Community Manager
Community Manager
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17 Comments (17 New)

Guest Post by Jeremy Grant, Text Savings Experience Owner

 USAA Member Community Text Savings.jpg

If you are having difficulty saving, it might be because you think that you must save hundreds of dollars at once, but small amounts can add up. This technique, known as micro savings, enables you to build savings with more manageable amounts. Text Savings leverages this concept to help new savers start saving as well as experienced savers save extra.

 

What is Text Savings?

Text Savings uses micro savings to help build savings account balances. After a simple and quick enrollment, text savings will move anywhere from $1-$9 a few times per week based on your checking account balance. As a safeguard, the transfer will not occur if your balance drops below $100. On average, members are saving $70/month.

 

How much does it cost?

There is no charge to you as a USAA member. All you need is a USAA checking account, USAA savings account, and a mobile phone.

 

So why is it called Text Savings?

The name comes from the daily text messages that include your checking account balance as well as a light-hearted message from Tracker the dog. Also, members can text back with various commands to personalize the experience.

 

What’s the deal with Tracker the dog?

Tracker is the mascot behind Text Savings and is a German Shepherd inspired by the military working dog. He is relentlessly looking for manageable amounts of money to move into your savings account.

 

Do I have to tell Text Savings how much or when to save?

Nope, that’s all part of the simplicity of Text Savings. Text Savings does all the work for you to determine when and how much money to save and then moves the money into your savings account.

 

Does Text Savings work?

Since this free tool was launched in May 2017, over 65,000 members are actively using text savings and have transferred $31.5M into their savings accounts. Not to mention, members have sent over 150,000 text messages to increase how much they save.

 

Micro savings is a great way to help you start saving or inspire you to save more if you are already saving. If you are ready to give micro savings a try You can try text saving here.

 

Have you tried Text Savings or have a question? Let us know below!

 

 

 

 

About the Author: Jeremy Grant is the Lead Experience Owner for the Text Savings program. The job is focused on being the end to end expert on the experience while taking into considerations from member feedback, technical development, and more, to develop world class experiences for our members.  

 

Bank products provided by USAA Federal Savings Bank, Member FDIC

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17 Comments
Prestigious Contributor

What is the most that tracker will be able to save from my account, unprompted by me?

Prestigious Contributor

Does tracker take into account my other savings tools, such as savings booster and also my future transactions? Does it have knowledge for example that I have a bill being paid in the future and takes that into consideration, even if it is not readily present in my list of upcoming transactions? 

Administrator
Administrator

Dear @jimmyb84,

 

Thank you for posting! I spoke with Jeremy this morning and he addressed both your questions:

 

What is the most that tracker will be able to save from my account, unprompted by me?

A: The most Tracker would save unprompted by you would be $9 in a single transfer and he will transfer 2 to 4 times per week. Hint: Using the “SAVE MORE” command is required to get to the maximum amount.

 

Does tracker take into account my other savings tools, such as savings booster and also my future transactions? Does it have knowledge for example that I have a bill being paid in the future and takes that into consideration, even if it is not readily present in my list of upcoming transactions?

 

A: Tracker does not take into account future transactions. He looks at the available balance which considers pending transactions in the selected account at the time of the transfer to determine how much money to save (larger balances equal larger amounts saved and smaller balances equal smaller amounts saved). As a reminder, Tracker will not conduct a transfer if the amount will take your available balance below $100.

 

Please let us know if you have additional questions! Thanks again for posting!

Army Boatie
Occasional Visitor

Do the transactions count against the federal limit of 6 per month?  I have 2 automatic transfers to my savings monthly.  Would this only allow 4 before being converted into a checking account?  Thanks!

USAA Service
USAA Service

Hello @Amy Boatie, any deposits would not count against the six transactions per statement cycle. Transfers out of the savings or ACH withdrawals do count. -Colleen

Haykyn
Occasional Visitor

Just got my first text today.  How long after I receive the text will it decide to move money over?  Is there a delay?   Do I have to use the SAVE MORE command to get up to $9 or will it sometimes just automatically do it?  I'd like it to sometimes do $9 unprompted.  Love this idea.

USAA Service
USAA Service

@Haykyn, That's a great question. Once you received the text, the money should already have been transferred over to the checking. Text Savings moves money no more than 4 times a week from checking to savings accounts you identified during the registration process. Initially it will move Monday, Wednesday and Friday. Amounts vary from $1 to $9 depending on available balance in checking. Members may save on their own by typing SAVE NOW [Amount] and Tracker will move the specified amount from checking to savings. The amount moved can be any amount from $1 to $50. I hope this information helps. - Ben

LeiLaniF
New Member

I have tracker set up currently and when I got a new phone I didn't get the new text messages on here and now I need to cancel it because it's causing me to have overdraft charges. I was told to text "Stop" to the tracker text messages but I don't know what the number is for it. Please help.

USAA Service
USAA Service

@LeiLaniF, I would be glad to assist. I am going to take just a moment to look into this for you. Thank you. ~ Suzy

USAA Service
USAA Service

@LeiLaniF, Did you keep the same phone number? If that is the case you would need to text Stop to 548-722. Let me know if this does the trick for you. ~ Suzy