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1.
What is SmartyPig?
SmartyPig is a unique savings program that was designed to help people save for specific goals. Goals may be funded with scheduled recurring contributions from your existing checking or savings account. You can also make one-time additions of money toward your goals and receive contributions from your friends and family members. SmartyPig is unlike your typical savings account!
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2.
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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3.
Is SmartyPig secure and are my funds safe?
SmartyPig.com is tested and certified daily to pass the McAfee® SECURE Security Scan. McAfee® 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. SmartyPig accounts are held at West Bank and are insured by the FDIC to the full legal maximum. At present FDIC insures everything up to $250,000 per account holder. The legislation authorizing the increase in coverage limits of deposit insurance became effective October 3, 2008, and continues through December 31, 2013.
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4.
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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5.
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 its privacy practices have been reviewed for compliance by TRUSTe. Please review our Privacy Policy.
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6.
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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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 $250,000.
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8.
What are the minimum and maximum deposit limits?
A minimum deposit of $25 is required to start and maintain a savings goal. There is a maximum deposit limit of $50,000 in a 24-hour period to any savings goal, including contributions made to other SmartyPig account holders' savings goals. The minimum recurring monthly contribution is $10 and the maximum recurring monthly contribution is $50,000.
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9.
How is interest determined?
The Average Interest Yield (APY) is determined by our bank partner, West Bank. The APY may be changed without notice. Interest is earned based on a variable interest rate tier system. Details can be found on our Truth in Savings page.
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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.
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 SmartyPig has collected the funds and West Bank has full use of said funds. For your security, funds may take up to 2-business banking days to post to your account.
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12.
What is West Bank?
West Bank is a 115-year-old, wholly owned subsidiary of the publicly traded financial holding company, West Bancorporation (NASDAQ: WTBA).
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13.
Can my child or a minor under my care have a SmartyPig account?
Anyone may have a SmartyPig account. But customers under 18 years of age must be invited to become co-owners by parents or legal guardians who have first opened their own SmartyPig accounts.
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14.
Can I add a Payable on Death (POD) Beneficiary to my SmartyPig profile?
Yes, you may add a Payable on Death (POD) Beneficiary to your SmartyPig profile. Only one (1) U.S. Citizen over eighteen (18) years of age is eligible to be a beneficiary on a payable on death account. You may add a POD Beneficiary during the registration process, or by going to the "Edit Profile" page in your SmartyPig profile.
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15.
How can others contribute to my goals?
When creating a goal you will be asked if you would like to be able to accept contributions. If you select “yes”, your SmartyPig goal will be listed on your SmartyPig sharing page. To view your goals on your SmartyPig sharing page, friends and family can simply click on the “Find Friends” tab, enter your email address, and contribute money directly to your goal. If you choose to not accept contributions your goal will remain private, just like any other online bank account.
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16.
What is my account number?
Your SmartyPig account number is 38 alpha numeric characters and is encrypted for security reasons. For support and tracking purposes, we refer to accounts by account and goal name. You can only transfer funds into your SmartyPig account via ACH by logging into your account.
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17.
What can my friends and family members see if I choose to accept contributions?
This depends on your individual preference. You may choose to display the balance of your goal, the percentage saved toward that goal, or neither. No banking or private personal information is displayed.
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18.
Will I receive an account statement each month?
Yes. Each month SmartyPig will generate an eStatement showing your account activity. This will be available for viewing in your SmartyPig profile and can be downloaded in a PDF format. This eStatement can be found in the Account Activity section of your profile.
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19.
How do friends and family find my account if I choose to accept contributions?
Three ways: First, when you set up your savings goal you may invite as many people as you want via e-mail to view it. Second, anyone can search for you by entering your e-mail address into the SmartyPig “Find Friends” tab on the home page. Third, you may place your SmartyPig widget on social sites like your Facebook or MySpace page and share your savings progress with your friends and family!
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20.
What if my bank or lender requires a Verification of Deposit for my SmartyPig account?
Monthly eStatements are available for viewing in your SmartyPig profile and can be downloaded in a PDF format. In the event you require a Verification of Deposit other than your eStatement, please contact our Customer Support Department and our banking partner will be able to provide you with this information.
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21.
Will my monthly deposit to my goal be automatically reduced if the interest rate is adjusted or friends and family make contributions to my goal?
No. SmartyPig will never automatically adjust your monthly contribution. SmartyPig may 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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22.
How long does it take for my funds to clear or post into my SmartyPig account?
For your security, credit card transactions take 1 business-banking day to clear. ACH transactions take 2 business-banking days to clear. SmartyPig defines funds as having cleared once SmartyPig has collected the funds and West Bank 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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23.
Do I have the option to put my monthly contribution on hold?
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 and withdrawal date at anytime, or change the frequency with which you make a contribution to “none,” provided you do not have a pending transaction.
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24.
Can I stop my goal before it has been reached?
Yes. SmartyPig savings goals may be closed prior to your goal being reached without penalty. You will have the option to receive your savings plus interest on the SmartyPig MasterCard® Debit Card, a gift card of a best-in-class retailer, or to transfer the funds back to your existing checking or savings account, or a combination using all three. Each redemption option is FREE to the customer.
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25.
What if I want to change my goal?
You can change your goal at anytime before the point of redemption. To change your goal, simply click on the edit goal tab.
