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.
Schedule of Tasks
- We will prepare a benefits summary and project outline for board approval
- Will include an analysis of current checking account activity and potential savings that membership could be saving on a monthly basis
- We will design a marketing strategy/grand opening schema for the roll out of the product
- Project outline will list specific dates and milestones
- We will train/guide staff on how to configure the round up on an individual member when an interested member wishes to sign up
- Will include recommendations for execution
- Will include training on tracking mechanisms for management teams members
- We will review any needed disclosures/member agreements, recommended changes to security settings
- Will include materials for board presentation, where appropriate
- We will make necessary changes to Chart of Accounts
- Based on any new checking products, savings products (for forced savings plans), etc.
- We will modify/create configurations in CU*BASE
- Will create new checking/savings products as needed
- Will configure debit card program to be available on desired checking products
- We will flip the switch and go live!
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