Debit Card Round Up

$500.00

Allowing members to save money based on their activity through the use of a Debit Card has become popular based upon national advertising from the largest banks in the country. The national advertising creates a buzz with consumers, that it is a service that can help members achieve savings goals just by using their debit card. This automated solution can be activated and marketed to your members with help from our team to execute all the details. We can just turn it on for you.

Overview

The Debit Card Round Up program is all about marketing to your members that you have the same products and services available as the largest financial institutions in the country. But beyond that, the program can be rebranded to be whatever you want. The transaction description that is used to transfer funds from a member’s checking account to their savings account is configurable, and therefore the program could be credit union specific. Your marketing team could then market this in conjunction with a new or existing checking product.

Ultimately, this is a service that you can provide with little to no expense, and promote your penetration of checking products and debit card usage. Your debit card provider need not be involved with this strategy as it is all configured directly in CU*BASE. The transfer of the funds performed at the end of the day is completely separate from the debit card transaction, which allow for no interference with the normal handling of the transaction between the member and the merchant.

If the credit union desires a forced savings plan, configurations can be put into place to ensure that the funds that are transferred to the elected savings account are not accessible by the member. Or if you wanted to promote your Christmas Club or Vacation club accounts, this may be a great location for the round up transfer to be deposited.

The member is funding their own savings program, not the credit union. The credit union does have the choice to include PIN based POS transactions in addition to the default of signature based transactions.