SavedPlus offers a patented, bank platform-agnostic micropayment capability that allows consumers to automatically save money as they spend. It works like a sales tax by adding an extra percentage on each transaction and transferring it from a source account to a savings destination account.
The SavedPlus service helps facilitate the transfer to savings by providing the customer with a flexible tool to calculate the amount to be saved and the timing of the savings.
This service allows the customer to:
1. Choose a percentage to be applied to the customer’s spend amount.
2. Choose a source, monitored, and destination saving accounts.
3. Establish parameters, including maximum qualified transaction dollar amount and protective minimum checking account balance
SavedPlus calculates the customer’s “spend amount” by aggregating transaction data from the participating monitored accounts of the customer. The transfer of funds is accomplished through paired ACH debit and credit entries.