Keep the Change, Bank of America Says

Keep the Change

I finally came to stum­ble upon this myself. Any­ways… if you haven’t heard or seen yet (espe­cially for BofA mem­bers), Keep the Change, the new pro­gram devel­oped by Bank of Amer­ica lets you save money in a weird way.

From what I read, it’s pretty much a way for them to get you to keep using your BofA Debit Card. I recall that every debit card trans­ac­tion from BofA assesses a fee of $0.35–0.50. In terms of the pro­gram, you pretty much get charged to the near­est dol­lar. Lets say your pur­chase total (from your debit card) comes out to $8.75. BofA will charge you $9. The remain­ing $0.25 will then be auto­mat­i­cally trans­ferred to your Sav­ings, and matched by BofA. The match­ing will be 100% for the first 3 months in the pro­gram, then 5% thereafter.

I don’t know to what extent this might be a plus. But for the first 3 months, it’s way worth it I’d say. I just don’t know about the 5% there­after. How­ever, as com­menters over at Strange Brand gen­er­ally con­cluded about the pro­gram, it’s prob­a­bly bet­ter to just save in whole rather than being opted in the program.

Other blog posts regard­ing this, can be seen over at Avalon Star and Bar­gaineer­ing. Its just weird that I never saw the BofA ban­ner about the pro­gram. It’s been on the very top of their home­page for the past cou­ple of weeks. Maybe it’s because I just use the BofA site to check out my accounts, trans­fer money, and/or pay bills.

Any­ways, let me know if you guys and gals are on the pro­gram or at least think­ing about it. I’m very inter­ested in sav­ing money, as well as get­ting FREE money for that instance. 100% match­ing sounds good but man oh man, 5% there­after… even ING Direct 3% (plus) sounds bet­ter than this.

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