Enhancing Your VITA Program: Direct Deposit & Better Banking

Transcription

1 Enhancing Your VITA Program: Direct Deposit & Better Banking WELCOME The webinar will be starting soon Dial-in #: (515) Code: # Please make sure to mute your phone with *6 this will prevent background noise (please do not put your phone on HOLD) *6 will also un-mute your phone 1

2 Enhancing Your VITA Program: Direct Deposit and Better Banking Presented by: Carol Iascone and Parisa Esmaili VITA

3 VITA is a Gateway to Asset-building It s more than preparing taxes! A unique opportunity: Contact with thousands of LMI households An intimate financial experience that builds trust Comprehensive view of household finances Found money Savings Opportunity 3

4 CFR s Mission As a non-profit organization we strive to: Research, source or develop, and promote lowcost consumer friendly financial products and services for LMI households. Build the capacity of community-based organizations to enhance the financial capabilities of their constituents. Establish best practice standards for consumer friendly financial services. Promote an inclusive economy. 4

5 Relevant Experience 1 st reloadable prepaid debit card at VITA 10 previous VITA seasons over 100 locations Over 60,000 cards issued 5

6 VITA Enhancement Opportunities 100% Direct Deposit of Tax Refunds Optimizing client banking tools Promoting Savings Connections to other resources 6

7 Goal: 100% Direct Deposit of Refunds Direct Deposit is the first step towards safety net savings Faster than getting a check Safer and more secure no missing checks More convenient, no waiting in line to deposit or cash Avoids high check cashing fees Easier problem resolution Lump sum refund creates savings opportunities Set Goals for the Site and Measure Performance Use Incentives 7

8 Optimizing Banking Tools Issues/ Challenges Paying too much for basic banking Having unmet needs Keeping savings in separate accounts for distinct purposes Using online tools, e.g. bill pay, alerts Important Tools Direct Deposit Checking Account Prepaid Debit Card Savings Accounts U.S. Savings Bonds CDs Credit-builder CD Secured credit card Tracking transactions to understand and plan cash flow 8

9 Promoting Savings 9

10 $30, Prizes Split Tax filers can save $50 of their federal tax refund for the chance to win 1 of 100 prizes, and submit a photo for a chance to win one of TWO grand prizes of $10,000! Save presented by Win! Sign up to enter SaveYourRefund at NO PURCHASE NECESSARY. Sweepstakes Eligibility Requirements: Open to legal residents of the 50 United States and DC with a valid taxpayer ID number who are 18 years or older at time of entry and due a 2017 individual tax refund. Begins 12:01 am ET 1/22/18 and ends 11:59 pm ET 4/17/18. To enter and for Official Rules, including odds, alternate method of entry, and prize descriptions, visit Void where prohibited. Sponsor: Build Commonwealth, Inc. 10

11 Save Your Refund Resources For everything you need to know plus promotional materials visit their website at: 11

12 Creating a Bridge to Resources Asset Building Services Financial Coaching Credit Report Review Credit/Debt Counseling ITIN Issuance Benefits Screening-SNAP/ACA FAFSA Qualifying for Matched Savings Programs Financial Capability Workshop Enrollment Legal referrals Other Program connections 12

13 How the CFR Card enhances VITA The CFR Prepaid Debit Cards provides: Instant direct deposit set-up Two no-cost bank accounts in one card Qualifies for Save Your Refund A foundational financial management tool that can connect clients to follow-up supports. The CFR Card overcomes tax-filer obstacles: No bank account or not the right bank account Problems with current bank account, e.g. high fees, garnishments, service issues Forgot banking information 13

14 The CFR Approach More than a Card Nationwide Be part of the asset-building movement! Consolidate our clients buying power. Make the financial services sector pay attention to our constituency. Helping Individuals We can do more than save constituents a check-cashing fee. Direct deposit is important but the goal is BEING appropriately BANKED. Card orientation and education promote effective card usage and arm clients to avoid predatory financial schemes. 14

15 Who Needs a CFR Card? The Un-Banked and Under-Banked who: Do not qualify for a bank account Have problems with bank fees or penalty charges Need a purchase card but do not qualify for a credit card Want fast access to their money through direct deposit Send money to family or friends Anyone who: Needs another account to keep funds separate Wants to build savings Wants to control expenses and track expenditures Does NOT want to incur debt Wants financial convenience, access, and security 15

16 A Consumer Friendly Prepaid Debit Card The CFR Card is a low-cost portable bank account: Reloadable prepaid Visa debit card Purchasing card Money transfer card Financial management tool Card Conveniences: No credit or Chex System review to obtain Basic ID requirements Accepts any Direct Deposit: pay, tax refunds, benefits, stipends Mobile app Linked Savings Account with auto-save features 16

