cuasterisk.com CU*Answers, the core data processor proving CU*BASE to 165+ credit unions nationally, has announced the beginnings of its Debit Card “Round Up” program. Similar to the KeepTheChange© program from Bank of America, and other similar programs, helping members save by automatically “rounding up” each purchase made via a debit card and depositing the extra money into a designated savings account.
The CUSO points out that the most important element of this product is one that might not e obvious at first glance when reading through marketing materials from other financial institutions: The round up process is not posted immediately, on a per transaction basis. Instead, a daily process will calculate the round up amount for all debit card transactions posted that day and post a single transfer from the checking account to the savings account.
Down the road, the CUSO will evaluate enhancements like adding credit union matching funds, doing special promo periods, tying it to Tiered Services for eligibility, etc. But for now, this first phase will only include the basic round up transfers and will not include an automated mechanism for matching funds.
About the Partner
CU*Answers
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned CUSO providing services to credit unions representing nearly 1.5 million members and $10 billion in credit union assets. For more information, visit cuanswers.com.
