Free Money from Bank Of America....

[sherman]

They have a new program at BOA called "Keep The Change"....

If you sign up for it, here's how it works...Let's say you go yo your local bakery and purchase goods for $14.07...BOA will charge your debit card $15 (bakery still gets 14.07) and transfers 0.93 from your checking account into your savings account.....for the first 3 months they will match all transferred money 100% (there is some type of cap) and then they match after that, I think it is 5%.....I haven't seigned up yet, but sounds like a good deal.....

 

[LEYKIS101]

Sherman,

Thanks for posting that, many should take B of A up on the offer. I wouldn't be surprised to see more financial institutions offering some sort of forced savings program like this in the future. Of course this is great for the undisciplined saver, for the more disciplined, putting money in a higher interest vehicle would be better use for the funds. I do like the idea though.

 

[CoachCB]

That's a pretty good program. I have a HELOC w/ BOA that I'm about to close. I do most of my banking w/ a Credit Union due to very poor interest rates at BOA. I also have a MM account w/ Metlife Bank (3.5% APY).

W/ my debit/checking account I generally use this concept (I round up on all of my charges). After about three months I'll balance the checkbook and send the extra to one of my mutual fund accounts. Very easy way to "save" money!

 

[Fishhead]

Wow!

Was in my local BofA today and was wondering about this.

Thanks Sherman!

-Fish-

 

[Fishhead]

Is their MATCHed amount taxable?

Don't believe it is because it is a promotional gift.

Anybody know?

 

[LEYKIS101]

Is their MATCHed amount taxable?

Don't believe it is because it is a promotional gift.

Anybody know?

Definitely taxable, just the same as the dividends they pay you for keeping money there.

 

[Fishhead]

Definitely taxable, just the same as the dividends they pay you for keeping money there.

Are you 100% sure of this?

What about toasters and crock pots they give away..........their retail value is not taxable I know.

Not doubting you, just trying to find out for sure.

 

[LEYKIS101]

Are you 100% sure of this?

What about toasters and crock pots they give away..........their retail value is not taxable I know.

Not doubting you, just trying to find out for sure.

Not 100% sure, but ING offers a referral bonus and a signup bonus(around $25), both get taxed as Interest Income, I would just assume this is the same.

 

[LEYKIS101]

Am sure now " The promotional matching funds will be reported to the IRS on Form 1099."


Keep the Change™ Matching Promotion

We match 100% of the amount of your Keep the Change™ transfers during the first three months after you enroll, and we will match 5% thereafter.

The matching funds will be credited to your savings account annually, within 8 weeks after the month in which the anniversary of your enrollment in the Keep the Change™ savings service occurs. To receive the matching funds, your checking and savings accounts must be open and in good standing and you must still be enrolled in the Keep the Change™ savings service at the time the matching funds are credited. Purchases with co-branded or rewards Visa® debit cards are not eligible for matching.

Earn a promotional match of up to $250 per anniversary period for each checking account with the Keep the Change™ savings service. You will not receive the matching funds for a) credits or other adjustments related to POS purchases, such as those for purchases that are canceled or returned; b) purchases of cash-like items, such as money orders, traveler’s checks, foreign currency, cashier’s checks, gaming chips and other similar instruments and things of value; c) account funding transactions including transfers to open or fund deposit, escrow or brokerage accounts and purchases of stored value cards. We may terminate the matching promotion at any time without notice.

Savings accounts eligible to receive matching funds include Regular Savings, which requires a minimum opening balance of $100 and pays a variable annual percentage yield that was 0.50% as of 8/16/05. Fees could reduce earnings.

The promotional matching funds will be reported to the IRS on Form 1099.

Keep the Change™ patent pending.

 

[Fishhead]

THANK YOU VERY MUCH!!

Just got back from BA and they have a very nice brochure covering all the aspects of this program.

Sounds good!

 

[Journeyman]

How much can you make?

People will be trying to get just over the dollar amt to maximize it ?

 

[LEYKIS101]

Perfect promo for bonus whores.

 

[slick69]

what's the point? .5% interest in a savings account. Too get the $250 bucks you'd have to use it about atleast 3 times a day. Nothing is more annoying than some guy laying down his plastic to buy a bag of chips. Bank of America sucks. Other banks were giving away Ipods to start a $2500 checking account. B of A still charges $7 a month for a checking account. If I wasn't so lazy I would switch.

 

[Dante]

Perfect promo for bonus whores.

:lolBIG:

 

[LEYKIS101]

what's the point? .5% interest in a savings account. Too get the $250 bucks you'd have to use it about atleast 3 times a day. Nothing is more annoying than some guy laying down his plastic to buy a bag of chips. Bank of America sucks. Other banks were giving away Ipods to start a $2500 checking account. B of A still charges $7 a month for a checking account. If I wasn't so lazy I would switch.

You're probably right about Bank of America, I'm not a member so I can't say for sure. Don't they have free checking with direct deposit? The Keep the Change promo is easy for them to offer when they only pay .5% interest, that's ridiculously low. I would switch if they're not to your liking, gotta be worth an hour of your time to find another institution that better fits your banking needs.

 

[Fishhead]

I have enjoyed Bank of America since I joined them 4 years ago..............pleasantly surprised.


The BIG PLUS is that they are EVERYWHERE.

Free checking if you keep $500 minimum balance.

 

[5teamparlay]

We just started with B of A about 3 weeks ago, new on the corner here. I will check this out. FREE if you have direct depo. ( i have through my JOB)FOR THOSE PRO GAMBLERS NETELLER AND PP COUNT AS DIRECT DEPO FYI, ITS FREE 100% not 7 dollars a month as erroniously reported earlier I would never stand for that.

 

[muskatel]

Sherman,

Thanks for the insights on this program. I like the sounds of it.

:drink: