When you use MyPay, the amount you advanced during the pay period, plus any fees you incurred ($2 per instant advance), is deducted from your Chime Checking account to repay your outstanding MyPay balance when you receive your next direct deposit from an Eligible Source. As a reminder, if you select the 'Within 24 hours' option, there are no fees associated with this delivery method.
Will I be informed that Chime is going to take money when I receive my next direct deposit?
Yes. Prior to completing any MyPay advance, you will be asked to check a box authorizing Chime to automatically debit funds from your Chime Checking Account to repay your outstanding MyPay balance when you receive future direct deposits from an Eligible Source.
You can see a screenshot of this check box below:
What direct deposit sources will be used for MyPay repayment?
The following direct deposit types are eligible to be used for repayment:
- Payroll direct deposits
- Gig economy payments (e.g., Uber)
- Government benefits
- Other permitted sources of income by Automated Clearing House (ACH) or Original Credit Transaction (OCT)
The following direct deposit types are not eligible for repayment:
- Tax refunds
- Trial deposits (for bank account verification)
- Money transfers (e.g., Pay Anyone, Cash App, transfers from an external bank, etc.)
What charges will I see from Chime for MyPay?
The repayment transaction may appear in two types of transactions:
- If you choose to use the instant advance option, the first transaction you’ll see will be labeled “MyPay instant advance fees”. This transaction will include the total amount of instant advance fees you accumulated throughout the pay period. All instant advance fees will be repaid under a single transaction.
- As a reminder, if you select the 'Within 24 hours' option, there are no fees associated with this delivery method.
- The second transaction is labeled “MyPay Repayment” and will include the total amount of your MyPay advances(s).
- If you don’t choose any instant advances, the “MyPay Repayment” will be your only repayment transaction.
What is the “MyPay repayment” transaction that was taken out of my checking account?
When you use MyPay, the amount you advanced during the pay period, plus any fees you incurred ($2 per instant advance) is deducted from your Chime Checking account to repay your outstanding MyPay balance when your next direct deposit posts.
The repayment transaction may appear in two types of transactions:
- If you choose to use the instant advance option, the first transaction you’ll see will be labeled “MyPay instant advance fees.” This transaction will include the total amount of instant advance fees you accumulated throughout the pay period. All instant advance fees will be repaid under a single transaction.
-
The second transaction is labeled “MyPay Repayment” and will include the total amount of your MyPay advances(s).
- If you don’t make any instant advances, the “MyPay Repayment” will be your only repayment transaction.
What happens if I don’t repay my outstanding balance in full?
If you continue to carry an outstanding MyPay balance after 4 repayment attempts you will lose access to MyPay. In order to re-access the product you will first need to clear the remainder of your balance. This can be done by calling members services at 1-844-244-6363 for assistance with processing a manual payment.
Once this repayment has been completed you should be able to access MyPay again as long as you continue to meet all MyPay eligibility requirements.
Can I make a payment towards an outstanding MyPay balance?
Yes, you may also pay all of your MyPay Account balance at any time without penalty by calling 1-844-244-6363. Your repayment amount will be equal to the amount of all Advances plus any Instant Advance Fees that remain unpaid.
What happens if I lose access to MyPay?
Depending on the reason for losing access, there are several different paths:
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If you moved to an ineligible state that no longer offers MyPay, you will either need to wait for MyPay to become available in your state or move to a state where MyPay is available.
- A list of states where MyPay is available can be found in the Line of Credit agreement:
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If your account was suspended due to an outstanding balance, you will need to pay your outstanding balance by calling member services at 1-844-244-6363 to pay all of your MyPay Account balance.
- Once this repayment has been completed, you should be able to access MyPay again as long as you continue to meet all MyPay eligibility requirements.
- If you have contacted Chime member services to unenroll in Chime, you will need to contact members services again if you wish to re-enroll in the future. Any outstanding balance on your MyPay account must be fully repaid before you can enroll again.