FAQ
What is Round Up with Capon Valley Bank?Round Up is an optional service that will allow automatic savings deposits based on debit card purchases. Each transaction will Round Up to the next dollar and the difference will transfer to a Savings, Christmas or Vacation Club account.
How does Round up work?
When a debit card transaction posts to your checking account, the Round Up program will look at each transaction and calculate the difference between the actual transaction and the next dollar amount. This is then aggregated with all other debit card transactions and a single Round Up sweep will move the calculated figure out of your checking account into the designated savings account.
Will Round Up cause me to be overdrawn?
No. If the funds are not available to perform a Round Up sweep, the transaction will suspend and will not cause your account to be overdrawn.
What amount should I list in my check register for the transaction?
It is recommended that you list the Round Up amount, so if your transaction was $5.67, you would calculate $6.00 in your check register. The individual debit card transactions will show on your bank statement for the regular amount and then each day that a Round Up transaction occurs will be listed for the aggregate total.
What happens with a joint account with multiple debit card users?
The Round Up solution is tied to the checking account, so if there are multiple debit cards associated, then all debit card transactions would be included in the Round Up calculation. All cards tied to the account would be included and there is no way to separate individual transactions or split out the savings account.
Can I have multiple accounts associated with Round Up?
No. Each checking account with a debit card can only have one savings account tied to it for Round Up deposits.
I want to help my child start saving. Can I have Round Up transactions deposited to my child’s savings account?
Yes. The savings account does not have to be in the same name as the owner of the checking account. We do recommend that it belong to a family member and may reject requests to unaffiliated accounts or require approval of the account owners.
How do I enroll? How do I cancel?
See one of our employees at any branch location to enroll or cancel. You may also follow the link below to enroll now.
