As an External Account Depositor, when you take a MyPay advance, you agree to repay the amount borrowed along with any instant advance fees using your linked external debit card. Chime collects repayment by using that debit card to pull funds from your external checking account into your Chime Checking Account, where they’re automatically applied to your outstanding MyPay balance.
Note: You authorized this when you enrolled in MyPay. The consent language reads: "Chime may initiate a transfer of funds from your debit card to your Chime Checking Account in the amount available to repay your outstanding MyPay balance in accordance with the MyPay Line of Credit Agreement." |
Once repayment is processed, you'll see two line items in your Chime activity titled “Authorized transfer from Visa xxxx”:
- Authorized transfer into checking account: The incoming funds from your external debit card (shown as a positive amount)
- MyPay repayment: The deduction applied to clear your MyPay balance (shown as a negative amount)
When repayment is triggered
Chime predicts your payday
Chime doesn't wait for a Qualifying Direct Deposit to land before initiating repayment. Instead, it uses data from your Plaid connection to predict your next payday, specifically the "Estimated pay date" from your income data. Chime then monitors your external account balance in a window around that predicted date.
When repayment is triggered early (before payday)
Chime looks for a signal on or near your estimated pay date even in the case where your paycheck may have arrived early.
When repayment is triggered on or after payday
On or after your predicted payday, Chime checks whether your external account balance is at or above your total outstanding MyPay balance. If it is, repayment is initiated for the full amount.
What if my Chime Checking Account has a negative balance?
If your Chime Checking Account balance is negative at the time funds are pulled from your external account, those incoming funds will first cover the negative balance. Only the remaining amount will be applied to your MyPay balance. This is consistent with how any deposit to your Chime Checking Account works.
Repayment Attempt Limits
Chime has limits on how many times it will attempt to collect repayment. Once the attempt limits are reached, Chime will no longer use your external debit card to collect repayment. Your access to MyPay may be affected.
Limit | Detail |
External account pull attempts | A maximum of 2 attempts to pull funds from the external account into Chime Checking. |
Chime Checking repayment attempts | A maximum of 4 attempts to move funds from Chime Checking to clear the MyPay balance. |
What Happens After Failed Repayments
Chime will send you an email if repayment is unsuccessful. You'll receive:
- A pre-repayment notice via email and a push notification in the app after you take an advance, confirming the estimated repayment date and the amount owed.
- A failed repayment notice if Chime was unable to collect the full balance. This email will include the total advances and fees owed, and confirm that Chime will try again.
- A max attempts notice if Chime has exhausted all repayment attempts via your external account. This email confirms that external debit card collection will stop and explains your options.