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Frequently Asked Questions
1. How much does it cost to open an account with SmartyPig?
Opening an account on SmartyPig is absolutely free. In fact, you can open your account, create a goal, reach your goal, and redeem your goal, and SmartyPig won’t charge you a thing.
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2. Is SmartyPig secure, and are my funds safe?
SmartyPig.com is tested and certified daily to pass the HACKER SAFE® Security Scan. HACKER SAFE® is the world’s leading provider of website security services and probes SmartyPig.com daily for known vulnerabilities. SmartyPig.com utilizes the most trusted and secure option for SSL, VeriSign® True 128-bit Extended Validation SSL. This provides the strongest encryption available. SmartyPig also undergoes regular financial and security audits. Your SmartyPig account is held at West Bank, an FDIC insured bank. FDIC insurance covers an individual account holder for up to the maximum amount allowed by law in accounts held at West Bank.
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3. What information about me do you share?
We do not share customer information with non-affiliated parties who may wish to market their products to you. You do not have to take any action or instruct us to keep your information confidential. We will protect your privacy automatically.
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4. What is the privacy policy of SmartyPig?
SmartyPig is a licensee of the TRUSTe Web Privacy Seal Program. TRUSTe is an independent, non-profit organization whose mission is to build user’s trust and confidence in the Internet by promoting the use of fair information practices. SmartyPig has disclosed its information practices and had its privacy practices reviewed for compliance by TRUSTe. Please review our Privacy Policy.
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5. Are there any hidden fees?
Opening, funding and redeeming a goal with SmartyPig is absolutely FREE. SmartyPig customers may also make contributions to other users’ goals or buy SmartyPig gift cards at NO cost if they use their existing SmartyPig funding source. The fee to make a contribution or buy a SmartyPig gift card using a credit card is a flat 2.9%.
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6. I forgot my username and/or password, what now?
Follow the steps on SmartyPig.com if you forgot your username. If you forgot your password, please call a SmartyPig customer service representative at 1-888-567-6278.
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7. What are the minimum and maximum savings goal limits?
The minimum requirement for a savings goal is $250. The maximum amount for a savings goal is $100,000.
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8. What are the minimum and maximum deposit limits?
There is a minimum deposit of $25 needed to start a savings goal. There is a maximum deposit limit of $10,000 in a 24-hour period to any savings goal, including contributions made to other SmartyPig account holders’ savings goals.
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9. How is interest determined?
Average Interest Yield (APY) is determined by our bank partner, West Bank. The APY may be changed without notice.
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10. How is interest paid?
Interest is configured using a daily accrual method with quarterly postings to a customer’s account.
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11. What is West Bank?
West Bank is a 115-year-old, wholly owned subsidiary of a publicly traded financial holding company (NASDAQ: WTBA).
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12. Can my child or a minor under my care have a SmartyPig account?
Anyone can have a SmartyPig account. But for our minor (under 18 years old) customers, a parent or legal guardian must open his or her own account first and then invite the minor to be its co-owner.
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13. What is a “Public” savings goal?
A SmartyPig public savings goal is one where a customer chooses to let his or her friends and family members see his or her savings goals, and allow them to make contributions if they so choose. SmartyPig customers can also choose to make their savings goals Private where no one except them or a co-owner can view their goals.
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14. What can my friends and family members see if my account is Public?
That depends on the individual customer. No banking or personal information is displayed. But a customer can choose to display a combination of their goal, the percentage saved toward that goal and how much money he or she saved.
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15. How do friends and family find my account if I choose to make it Public?
Two ways: First, when you set up your public savings goal, you can invite as many people as you want via e-mail to view your savings goal. Second, anyone can search for you by entering your unique e-mail address into the SmartyPig Friends’ Goals tab.
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16. Can I get cash for a SmartyPig Gift Card?
No. A SmartyPig Gift Card can only be redeemed into an existing SmartyPig savings goal. If you don’t have an existing SmartyPig account and savings goal, in order to redeem your card you must start them. We call it “Give the Gift of Savings.™”
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17. What if I need my money in my SmartyPig savings goal before I reach my goal?
SmartyPig savings goals may be closed at any time without penalty. You will have the option of receiving your current savings plus interest on the SmartyPig MasterCard® Debit Card or on the gift card of a best-in-class retailer partnering with SmartyPig.
