You missed the part where they say the match your contribuitions 100% for the first 3 months, then 5% therafter. Up to $250 a year. So, you buy something for $3.50. They charge your checking account $4.00, and drop $.50x2 (or $1.00) into your savings account. $.50 immediately, and 1 year after you start the program, another $.50 gets dropped in. After the 3 months trial period is up, they only give you a 5% reward on this plan. So, in the same scenario after the trial is up, you get $.50 moved from your checking to your savings and when your year is up, they will move an extra $.0025 into your savings account.

They are giving you money, although its quite small, and there seems to be a lot of handwaving involved, but you could get at max, $250 a year from BoA.

Boa stil sucks the goats nuts.

EDIT: oh, and don't worry, BoA still makes money on this deal. After the trial period is up, the most any one transaction can acrue is $.99 moved from your checking to savings. Depending on how they do it 5% garners you almost $.05 (lets say $.04 worst case scenario where they just drop the decimal digits after). But BoA must be making at least that much on each transaction. I know they get a few cents for every transaction, maybe $0.02 or $0.03. That leaves $0.01 unaccounted for. Maybe they'll just drop the remainder into an account they create (like in Superman 3). Maybe not, I don't know. Regardless, on average I bet they break even on each transaction, or at worst are shorted $.01 or $.02 cents. I think can afford $.01 or $.02 cents (worst case scenario) for the money they will make in the next part of the plan.

Now, with an extra $500 ($250 from the checking account + $250 matched annualy by BoA) in everyones savings account, thats a lot of money that BoA is holding on to. Which means more money for them to start investing or lending at a much higher return rate then 5%.

 

Yeah, I agree. To hell with BoA I've heard too many horror stories about the worst customer service EVER. That's what I choose my bank on. Get a Merrill Lynch or a UBS account. They're awesome.

 

BofA sucks they screwed my grandma back in the early 90's... Everyone is going to do this and BofA will have 5 million ppl hold $250 in the saving accounts.. That's alot of money to play with.

 

I've had both business and personal bank accounts with bofa.
I've never had a problem with their customer service. They have been good to reverse charges for me. All I had to do is ask.

 

Yeah, but how much D did you have to S for that.

 

None actually. I just asked nicely.

 

Yeah, I was just at the bank the other day, and said "Hi, you charge me for checking even though I have direct deposit. I don't want to be charged anymore" and the teller said "Okay." Strange what happens when you ask nicely.

Though, what cracks me up about BoA (don't know if its still true), is that their regions aren't linked. If you are in another state (or Southern California since it is its own region) you can't access your account through a teller. Of course, you can still withdraw or deposit all you want at the ATM.

 

I never knew that about bofa.

Strange. But I like the fact that they have a bofa in Peru! :banana:

 

I don't know, it's seems a little sly to charge someone until they have to ask. I've never had an account with them so I have no idea. I'm happy with the accounts I have so I have no desire to switch. The only reason I got a new account today was because the ML place is further away and the UBS account is right by were I'm staying and they wasn't enough FDIC insurance on my other account.

 

Nah, the deal was I had an account set up that gave me free checking regardless of direct deposit if I kept a certain balance. So, I dipped below that minimum, but now that I have direct deposit, I went in and changed my account to one that gave free checking with direct deposit regardless of my balance. The first way suited me through college where I wasn't working steadily, but now that I'm working steadily, the second type makes more sense.

And, while I was there and chatting with the teller, I found out that my company has special account types for their employees, like free checking with 3% interest, free checks and free money orders and a few other fees that will get waived.

 

I don' see a problem with any of this. This is how banks make money and with this program BofA is helping me save money with no effort (I'm sure I could live without the extra $.50 from any given transaction). Before I know it, that money will add up, and it will be money I've saved in addition to the other money I save every month. On top of that, they give me 100% matching for 3 months and then 5% after that and that's on top of any interest I earn on the money I'm saving.

Free money? Count me in. I don't care if they use some of that money to make money for themselves in the interim. Everybody wins

 

The account I have now keeps every dime of you money invested. Every last bit. When you make a purchase with your card it will automatically sell something to accomadate the buy. Then at the end of every day it wipes the interest back into the account. Pretty sweet deal. I get paid to do nothing and that's the best money there is.

 

And as far as BofA, I've been a customer there for about 6 years now. I had nothing but problems (and fees out the ****ing ***) with Wells Fargo, which is why I switched. I have heard a lot of horror stories about BofA though, and damn near every other bank as well. I really like BofA personally

 

Oh, I don't think its bad in the least at all. It is definitely a program worth while. Not necessiarly one I'd switch to BoA over, but good nonetheless.

I was just meerly pointing out that BoA is not doing this out of the kindness of their hearts, and will be making money on the program. LookingForPower seemed to get the notion that BoA was going to lose money on this deal, if in fact they gave out free money. But in reality, they are giving out free money to customers and will be making money on the deal to boot. The program is as decent (for customers) as it sounds.

 

Yeah, there's no way they'd do something like this and purposely lose money on it heh. The program is cool because I'm a BofA customer - I wouldn't switch for it either