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Well Rounded Debit Cards

Devon Bank - Chicago, Illinois

2020 Community Commitment Awards Submission

  • Entry Category: Community & Economic Development
  • Asset Size: Small

A debit card that rounds a transaction up to the nearest dollar and sends the round-up to a savings account is an increasingly available stock product. That is not adequate for Devon Bank or its customers. While that is one option we have available (save for yourself), we modified the product to include options to send your rounded up "digital pocket change" to your mortgage—(save for your home) with The Debt Diminisher Debit (D3) Card—resulting in more rapid debt reduction, and to charity in the form of one of six "Charity Buckets" for customers to choose to receive the round-ups—save refugees with The Sanctuary Card (benefitting immigration and refugee causes), save the planet with The Earth Earns Card (environmental causes), save the homeless with The Homeless, Hungry & Healing Card (for those related causes), save for the arts and sciences with The Dancing Delta Card, save for education with The Smarter Card (education support), and save for the greatest need with The Devon Donates Card (greatest need/endowment). For those that want more specific charitable options, we can private label cards for individual charities to sponsor, and we can send customers' digital pocket change to a donor-advised fund, courtesy of the Devon Bank-sponsored public charity we helped create for this purpose—to the best of our knowledge, the only donor-advised fund provider in the world that will take micro-contributions. For this contest, our focus is on the charitable products.