Chime is an online banking service that works toward its members and always places them first. With their innovative overdraft solution called SpotMe, they allow spending a bit more than it’s available on your account. But can you withdraw SpotMe from Chime?
SpotMe is specifically designed to allow users to withdraw cash from their overdraft limit of up to $200 at one of the 60,000 ATM network locations. You won’t have to pay any fee for this withdrawal. Users that have an active SpotMe on the Chime app can get the money by inserting the debit card into the ATM and requesting an amount larger than the Chime balance but within the SpotMe limit.
SpotMe is an excellent solution when you are in a situation where you need some additional funds right away. It’s pretty straightforward for setting up, and it can be used for many purposes.
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Can You Withdraw SpotMe From Chime?
Earlier versions of Chime have only allowed users to spend directly from the Chime Debit Card without making it possible to withdraw that money. In 2021, things changed, and they have enabled withdrawals from their extensive ATM network, but also on retail locations with the cash-back option.
How Does Chime SpotMe Work?
If you are already a member of Chime, it will be really simple to set up SpotMe. It’s an additional feature offered by this online banking service that allows eligible members to overdraft their accounts. They are allowed to access more than they have with their Chime balance, from the starting $20 up to $200. This amount is available whether you want to use it to make a debit card payment, withdraw the funds from an ATM, or as an option for cash-back transactions.
To be able to access it, you should enroll in the Chime SpotMe feature, but you should be an eligible member first. This means that you are required to have a qualifying deposit in the last 30 days. Once you’ve deposited the money, you should see a notification at the top of the app with an invitation to enroll in this feature. The deposit includes payments from an employer or any other payroll provider, the government benefit payer, or a gig economy payer.
How to Get Your Limited Funds From the Account
Withdrawal is simple – you take your debit card and insert it into an ATM. The amount you can take is over your Chime balance, but it must remain within the SpotMe limit. If you want to use the cash-back option at a retail store, you can do so at Dollar General, Walmart, and other stores that support it. However, you should make sure that your SpotMe limit is activated before you can start using it.
What Are the Benefits and Drawbacks of This Feature?
SpotMe is an overall handy feature, especially if it happens that you are tight on funds at the moment. But let’s see what can be covered by it and what is not in the table below.
| The advantages of SpotMe | The disadvantages of SpotMe |
| You can make purchases with a Chime debit card. | You can not transfer funds from the SpotMe limit to friends. |
| You can withdraw funds on an ATM up to the SpotMe limit. | The limited amount will not be used for recurring payments nor for Checkbook transactions. |
| You can use it for cash-back transactions. | You won’t be able to transfer these funds to other financial apps. |
How Does Withdrawing the Cash From Your Overdraft Limit Work?
Since Chime has supported its users with an extensive network of ATMs, more than 60,000, withdrawing cash won’t be an issue. If you’ve never taken cash from your account, simply follow these steps:
- Check to see if the SpotMe feature is enabled in your app.
- Find the closest Chime ATM and approach it.
- Prepare your debit card and insert it into the ATM.
- Enter the desired amount of money you want to request, and make sure it’s within your SpotMe limit. Accept SpotMe if it prompts you.
- Enter your PIN correctly.
- Take the cash and remove the debit card.
If the amount you have requested to withdraw is higher than your balance, then you have successfully withdrawn the funds within your approved limit.
And What About Cash-Back in Retails?
When you are out shopping in stores that support cash-back options, you can also use your SpotMe limit. When your balance is low, and you want to make a purchase that exceeds it, your Chime account goes into a negative balance. Then, you will get prompted for a cash-back while in checkout. For instance, if you have $3 in your account and you want to buy something that is priced at $5, your cash-back will depend on your limit. If the limit is $50, you will receive $45 as cash back.
When Will My Limit Increase?
Once you enable SpotMe, the limit you get will be determined automatically by usage. It means that the account activity will be the decisive factor, and once it’s set, it can only be modified by Chime. If the usage history works in your favor, your limit will get automatically increased in no time, and you will be notified right away. However, if a friend of yours uses SpotMe, they can send you a SpotMe boost that can resolve the issue temporarily.
SpotMe Withdrawal Option Is a Welcome Feature for Chime Members
SpotMe and all the options that come with it are definitely a better option than visiting traditional banks and overdrawing your account. The best thing about the limit Chime gives you with this feature is that it is fee-free, and it can be enabled through the app. Basically, it’s a simpler, affordable, and hassle-free solution for situations where you need to borrow smaller amounts of money to make a purchase with a debit card or even withdraw some cash at the ATM.