17 How The CFR Cards Work Like a bank Visa ATM/Check Card WITHOUT the penalty Fees Add Value Direct Deposit Payroll Tax Refunds Benefits Load Cash or Checks Use Purchasing Bill Payment Money Transfer Cash Savings Account 17

18 Money Transfer Options Bank Primary Card ACH Share Funds Joint Account Cards 18 18

19 Automatic Savings: Set it and Forget it! Open savings account with at least $10 Set-up automatic triggers to move money each month (i.e. $20). Watch Your Savings Grow! Community Financial Resources 19

20 Card Fee Schedule Account opening Monthly maintenance Signature and PIN purchases Direct Deposit Loading Cash back with purchase ATM usage at Allpoint, US Bank, or MoneyPass Networks Bank Teller Withdrawal Online Bill Payment Savings Account Joint Account/Money Transfer Cash Loading Fee Out-of-Network ATM Withdrawal FREE FREE FREE FREE FREE FREE (includes balance inquiries) FREE FREE FREE FREE $3.95 $4.95 (charged by loader) $2.00 plus surcharge 20

21 Card Safeguards Text message or balance and activity alerts FDIC Insured Transaction History Overdrafts suppressed No minimum balance requirement Reg E and Visa protections against unauthorized and disputed transactions 21

22 Leveraging the Card Offer Outreach pre-season publicity On-site Marketing Workflow 22

23 Training VITA Staff & Volunteers Creating Buy-in and Belief 23

24 Marketing Social Good Use the Discipline of Consumer Marketing Frame the Messaging: financial well-being Make the Ask Close the Deal Measure and Monitor How many people are served at the VITA site? How many people are offered the card? How many people take the card? Celebrate Success! 24

25 Establish the Talking Points Applying Behavioral Economics to Encourage Better Financial Decisions Talk about asset-building options during intake Structure the First Step -- Channeling Where do you want to direct deposit your refund? -- Present direct deposit as the Norm Direct deposit is safer, faster, and much more convenient. -- Reducing the Hassle Some of your refund can be set aside in savings for your child (or grandchild) -- Appeal to the Higher Self Let s sign you up right now! -- The Present is more powerful than the Future 25

26 VITA Site Operations Use Posters, banners, signage at VITA site have hand-outs and brochures available Greeters/ Intake Assess clients banking options and ability to receive direct deposit Promote direct deposit Resource Coach Provide information on card product and its benefits: 1-to-1 or group talks Enroll interested clients in 5 minutes Tax preparer can use direct deposit information from card enrollment confirmation on tax form Quality Assurance makes sure Direct Deposit information is correct. 26

27 VITA Workflow Screener Intake Introduce product brochures Resource Coach Recommends Card Card Account Enrollment Enter application receive DD info Card arrives in 7-10 days Tax Preparer Uses DD info QA Verifies DD information E-File Tax Return Account Funded By Direct Deposit 27

28 The Four Asks Screener - If you get a refund, where do you want it direct deposited? Resource Coach - We can help you get your refund faster. Let s sign you up for a prepaid debit card. Tax Preparer - I need your direct deposit information. QA Reviewer - Where is your direct deposit information? 28

29 VITA Card Enrollment Demo 29

30 Card Enrollment VITA On-line Enrollment: Request new User IDs Account information available immediately to set-up direct deposit U.S. Bank ABA digit Direct Deposit account number Permanent personalized VISA Card arrives in the mail in 7 to 10 business days 30

31 Get Ready to Enroll Card applicant must have: Name (try to match SS card) Physical Address Mailing address option includes PO Boxes Phone number Date of Birth Social Security Number Enrollment takes less than 5 minutes! 31

32 Step 1 : Log-in 32

33 Step 2: Your Home Page Select Enroll to begin your application 33

34 Step 3: Select Card Type From drop down menu: Select VITA 11/9/18 34

35 Step 4: Enter Name/Address The gray bar on the right provides you a data format guide. 35

36 Step 4 (cont.): Contact info Enter mailing address ONLY if different from the physical address. Only one phone number is needed. However providing more information might reduce the need for ID documents. 36

37 Step 5: SSN & DOB 37

38 Step 6: Verify 38

39 Step 7: Account Number Returned The account # will be returned in 1 minute or less 11/9/18 39

40 Security Check U.S. Bank electronically authenticates SSNs. A (very) few applicants will be requested to submit copy of SS card and one additional government issues picture ID. If US Bank needs to see ID they will direct the client on how to submit ID we also have it documented for you. ID verification issues do not get reported to any government agencies. 40

41 Customer Orientation: Confirmation Hand-out Fulfillment Materials Websites Um, can you repeat the part of the stuff where you said all about the things? 41

