Free Money from Bank of America

[TicoAz]

BofA Keep the Change

Savings so simple your wallet won?t miss it.

Every time you buy something with a Bank of America Visa® debit card1, we'll round up your purchase to the nearest dollar amount and transfer the difference from your checking to your savings account2 free of charge. Because every bag of groceries, every coffee and every tank of gas adds up to more savings for you.

So you get to keep the change and grow your savings. What could be easier?
We'll even match your savings.

For the first three months, we'll match your Keep the Change? savings at 100%. That means for every Keep the Change transfer, we'll contribute the same amount to your Bank of America savings account. And when the three months are over, to make it even easier to save, we'll continue matching 5% a year, every year3.Savings so simple your wallet won?t miss it.

Every time you buy something with a Bank of America Visa® debit card1, we'll round up your purchase to the nearest dollar amount and transfer the difference from your checking to your savings accountavings so simple your wallet won?t miss it.

Every time you buy something with a Bank of America Visa® debit card1, we'll round up your purchase to the nearest dollar amount and transfer the difference from your checking to your savings account2 free of charge. Because every bag of groceries, every coffee and every tank of gas adds up to more savings for you.

So you get to keep the change and grow your savings. What could be easier?
We'll even match your savings.

For the first three months, we'll match your Keep the Change? savings at 100%. That means for every Keep the Change transfer, we'll contribute the same amount to your Bank of America savings account. And when the three months are over, to make it even easier to save, we'll continue matching 5% a year, every year free of charge. Because every bag of groceries, every coffee and every tank of gas adds up to more savings for you.

So you get to keep the change and grow your savings. What could be easier?
We'll even match your savings.

For the first three months, we'll match your Keep the Change? savings at 100%. That means for every Keep the Change transfer, we'll contribute the same amount to your Bank of America savings account. And when the three months are over, to make it even easier to save, we'll continue matching 5% a year, every year.

I just need to find something I can buy for a .01 and the will transfer the .99 to my savings account and match it with my free .99....

 

[kyzen]

find some online site still support microtransactions at 5 cents a pop

 

[dquan97]

repost

 

[TicoAz]

Strange, This thread was locked last night and is now reopened....

Sorry yes it is a repost, I didn't go back a month..... Shoot me

 

[Chunkee]

i signed up for this last night

jC

 

[esquared]

Originally posted by: TicoAz
Strange, This thread was locked last night and is now reopened....

Sorry yes it is a repost, I didn't go back a month..... Shoot me

They re-looked at your thread. The link was just cleaned up a little. The original reference to the adlink was removed. And no, you are no required to open up a month-old thread. Mods will generally let you repost it.

 

[gregtor]

find some online site still support microtransactions at 5 cents a pop

What good would that do? Then your debit card would get charged 1 dollar and your savings account would have an extra 95 cents in it.

 

[esquared]

Originally posted by: gregtor

find some online site still support microtransactions at 5 cents a pop

What good would that do? Then your debit card would get charged 1 dollar and your savings account would have an extra 95 cents in it.

Because that maximizes the amount BofA will throw in the account for the first three months. A $0.05 transaction means you have your 0.95, plus BofA's 0.95 contribution for a total of 1.90 in your savings account for that particular transaction.

 

[HarvardAce]

Originally posted by: gregtor

find some online site still support microtransactions at 5 cents a pop

What good would that do? Then your debit card would get charged 1 dollar and your savings account would have an extra 95 cents in it.

You missed the part where BofA was going to match the deposit into your savings for the first 3 months, and then 5% after. So your debit card would be charged 1 dollar, and your savings account would have an extra $1.90 in it.

However, the fine print gives the following limitations for this:
1) No more than $250 in matching funds per year.
2) The matching funds are deposited annually (approximately 8 weeks after your anniversary date)
3) You must still have the account with the Keep the Change option on it.

In other words, if you signed up for this today, made 264 five-cent transactions, and kept your account in good standing for a little over a year, you would get a free $250 in a little over a year.

 

[Parasitic]

So...if I signed up for this, I can drive down to the nearest gas station and fill up on a tank of free gas provided that i let them charge $0.50 each time for the 15 gallons that i need?

Awesome.

