HERNDON, Va.–NACHA–The Electronic Payments Association, America Saves and ePay Resources said they have all 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.
According to NACHA, currently, 82% of the nation’s workers receive Direct Deposit of their pay, but only 24% use Split Deposit, which it described as “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 the other organizations said they will highlight the value of Split Deposit during America Saves Week, Feb. 27-March 4, and 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, according to NACHA.
During the webinar the speakers also will unveil the “Split to Save” Toolkit, which will provide educational resources for building awareness about Direct Deposit and Split Deposit, NACHA said. Registration for the webinar is available at https://electronicpayments.nacha.org/news/webinar-split-save-campaign-kickoff.