Sheraton Uptown, Albuquerque, NM, USA
Sunday, April 23 • 8:00am - 9:30am
C2B-Tools for Saving: Using Prepaid Accounts to Set Aside Funds

Sign up or log in to save this to your schedule and see who's attending!

Feedback form is now closed.
We present the results of a large field study exploring consumers’ use of the Reserve “set aside” feature on the American Express Serve prepaid card. The study aimed to address two key questions: 1) Can certain strategies encourage consumer saving behavior; and 2) Is saving behavior associated with better outcomes for consumers, particularly for low-income and underserved consumers? Results from the pilot indicate that, in particular, offering customers a $10 incentive for using the savings feature during a 12-week period was highly effective at encouraging enrollment in the savings feature. In addition, results from a survey showed that participants who were sent an incentive offer as part of the messaging reported statistically significantly less payday loan use compared to those in the control group.

Speakers & Presenters

Cheryl Cooper

Research Analyst, Consumer Financial Protection Bureau

Sunday April 23, 2017 8:00am - 9:30am

Attendees (2)