Zions Bank’s OnCard: Not Your Average Debit Card
Find budgeting a challenge? With this card, it’s On!
As a long-time banker and manager of her household’s finances, Debera Sharples knows her way around a budget and considers herself a pretty frugal person.
So when the opportunity arose to participate in a test pilot for Zions Bank’s OnCard — a prepaid, reloadable debit card with a built-in money management app — she jumped at the chance to take her budgeting skills to the next level.
“I did have a good budget to start with,” says Sharples, who manages Zions Bank’s Taylorsville branch. “But I feel like I’m getting more effective use of my money because I’m just more aware of what I’m spending it on.”
OnCard creates a budget based on actual spending and then allows users to track their spending, view spending trends and adjust budget categories as needed. You can also transfer money to additional cardholders, view their spending activity, and lock and unlock their cards.
But it’s the budgeting tool that proved the most popular among Sharples and her colleagues who participated in the pilot this summer before OnCard was launched to the public in August, according to Will Spencer, product manager for Zions Bancorporation’s Bankcard Products and Services department and a key part of the OnCard development team.
"According to our pilot survey, the number-one use is budgeting for the primary cardholder. The second use is to share money. And the third use is online purchases,” Spencer says. “This card is great for all your daily spending, or even just for your disposable income. You know how much you have left to spend on eating out, movies and extra clothes. Once it’s gone, it’s gone until your next reload.”
OnCard Use #1: Budget
“I like the fact that it does give you a budget within the first 30 days of use and tracks where you’ve spent your money,” says Debbie Harris, Zions Bank’s Retail Banking Consumer Loan Product Sales Manager. “That’s great if you’re budget conscious and you’re trying to track where your money is going.”
Harris also appreciates the card’s cash reserve feature. “If you want to save a portion of money, it’s part of the budgeting process, and OnCard will block you from spending it.”
Corey McCoy, assistant manager at the Taylorsville branch, adds money to his card a little bit at a time and leaves the card at home so he’s not tempted to spend it. OnCard is allowing him to save his money for bigger ticket items such as camera equipment and hunting gear.
OnCard can also keep you from overspending in your budget categories through push notifications. “You get messages when you do a transfer or when you spend money at a store, it tells you your new balance, and I love that,” Sharples says. “I like it because it does control the extra spending that we all do and don’t realize how much we spend in each category.”
OnCard Use #2: Share Money
Wouldn’t it be nice to share money with family members but still retain some control over those funds? It’s possible with OnCard. You can share funds with your spouse or children, monitor their spending, lock the card to prevent further spending, or turn off the card if it’s lost or stolen.
That’s perfect for a child who is splitting time between two parents’ homes or going on a mission in another country, or for someone who wants to stay within a discretionary spending budget.
The app’s push notifications are “super helpful,” Spencer says. “The minute your kid swipes that card you know where they spent it.”
Harris likes the security features. “I know that I can shut the card off immediately if it’s misplaced or stolen, and I can do that for any dependent cards if I have a child who’s constantly misplacing things,” she says.
OnCard Use #3: Make Purchases Online
Despite the protections offered by banks and credit card companies, users can still be reluctant to use their debit card for online purchases. “People keep their checking accounts closely monitored, and they don’t want to expose them to risk,” Spencer says. “With this card, you can choose what your level of exposure is.”
He also notes that unlike a traditional credit or debit card, you can turn the card on and off without closing your account and getting a new card issued. “If you’re on a trip and you lose your credit card, you may not want to call it in because it will be shut down for good,” Spencer says. “With OnCard, the minute you lose it, you go in and freeze it, and you can feel safe until you find it again.”
Budget. Share. Manage. Enjoy.
Most cards just spend, but OnCard does more. It lets you budget intelligently, share money and track your spending. Can it save the world? No, but it can save you from some of the hassles of managing your money.
“I love it, I think it’s awesome,” Sharples says. “I feel like I have a new toy.”