Giving back in a time of need: How Chime is supporting our members and communities during COVID-19

In March, the U.S. was thrust overnight into a new world. Unemployment skyrocketed, many companies whose employees could work from home were told to take their workstations to their kitchen tables or closets, and a deep sense of uncertainty set in.

The recent rise in unemployment has affected those who were already earning less, widening the earnings gap and setting those out of work even further back because of their inability to work from home or limited benefits to help them.

Yes, there has been much progress to reduce the inequality gap over the past 10 years, but sadly, many of those successes have vanished. In fact, some predict that the U.S. will go from the “lowest unemployment rate since the 1950s to the highest rate since the 1930s” in the next few months.

Because of the widening gap, access to financial resources has become even more important for millions at a time when every cent counts.

At Chime, we’re avid believers in the importance of doing the right thing — it’s why our founders, Chris Britt and Ryan King, started the company in the first place. So when so many people are impacted by the current financial situation, it’s become increasingly important that we step up and support the people who are experiencing hardship. We remain committed to serving our members and communities impacted by this crisis.

These are a few of the initiatives we’ve deployed to help those financially affected by the COVID-19 pandemic. We’ll continue to explore ways we can have our members’ backs and support our community as our reality unfolds.

Donations to local organizations

We recently made a donation in the amount of $150,000 to two organizations close to our hearts: Give2SF and Project100. With many nonprofits facing decreased funding due to their donors’ circumstances or government closures, it’s important for us to support those that are having an immediate impact on peoples’ lives — that’s why we chose these two organizations.

• Give2SF is the City and County of San Francisco’s COVID-19 Response and Recovery Fund. It provides shelter, food, and other assistance to individuals, families, small businesses, and nonprofits in San Francisco, the city we call home. It contributes to the most medically and economically vulnerable members of the area, whether they are impacted by the threat of the virus itself, or suffering economic hardship, housing troubles, or financial setbacks.
• Project100 is a program by GiveDirectly that aims to provide cash relief to 100,000 Americans in need. They target families who are on the Supplemental Nutrition Assistance Program (SNAP) benefits and are extremely efficient at processing donations. We chose to partner with Project100 because the community they serve is deeply affected by this crisis. By giving them access to cash quickly and easily, Project100 will help Americans most in need pay rent, buy groceries, and tend to their basic needs.

Stimulus check advances

We all know timing really matters for many Americans, especially now, so we quickly launched a program called ChimeCARES that gave our members early access to their stimulus payment funds before the money actually arrived from the government. As of today, we’ve made well over $1.5 billion of stimulus payments available to our members. We continue to hear incredibly positive feedback from them and we’re seeing first-hand how getting their stimulus funds a few days early is having a positive impact on their lives.

$1 Million given to members

In May, we gave five thousand members $200 each, totaling $1 million. This was a small boost to help our members pay their rent, bills, or get supplies they needed at home. Many of our members expressed gratitude on social media and even paid it forward by using their $200 to help their own communities.

Ongoing initiative: Our 1% Pledge Program

One initiative we’re moving forward with (in the ways that we can under shelter in place orders) is our pledge to give 1% of our time. We’ve partnered with two organizations, WeThrive and Oakland Promise, to volunteer 1% — over 7,000 hours annually — of Chimers’ time. While the current crisis means we can’t give our time in person, we’re working on ways to volunteer virtually, such as offering financial mentorship sessions over video chat.

Content to keep our members informed

There are a number of ways our members can stay ahead of the financial crisis, and we believe one of those is by staying informed about their money. To that end, we’ve launched more than 20 blog posts as a resource for our members. They cover topics like tips for families while schools are closed, things to sell to earn some extra cash, how to freeze your credit, and how to optimize your spending during an economic slowdown.

We will continue to update our blog since we believe it’s more important than ever to stay informed about our finances.

One thing has become very clear to all of us at Chime during this time: We believe in giving back now more than ever. In keeping with our core values and ongoing commitment to our members, we’re finding ways to make it happen for those most impacted by the crisis. Stay tuned to hear how we — and our members and communities — are getting through this together.