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26.
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 once. If you have insufficient funds, SmartyPig will not reattempt to withdraw the funds. The following month, your monthly contribution will draft on the day you specified. For security reasons, we may lock your funding source. If this occurs, you will need to contact SmartyPig customer service to resolve the issue. SmartyPig does not charge for NSF fees. Please note: your bank may charge you a fee if SmartyPig attempts to withdraw funds that are not in your designated funding source.
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27.
What if I don’t have a specific savings goal?
Select the category of “Miscellaneous.” You may make changes anytime prior to your date of redemption if you want to make your goal more specific, or if you want to change the amount you want to save, or your target date.
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28.
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, click on the “forgot password” link or call SmartyPig customer support at 1-888-567-6278.
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29.
How do I close my goal?
You may close your goal at anytime. To close your goal, simply click on the Stop Goal tab. Goals can be closed 4 business days after your last transaction has cleared. You may put all of your savings plus interest on our flexible MasterCard® debit card, have it sent back to your bank electronically, or receive up to a 12% cash boost by placing it on a retail card. You may even parse your savings among the three, splitting up your savings as you see fit.
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30.
What happens when I reach my goal?
Once you have met your savings goal your automatic monthly contribution will stop. Your funds will continue to earn interest until you manually close your goal. You may also continue to add funds to your goal, up to $50,000 per day by clicking on the Add Money tab.
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31.
How do I close my account/profile?
To close one of your accounts or your profile, please first stop and close any existing goals. Once your goals have been closed, contact SmartyPig customer support at 888-567-6278 and we will be happy to assist you.
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32.
Why can’t I close my goal?
For your protection, goals may only be closed 4 business days after your last transaction has cleared. Goals also cannot be closed if you have a pending transaction. To view any pending transactions, click on the Transaction History tab.
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33.
Can I transfer my funds to an existing funding source, like my bank, or get my money by check?
Upon closing your goal, you may transfer your funds back to your existing checking or savings account for free. This process typically takes 2 business days for the funds to post to your bank account. We do not offer the option of receiving a check.
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34.
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 a particular bank’s ATM requires a processing fee to receive cash.
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35.
How do I activate the SmartyPig MasterCard® Debit Card?
Simply insert it at any ATM and enter the four-digit code mailed to you in a separate envelope 2-3 days after the debit card was mailed.
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36.
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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37.
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 list.
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38.
How Much Can I Really Save With SmartyPig?
Here’s an 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.
If you save $2,000 with SmartyPig, once you reach your goal you have $2,000 in your pocket that has earned a great interest rate. It’s your money, 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 Overstock.com, Macy’s, or Home Depot, you can get an additional boost of up to 12% on your money - some $240 extra bucks. That’s why we call it Simple, Smart Savings.
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39.
How do I get my rewards and how long does it take?
SmartyPig MasterCard® Debit Cards are sent by regular mail and take 10-15 business days to receive. Retail gift cards are sent USPS (unless otherwise specified by the customer) and take 4-6 business days to process.
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40.
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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41.
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 to withdraw your funds up to established daily limits. Electronic bank-to-bank transfers are also available when you close your goal.
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42.
Where can I find a list of the incentive rate boosts from SmartyPig's Best-In-Class Retailers?
Specific boosts from each retailer can be found on the Best-in-Class Retailers page in the “About Us” section of our website.
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43.
Can I get cash for a SmartyPig Gift Card?
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, you must start them in order to redeem your card. We call it “Giving the Gift of Savings.”
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44.
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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45.
What if I want to withdraw only part of the funds in my goal?
SmartyPig does not offer partial withdrawals although we offer the option of transferring money between goals. Simply click on the Transfer Money link in your goal, and you will be taken through the steps to transfer funds to another goal.
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46.
If I choose to close my goal and place my funds on a retail gift card, can I divide my savings between multiple retailers?
Yes. You may parse out your savings among multiple retail cards. You may also place a portion of your funds on the SmartyPig MasterCard® debit card, as well, and choose to ACH the rest back to your bank account. It’s your money, do with it what you want!
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47.
How do I void a transaction?
You can void a transaction for a limited time on the day in which it was initiated. If your transaction is voidable, you can find the void button under the "Transaction History" tab of your goal. If a monthly contribution is voided, the monthly contribution will continue to draft the following month on the date you specified. Click here for complete details.
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48.
How do I make a one-time, non-recurring contribution to my savings goal?
You can add money to your savings goal at any time. Simply click on the Add Money link in your goal and you will be taken through the steps to make a one-time contribution to your goal.
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49.
Can I transfer funds from one goal to another?
Yes. Funds may be transferred from one goal to another within the same savings account. Funds that are still pending cannot be transferred, and are not eligible for transfer until 4 business days after the funds have posted to a goal. Funds can be transferred in any amount, however, a minimum balance of $25 is required in each goal. There is a limit of five outgoing transfers per calendar month per goal. Accrued interest cannot be transferred and will remain in the goal where it was earned.
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50.
Will I get a 1099-INT form for my SmartyPig Savings Account to assist in filing taxes?
A 1099-INT form will be mailed out in January to SmartyPig customers who were paid more than $10 in interest during 2009. This form will also be made available electronically for download in PDF format in the user’s SmartyPig profile.
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