#bank of america

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.