Asset Building
SavingsPoint Delivers the Power to Help Low-Wage Workers Save More Money
Helping low- and moderate-income (LMI) individuals receive the human service benefits available to them is one important step in helping them overcome their disadvantages and achieve self-sufficient lives. The next critical step is helping them save money for homes, their children's education, retirement, and more.
An ideal time to take this vital asset-building step is when low-wage workers receive their tax refunds. While the IRS offers a valuable refund-splitting option, many people cannot take advantage of the opportunity because they don't have existing bank accounts.
This is where SavingsPoint comes in. Like Benefits Enrollment, SavingsPoint is a Web-based set of software tools built on the BEN platform and available to every organization that assists LMI citizens. As a result, BEN both automates and simplifies benefits enrollment and simplifies and accelerates the opening of banking accounts.
SavingsPoint Brings Asset-Building to Your Desktops
SavingsPoint is specifically designed to work easily and seamlessly in the offices of organizations that prepare taxes for America's low-wage workers, such as VITA sites. Many organizations attempt to help people take advantage of the IRS's refund-spitting option, but without convenient access to account-opening capabilities, they have been limited in their efforts.
For the first time, SavingsPoint overcomes this challenge by supplying all of the software functionality required directly to the desktops of your tax preparers. Using the software tools they can quickly and easily:
- Create new accounts
- Complete applications and documentation
- Access the IRS's refund splitting option
- Prepare the new account information for use by tax filing software
- Monitor the process from account opening to IRS receipt
SavingsPoint Makes it Simple and Easy to Support Asset Building
To use SavingsPoint, tax-prep organizations select their bank partners and desired banking products. Bank partners can be local and/or national banks that have agreed to serve VITA sites. From the online application, your clients choose the bank account type and banking services that best meet their needs, such as low-account fees, term, fees-to-close, interest rates, account type, accept deposit, liquidity, ATM, credit cards, and more.
SavingsPoint automatically executes all mandatory new account application requirements, plus the Patriot Act and know-your-customer documentation. All documents can be signed electronically, or printed and signed in ink. An optional document scanner provides for a completely "paperless" process.
Because SavingsPoint is part of BEN, the account opening process is contained inside a full-featured administrative system. Documentation is archived and available to the VITA administrator and their bank partners in electronic form. Refund status is tracked and exception items are handled through case management capabilities. Management reporting keeps all parties informed in real time.
BEN's SavingsPoint is affordable, easy to implement – requiring only access to the Internet – and includes user training and technical support. Contact N2L today (N2L) to find how to make SavingsPoint part of your organization's resources.
Technical Requirements
- Internet Connectivity. PC with Internet Explorer and broadband Internet access.
- Signing Station. Each VITA location will require a minimum of one (1) specialist or administrator to either: (a) print paperwork for signing or (b) digitally sign and scan documentation (paperless).
- Tax Preparation Data Uses tax preparation data from TaxWise* to expedite new account opening. Tax preparer has data necessary to complete tax preparation immediately.
- Minimal Technical Expertise Required. You won't need an IT expert to install or maintain SavingsPoint. It's a hosted Software Service. Simply sign-up and log on and you're ready to go. Upgrades occur automatically.
* TaxWise is a registered trademark of Universal Tax Systems, Inc., a CCH company. Nets To Ladders, SavingsPoint and BEN are not affiliated with or endorsed by Universal Tax Systems, Inc. or CCH in any way.