Chime SpotMe® Overdraft Protection vs. Albert Cash Advance
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Many banks let you opt-in to overdraft protection where transactions that come up short can be covered from a linked bank account, like a savings account or secondary free checking account, credit card, or line of credit.
Bank customers that opt-in to bank overdraft fees can pay up to $35 per transaction. Banks and credit unions collected more than $7.7 billion in revenue from these fees in 2022, according to data provided by the Consumer Financial Protection Bureau (CFPB).
Fintech companies Chime® and Albert offer checking account customers an alternative to paying overdraft fees, but which one is best.
One major difference is that Chime® SpotMe overdraft protection is a free service but it only allows customers an initial $20 in overdraft protection. It may take several months or years to get approved for a higher amount.
Albert offers a cash advance service called Instant. Through Instant, Albert will spot customers up to $250 instantly for a small fee or free if you can wait 2 to 3 business days.
Chime SpotMe®
- Chime members who receive a qualifying direct deposit of $200 or more a month to the Chime Checking Account each month are eligible for Chime SpotMe.
- How much you can overdraft is determined by Chime based on factors such as account activity and history.
- Overdraft limits start up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency, and amount, spending activity, and other risk-based factors.
- Your limit will be displayed to you within the Chime mobile app.
- Your limit may change at any time, at Chime's discretion.
- SpotMe® won't cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions.
- When your next deposit arrives in Chime, it will be applied to your negative balance.
Albert Cash Advance
- Albert customers may be approved for up to $250 per advance based on several factors, including your direct deposit amount and spending history.
- Get your money instantly for a $6.99 fee or get cash within 2–3 days for free.
- No credit check, not even a soft inquiry, so your credit score won’t be affected.
- Request a cash advance directly from the app with just a few taps, and usually receive your funds in less than ten minutes.
- Any cash advances are automatically deducted from your next paycheck.
What is an Overdraft
An overdraft occurs when you spend more than you have in your bank account. An overdraft occurs when you write a check, use a debit card or ATM card in a transaction, or make an automatic bill payment for an amount greater than the balance in your checking account or savings account.
What Is Overdraft Protection?
Overdraft protection is an account feature that allows you to pay for purchases without having enough money in your checking account. It’s available with most checking accounts and debit cards.
Why Do You Need Overdraft Protection?
Overdraft protection helps protect against an overdraft by covering any charges made before you have enough money in your checking account to cover them. This means that you won’t incur fees or interest charges on purchases and transactions.
There are ways to avoid overdraft fees that involve closely managing your account but access to overdraft protection can keep you from paying excessive fees.
Ways To Manage Your Checking Account
Managing your checking account is one thing that will keep you on track financially plus keep you out of ChexSystems and EWS. It's also an area where many people struggle. Here are several ways to avoid mistakes so you can stay on top of your finances.
First, check your bank statement.
If you're using an ATM card, you might be charged an overdraft fee each time you try to withdraw more than what's available in your account. This happens because banks charge customers who overdraw their accounts. However, there are ways to avoid being hit with an overdraft fee.
Second, contact your bank.
If you see that you've exceeded your balance, contact your bank immediately to see if they can decline the transaction. Declining the transaction can help you avoid an overdraft fee even though you'll need to follow up with the company or person involved with the transaction.
Third, don't let your balance get too low.
If you're not careful, your checking account balance can quickly go down to zero. This means that you won't be able to make payments on your credit cards or pay bills. Before you reach this point, take steps to avoid it.
Chime Disclaimers
Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Albert Disclaimers
Albert is not a bank. Banking services provided by Sutton Bank, Member FDIC. Albert Savings accounts are held for your benefit at FDIC-insured banks, including Coastal Community Bank, Axos Bank, and Wells Fargo, N.A.