FAQs

1. How many months of data on a customer’s account is needed to calculate an eligibility segment?
2. What is the no meaningful recurring income segment?
3. How does Personetics define a “meaningful” income?
4. How often is a customer’s eligibility segment for PYF updated?
5. Do customers receive an estimated monthly savings amount for PYF?
6. How come there isn’t a maximum monthly transfer amount preference for PYF customers?
7. Is there a minimum amount of the enrolled recurring income deposit the customer can request to be moved by PYF?
8. Can customers track the savings they have from PYF?
9. Will customers see program tracker insights when they are enrolled in PYF with Goals?
10. Will customers be notified when a PYF transfer is successful or unsuccessful?
11. Are there any recurring incomes that are excluded from PYF?
12. How does the money transfer process work for PYF?
13. Does PYF always transfer the entire amount the customer requested?
14. How does PYF prevent overdrafts?
15. Can joint accounts enroll in PYF?
16. Can additional invitation channels outside of the Personetics insight be used to invite customers to the program?
17. Can a customer enroll in PYF without a savings account?
18. Can a customer pause PYF?
19. What bank reporting is available for the PYF program?

How many months of data on a customer’s account is needed to calculate an eligibility segment?

The default value is 4 months, otherwise the customer is bucketed into the “Not Enough Data” segment. This value can be lowered at the bank’s request.

What is the no meaningful recurring income segment?

The PYF program is reliant upon recurring incomes, such as salary deposits, to work. Without these, there can be no money movement for the customer. A special eligibility segment, No Meaningful Recurring Income, was created for the program to reflect the case of when a customer does not have a meaningful recurring income and is therefore unsuitable for the program.

How does Personetics define a “meaningful” income?

The out of the box definition of a meaningful income is $500 or more.

How often is a customer’s eligibility segment for PYF updated?

Each customer should be included in the financial mapping batch process once every 14 days (or approximately twice per month). Any updates to their eligibility segment will occur as a part of this batch process.

Do customers receive an estimated monthly savings amount for PYF?

No. Since PYF requires customers to indicate an amount or percentage of their enrolled recurring income to move to their savings account, there is no monthly estimated savings amount.

How come there isn’t a maximum monthly transfer amount preference for PYF customers?

This preference is not available for PYF customers because they select the maximum amount/percentage of the enrolled recurring income deposit the program can move to their savings account.

Is there a minimum amount of the enrolled recurring income deposit the customer can request to be moved by PYF?

The out of the box minimum value is $50 per deposit.

Can customers track the savings they have from PYF?

Yes. They will have a program tracker insight that will give them information on their savings through PYF:

They can click into this insight to see more detail on their total savings through the program, monthly savings amount, and a list of PYF transactions:

Will customers see program tracker insights when they are enrolled in PYF with Goals?

No. When a customer has PYF with Goals, the Goal Tracker insight and story takes the place of the Program Tracker insight and story.

Will customers be notified when a PYF transfer is successful or unsuccessful?

Yes. PYF customers will receive an insight informing them whether a PYF transfer was successful or not:

When clicked, this insight will lead the customer to a story where they can see more details on their PYF transfers:

The transfer notification insights will appear even if a customer has PYF with goals.

Are there any recurring incomes that are excluded from PYF?

Generally, we recommend excluding recurring incomes from government benefits/unemployment.

How does the money transfer process work for PYF?

The money transfer process for PYF runs on a daily batch, which finds which customers should receive a transfer. The batch will:

1. Recognize users with recent recurring incomes that were defined as the enrolled deposit for the program
2. Calculate the requested transfer amount based on the customer’s preferences
3. Runs a decision analysis to determine whether the transfer is safe for the customer to make. The program can transfer less than the requested amount in the event it is safe to save but not the entire requested amount.

Does PYF always transfer the entire amount the customer requested?

No. PYF may decide to transfer less than the requested amount in the event it is safe for the customer to save money that day but not the entire amount.

How does PYF prevent overdrafts?

PYF has a process for determining when it is safe for a customer to save their requested transfer amount (or a portion thereof).
Additionally, customers can define a minimum balance to allow a transfer (this is a lower limit on the account balance that the customer can impose – when the balance is below this number, no transfers will be made).

Can joint accounts enroll in PYF?

Yes, a jointly held checking or savings account can be enrolled as either the funding or target account of the program, respectively. The bank has the option to disallow enrollment for joint accounts, however.

Can additional invitation channels outside of the Personetics insight be used to invite customers to the program?

Yes, the bank can decide to use additional invitation channels, such as text or email.

Can a customer enroll in PYF without a savings account?

No, a customer must have a savings account to enroll in PYF. If a customer does not have a savings account, Personetics and the bank can incorporate savings account opening into the onboarding flow for PYF.

Can a customer pause PYF?

Yes, the out of the box policy is to allow customers to pause PYF for up to 3 months, with the ability to resume prior to the user-defined pause end date.

What bank reporting is available for the PYF program?

Personetics provides business intelligence dashboards in Microsoft PowerBI for the bank to use to gauge the success of the program. These dashboards include metrics like the number of enrolled/unenrolled/paused customers, amount transferred, average transfer amount, industry benchmarks and much more