Get my 5-day email funnel that generated $400,000 from a single launch

Want an email sales funnel that's already proven to work? Get the entire word-for-word email funnel that generated $400,000 from a single launch and apply it to your own business.

Yes! Send me the funnel now
Start Here: “The Ultimate Guide to Personal Finance”

A great mediocre idea from Bank of America

21 Comments- Get free updates of new posts here

0 0

Bank of America has a great new idea out.

Keep the Change:

Every time you buy something with a Bank of America Visa® debit card, we’ll round up your purchase to the nearest dollar amount and transfer the difference from your checking to your savings account free of charge.

In other words, if your coffee costs $3.57, you’ll pay $4.00 and they’ll put the $0.43 in your savings account for you. It’s not much, but it’s a good start and it adds up.

Why didn’t I think of this?

Link via Signals vs. Noise (see their discussion of Keep the Change)

Update: Dale points out why I am wrong in the comments.

0 0

Related Articles

Untitled design (6)

How to pay off student loans without thinking about it

Student loans are a big kick in the face that the real world has arrived. The average graduate has $28,...

Read More
stretching

The 4 keys to finding ambition

We’re told we should just be happy with what we have… but there’s a difference between being happy ...

Read More

21 Comments

0 0
 

Leave a Reply

21 Comments on "A great mediocre idea from Bank of America"

Notify of
avatar

Sort by:   newest | oldest
Kiran Umapathy
10 years 9 months ago

I was going to send you an email about this the other day haha, but you’re on top of things. If this automatically went into an ING savings account that’s be great since B of A is only 0.5% right now. It’s good though, you can sign up for it online or while you’re in the bank.

Dale Swinford
Dale Swinford
10 years 9 months ago
Ramit, I find it interesting that you think that this is “a good idea”. To me, in spite of entreaties from every quarter, the case for using a debit card has never been “made” (let’s see, a check with no float?) to me as a consumer. I hate to sound like a Luddite (and I’m anything but), but you young folks sometimes think that inconsequential “benefits” like this obviate the need to be cognizant of what is actually happening. If one pays $3.57 for coffee every day, and as a result earns 0.5 or 1% on the $0.43 change, isn’t… Read more »
Ramit Sethi
10 years 9 months ago
Woah–good point. Why didn’t I notice they were encouraging the use of a debit card? I agree with you, so thanks for pointing that out. My one comment is that, debit-card notwithstanding, the idea that they would move the remainder of the dollar spent to your savings account is DIFFERENT than saying “don’t spend on coffee.” Those are 2 separate ideas: You’re saying “don’t spend on irresponsible stuff,” which I agree with. BofA is saying “we’ll charge you for the remainder but just move it to your savings account.” So this could apply to someone who’s buying a $6.00 mocha,… Read more »
noah
10 years 9 months ago

I think the comments are forgetting that BofA is doubling your change the first 3 months and then giving a 5% match the rest of your life. Normal credit card match is 1-3% so that return is much better. I know there is more to this argument, such as you have more time to pay credit cards but at least they are trying to be unique.
noah-www.okdork.com

Zeljko Dakic
10 years 8 months ago

Using debit card is wrong why? I don’t quite get it as you all talk like it something really wrong.

I find debit cards much better as with credit cards I would look at credit limit and with debit cards you are looking at actual money you have on hand.

Julie Isserman
Julie Isserman
10 years 8 months ago

This is a great idea for those who don’t actually save money (and those who don’t understand different savings accounts). However, for those who do – and those who set up automatic savings accounts as you’ve suggested in the past – The BoA Keep the Change program is really only great for the matching portion during the first two or three months (can’t remember the exact plan). After that, I would recommend the participant keep their money elsewhere.

OugadasBob
OugadasBob
10 years 6 months ago

One thing that was mentioned in the comments was that debit cards were inferior to checks because of “no float.”

However, with current technology checks no longer have “float”. At businesses using modern quickcheck equipment the money is withdrawn the same as a debit card as soon as your check is scanned.

