Savings transfers keyed off credit union ATM/debit systems are suddenly in vogue in the Twin Cities.
The $1.3 billion Affinity Plus FCU of St. Paul and the $277 million TopLine FCU of Maple Grove have launched point-of-sale programs which transfers funds to savings based on rounding up to the nearest dollar on members’ debit/ATM transactions.
The programs – Affinity Plus’s “Stash Your Cash” and TopLine’s “Sum-It-Up Savings” – were developed separately but both designed to promote savings habits.
“We’re proud to provide a product that helps our members achieve their saving goals, even when money may be tight,” said Kyle Markland, president/CEO of Affinity Plus. That program debuted last month and already has 300 accounts.
Harry Carter, president/CEO of TopLine, said their program is intended to both help build relationships and make savings “completely painless.”
"Members can build an emergency reserve, create a child’s savings or holiday spending account or even sock dollars away in a ‘mad money’ fund,” he said.
Nic Peterson, vice president of member innovation at Affinity Plus, said the savings transfer idea has marketed for some months there by large banks including Bank of America and Wells Fargo “but we haven’t seen it among credit unions.”
The technology is there, he said, to institute such programs.
Carter noted TopLine’s original press release issued several weeks ago had said the Maple Grove CU was introducing “a first in the market.” That is, until his credit union learned that Affinity Plus had one on the shelf but had apparently not been promoting it heavily, Carter said.