Have you heard of Bank of America's "Keep the Change" program? Do you think it's a good idea or not?
by 
Psycho the kid
ANSWERS: 6
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theres nothing wrong with that. all it does is take the change and move it to YOUR savings. its a good way to add up in the savings account. its not like the cents do anything good for your checking account so why not accumulate it in your savings. plus, if you ever needed the money all you do is credit what your buying or just manually transfer funds from savings to checking. theres no harm in the program.
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I have been thinking seriously about giving it a go. BOA also matches your contribution for the first three months which is pretty decent.
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I use the program, which rounds up the change amount of transactions. I think it's great so far. It did take me two or three times to sign up. The first couple times I was told my account didn't qualify; the third time it went right through. It may have been an online glitch. But the program itself is good.
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Sounds like a good idea. I wonder what it would take for British banks to follow suit. Think they are too fond of keeping our change for themselves tho.
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Only if BOA matches the contributions (not just during the first three months.) Then I would use my debit card more often. Banks make millions of dollars a month in interchange fee from merchants, it would be nice for BOA to give some of it back to the KTC users.
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Sounds like a good idea. You can do it yourself though, without switching to Bank of America. Just round up every transaction you make with your debit card or for every check you write. At the end of the month when you balance your checkbook, take the amount that you are over and transfer it to your savings. I'd actually transfer it to an account like an ING because it's harder to get the money out of the savings, it takes a couple of days to transfer it, so you are less likely to spend it.
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