banking idea to add some change to your bankroll

[wonderwes]

I am not sure how to describe this but since this is the forum for bonuses and bankroll advice, I figured I would show this.

So if you pull up Bank of America's website they are running this keep the change promo.

Its a nutty formula. For every purchase you make on your BOA Visa debit card, the remainder of that transaction which equals the next dollar will be credited to your savings account.
So a $5.20 purchase, they throw $.80 on your savings account
A 14.75 purchase, $.25 added
A 23.88 purchase, $.12 added and so on.

The promo runs for 3 months, up to $250 max credit to your account.
BOA promo link

Now this is not the greatest promo in the world. To max out the $250, you would need bare minimum of 500 transactions on your card, where every purchase transction ended $.50 or lower to the dollar.

However when you think about it, esp with all the Xmas shopping many of us are doing, if its free cash, it doesn't hurt to collect.

So my idea, since I already have a BOA checking account, sign up for the savings offer, run a few more transactions I would have paid for cash, just on the card, then after 3 months, take the $100 or so balance I rack up, and cash it all out then close the savings account.

So all that work for a few extra dollars? Eh, why not? Might as well make a tiny "rakeback" on basic purchases.

[ QUOTE ]
We'll even match your savings2.

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 account. And when the three months are over, we’ll continue contributing 5% a year, every year - to make it even easier to save. This reward will be paid annually to your savings account.

2The matching funds will be credited to your savings account annually, within 8 weeks after the month in which the anniversary of your enrollment in 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 service. Annual promotional match will not exceed $250.


[/ QUOTE ]

Looks like it's a gift that keeps on giving. I might do this, thanks.

[LotsOfOuts69]

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.

[timprov]

An obvious spot to use this would be tipping situations. Just make sure your tip leaves the check at xxx.01.

[wonderwes]

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.

[wonderwes]

Monthly fee $3, unless balance is $300+ or you make a $25 transfer to savings per month.

3 free transfers per month. So it would be easily to send $25 to and back from your bank.

The deal is not as good as it seems, but it still could have a decent turnout. I think I need to start a savings account anyways.

[RobertHunter]

You will not recieve the first "bonus" until the 14th month that you have been enrolled in the program(8 weeks after your 1 year anniversary).I also have an account there and have been thinking about doing this, that was until my wife came home yesterday and told me that her job informed her that after 9 years they no longer need her services(I promise this will be the only bad beat story I ever post).

I think you would be better off chasing some of the initial deposit bonuses that banks offer. I posted a thread about this type of activity, but it was immediately deleted.

Happy whoring,

TheNutStraight

If you are going to go through this effort, why not just collect cans. I bet you could make more with less effort doing that. I'm sure you could find a shopping cart somewhere.

[MentalNomad]

[ QUOTE ]
If you are going to go through this effort, why not just collect cans. I bet you could make more with less effort doing that. I'm sure you could find a shopping cart somewhere.

[/ QUOTE ]

While you're there, see what the recycling depot will give you for the cart.