Debit Card Round Up

This DNAapp includes two applications that work together to round up debit card purchases to the next whole dollar, deposit the round-up amount into a related account, and, optionally, match a percentage of the round up amount as an incentive to use the program.

Rating:
90% of 100
0
In stock
SKU
SOFTAPP0037
Developed By: Fiserv
Version: 1.0.1.2 - Published November 2021

This DNAapp includes two applications that work together to round up debit card purchases to the next whole dollar, deposit the round-up amount into a related account, and, optionally, match a percentage of the round up amount as an incentive to use the program.

Debit Card Round Up:

This application rounds up debit card purchases to the next whole dollar and deposits the funds into a related account.

The purchase price of item purchased is rounded up to the nearest dollar amount. The difference between the purchase price and rounded up dollar amount is transferred from the individual’s checking account to a savings account.

If the institution wishes to apply a matching contribution, the Debit Card Round Up Match can be used.

Debit Card Match:

This application allows the institution to match a percentage of the debit card round up amount as an incentive for the program. A process sums the savings account credit transactions posted within a predefined period of time, for example monthly or quarterly. This period is defined by the institution. An annual ceiling can be set on the matched dollar amount.

 

Benefits 

This application helps financial institutions encourage debit card usage by rewarding accountholders for using their FI-issued debit cards and helping them save. This app can help attract customers/members, and potentially increase interchange income.

By offering a program that rounds up debit card transaction amounts and deposits the rounded up amount into another account owned by the customer, a way of saving can be offered to the customer/member that help them achieve their financial goals.

DNAapp Type:  Batch Application

Developed with DNAcreator™

Technical Name - PS_DEBIT_CARD_ROUNDUP / PS_DEBIT_CARD_MATCH 

DNAX File Name: PS_DEBIT_CARD_ROUNDUP.dnax

  • This application is supplemental to the PS_DEBIT_CARD_ROUNDUP application
  • Both applications include a parameter to designate the savings minor account. The customer must have an account in this minor(s) in order to be eligible for these processes
  • The institution must map the custom transactions to the offsetting GL Account
  • A cashbox is required for the application
  • Because this application is an updating and posting application, we suggest running this first in non-updating mode RPT=Y in your test environment, then running in updating mode RPT=N, again in your test environment. Please check all accounts updated, including the offsetting GL Account.
  • Requires DNA® 4.1 or higher
  • The standard Exclude Application functionality can be used to exclude accounts from this process

 




 

 

Reviews

  1. Updated Review
    This application has been updated since my prior review. The description option now has the ability to not show the to/from account numbers, as well as when choosing to show the debit card info, to show this as masked. I really appreciate that follow up was done to make this better, and since I can't see how to update my prior review, I am adding one to note the updates!

    Review by

    Posted on

  2. Almost all good!
    The debit card round up is a fantastic application! We have really enjoyed use of this app in many ways, and our members love it. There are only two pieces that could use updating, relating to the transaction descriptions for the transfers. The current description options will end up including either account numbers or card numbers in the description. It would be ideal if there was an added parameter option to mask these, and/or to choose to include neither. We chose to include the from/to account numbers in the description as the lesser of the two issues. We were absolutely not OK with having the card number showing in the transaction description unmasked and without any encryption in the database as this does not meet PCI compliance. Even with that issue, we have not regretted our purchase, and are very happy to have it in place helping our members to save!

    Review by

    Posted on

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