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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Bank of America- Keep the change
Is anyone doing this?
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Posted 2/21/06 4:05 PM  |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: Bank of America- Keep the change
I saw that commercial, and there is no way I would do that. I don't trust them not to screw things up and I am not about to track all the change I should be accumulating in the account.
If I really wanted to do this, I would put the change in a jar when I got home from the store and deposit it once a month (which I sort of do now anyway.)
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| Posted 2/21/06 4:18 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Bank of America- Keep the change
I am. Why not get free money?
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| Posted 2/21/06 4:38 PM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: Bank of America- Keep the change
Posted by luvsun27
I am. Why not get free money?
I guess I misunderstood it then. I thought for example, if you spend $24.75, they deduct $25.00 from your account and put the $0.25 in a savings account for you, so technically, it is still your money that is being deposited. Is that wrong?
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| Posted 2/21/06 4:40 PM |
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oneday
<3
Member since 5/05 4319 total posts
Name:
Pam
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Re: Bank of America- Keep the change
Posted by dpli
Posted by luvsun27
I am. Why not get free money?
I guess I misunderstood it then. I thought for example, if you spend $24.75, they deduct $25.00 from your account and put the $0.25 in a savings account for you, so technically, it is still your money that is being deposited. Is that wrong?
That was how I understood it too.
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| Posted 2/21/06 4:45 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Bank of America- Keep the change
Posted by dpli
Posted by luvsun27
I am. Why not get free money?
I guess I misunderstood it then. I thought for example, if you spend $24.75, they deduct $25.00 from your account and put the $0.25 in a savings account for you, so technically, it is still your money that is being deposited. Is that wrong?
No...that is wrong. The way I understand it is, if I spend $24.75, they give me $.25 into my savings account. So...it adds up. I also have a change jar and never spend any change.
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| Posted 2/21/06 4:47 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Bank of America- Keep the change
Posted by oneday
Posted by dpli
Posted by luvsun27
I am. Why not get free money?
I guess I misunderstood it then. I thought for example, if you spend $24.75, they deduct $25.00 from your account and put the $0.25 in a savings account for you, so technically, it is still your money that is being deposited. Is that wrong?
That was how I understood it too.
Yes, but they will match what you save up to $250 for the first 3 months and 5% yearly after that.
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| Posted 2/21/06 4:48 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Bank of America- Keep the change
hmmm...I guess I'm wrong 
I just read the website. If you spend $4.50, they will deduct $5.00 from your checking and take the extra $.50 and put it into your savings. Not sure how that's to my benefit though
They do match for the first 3 months, so that is free money.
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| Posted 2/21/06 4:51 PM |
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Summer05
LIF Adult
Member since 5/05 2320 total posts
Name:
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Re: Bank of America- Keep the change
So you charge $12.75 and they take out $13.00 at 17% interest. They put the .25 in a savings account at what percent interest? I am sure it is less than what they are charging me to begin with so aren't they making more $ than I would be by charging me 17% interest on the .25 and then giving me back 1 or 2% in a savings account.
Or did I totally misunderstand?
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| Posted 2/21/06 4:52 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Bank of America- Keep the change
Posted by Summer05
So you charge $12.75 and they take out $13.00 at 17% interest. They put the .25 in a savings account at what percent interest? I am sure it is less than what they are charging me to begin with so aren't they making more $ than I would be by charging me 17% interest on the .25 and then giving me back 1 or 2% in a savings account.
Or did I totally misunderstand?
No interest, its from your debit card, not credit card.
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| Posted 2/21/06 4:55 PM |
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Summer05
LIF Adult
Member since 5/05 2320 total posts
Name:
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Re: Bank of America- Keep the change
Posted by LisaW
Posted by Summer05
So you charge $12.75 and they take out $13.00 at 17% interest. They put the .25 in a savings account at what percent interest? I am sure it is less than what they are charging me to begin with so aren't they making more $ than I would be by charging me 17% interest on the .25 and then giving me back 1 or 2% in a savings account.
