Using Bank of America's keep the change program
Financial experts state that saving today has practically become non existent. And if consumers are saving anything it is much less than their counterparts of only 20 years ago. There are many reasons that may contribute to this but the overriding reason still seems to be that many people lack the discipline it takes to save and would rather spend today. In the world of financial planning consumers are constantly looking for ways to save without it really hurting. Bank of America may have come up with the ultimate solution in their Keep the Change program. How would you like it after purchasing gas for $24.27 that your bank automatically transferred 73 cents into your savings account or after purchasing groceries for 53.10 than 90 cents was moved into your savings account? That's what Keep the Change does! Here's how it works-
The Keep the Change program provides for automatic savings. When you enroll in Keep the Change the savings happen as you spend and you don't even have to think about it. When you spend using your Bank of America Visa check card the purchase price is rounded up to the nearest dollar. That amount is then transferred from your checking account to your savings account. It happens automatically and the best part is-it's free! Small savings become big money in almost no time. There is not paperwork, forms, online accounting or anything else to deal with Bank of America takes care of all that for it customers enrolled in Keep the Change. The Bank of America totals the entire round up from purchases that post to your checking account each business day and then makes a single transfer at the end of the business day. This will post as a Keep the Change transfer. Be advised though that if on a business day you do not have sufficient available funds in your checking account, or if any transaction has overdrawn your checking account, the bank does not round up purchases posted on that business day and cancels the Keep the Change transfer for that day. Also if your Visa check card purchase is subsequently cancelled or reversed, the corresponding Keep the Change transfer will remain in the savings account. Bank of America reserves the right to cancel the Keep the Change service at any time.
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Bank of America also offers another unique benefit to this program. They will double your savings. For the first three months the bank will match your savings to the penny. After the three month period they will continue matching 5% every year for as long as you are enrolled in the program. Its free money! Any customer can earn a match of up to $250 dollars per year. 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. 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.
Bank of America has made getting started in this program very easy! Customers should enroll immediately so they can start saving money with Keep the Change. You can enroll online by simply selecting the accounts you currently have and then clicking submit. Be advised that rewards cards are not eligible for the matching funds. Only Bank of America personal accounts are eligible for Keep the Change. This program excludes Money Manager and Small Business accounts as well.
This program also makes it easy to track your Keep the Change savings online. You can see the amount you have saved and your earned match at anytime on your online banking statement.