 

[Schfifty Five]

I think this program is pretty stupid. I have a feeling a lot of people will misunderstand what really happens and think that they are receiving free money (other than the matching from BoA which is free of course).

 

[gregtor]

ok I forgot about the matching part oops. I guess they have to compete with the credit card companies that give you points.

 

[ITPaladin]

I have this. It is nice to know you set it and forget it, knowing that SOMETHING is going into my savings.
I already have some .77 credit from KTC.

 

[imported_Sonnyboy]

SWEETEST THING EVER!

 

[Auryg]

It'd be easy enough to set up a paypal link on my website charging one cent..haha.

 

[Finns14]

I'm currently using the program its great I'm getting free money plus with online banking you can transfer money between your saving and checking account so even by them taking out $.99 I can just go online and but that amount of money right back into my checking account

 

[marckuh]

So basically it is your money going from checking to savings. It is only hot for the first 2 months and after that, it is just a nice savings account. I was under the impression, they were giving the difference. But then I was wondering how they were making money and why they would do this.

Am I understanding it properly?

 

[Schfifty Five]

Originally posted by: marckuh
So basically it is your money going from checking to savings. It is only hot for the first 2 months and after that, it is just a nice savings account. I was under the impression, they were giving the difference. But then I was wondering how they were making money and why they would do this.

Am I understanding it properly?

The difference is from your own money, only the bonus matching is the "free money" and that's what I was saying earlier...people will misunderstand this as getting free $$$.

You DO get free money through their matching (up to $250, first 3 months or something), but i think the main problem is that people won't realize that the "rounding up" to the nearest dollar is still coming out of their own accounts.

 

[Schfifty Five]

Originally posted by: Finns14
I'm currently using the program its great I'm getting free money plus with online banking you can transfer money between your saving and checking account so even by them taking out $.99 I can just go online and but that amount of money right back into my checking account

Are you sure that they will still give you the matching bonus if you keep tkaing money out? I actally don't know all the details of the program.

 

[TicoAz]

Originally posted by: esquared

Originally posted by: TicoAz
Strange, This thread was locked last night and is now reopened....

Sorry yes it is a repost, I didn't go back a month..... Shoot me

They re-looked at your thread. The link was just cleaned up a little. The original reference to the adlink was removed. And no, you are no required to open up a month-old thread. Mods will generally let you repost it.

Thanks for the explanation, I didn't even think twice about the adlink code because it is copied directly from the link at www.bankofamerica.com

 

[McPhreak]

I think this program is only good for the 3 months of matching and that's about it. Otherwise, stick with a cash back credit card.

Let's say you average 10 transactions a day with the card, 365 days/year (which is probably more transactions than the average consumer)

Average of $0.50/transaction * 10 transactions/day * 365 days/year * 5% matching = ~$91/year

If you were to use a credit card with 1% cash back instead and assume that the average transaction was $5:

$5/transaction * 10 transactions/day * 365 days/year * 1% cash back = ~$182/year

 

[Damathon]

Everytime you eat at a place where you tip, you earn an dollar - round to the nearest .01 =P

 

[watchdog1977]

Yeah But if you are like me, and only balance your account once a month, then you will most likely go overdrawn (several times) by forgetting to round up your transactions with your debit card. and at $34 a pop they charge for going overdrawn you will most likely lose money in the end. I hate BofA.

 

[TicoAz]

Originally posted by: watchdog1977
Yeah But if you are like me, and only balance your account once a month, then you will most likely go overdrawn (several times) by forgetting to round up your transactions with your debit card. and at $34 a pop they charge for going overdrawn you will most likely lose money in the end. I hate BofA.

Get Microsft Money, Update your account regularly and you can avoid this. Or don't run your account so low that you can have this problem....

 

[Talksmartz]

Originally posted by: TicoAz

Originally posted by: watchdog1977
Yeah But if you are like me, and only balance your account once a month, then you will most likely go overdrawn (several times) by forgetting to round up your transactions with your debit card. and at $34 a pop they charge for going overdrawn you will most likely lose money in the end. I hate BofA.

Get Microsft Money, Update your account regularly and you can avoid this. Or don't run your account so low that you can have this problem....

yeah, not to offend....but if you're account is "balanced" so close, that a few cents per transaction would make you overdraft repeatedly, it may be wise to re-do your budget