Not such a great deal?

[Nigel87]

For those of you that bank at the wonderful Bank of America, how many of you have Keep the Change?

 

For those of you that don't know what it is, say you buy something for $1.50 on your check card, the $1.50 is rounded up to $2.00 and the difference (the $0.50 is put into your savings account). For the first 3 months BofA is matching 100% of the difference that is put into your savings account...

 

As a result of this I've been using my BofA check card for all kinds of purchases. And because I live in the wonderful socialist paradise known as Canada, I'll pay for something in Canadian $, then it's converted and taken out of my account in US $. So I get my monthly statement in the mail, and it makes the report I wrote for a class look like a short story. For 1 transaction it looks like:

 

10/31/2006 KEEP THE CHANGE TRANSFER TO ACCT XXXX FOR 10/30 -$0.66

10/31/2006 INTERNATIONAL TRANSACTION FEE -$0.13

10/31/2006 PURCHASE ON 10/30 AT SAIT-JOHN WARE CAF.- CALGARY AB -$4.34

 

I'm not using Keep the Change for BofA's great interest rates on their savings accounts (I think my change jar is earning more interest right now!), just for the first 3 months when BofA is matching 100%, then I found out they pay that on your 1 year anniversary .

 

I remember when I first moved up to the frozen white north, I had to use my BofA check card to buy stuff (I didn't have a Canadian bank account yet), I don't remember seeing international transaction fees (just the conversion from Canadian to US). And these fees range from $0.04 to $0.20 (it's based on a % of how much is spent).

[BIGREDIOWAN]

So basically your getting screwed!!!!!

[huskernumerouno]

You normaly do when you deal with a bank and its debit cards.

[Nigel87]

I'll need to total up the fees, and then the savings... hopefully I break even at this point.

[husker rob]

how the hell do you think BA pays for the sponsorship at Diamondback Stadium in Phoenix, by screwing the Canadians