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Does anyone use this? If so, is it worth it? Have you noticed a big change in your savings?
I was thinking about giving this a shot. The closet branch is about 50 miles away, but my checks are direct deposited and with a Visa debit card, I can still use it anywhere.
Any thoughts or opinions about BOA??? TIA...
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I don't bank with Bank of America, but our local bank did start doing this. Orginally I admit I thought the bank was giving you the change. DUH!!! What was I thinking? We did sign up for it and it is easy to track from my online statement. This is our first month doing it and we probably have an extra $15 or so added. I think it's a good thing. If you don't like it, you can always cancel the service.
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I work at a bank that does this and our customers on average save 400 dollars a year. I personally do it to and love it!!
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How exactly does it work??
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I've been reading and listening to Dave Ramsey a lot lately. I remember that he is against this, because people can save their own money without having to use this gimmick. But if can't hurt to try it, I suppose.
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I no longer bank with BOA but from what I heard of this 'Keep the Change' gimmick is that they will put the change in a savings acct but if you don't have enough in there, BOA will charge you a fee if you don't meet the minimum balance. Just read the fine print.
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I don't understand why Dave Ramsey would be against it - we're in our second year of it. The take the "change" from your purchases and move it to your savings account. If your account will be overdrawn from that withdrawal, they will not do it. There are no fees associated with it. They charge a fee for your savings acct. if it goes below any certain balance, or too many (6) withdrawals in a month, but that's normal and has nothing to do with the keep the change. We avoid the monthly fee by having a minimum $25 taken from our checking and put in savings each month. They match, I think 3% and give it to you annually. They gave me $80 after the first year. I wish I'd been able to keep all the savings there, in the account, but I needed it. So far I have seen absolutely no negatives to this. And trust me, I am not a fan of Bof A. Their overdraft policies and fees are outrageous, but that's another story. I think there may be some misinformation out there, including by Dave Ramsey - perhaps he hasn't looked into it enough. My ONLY complaint is that I end up needing the money too often and have to transfer it back out.
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i dont have a bank of america locally...i would like to do it but ive not heard of any local banks doing it...otherwise i would jump on the option.
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Originally Posted by Midwest Mom
I don't bank with Bank of America, but our local bank did start doing this. Orginally I admit I thought the bank was giving you the change. DUH!!! What was I thinking? We did sign up for it and it is easy to track from my online statement. This is our first month doing it and we probably have an extra $15 or so added. I think it's a good thing. If you don't like it, you can always cancel the service.
I totally thought they gave it to you too!!! JUST the other day i was looking at our online statement and saw the debits and I asked DH and he said DUH! You didn't think they were just giving you money did you?? hahaha it made me kinda mad afterwards ya know?? Anyway, it's a great way to beef up the savings!
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Originally Posted by newlywed0610
I've been reading and listening to Dave Ramsey a lot lately. I remember that he is against this, because people can save their own money without having to use this gimmick. But if can't hurt to try it, I suppose.
Um isn't it just a virtual/online change jar? That's not really a gimmick - it's just an old fashioned way of doing something that's been modernized and brought into the current century. Hmm..