If you return a purchase or your debit card transaction is canceled or reversed, the corresponding Simply Save transfer will remain in the designated account. Note: Credit or adjustment transactions won’t be rounded up.
We combine the round-up funds from purchases each business day into a single lump sum that goes into your account at the end of the day. Transfers on weekends and federal holidays are completed on the next business day.
If you would no longer like to use the Simply Save program, simply contact us at any time and we would be happy to assist you.
Fear not! If the checking account enrolled in the Simple Save program (or the account receiving round-up transfers) is closed, the Simply Save service will be canceled. If you choose to apply round-up payments toward a loan and the loan becomes paid in full, you may re-enroll in Simply Save at any time and associate it with a different account.
You can set up Simply Save with any active personal or business checking accounts that have a debit card connected. All debit card purchases associated with an account are included in Simply Save round-ups, including recurring payments. To note: ATM withdrawals are not included in the program. There is no limit to the number of checking accounts that can be connected to Simply Save.
Specifically, round-up funds may be applied to the following personal and business account types:
Mortgage loans, revolving lines of credit, certificates of deposit (CDs), retirement accounts, home equity loans, business loans or accounts outside of Gate City Bank are not eligible for Simply Save at this time.
Great question! If you’d like to set up your round-up funds with Simply Save to deposit into an account you don’t own (as an example, for a child or other relative), just complete the Simply Save authorization form. (Note: The account that will receive the round-up Simply Save funds must be an eligible Gate City Bank account.)