Or did I totally misunderstand?
No interest, its from your debit card, not credit card.
Oh! Thank you... I did misunderstand 
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| Posted 2/21/06 4:57 PM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: Bank of America- Keep the change
But I guess their commercial is a smashing success, because here we are, all talking about the program 
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| Posted 2/21/06 7:46 PM |
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LMFitz
life is good
Member since 5/05 2013 total posts
Name:
L
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Re: Bank of America- Keep the change
I just signed up for it this morning.  I need all the help moving money into the savings account that I can get.
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| Posted 2/21/06 8:05 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Bank of America- Keep the change
Posted by LMFitz
I just signed up for it this morning. I need all the help moving money into the savings account that I can get.
Thats the way I'm looking at it too!
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| Posted 2/21/06 10:00 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Bank of America- Keep the change
Posted by luvsun27
Posted by dpli
Posted by luvsun27
I am. Why not get free money?
I guess I misunderstood it then. I thought for example, if you spend $24.75, they deduct $25.00 from your account and put the $0.25 in a savings account for you, so technically, it is still your money that is being deposited. Is that wrong?
No...that is wrong. The way I understand it is, if I spend $24.75, they give me $.25 into my savings account.
this is what i thought as well.
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| Posted 2/21/06 10:12 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Bank of America- Keep the change
Its your $$, but they will round it up and automatically transfer the change in to your savings. Just like how most people save change when you use cash, but miss out on it when using a debit card...
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| Posted 2/21/06 10:17 PM |
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FelAndJon
needs to update her avatar pic
Member since 6/05 10212 total posts
Name:
Felice (aka LuckyBride2004)
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Re: Bank of America- Keep the change
Wow, I totally misunderstood the whole thing! I'm sorry but I can save on my own! I thought they were giving you the change, not deducting it from my own accout!! I guess it is good for people that don't really save but not so good for those that do. 
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| Posted 2/22/06 9:26 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Bank of America- Keep the change
i find this to be the same for those who clean out there wallet/purse with any lose change and throw it into a bottle. I have 2 big jugs of coins at home. why not let it sit in savings when it could earn some intresest...
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| Posted 2/22/06 9:29 AM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Bank of America- Keep the change
Posted by BabyBoy
i find this to be the same for those who clean out there wallet/purse with any lose change and throw it into a bottle. I have 2 big jugs of coins at home. why not let it sit in savings when it could earn some intresest...
I agree. I save on my own, but this would be a nice extra. I would never think to transfer 57 cents into savings, but I do save my change when I use cash.
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| Posted 2/22/06 9:34 AM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Bank of America- Keep the change
Posted by FelAndJon
Wow, I totally misunderstood the whole thing! I thought they were giving you the change, not deducting it from my own accout!!
me too. sounds as if it is basically just a transfer of money from checking to savings. depletes the checking and increases the savings.
Message edited 2/22/2006 9:41:47 AM.
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| Posted 2/22/06 9:40 AM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Bank of America- Keep the change
this is actually a pretty cool program...since I already save my change...in a jar...let them save it and give it to me in one lump!!
I wish Chase had this....
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| Posted 2/22/06 9:47 AM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: Bank of America- Keep the change
Before I started online banking I used the same rounding method in my check register -- deposits were rounded down & checks were rounded up. Then when I reconciled my checking account, which was every few months, I would end up with a differnce that I moved to my savings account. It wasn't alot of $$$ but it adds up. Being matched by the bank is a nice touch!
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| Posted 2/22/06 10:11 AM |
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LAMGAJ28
.
Member since 10/05 6039 total posts
Name:
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Re: Bank of America- Keep the change
Posted by Lisa
this is actually a pretty cool program...since I already save my change...in a jar...let them save it and give it to me in one lump!!
I wish Chase had this....
me too....
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| Posted 2/22/06 10:25 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Bank of America- Keep the change
I do this anyway so I don't need a bank doing it for me!!
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| Posted 2/22/06 10:40 AM |
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