Earlier, our government began informing banks about stimulus payment details for the first batch of electronic tax filers. The notifications we received informed us of over $375,000,000 of Chime member payments that are scheduled to be released on April 15 – the date that these funds will be transferred to banks.
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Rather than wait until the 15th, Chime has worked closely with our bank partners to make these funds available immediately. As of tonight, we’ve already delivered this stimulus money to over 230,000 Chime members. We expect to be in a position to release many more payments to Chime members in the coming days.
As with all of our direct deposits, we release payments as soon as they are received. This results in our members often getting their paychecks up to 2 days early. We’re happy to be able to help our members get these important government payments up to 5 days early.
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Please keep in mind that additional payments will be arriving in batches and we won’t know the details until we receive the government notifications. Therefore, our member support agents do not have any information on the status of government payments. Also note that if you were given a temporary ChimeCARES SpotMe increase, that limit will reset to your normal level when your payment arrives in your account.
Stay safe and keep on the lookout for additional notifications in your Chime app.
Last week, we stressed the importance of getting government stimulus payments to Americans faster and began testing higher SpotMe limits as a way to help our members.
Our test validated that people need some of this money right away. However, our data also showed that the majority of members in our test did not raise their SpotMe limits to the full $1,200 we offered them. As a result, we’ve decided to modify our approach to allow us to offer some additional short-term SpotMe support to even more members.
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