This digital bank is giving some members their stimulus money in advance of the IRS checks: buy theothersarahh
Digital bank Chime—valued at $5.8 billion—released a new pilot program today that will allow 1,000 of its users to access their $1,200 stimulus checks immediately, while direct payments from the federal government may take between two and three weeks to arrive.
The money will be available through Chime’s SpotMe feature, which usually lets customers overdraft their accounts up to $100 without any fees; this means Chime will be using its own cash to front its users until the checks arrive from the IRS. “Americans need faster access to government stimulus payments,” Chime CEO Chris Britt said in a statement.that the idea for the program came after discussions with Mark Cuban, who owns the Dallas Mavericks, and the company says it hopes to roll out the feature to more customers over time if the first round is successful.
Users eligible for the pilot are typically customers who direct-deposit paychecks into a Chime account and have also had their federal tax refunds deposited into that account, CNBC says. Chime isn’t the first fintech that wants to get stimulus money into consumers’ hands faster: “The technology exists to get money to most people today . Square
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