Colorado CU Rolls Out ‘Roundup’ ATM/Savings Account
The $949 million Credit Union of Colorado has begun offering savings-linked ATM/debit accounts which automatically round up differences on purchases.
The Denver CU said it began two weeks ago rolling out “SimpleSaver,” a program in which each time a member makes a card transaction, the amount is automatically rolled up to the highest dollar amount.
The program, promoted over time at a number of banks and CUs but gaining renewed traction “enables members to add to their savings whenever they use the credit union’s Visa debit card,” said a CUC statement.
Doug Schneider, vice president-marketing, said since the program debuted July 20 “we’ve opened over 80 accounts which we think is a very good response in such a short time.” The program is keyed to attracting “a younger demographic” as it stresses the savings feature.
“SimpleSaver” was launched following a series of focus groups with existing members in which the concept was presented.
Schneider said he knew of no other Colorado bank or CU that had started offering such a program.
Last spring two Twin Cities CUs, acting separately, introduced programs with the $1.3 billion Affinity Plus FCU of St. Paul branding its effort as “Stash Your Cash” while the $277 million Topline FCU of Maple Grove offered “Sum-It-Up.”