Hi Diana, interesting share! My husband and I use Acorn (which rounds up transactions to whole dollars and invests the difference). I agree that these products encourage savings, but they don't address the underlying problem: that people would prefer to not think/worry/act about personal finance. These products also assume that folks have money left over to save, which is typically achieve through budgeting. Have you used Digit? Does it help you to change your behavior? Thanks for sharing!
Great contribution! I'm curious about how the information appears on the participant's credit report. Is it considered a loan or a line of credit? Also, how do the credit bureaus confirm that the information is accurate? Have people "graduated" from the program and transitioned into more traditional financial institutions?