Whether you’re avoiding hardship or saving with a specific purpose in mind, Magnolia Bank is here to help our customers adopt small steps that can add up to a more secure future. Using a service like Swipe-N-Save allows customers to round up each debit card purchase to the nearest dollar - with the difference automatically transferred to your savings account or other designated account.
Swipe-N-Save Frequently Asked Questions
Simply stop by any banking center or call to enroll in this service. If you need to open a new account or request a Magnolia Bank debit card, please visit your nearest banking center to open these accounts before enrolling in Swipe-N-Save.
You do not have to order a new Magnolia Bank debit card to utilize this service. Completing the Swipe-N-Save enrollment form is all that is required.
No, there are no fees for enrolling in Swipe-N-Save.
Each debit card transaction will have a Swipe-N-Save notation showing the rounded-up amount as well as the amount of your exact purchase. Each business day, Swipe-N-Save transactions that post to your checking account will be totaled and transferred to your designated account.
A single deposit will be posted to your account each business day reflecting the total of all debit card Swipe-N-Save transactions.
The balance requirements that may apply to your Swipe-N-Save linked checking or savings accounts are not changed by enrolling in the service. All terms and conditions applicable to checking and savings accounts are given at the time of account opening – with any changes disclosed to you in writing prior to going into effect.
No. If there are not enough funds in the checking account, Swipe-N-Save transfers will not post. Any applicable Swipe-N-Save transfers will take place after all other checking account transactions have posted for the business day.
No, it does not matter whether you choose credit or debit at the card terminal.
No, you may make as many debit card transactions as you’d like – up to the daily POS (point-of-sale) limit for your card.
Your monthly checking account statement will disclose the amount transferred using the Swipe-N-Save service during the statement cycle. Also disclosed are the amounts saved for the calendar year and since enrollment.