Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

SpotMe, Chime’s Fee-Free Overdraft, Surpasses $30 Billion in Spotted Transactions

Leading consumer financial technology company, Chime®, the #1 Most Loved Banking App1, announced today that its fee-free overdraft feature, SpotMe2, has covered its members with more than $30 billion in transactions since the product launched in 2019. SpotMe® empowers everyday people to Unlock Financial ProgressTM by providing a safety net when they need it most.

Traditional banks typically charge $35 for an overdraft fee, even though the majority of consumers’ debit card overdrafts are for less than $26.3 Chime was one of the first full-feature accounts to disrupt the traditional banking industry by offering fee-free overdrafts with the launch of SpotMe. The feature provides an opportunity to meet short-term liquidity needs and allows eligible members to overdraw their account by up to $200 without incurring a fee.

Since launching SpotMe, U.S. banks have moved away from their overreliance on overdraft revenue, by lowering fees or eliminating them altogether. However, despite a more than 50% decrease in nationwide overdraft revenues compared to pre-pandemic levels, U.S. banks still collected more than $5.8B in overdraft and non-sufficient funds fees in 2023.4 While this indicates some progress, overdraft fees remain a significant burden for many consumers. In contrast, Chime’s SpotMe feature has allowed millions of eligible users to bypass these fees entirely.

“We’re happy to announce this important milestone,” said Chris Britt, Chime CEO and co-founder. “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’s pro-consumer approach to banking services stands out in the financial services sector. As a result of Chime’s position as the platform for which millions of members open their primary financial account, its business model, and its differentiated data set, Chime offers innovative products, like SpotMe, which has no mandatory fees5, that help members meet short term liquidity needs in a member-friendly manner. SpotMe is just one feature among Chime’s suite of innovative, easy-to-use financial service products that aim to disrupt the status quo in banking products and intentionally address the needs of everyday people. Chime’s most recent product addition, MyPayTM – a transparent and seamless offering that allows qualifying Chime members to access up to $500 of their pay before payday6 within 24 hours fee-free, or instantly for $2 - has surpassed 2 million enrolled members since launching officially in July 2024.

About Chime

Chime is a financial technology company, not a bank, founded on the premise that basic banking services should be helpful, easy, and free. Chime builds products that allow the company to succeed when its members do. That’s why Chime doesn’t rely on consumer fees such as overdraft, monthly service, or minimum balance fees. Chime is proud to be The Most Loved Banking App® and one of the most downloaded banking apps in America. All member account balances are held at regulated, FDIC-insured banks (The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC). For additional information, please visit www.chime.com.

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A. Deposits are FDIC-insured through The Bancorp Bank, N.A. or Stride Bank, N.A. up to applicable limits. MyPayTM line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC.

1 Chime is recommended by more of its users than that of any brand per 2023 Qualtrics® NPS score. THE #1 MOST LOVED BANKING APP is a Trademark of Chime Financial, Inc.
2 SpotMe® eligibility requirements apply. Overdraft only applies to debit card purchases and cash withdrawals. Limits start at $20 and may be increased up to $200 by Chime.
3 https://www.consumerfinance.gov/about-us/newsroom/cfpb-proposes-rule-to-close-bank-overdraft-loophole-that-costs-americans-billions-each-year-in-junk-fees/
4

https://www.consumerfinance.gov/data-research/research-reports/data-spotlight-overdraft-nsf-revenue-in-2023-down-more-than-50-versus-pre-pandemic-levels-saving-consumers-over-6-billion-annually/

5

Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

6

Eligibility requirements apply, including receipt of qualifying direct deposits as set forth in the MyPay Agreement. Not all users will qualify. MyPay credit limits range from $20-$500.

 

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