Parapraxis
Parapraxis
10 years 5 months ago

The entire Bank of America “roundup” scheme is a scam to drive your checking account balance below the required minimum so they can charge you a fee.

After Bank of America aquired Fleet, where I’d had a credit card for years, service became miserable, account errors began appearing, resoluton became time consuming and difficult.

I cancelled the card.

NOTE: Unless you are completely dis-satisfied with a card issuer, NEVER cancel cards when you reduce balances to zero, as you erase your good payment history with that creditor.

Evan
10 years 2 months ago

Parapraxis said “Unless you are completely dis-satisfied with a card issuer, NEVER cancel cards when you reduce balances to zero, as you erase your good payment history with that creditor.”

What? What is this? If you don’t want to do business with a card issuer anymore, what do you do? Wouldn’t this card still show up on your credit report, account closed or not?

Barbi
9 years 11 months ago
I am amazed that you are saying you take back your support of it just because they are endorsing the use of the card. What company does something with the hopes that it would decrease consumers use? Isn’t that the best part of free market? If companies didn’t do things that benifit their consumers to get more sales then wouldn’t we all be buying plane tickets direct from the airline and paying top dollar for every flight? As you said, you use your credit card because it builds credit and gives you protection? While I don’t know you personally I… Read more »
Charlie Hoyer
Charlie Hoyer
8 years 4 months ago
I thought that this would be a great way to put a little money aside without even thinking about it. After a month, I had $10 and some change in savings just from using my debit card. Not much, but a good start. However, today I went to check my accounts and I have $7 in savings. Apparently there is a $3 a month maintenance fee. The only reason I opened the account was to save while using my debit card. At the rate I am going, that will cost me almost 30%. Doesn’t sound like a sound investment to… Read more »
cooliojones
7 years 7 months ago
Ok, I just did the computations, and PayPal’s debit card beats this in terms of what you are getting from the bank. The simplest way to see this is on a charge that is even, say $15. With BoA’s KTC, you get NOTHING. With the PayPal Debit Card, you get 15¢. Not much, but better than nothing. Now if the charge was *.01 (the star representing any positive number), the maximum you would receive from the bank exclusively is 5¢ ($0.99 rounded up * 5% = 5¢). PayPal would only net you 1¢ if it were a $1.01 charge, 2¢… Read more »
Trey
9 months 11 days ago

Learn more about the one-of-a-kind perks of each internet solution here,
or call 1-888-691-0864 to speak to a friendly and also
practical Blaze Wifi representative.

mortgage
8 months 6 days ago

Comfortably, MACU standard home loan are available in both dealt with and modifiable
mortgage rate layouts.

inquiry
5 months 5 days ago

garcinia cambogia plus side effects best results coleus forskohlii green coffee extract garcinia cambogia acai slim assessments for learning the benefits of mangosteen juice p57 hoodia gordonii china news yahoo dosage psyllium husk kieselsol and chitosan instructions not included chewing gum history generic name for lipozene glucomannan herbal essences

more info
5 months 2 days ago

best skin care lines for women

offizielle Quelle
4 months 28 days ago

Dies geilte mich noch mehr auf, was ich mit noch kräftigerem saugen und kneten ihrer Brüste quittierte.

Anonymous
4 months 23 hours ago

I loved as much as you will receive carried out right here. The sketch is attractive, your authored material stylish. nonetheless, you command get got an edginess over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly a lot often inside case you shield this hike.

Anonymous
4 months 14 hours ago

My spouse and I absolutely love your blog and find the majority of your post’s to be precisely what I’m looking for. Do you offer guest writers to write content for yourself? I wouldn’t mind writing a post or elaborating on a few of the subjects you write regarding here. Again, awesome weblog!

Anonymous
4 months 7 hours ago

Thanks for every other fantastic article. The place else may anybody get that type of info in such an ideal manner of writing? I have a presentation next week, and I am at the search for such information.

Anonymous
3 months 28 days ago

Asking questions are truly good thing if you are not understanding anything entirely, except this piece of writing presents pleasant understanding yet.

wpDiscuz