Debit Card Round-Up

Round-Up FAQs

• How and when do the transfers happen?

  We total all your eligible round-up amounts for the day and make one single transfer at the end of each business day from your checking to your savings or money market account. The transaction description will include a masked account number.

• Which transactions are included?

  Round-ups apply to debit card (POS) purchases made by you or any joint owner using a debit card linked to the enrolled checking account.
  
  Not included: ATM withdrawals, ACH transactions, cash or teller transactions, bill payments, and pre-authorized transactions. Whole-dollar purchases (e.g., exactly $20.00) also won’t generate a round-up.

• What do I need to enroll?
  1. A Salem Five consumer checking account and a Salem Five consumer savings or money market account.
  2. At least one owner on the checking account must be an owner on the savings or money market account.
  3. Your savings or money market account must be active and have a positive balance.
• How do I enroll or cancel?
  You can enroll in or cancel Debit Card Round-Up at any time by completing our online request form, visiting any Salem Five branch, or calling us at (800) 850-5000.
• What happens if I don’t have enough money in my checking?
  If your checking account doesn’t have enough available funds at day’s end to cover the daily round-up total, no round-up transfer will occur for that day. We won’t overdraw your account to complete a round up.
• What if a purchase is canceled, reversed, or disputed?
  If a purchase is later canceled, reversed, or disputed, the round-up amount stays in your savings or money market account. It is not pulled back.
• Does this service cost anything?
  There is no fee to enroll or use Debit Card Round-Up. Standard account fees still apply per your account agreements.
• Can I choose which savings account receives my round ups?
  Yes. During enrollment, you designate an eligible Salem Five savings or money market account to receive your round-ups. You can request to change this at any time by calling us or visiting a branch.
• Are joint account purchases included?

  Yes. Round-ups apply to all debit cards tied to your enrolled checking account, including cards used by joint owners.

• Will this help keep my savings account “active”?

  Yes. Round-up transfers are considered account activity.

• Is this available for business accounts?

  No. Debit Card Round-Up is available only for consumer accounts.

• Can Salem Five change or end this service?

  Yes. Salem Five may modify or terminate the service at our discretion.