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18. What if I want to change my goal?
You can change your goal at anytime up until the point of redemption.
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19. What if I don’t have a specific savings goal?
Select the category of “Miscellaneous.” If you want to change it to something specific or change the amount you want to save or change when you want to reach your goal, you can do that up until the point of redemption.
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20. What if I am saving for something that cannot be purchased with a debit card or retail gift card?
The SmartyPig MasterCard® Debit Card can be used at any ATM machine to withdraw your funds up to established daily limits.
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21. How do I activate the SmartyPig MasterCard® Debit Card?
Simply insert it at any ATM machine and enter the four-digit code you assigned to the card during the redemption process.
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22. Can I transfer my funds to an existing funding source, like my bank, or get my money by check?
You cannot transfer SmartyPig funds to a third party. You may, however, take your funds on a check at no additional fee. A check usually takes 5-7 business days to reach a customer, once pending transactions have posted to your account.
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23. Are there fees involved with the SmartyPig MasterCard® Debit Card?
There are no monthly fees, load fees or ATM fees charged by SmartyPig or West Bank. Fees will only apply when a card needs to be replaced, or if certain banks charge a SmartyPig customer for using their ATM machines.
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24. What companies offer additional incentives through SmartyPig’s redemption program?
The list, and the specific boosts from the retailers on that list, will be updated from time to time, so please visit the Best-in-Class Retailers page in the “About Us” section of our website to see the most current retailers.
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25. How long are retail gift cards valid?
Please refer to the terms and conditions of each retailer partnering with SmartyPig here.
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26. How do I get my rewards, how long does it take?
SmartyPig MasterCard® Debit Cards are sent by regular mail. Retail gift cards are sent UPS. The process usually takes between 7-10 business days.
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27. Who do I call if I lose my SmartyPig MasterCard® Debit Card or it is stolen?
Call SmartyPig customer service during regular business hours at 1-888-567-6278 or SHAZAM at 1-800-383-8000 during off hours.
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28. Do I have the option to stop a recurring monthly contribution?
Once an automatic recurring contribution has been set up, it will continue until you meet or stop your goal. You may, however, change your funding source at anytime.
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29. What if I have insufficient funds or have closed my designated funding source at the time when a recurring monthly contribution is set to occur?
SmartyPig will attempt to withdraw the funds twice within a 48-hour period. If unsuccessful, your account will be locked and you must contact SmartyPig customer service to resolve the issue.
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30. What if I have a question you haven’t answered here?
Call a SmartyPig customer service representative at 1-888-567-6278.
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31. When does interest begin to accrue?
Interest begins to accrue once the funds have been received by SmartyPig and have posted to your account. This means that the funds have been collected by SmartyPig and SmartyPig has full use of said funds. For your security, funds may take up to 4 banking days to post to your account.
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32. How long does it take for my funds to clear?
For your security, credit card transactions may take up to 2 banking days to clear. ACH transactions may take up to 4 banking days to clear. SmartyPig defines funds as having cleared once SmartyPig has collected the funds and has full use of the funds. Please note that contributions will not be posted to your goal until the funds have cleared.
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33. How Much Can I Really Save With SmartyPig?
It depends, but using one example: A $2,000 charge on an average credit card will take at least 15 years to pay off, and will cost you $5,400 in principal plus interest if you only make the minimum monthly payments of roughly $30. So, when all is said and done, you would have paid around $5,400 for something that was only supposed to cost you $2,000.
Now, if you save $2,000 with SmartyPig, once you reach your goal, you have $2,000 in your pocket plus interest. Free and clear. Don’t owe a thing. And if you decide to redeem your hard earned funds using a retail gift card like one from Home Depot®, Best Buy®, Zales® or LL Bean®, you can get an additional boost of up to 5% on your money. That’s why we call it Simple, Smart Savings.
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34. Will my monthly deposit to my goal be automatically reduced if friends and family make contributions to my goal?
No. SmartyPig will never automatically adjust your monthly contribution. SmartyPig will suggest a new monthly contribution if you edit your goal to reflect any contributions you may have received from friends and family, but you will have to push SAVE for it to actually change the amount of your monthly deposit.
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