Round Up Savings FAQ
I have a McFarland State Bank checking, debit card and savings account. Am I automatically enrolled? 1
No. To participate in Round Up Savings, you do need to enroll. Contact our Financial Resource Team to get started today!
I am a new customer. Can I enroll in Round Up Savings?
Yes! You will need a McFarland State Bank checking account, a McFarland State Bank Debit Mastercard®, and a designated McFarland State Bank savings or money market account and we can help you get set up.
How many accounts can I designate to receive transfers for Round Up Savings?
Up to five.
If I designate more than one savings account for Round Up Savings, is the transfer split?
Yes. Each business day, we will total the Round Up Savings amount to be transferred to your designated savings account(s) and divide it equally. If there is an odd amount, we will automatically track which account received the extra cent. The next time an odd amount occurs, the account that received the smaller amount will receive the extra cent. If there are more than two accounts designated, this process will continue through the designated accounts.
Each transfer will be shown on your checking statement and your designated savings account(s). If you have two designated savings accounts, there will be two Round Up Savings transfer entries on your checking statement at the end of the business day.
Is there a service charge or fee for Round Up Savings?
No. There are no special service charges or fees to be enrolled and participate in the Round Up Savings program.
Do all purchases made with my enrolled debit card get rounded up?
Yes. All purchases made with your McFarland State Bank Debit Mastercard are included in the Round Up Savings program. It does not matter if you swipe your card and provide your signature, use the chip and enter your PIN, or use your mobile wallet; all purchases will be rounded up and the difference transferred to your designated savings account(s).
Are there limits as to how many check card purchases I can make in a month and remain enrolled in Round Up Savings?
No. There are no minimum required purchases or maximum allowed number of purchases. Of course, the more you use your McFarland State Bank Debit Mastercard, the quicker your savings will grow.
How will I know what money has been transferred from my checking account to my designated savings account(s)?
At the end of each business day, we will total the McFarland State Bank Round Up Savings amount and list it in one transfer to your designated savings account. This will be shown as a deposit to your designated savings account. If you have two designated savings accounts, there will be two Round Up Savings transfer entries on your checking statement at the end of the business day. You can check your statement within online banking, MSB*mobile, or through your monthly eStatement(s).
Can I have my Round Up Savings transferred to an account I share with another person?
Yes, however, the person enrolling in Round-Up has to be a signer (owner) on the checking account that will be debited. It is not required that the person receiving the transfer to the savings account be a signer on the checking account. Example: A parent can enroll in Round Up Savings for their checking account and designate their Round Up Savings transfer to go to their children's account.
Will the Round Up Savings Program ever overdraw my checking account?
Very unlikely. To protect you from this happening, we will not make a Round Up Savings transfer on any day your checking account has a balance of $5.00 or less. Please know, your purchases will be charged to your checking account, but a Round Up Savings transfer will not be made in this event.
Are business checking accounts eligible for the Round Up Savings program?
No. The Round Up Savings program is only for personal accounts.
What if the purchase made with my debit card is cancelled or reversed at a later date?
The savings will remain in the savings account and not transferred back to the checking account.
More Questions? Contact us today!
1. Upon enrollment in Round Up Savings, we will round up your McFarland State Bank Debit MasterCard® purchases to the nearest dollar and transfer the difference from your checking account to your savings account. We may cancel or modify the Round Up Savings service at any time without prior notice. Round Up Savings is only available for personal checking accounts with a debit Mastercard.
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