know if they can withdraw money from their chime SpotMe, if you fall into this category of people then this article is for you, because in today’s article I will be giving answers to the aforementioned question.

But before we go into that, what is Chime SpotMe?

Chime SpotMe

Chime created the SpotMe option to help its customers escape overdraft fees.

Now most people live on monthly paycheck, and sometimes ( if not all), the money doesn’t sustain them till the next paycheck arrives, and this causes their account balance to keep fluctuating from negative to positive.

For example, if your account balance is $20 and you bought a burger of $45 using your debit card, your account balance would become -$25.

Now if you own an account with a regular traditional bank and this happens, you would be charged an overdraft fee for going into the negative.

However, if you have a checking account with Chime, and you have qualified for the Chime SpotMe feature, your account balance would reflect $0 or $30 (this depends on the amount you qualify for on SpotMe).

And whenever your paycheck arrives, Chime would deduct the money you used with the SpotMe. And all you have to do is to tip chime as a way of showing gratitude, this is optional.

Now that we know what Chime SpotMe means..

Can you withdraw money from Chime SpotMe?

The answer is Yes, you are allowed to withdraw money from Chime SpotMe, as long as you’re using a Chime debit card.

Chime partners with MasterCard and Visa, and this gives all Chime users access to over 60,000 ATMs

Once you’ve qualified for the chime SpotMe option on Chime, you can;

  1. Withdraw money from your account with your debit card, even if the money in your account is lesser than the money you plan on withdrawing.
  2. Make payments with your Chime debit card, even if the amount you have in your account is not up to the amount of the goods you’re purchasing.
  3. Get cashbacks at retail stores like Walmart, who are Chime partners

Please note: There are some operations you can’t perform with Chime SpotMe. Some of these operations include:

  • It can’t be used to pay recurring bills.
  • You can’t make payments using the transfer option with Chime SpotMe
  • You can’t transfer SpotMe overdraft funds to other online payment platforms like PayPal, Apple pay, zelle etc.

Using chime SpotMe at an ATM

As you now know, it is possible to withdraw funds from an ATM using the Chime SpotMe.

Most people think there is a different method for withdrawing money from Chime SpotMe.

Withdrawing money from your SpotMe is still the same process of withdrawing from your normal account. Just follow the procedures below;

  • Pick your Chime debit card.
  • Go to any ATM that are partners with Chime and accepts the Chime debit card.
  • Slot in your debit card and input an amount higher than your current balance.
  • Input your debit card PIN, and make the withdrawal.

NB: Make sure you find out your SpotMe limit before making the withdrawal, because if the money you try to withdraw is higher than your SpotMe limit, your transaction would be declined.