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Old 11-15-2005, 04:47 AM
LotsOfOuts69 LotsOfOuts69 is offline
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Join Date: Feb 2005
Posts: 235
Default Re: banking idea to add some change to your bankroll

Just so you know, if you make a $5.20 purchase, what they actually do is charge your debit card $6.00, which comes out of your checking account, and then place the extra $0.80 in your savings account.

Their promo is that they will give you a 5% match of all the change you have transferred from checking to savings, $600 max a year, but for the first 3 months, they will give you a 100% match, up to $250.

However, I am not sure when they actually will deposit the extra money that they are matching, it might not be until the end of the year, so you might have to wait 12 months to get your freee money.

The reason they do this is because if your money is in savings, they can lend it out and make money on it themselves, there by making the money to pay you.

Also, there may be a catch like you dont have free transfers between savings and checking, so they will pick up alot of fees when you over draw your checking account and they dont automatically transfer the $$ from savings to checking.
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