EasySaver Debit Card Round Up

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EasySaver - Debit Card Round Up

• Objective Create a new savings product that
  will incent members to save.
• Program Specifics
• We will round debit card purchases (Signature
  POS) to the next whole dollar amount and transfer
  that amount from the members checking account to
  the EasySaver savings id.
• Transfer will be a lump sum transfer at the end
  of each day.

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EasySaver - Debit Card Round Up

• Available to all Debit Card Users.
• Members will need to opt-in to the product.

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EasySaver - Debit Card Round Up

• WPCU will Match a of the funds saved to the
  EasySaver account
• 50 of the transfer amount for the first 30 days
• 5 of the transfer amount after 30 days
• Match is paid quarterly
• Annual Cap on Match - 300.00 per account
• eStatements required to qualify for match

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EasySaver - Debit Card Round Up

• The daily lump sum round-up amount cannot take
  the members checking account negative or more
  negative. Overdraft protection will not be
  available to cover the round-up amount.
• Multiple checking accounts qualify. We will do a
  lump sum withdrawal from each and make separate
  deposits to the new EasySaver id.

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EasySaver Debit Card Round Up

• Product Name EasySaver (Came from a combination
  of two product names submitted by employees.)
• Timeline
• Project Start 10/15/06
• Employee Pilot 12/1/06 through 12/31/06
• Live for Members 1/1/07

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EasySaver - Debit Card Round Up

• The process
• A new member or an existing member opts into the
  program.
• A new share id and share tracking record is
  created.
• At the end of each day the transfer amount is
  calculated from all the debit card transactions
  completed for the day.

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EasySaver - Debit Card Round Up

• The process continued
• The transfer amount is posted from the checking
  account to the EasySaver share.
• The Share Tracking record is updated with the
  amount transferred.
• Quarterly we pay the match amount from
  information in the tracking record. The tracking
  record fields are reset.

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EasySaver - Debit Card Round Up

• What makes it happen
• Demand Repgens (FM posting)
• Batch Repgens
• Miscellaneous Processing
• Miscellaneous Posting

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EasySaver Debit Card Round Up

• How is it going?
• Immediate acceptance from staff.
• Senior Management was very happy with the end
  product.
• Marketing generated excitement about the product
  prior to launch.

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EasySaver Debit Card Round Up

• How is it going?
• Current Balance for the accts 161,000.
• On March 31, we paid a match of 24,600.
• Total of 5,093 accounts with this product.
• We opened 966 new accounts to the credit union
  since 1/1/07.

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EasySaver Debit Card Round Up

• Questions?

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EasySaver Debit Card Round Up

• How do I get the code?
• Send an email to bwilson_at_wpcu.coop and just ask.
• After completing the agreement we will send you a
  zip file of all the information you need to get
  started.

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• Thank you!