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Every Penny Counts

Questions & Answers

  1.  Are business accounts eligible?
    Yes.  Both personal and business accounts are eligible.  There must be a like name on all accounts or we cannot turn this feature on.

  2. What do you mean by, “There must be a {like} name on all the accounts”?
    This feature is really controlled by the debit card.  The person who owns the debit card is clearly a signer on the checking account.  But, this same person must also be on the savings or money market account.

  3. Can a person round their change into any individuals saving or money market account?  For example:  Can a grandparent round their change to their grandchild’s account?
    The person who owns the debit card must be a signer on the account that the money is being rounded to.  So, if the Grandparent is a signer on the grandchild’s account then the answer is yes.  But, if they are not, then the answer is no.

  4. Will this round-up all my debit card transactions no matter if they are PIN or signature based?
    Yes.

  5. Can I deposit my rounded up transactions to a savings account at another bank?
    No.  All accounts must be with Riverside Bank.  

  6. I want to participate, but I don’t have $300 to open a savings account and I don’t want to pay the $3 minimum balance fee.  What should I do?
    Riverside will waive the $3 monthly fee as long as you are participating in the EPC program.

  7. Are there any limits to this program?
    There is a quarterly match limit of $100 or $400 per year with a lifetime maximum match of $10,000.

  8. I’d like to try this for a few weeks but what if I decide it’s not for me?
    You can be removed from the program easily by contacting your local branch or our Customer Care  Center.  However; you will not qualify for the 5% match at the end of the quarter.

  9. How will this be reported to the IRS?
    Just like all interest bearing accounts a 1099 will be sent at the end of the year. However; if the match portion is under $10, you do not pay taxes on this “gift”.

  10. What if I don’t have enough money in my account?
    The debit card transaction will post the same as always.  The rounded portion will not take place.  If there are pre-authorizations that have thrown the account into the negative, then those transactions will not round up.

  11. Some small businesses don’t “settle” their card transactions daily.  How will this effect EPC?
    The transactions will post to your account when the business settles their account. They have up to 30 days.