Chime is popular for its SpotMe loan program and unique services like mobile check deposits. Now with the Chime Stimulus check, the company may just be on the verge of becoming one of the most respected online banks from the list of tough competitors.
- Chime stimulus check is providing $200 to at least 100,000 Chime users as a method of relief.
- You need to be a current Chime user who has received at least $250 in direct deposit in a Chime account over the past month.
- You can set up Chime direct deposit by Open account > Settings > Direct deposit > Chime account details > Copy > Get direct deposit > Submit details.
…and Much More!
Chime Stimulus Check – Everything You Need To Know
Chime has introduced a stimulus check program to help people access money like payday loans, before their paychecks arrive. Initially, the company offered up to $1,200 to a selective group of 1,000 people. Once the success ratio was determined, the firm changed policy to providing $200 in stimulus checks to at least 100,000 Chime users.
- Moreover, Chime is also set to provide 2nd and 3rd stimulus checks to consumers amidst Covid-19 restrictions and economic downfall.
All eligible people will soon be able to get some share of $600M that Chime has put forward as an aid program for people in need of financial assistance.
Chime Stimulus Check Eligibility Criteria
Generally, tax reporting is the major criteria on the basis of which Chime determines whether you are eligible for the check or not. Other considerations that step from this are listed below. Take a look!
- Applicants must already be Chime users.
- They should preferably have received at least $250 direct deposit in their account over the past month.
- The user should have filed a tax-return, received the refund through the proper channel and deposited that money in their Chime account.
- Those who have declared their income to be less than $75,000 are also eligible.
- Married couples with income less than $150,000 are eligible as well.
How To Set Up Direct Deposit On Chime – Step By Step Guide
Needless to say, you have to enable direct deposit for the check submission to work. Therefore, if you have not already done so, here are the steps you need to perform in order to activate direct deposit in your Chime account.
- Open the Chime account and tap on the Settings button on the main screen.
- Then click on the drop down menu and choose account information.
- Search for the option Direct Deposit and click on it.
- From the next window, copy Chime account details such as routing number and account number.
- Then tap on Get Direct Deposit.
- You will receive the application form via email. Fill in with required information and submit on the IRS website Get My Payment Portal. You are done!
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When Does Chime Direct Deposit Hit?
There is no way to tell exactly when your direct deposit will reach the account. This is because it really depends on the sender’s timing. Moreover, rest assured that Chime takes less time than traditional banks and you will get the funds as soon as they arrive.
Typically, stimulus checks arrive within 3 to 5 business days. If it is taking longer in your case, we recommend you get in touch with Chime for more information.
Stimulus Checks By Chime – Things To Watch Out For
The most important thing to consider here is that the service is only open to current Chime users. Although nothing is stopping you from creating a Chime account right now, you may not complete the sign-up soon enough to receive the benefits.
Moreover, people who are receiving should keep in mind that in case they are not able to return the funds or their account balance is negative, Chime will deduct the remaining amount from the next paycheck.
- This implies that you need to be careful about the money you decide to “borrow”.
The Chime SpotMe loan program also offers some cash to those in need but the amount is quite less as compared to Stimulus checks, $45-$100 against $200! That is almost double the amount that you would have to return timely.
You might be interested in reading: Stores That Accept eChecks Personal Checks.
The Bottom Line
The need for this program was felt during the pandemic when a majority of the consumers were facing financial issues. As a relief, Chime worked to provide stimulus payments to its users only taking into consideration a soft eligibility criteria.
However, the check should be viewed as a loan that you are meant to return. Although Chime does not report to any bureau and late payment may not affect your credit score, failure to comply with rules and regulations of the stimulus check use may result in other unfavorable consequences.
Frequently Asked Questions
Is it true that Chime is sending stimulus checks?
Chime is providing stimulus checks if you have filed a tax return in 2019. It will use your Chime account information to deposit the check as a way to uplift consumers’ economy. The funds will be deposited directly into your Chime account.
Why is my Chime stimulus payment late?
If you haven’t received the deposit, the first thing to do is make sure that you are, in fact, eligible for the program. It may also mean that you may instead receive a paper check or debit card.
How long will it take Chime to clear my stimulus check?
The check should not take longer than 1 business day to show up in your account. However, larger checks may take more than 24 hours.
Does Chime delay deposits?
The company does not have a history of delaying or holding any transaction that has been made from another account. Chime posts funds as soon as they arrive from an employer or other beneficiary account. However, the delay may come from the sender’s end i.e. depending on the time that the deposit was made.
Cassidy Horton is freelance finance base research writer and published hundred of articles on money, banking, loan and more. Her work is published authority finance site on Forbes, Money Under30, NerdWallet and many other finance brands. Further she is considered financial expert by MSN, LegalZoom & Consolidated Credit.