Some changes for "Keep The Change"

I read this morning that Bank of America has developed an interesting little promotion called "Keep The Change."  When you use your B of A debit card, it will automatically round-up your purchase to the nearest dollar with the difference automatically going into your savings account.

Brilliant.  With the savings rate in America in the red, it's a cool idea.  Granted, it won't net you much savings, but I still love the idea because 1) it addresses a real need; 2) it's simple and requires no effort; 3) it relates directly to their business.  B of A will even match the sweep for the first three months, just to encourage people to sign up.  And after that, they'll match 5 percent.  Free money; what could be better?

But there are a few problems. 

First, if you go to their Web site, you have to dig deep to find information about the program.  There's nothing about it on the home page.  I searched for "Keep The Change," and there was nothing about it in the first page of results.  I finally found a link buried in a press release in their online newsroom.  And guess what?  You can't sign up for it online.  You have to "visit your nearest banking center to enroll..."  HOW STUPID.

I've considered changing to B of A because of their online bill-pay, and we use our debit card all the time.  So I was ready to buy.  But I couldn't.  And now I won't.  Unbelievable.

Another problem...if you read the story, it sounds like B of A limits your annual contribution, including their match, to $250!  But on their promo site, it reads as though only their contribution is limited to $250 annual.  Either way, why?  Are they really afraid someone will break them by buying too much?  And if they do, so what!  B of A will make it up in the ATM fees.

And here's a free idea for you B of A...one we offered to another financial institution that chose not to use it.  Why not also credit the foreign ATM fees -- those $1.50 or $2.00 or more fees people get charged by non-B of A banks -- to their savings account.  Just have your customers bring in their ATM receipts, and make the deposit.

I hate it when a great idea gets executed poorly.

Comments

[Wendy]

I heard this on NPR this morning - someone commented that a better choice was to set up automatic withdrawal from your checking account going to savings to avoid debit card fees. I had to laugh. If it was that simple, we'd all be saving already!