42 Consumer Orientation Hand-out Distribute to ALL new card enrollees after writing deposit account number on Form. How to check refund status Using the card as a Bank Account Setting up regular value loads Paying bills Joint accounts and money transfers Tips: monitoring card balance, avoiding ATMs fees, watching out for Holds 42

43 Congratulations on choosing to have your income tax refund deposited to the Community Financial Resources Prepaid Visa Debit Card What Happens Next? Focus Card Set-up 1. Your CFR Prepaid Visa Debit card will be sent to you within 7-10 days. The Card will be in a plain, white envelope for your protection. Don't throw it away by mistake! Your tax refund should arrive on your card in about 8-10 days. Check the status of your Federal tax refund by calling or going online at and clicking on "Where's My Refund?" Activate your card by going to or downloading the US Bank Focus app to set-up your online account access. You can also call the telephone number on the sticker on the front of the card If US Bank contacts you asking for more information, respond immediately so that you can continue to add funds to your card. If you don't receive your card within the expected timeframe, call US Bank at and choose the "lost card" option. Five Star Recommendations To get the most from your Focus Card, Community Financial Resources recommends that you set-up the following FREE features. Managing Your Account Go to to set-up text or alerts. Options include: Purchase, low balance and load alerts. Your Direct Deposit Information US Bank Routing Number: Your Deposit Account Number: Arrange to have your paycheck or bene ts directly deposited to your CFR prepaid debit card. Your direct deposit information is also provided in your card package or print a form from Call Customer Service before FIRST Direct Deposit or Cash Load To enable direct deposit or load cash, call Customer Service at Tell the agent you have a Focus Payroll Card and would like your card record updated to make it portable. Savings Account -- Included with your CFR Prepaid Debit Card Login to your account and select "My Card Features." Select "Savings Account" from the left-side menu. Transfer at least $10 to activate your savings account. Even better, set-up automatic savings options and watch your savings grow! 43

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45 Withdrawing cash: Important Websites Free Free Free Loading cash: viceslocator.html 45

46 Card Fulfillment Package Plain white envelope containing: Card carrier with Card Activation instructions Fee schedule ABA/DDA for Direct Deposit Terms and Conditions (English Only) How-To Use the Card Guide How to use the card for purchasing How to get cash back with a purchase Using the card at an ATM Customer Service options Most components in both Spanish and English 46

47 Encourage Regular Direct Deposit Authorization for Direct Deposit (PRINT CLEARLY) I authorize to deposit my paycheck / benefits to the account indicated below. Account Title (Name on Card): Financial Institution Name: U.S. Bank NA ABA Routing Transit #: U.S. Bank Account # (13 digits): Account type: Checking X Savings Signature: Date: 47

48 Online Customer Service New cardholder access to website Enter card number Enter PIN & CCV (three digit # on back of card) Establish User ID/password Set-up security questions Once in: See balance, card activity or view statement Set up Balance Alerts Set up Savings Account ($10 minimum deposit) and automatic savings triggers Link to Online Bill Payment 48

49 Call Center Support Customer Service phone support: (877) Automated Options Initial account activation and PIN selection. Balance Inquiry Transaction History Change your PIN Transfer funds to another cardholder Request paper statement (Not recommended due to $2 fee) Live Customer Service Options Making the card Portable Report lost / stolen card Report fraudulent activity Forgotten PIN (request mailer) Joint card enrollment Mobile App Support 49

50 Making the Card Portable For direct deposit from other sources including cash loads, call Customer Service at I want to make my card portable so I can add deposits from multiple sources. Answer Know your customer (KYC) questions country of citizenship and country of permanent residence. A (very) few applicants will be requested to submit copy of SS card and one additional government issued picture ID. 50

51 CFR Site Support Send to: Enrollment questions, issues or errors If Card doesn t arrive Direct Deposit questions Accessing reports ID verification issues Card Features How to use Joint Account cards Other Money Transfer options ATM questions Loading questions Cardholder website US Bank customer service issues 51

52 CFR Program Support For further support contact: Parisa Esmaili Integrating the CFR Card into your organization s other programs Using other CFR sponsored products, e.g. emergency loans, secured credit cards. 52

53 Getting Ready Sign-up for a card and test it out! Let us know if you need help with workflow or staff training. Before site opens, print-out a supply of card hand-outs especially the Card Orientation flyer which every new cardholder MUST receive. 53

54 Next Steps If you are new to CFR, contact us to confirm how we can work together. Fill out Card Enrollment Access Form for new or updated User IDs to Organization Name, Physical mail address, VITA Coordinator name, contact , and phone. Include any additional Users name and . Order marketing materials Once access is set-up, you will receive a Box link to an on-line library of materials Presentation Slides Consumer Hand-outs 54