Payments

Chime's SpotMe surpasses $30B in overdraft protection

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October 17, 2024

Chime's overdraft protection solution SpotMe has covered more than $30 billion in transaction protection since launching in 2019. With this solution, customers can overdraw their account by up to $200 without getting charged a fee, according to a press release.

Since the service launched in 2019, banks have decreased or removed overdraft fees by more than 50% in the U.S., but they still collected more than $5.8 billion in fees in 2023.

"We're happy to announce this important milestone," Chris Britt, CEO and co-founder, Chime, said in the release. "SpotMe has changed the lives of millions of Americans who need greater flexibility and access to liquidity. Its widespread impact has been felt beyond our members, and we're pleased to see others in the industry follow our lead."

Chime has other consumer protections services such as MyPay, that allows members to access up to $500 of their pay early within 24 hours with no fees or instantly for $2.