Debit card round up: what is it?

The new Everence^® Federal Credit Union (EFCU) Student Checking Account has a new feature that allows members to save money automatically every time they make a purchase.

With our new round-up feature, every transaction made with a Student Checking Account debit card is rounded up to the nearest dollar, and that difference is transferred to a savings or checking account selected by the member. This transfer is free if the receiving account is opened at EFCU.

Marisa Petry, Vice President of Credit Union Operations at EFCU, likes using the following example to explain how the feature works:

When a member purchases a $3.50 coffee, the account rounds up the amount to $4, transferring the extra 50 cents to a separate account. A bank account statement will show two transactions: One for the $3.50 coffee and another for 50 cents, signaling the transfer to the other account, which will save the extra money.

“As little as 50 cents a day can add up really fast,” Petry said. “If you saved 50 cents daily for a month, that’s $15 you will have saved by the end of the month, and if you’ve ever had trouble setting money aside, this feature makes saving easy and convenient.”

The round-up feature is also safe and flexible: Members have the option to turn the feature on or off as needed, or change the account that the savings are transferred to, through online banking.

For members under 18, the rounded-up money can be transferred to their Youth Savings Account, and for those over 18, it can be to a Relationship Savings Account, or any other checking or money market account that the member owns; both accounts earn interest, so members can leave their saved money and watch it grow over time.

The round-up feature does not overdraw if the account is low on funds, so there is no risk of it putting an account in the negative.

“This is a safe option for someone wanting to build some financial habits around saving, making it perfect for someone learning to use debit cards,” Petry said.

This feature is currently available only for the new Student Checking Account, with plans to expand the offering to other checking account products in 2026. To learn more about the Student Checking Account or to open one, visit everence.com/banking/personal-checking-and-savings/student-checking.