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Peoples Bank

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Swipe'n Save FAQs

What is Swipe’n Save?
Swipe’n Save is a program that helps you save automatically by linking your Swipe’n Save checking and savings accounts and ‘the more you SWIPE, the more you SAVE’.  Every time you make a purchase with your Peoples Bank debit card, the amount is rounded to the nearest whole dollar and the round up amount is automatically deposited into your savings account.  Peoples Bank also offers a possible bonus match to your savings account, which will be determined at the end of each account cycle.
 
What do I need to do to get started with Swipe’n Save?
Open a Swipe’n Save checking and savings account with Peoples Bank.
 
Why do I need to open a Swipe’n Save account today?
  1. Easy and convenient way to save…It just makes CENTS!
  2. No usage qualifications…Use your debit card as much or as little as you would like.
  3. No obligations.
  4. No strings attached…everyone qualifies.
  5. Possible Peoples Bank Bonus Match.
 
How does Swipe’n Save work?
  1. Swipe your Peoples Bank debit card to make a purchase.
  2. Purchase amount will be automatically rounded to the nearest whole dollar.
  3. Round-up amount is automatically deposited into your savings account.
 
Purchase Amount Debited Amount Automatic Savings Deposit
$4.31 $5.00 $0.69
$25.48 $26.00 $0.52
$79.09 $80.00 $0.91
               
So will my checking account show one or two transactions?
Each debit card purchase will always show two transactions, one being your actual purchase amount and one ‘Swipe’n Save Savings Debit’, which is your round-up amount.
Here is an example of how that will look upon making a Peoples Bank debit card purchase:
                Swipe’n Save Savings Debit                   -$0.57
                POS PUR. 11/01 TARGET T250
                SIOUX FALLS SD                                      -$14.43
           
Are there any fees associated with Swipe’n Save?
No, there are no fees if you enroll your accounts in E-Statements.  However, there will be a $2.99 plus tax fee per month to your checking account if you choose to receive paper statements.
 
I currently have a Peoples Bank checking account; do I need to open a new account?
No, you do not need to open a new checking account but you do need to have us make the necessary Swipe’n Save changes to your current checking account.
 
I currently have a Peoples Bank savings account; do I need to open a new account?
Yes, you will need to open a new savings account, which will be tied to your Swipe’n Save checking account.
 
Do I need to keep a minimum balance in my Swipe’n Save checking or savings accounts?
No, there are no minimum balance requirements for your Swipe’n Save checking or savings accounts.
 
Does it matter if I choose debit or credit when making a purchase with my Peoples Bank debit card?
No, it does not matter whether or not you choose debit or credit when making a purchase.
 
Do I have to order a new debit card, or can I use my existing card?
No, you do not have to order a new debit card if you already have one, but you need to make sure that your existing account is changed over to a Swipe’n Save account.
 
What is the Peoples Bank Bonus Match?
Peoples Bank will match all your debit card transactions for the statement cycle according to the tiers below.  The PB Bonus Match and Maximum Match will be determined by the average combined balance of your Swipe’n Save checking and savings accounts for that statement cycle.
 
Combined Balance PB Bonus Match Maximum Match
Less than $2,500.00 None N/A
Between $2,500.00 and $10,000.00 100% $10/mos.
Between $10,000.00 and $25,000.00  200% $20/mos.
Greater than $25,000.00 200% $50/mos.
 
Do I have to claim the Peoples Bank Bonus Match as income or is it just a gift from the bank?
The bonus matches will be reported, along with any other interest paid on the account, on IRS Form 1099-INT.
 
Is there a limit to how many transactions I can complete during a day or statement cycle?
No, you may make as many debit card transactions as you would like to.  The more you SWIPE, the more you SAVE!
 
If I use Quicken/QuickBooks, will this force me to enter twice as many entries?
It is possible if you want to enter the round-up amount with each transaction.  OR you can simply make one entry at the end of the statement cycle for the total round-up amount of all debit card transactions.
 
How will I know how much I saved or if I received the Peoples Bank Bonus Match?
Your monthly statement will tell you how many debit card transactions you had, how much you saved from the round-up amounts for both the statement cycle and for the year.  It will also tell you how much the bank has contributed for the statement cycle and for the year to your savings account.
 
Here is how it will appear on your statement:
******************* SWIPE'N SAVE *******************
Number of Qualifying Transactions This Period               4
Amount of Savings This Period                                       .94
Amount of Savings This Year                                         4.96
 
Peoples Bank Savings Contributions This Period        1.88
Peoples Bank Savings Contributions This Year            6.81

 
 
What if I have additional questions?
You may contact us by phone at (877) 440-2746, by emailing onlinebanking@peoples-ebank.com or by writing us at Peoples Bank, Attn: Online Banking Department, PO BOX 158, Rock Valley, IA 51247.