Idea: Account sweeping based on a percentage

#1

I’m aware that other banks provide account sweeping. 

How about this for an idea: an account that automatically takes a specified percentage of your income, so if you want to save 10%, then it takes that and puts it into the savings account. Same if you want to do that for any other purposes, eg, putting money aside for giving or tax.

For those with variable income, this can be really helpful, because you can develop a habit of putting aside funds to a specified account based on a percentage rather than a fixed AP.

1 Like
#2

Account sweeping is an interesting concept. My concern is the legal implications for the consumer if something goes wrong. Legally the banks have a lot of avenues available to them already where in certain circumstances they are exempted from damage claims by the customer when the bank is in the wrong.

#3

I’m supportive of this. My business has a separate account for incoming payments and if the bank could automatically transfer these funds daily to the transaction account, this would be handy.

#4

This is an idea we have looked at in the past and one I think lines up with ideas we want to look at going forward.  You may be familiar with If This Then That type of rules/ automation ?  We can see some dots being joined between a few ideas around this them - eg being able to set up a rule that automatically transfers/ saves X% of any deposit over $X  or something similar. 

We could make this super flexible so customers can create and share their own recipes or rules that helped them achieve their goal.

What do you think ?

#5

I support this being highly configurable.

My business has an “incoming payments” account (Business First Oncall) to triage payments from clients so they don’t get missed. I’d like to be able to setup a rule to transfer 100% of this balance early every morning to our transaction account. (Mymoney for Business).