For Immediate Release: Feb. 16, 2017
HERNDON, VA. — NACHA—The Electronic Payments Association®, America Saves, and ePayResources™ have joined forces through the “Split to Save” campaign to educate workers on the benefits of Direct Deposit via ACH and Split Deposit, and how these tools can help increase personal savings and build wealth.
Direct Deposit provides for the electronic deposit of payroll and also enables Split Deposit, the ability to automatically direct a fixed percentage or dollar amount of pay into a savings or investment account. Currently, 82 percent of the nation’s workers receive Direct Deposit of their pay, but only 24 percent use Split Deposit – one of the easiest ways to grow savings over time.
“Split Deposit is simple, safe, flexible and smart. Yet despite its proven financial benefits, many of our nation’s workers are not taking advantage of this free tool,” said Scott M. Lang, AAP, Senior Vice President, Association Services at NACHA. “To help individuals more fully realize these benefits, we encourage businesses, financial institutions, consumer organizations and others to promote Split Deposit as a way to automatically grow savings.”
NACHA and its partner organizations will highlight the value of Split Deposit during America Saves Week, Feb. 27-March 4, through Direct Deposit and Direct Payment via ACH Month in May. A free webinar to kick off the campaign will be held on Feb. 23 at 2 p.m. EST. Speakers from partner organizations will share an overview of the campaign, information and research data on the value of Direct Deposit and Split Deposit to businesses and workers, and the benefits of joining Split to Save as a partner.
Speakers also will unveil the “Split to Save” Toolkit, which will provide educational resources for building awareness about Direct Deposit and Split Deposit. Registration for the webinar is available at https://electronicpayments.nacha.org/news/webinar-split-save-campaign-kickoff.
“We are inviting financial institutions, employers and others to partner with ‘Split to Save’ so they can better inform their consumer customers and employees about the value of automating their savings through Direct Deposit and Split Deposit,” said George Barany, Director of Strategic Initiatives for America Saves.
“Americans are not saving enough for their future. It is good for the consumer and it is good for society if we can introduce more people to saving automatically,” said Steve Vaglio, AAP, Executive Vice President of Marketing and Communications for ePayResources. “We want every worker to build their savings and long-term wealth by starting or growing a savings account with Split Deposit today.”
NACHA—The Electronic Payments Association
Since 1974, NACHA–The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S by moving money and information directly from one bank account to another. Financial institutions exchange 24 billion ACH payments valued at $41 trillion annually. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA’s expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.
ePayResources is the second-largest Regional Payments Association member of NACHA – The Electronic Payments Association. For over 40 years we have been providing payments expertise, professional development, and industry leadership to financial institutions and businesses, through education, publications, compliance support, risk management resources, and advocacy. Headquartered in Dallas, we also have offices in Virginia, North Carolina, Florida, and Alabama. Find us at www.ePayResources.org, and follow us on Twitter (@ePayResources_), LinkedIn, and Facebook.
America Saves, a campaign managed by the nonprofit Consumer Federation of America, uses the principles of behavioral economics and social marketing to motivate, encourage and support low- to moderate-income households to save money, reduce debt, and build wealth. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasaves.org and americasavesweek.org. The Consumer Federation of America is a nonprofit association of more than 270 consumer groups that was established in 1968 to advance the consumer interest through research, advocacy and education.