ING Launches Everyday Round up to Charity - Thoughts?

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ING

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  Unorthodox on 17/03/2023 - 11:35

  I'd also be curious about whether people find they have rounded up more than expected given card fee surcharges.

  Eg. Buy a coffee, could be a round number and then it gets a surcharge added leading to a round up etc.

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  Gunnar on 17/03/2023 - 11:51

  I don't know if tis how it happens from a taxation side of things but I view stuff like this with skepticism. My take on stuff like this is the org matches your donation; pools them all together and then they have a nice tax deduction so I rather just donate to the initiative myself.

  Eg Over the period, 100,00 customers do a $0.50 round up ($50,000); ING matches the $50,000 and give it to a charity in one lump sum. ING now has a $100,000 tax deduction because of their charitable donations

  Anyone with more info on this, esp. to the contrary, I'm all ears

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    ThithLord on 17/03/2023 - 12:03

    +1

    pools them all together and then they have a nice tax deduction so I rather just donate to the initiative myself.

    That's untrue and easily verifiable by the ATO. This argument gets sprung about all the time in threads RE: Woolies/Coles asking for roundups at the regi.

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      Gunnar on 17/03/2023 - 12:05

      Ah okay cool. I’ve not seen anything on it before so glad to know I’m wrong

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        ThithLord on 17/03/2023 - 12:12

        +1

        Yeah - the way they'd make money (which I haven't confirmed) is holding the rounded-up funds in escrow which could generate interest

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          CheapskateQueen on 17/03/2023 - 22:37

          @ThithLord: are you suggesting that WW/ING are not making the donations in their own name?

          so i round up at WW - i don't get to claim the deduction, and you think WW isn't?

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    Keplaffintech on 17/03/2023 - 12:43

    No, ING still only has a $50k deduction, as all of the individual customer's deductions are also deductible (if over the $2 threshold for the entire year).

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  trustnoone on 17/03/2023 - 12:01

  +1

  Back when I was in uni, some professors talked to us about the idea of "being in a community" and "altruism" being as part of a sales and development of new tech. And I swear they always talked about a study from a random bank that found that it wasn't a certain special feature of the app or x or y or some interest rate or something that they had that people wanted to bank with them. But instead it was because people liked the "round up" feature and use that (either for savings or for charity).

  Weirdly enough year on year from what I was told of this study I see banks/shopping centres/etc add this round up feature talking about how good it will be. And I swear to you not once have I seen anyone care whatsoever.

  Sure there is the occasional person but personally, I feel whoever made that original study must've scammed a bunch of companies making them think they can up user engagement just by letting people round up their purchase.

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  USER DC on 17/03/2023 - 12:05

  +3

  I am already poor enough.

  As they often say in aero planes, put your oxygen mask FIRST before helping put oxygen masks on others.

  Help your finances first dude, people are already doing tough. If you got money sure go ahead donate, if you dont, help yourself first.

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  orangetrain on 17/03/2023 - 12:06

  +1

  Is this going to be a classic nag pop-up asking you to round-up to donate?

  Article devoid of details.

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    freefall101 on 17/03/2023 - 13:26

    No, it's the same as the existing ING thing where it rounds up your transaction post-purchase and sticks it in your ING savings account (except that it will instead donate it to charity). That involves no input (except turning it on) from the user.

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  Guybrush57 on 17/03/2023 - 12:14

  +1

  How about a round down feature where if I buy something it gets rounded down to the nearest dollar? According to my research, ING want to give to me even amidst the cost of living crisis and by adding this feature ING Bank can put their loose change to good use.

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  Crow K on 17/03/2023 - 12:18

  +2

  They're giving me the option to nominate to round up my purchases, and then an additional option to decide whether I want to add the money to my own savings or instead give it to charity (and I'll get a tax deduction at year end)?

  (deep breath in)

  SOCIALISM STOP STEALING MY MONEY MIND YOUR OWN BUSINESS ING NO THANKS IT'S MY MONEY STOP TRYING TO TAKE MY MONEY I'LL DECIDE IF I WANT TO GIVE CONGRATULATIONS YOU JUST LOST MY BUSINESS WITH THIS WOKE NONSENSE

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    AngoraFish on 17/03/2023 - 12:21

    +1

    Not sure if poor attempt at parody or just unmedicated.

    • 

      Crow K on 17/03/2023 - 12:32

      por que no los dos?

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  Keplaffintech on 17/03/2023 - 12:44

  Good idea yes and it's genuine charitable giving from ING, I won't use it though as I don't bank with them. Missing poll option.

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    Unorthodox on 17/03/2023 - 13:12

    Good point regarding the poll options.

    I don't think this feature will lead to more customers joining just for this

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  Drakesy on 17/03/2023 - 13:02

  So long as your total round up contributions are $2 or more for the income year, it is tax deductible.

  every eligible card purchase is rounded up to the nearest $1 or $5

  Pretty sure the round up feature is capped at $1, stuff rounding up to the nearest $5, imagine buying something for $1 and donating $4 for the privilege…

  And this has been used for a while to make it look like the company is doing good at their customer's expense (woolies i'm looking at you). I think it's a dodgy practice as it effectively allows their marketing/communications department to say "we donated $x to this charity, look how kind we are" when in reality they did nothing.

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  payless69 on 17/03/2023 - 13:26

  Be a Bill Gates:
  Use your wife to start a charity.
  Deposit your millions there to avoid tax.
  Donate via Ing and wait for their share, what is the limit?

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  Benoffie on 17/03/2023 - 17:05

  Depends on the charities and the rounding tbh.

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  [Deactivated] on 17/03/2023 - 19:05

  Please issue me with a Tax Deductible Charity Tax Invoice otherwise it is a gift to the bank who will claim the receipt and tax deduction.
  I always round up to improve my social credit score - demonstrative of constructive altruism funding future social engineering.