Automatic Savings Agreement

Eligibility

The member must have an open and active Spending Account and a Savings Account to be eligible to choose the Automatic Savings feature ("Automatic Savings").

Chime (the "Sponsor") reserves the right to cancel or modify the Automatic Savings feature, or terminate the member's eligibility, at any time with or without prior notice.

Opt-in

Automatic Savings may be activated or disabled by the member at any time under the Settings screen in the Chime mobile app or Website at www.chimebank.com.

How it works

Following the member's activation of Automatic Savings, each purchase made by the member with his or her Chime Visa® Debit Card will be rounded up to the nearest whole U.S. dollar. Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to U.S. dollars. The round up amount (between $0.01 and $0.99) will then be transferred from the member's Spending Account balance to the member's Savings Account balance. This transfer is referred to as a "Round Up Transfer."

  • What is a purchase?
    Any settled (i.e., fully completed) card present or card not present Personal Identification Number ("PIN") or signature purchase transaction made using the Chime Visa Debit Card. This includes online transactions made using the 16-digit card number.
  • What is not a purchase?
    Any cash withdrawal from an Automated Teller Machine ("ATM") or Over The Counter ("OTC") cash withdrawal; bill payment transactions using the Chime Checkbook; cash back received at a Point-of-Sale device; Online Transfers between the Spending Account and the Savings Account; ACH Credits initiated from the Chime Mobile App or Website to another bank account you own; and electronic Automated Clearing House ("ACH") debit transactions.
  • How is the round up amount determined for purchase transactions made in a foreign currency?
    All round up amounts are based on the U.S. dollar value of the transaction when it posts to your Spending Account.

Transfer Timing

One (1) Round Up Transfer will be completed for each purchase transaction made with the member's Chime Visa Debit Card when the purchase transaction settles, i.e., is finalized. A purchase typically settles within 1 to 3 business days of the transaction date: the timing depends on the merchant's actions.

Exceptions

  • A Round Up Transfer will not be made if a purchase transaction consists of a whole dollar amount, e.g., $5.00.
  • If, at the time of settlement of a purchase, the member's Spending Account has insufficient available funds to cover the full amount of the Round Up Transfer, the Round Up Transfer will not be made.
  • Retroactive Round Up Transfers are not permitted. This means, even if the member later adds value, or a credit posts to the Spending Account, previously unmade Round Up Transfers will not be posted to the Savings Account.
  • If a member's purchase is canceled or reversed for any reason (including disputes), the corresponding Round Up Transfer will not be reversed.

Sponsor: 1Debit Inc., of San Francisco, California, doing business as Chime

Banking Services provided by The Bancorp Bank, Member FDIC. The Chime Visa Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

This Agreement is effective 08/2017