Chime is piloting instant stimulus check disbursals

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US neobank Chime is running a pilot in which it gives customers their $1,200 federal stimulus checks before the government begins disbursing the payments, CNBC reports.

The neobank selected 1,000 customers who received their payments instantly on Thursday through Chime’s SpotMe feature, which usually acts as an overdraft protection feature, allowing customers to go negative in their accounts without having to pay an overdraft fee.

Chime is using its own capital to front the money to customers until the government pays out the checks, and CEO Chris Britt told CNBC that he is waiting for reassurance from the government that Chime users can’t redirect stimulus payments to other bank accounts before expanding the pilot to other users. Eligible users will largely be those who direct deposit paychecks into their Chime accounts and have previously had their tax refunds deposited into their Chime accounts as well.

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Indiana man checked his bank account for his $1,700 stimulus check and found $8 million had been deposited by the feds

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A man from Indiana ended up receiving what appeared to be a lottery win rather than a stimulus check.

Charles Calvin, a volunteer firefighter was expecting a payment for $1,700.

Upon checking his bank account he found there was a payment for $8 million.

Each time he checked the ATM machine he was given the same balance.

By the time he called the bank on Monday, the money had been removed.

Continue reading… “Indiana man checked his bank account for his $1,700 stimulus check and found $8 million had been deposited by the feds”

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