Simply Save

1. Can I choose to round up more? What if I want to add $1 for each transaction?

   Simply Save will round up to the next $1. It is not possible to round up more than to the next dollar within the program.

2. How do I turn off Simply Save?

   To disenroll in Simply Save, please call us at 800-423-3344, or stop into one of our convenient locations.

3. What if I overdraw my checking account?

   A daily transfer will not occur in any of the following situations:

   • A negative balance already exists
   • The transfer will create a negative balance (if your account does not have enough funds, a Simply Save transfer will not be completed)

4. Can I set this up to go to an account I am not on? For example, my grandchild.

   Yes, a Simply Save Authorization Form will be required.

5. Are recurring transactions included in Simply Save?

   Recurring payments set up on your debit card, will be included in the Simply Save round up.

6. When will my deposits be made?

   One lump sum Simply Save transfer will complete at the end of the business day or early the following business day. Sunday and federal holiday Simply Save transfers are completed with the lump sum transfer on the next business day. 

7. Will this impact my taxes or will I get a 1099 tax form?

   Simply Save will not impact tax reporting.

8. Can I set a max daily transfer amount?

   There are no transfer limitations.

9. What if I lose my debit card and get a new one, will it still work?

   Yes – this will not affect your Simply Save enrollment.

10. Can I choose to have it just be my card, or does it have to be all cards on the account?

    Simply Save will be completed for all cards on the account.

11. Can I have the deposit go to an external account?

    Transfers must take place between Gate City Bank accounts.

12. What types of accounts and loans can you transfer to?

    Checking accounts, savings accounts, money market savings, personal loans (auto, motorcycle, etc.), and BetterLife Student Loan.

13. What if this causes me to overdraft?

    If your checking account does not have enough funds, a Simply Save transfer will not be completed.

14. Is there a limit to the number of checking accounts I can enroll?

    There is no limit to the number of checking accounts that can be connected to Simply Save. You can connect Simply Save to any of your active checking accounts that have a debit card connected.

15. Are ATM withdrawals included in Simply Save?

    Debit card purchases are included in Simply Save round ups, but ATM withdrawals are not included in the program.

16. Are business accounts eligible for Simply Save?

    Yes.

17. Can I have the option to not do the Simply Save transfer if my account balance is below a certain amount?

    If you have available funds, the Simply Save round up transfer will be completed.

18. What if I return an item that I purchased with my debit card? What will happen to my debit card round-up transfer?

    If you return a purchase or a debit card transaction is cancelled or reversed, the Simply Save transfer will remain in the savings account. Credit transactions or adjustment transactions will not be rounded up.