View Full Version : B of A Save the Change program
I've been researching banks because I want to get a second checking account. I came across this Save the Change thing at Bank of America-the idea is that your debit card purchases are rounded up to the next dollar, and then that money is automatically funneled into a savings account. Has anyone tried it?http://www.bankofamerica.com/promos/jump/ktc_coinjar/index.cfm?&statecheck=WA
Cute idea, but I hate B of A.
I can't imagine anything short of absolute desperation with no other options that would make me ever do business with B of A again. I am pretty sure their headquarters is in Hell.
Same here. We unknowingly had our mortgage sold to B of A. We hate them and didn't want to support them. After a few years of trying, we got a much better interest rate at a small bank and refinanced and are so glad to be out of B of A.
I didn't realize this would turn into an I hate B of A thread, but so be it. I know they've been vilified in the press - but I haven't heard many personal stories. Any details welcome. I don't plan on borrowing with them - has anyone had a bad experience with basic things like checking and saving accounts?
My experience was not with checking/savings, but I'll share it anyway. I had two B of A credit cards, with credit lines of about $15,000 combined. In 2008/2009, as I've reported here, I ran into a debt disaster brought on by unexpected turns of events with the recession and my MIL's real estate and my stupid decision to co-sign on her mortgage--as a result unfortunately I wound up maxing out my credit cards to get by for a few months.
The interest rates were ridiculous, and I was complaining to a friend whose husband I believe worked for B of A, and she suggested that I call them and renegotiate the interest rate. Sounded like a good idea.
So, I called, and the guy took my information, told me to hold on while he spoke with his supervisor, and then he came back and told me that they had just cancelled both of my cards. I was shocked. I had NEVER ONCE been even a day late. After he gave me no good reason for doing that (I'm assuming they came to the conclusion that I was overextended, which I was, but I was handling it), I asked him to make the credit report say that I closed the accounts, and not the bank--because it looks much worse if the creditor closes the account. He said he couldn't do that either. Then I asked about my WorldPoints (I had about 13,000 unused points that would be good for travel rewards). He said they were gone--I couldn't use them.
I was so shocked. You'd think they'd be happy with a customer who paid on time religiously, and gave them a ridiculous amount of interest in the process. They treated me so badly, so disrespectfully and so impersonally that I vowed I'd redo my debt snowball and pay them off first, which I did. Of course I didn't mind not having the access to credit--as a Dave Ramsey person, I'd forsworn credit anyway, it was just the insult of not recognizing a good customer when they had one.
I'll never use them again.
The only time I ever used them was a deal where you'd open a checking and a savings and if you kept the accounts for 6 months or whatever they gave you $100. I didn't use the accounts other than to hold some money for a little while and closed them right after I got my $100.
When we had B of A account, I repeatedly tried to get info about refinancing. Every time I called, the man I spoke with did not talk about refinancing, but instead tried to get us to borrow a lot more from B of A--"look how much more you could borrow!"
decemberlov
4-4-13, 11:25am
I didn't realize this would turn into an I hate B of A thread, but so be it. I know they've been vilified in the press - but I haven't heard many personal stories. Any details welcome. I don't plan on borrowing with them - has anyone had a bad experience with basic things like checking and saving accounts?
I have and still do (not sure for how much longer though). The main reason I opened an account with them was the convenience - they were located in the supermarket where I do a majority of my food shopping and they had great hrs. They also offered me free checking with no minimum for 5 yrs with my student id (I had one that was 10yrs old and they didn't care lol). I really love the save the change feature and they match you 100% after the 1st year up to $300.00 I believe. It really is great, I love it!!
A few months ago though they closed the branch in the store and now the only close location is just an ATM to deposit and withdrawl from. It's a whole bank building but I never see anyone there no matter what time I go. It's very strange. Because of the other branch closing there almost always a huge line of people standing and waiting to use the machine. Also I believe the no minimum 5yr thing is close to being up.
I'm eligible to use the credit union because of the company I'm with and I think that's what I will be doing very shortly. It's a little further but I'm sick of not even really having a bank and just always dealing with a machine. My mom also has BOA and on two occasions the atm has sucked up her card because she didn't remove it fast enough and she's had to wait a day or 2 for someone to come out and open the machine and get it for her. Ridiculous.
jennipurrr
4-4-13, 10:22pm
I have a mortgage that was sold to B of A several years ago and I have never had any issues. Maybe my experience is an outlier.
ToomuchStuff
4-9-13, 11:50pm
You won't get matching, but you ought to be able to do the rest yourself.
Thanks for the input, guys. I just found a review of the program online - doesn't sound all that great now that I have all the details. Excerpt:
What’s the catch? Bank of America will only give you a maximum $250 per year under this program. What’s more, they only make deposits to your account once per year, so those matching dollars aren’t compounding (http://banking.about.com/od/savings/ig/Compound-Interest/index.htm). Finally, the Bank of America savings account that they deposit your funds to has a low APY (http://banking.about.com/od/savings/a/apy.htm) of 0.5%.
If you need a little extra help, this program might do the trick. Unfortunately, it’s not going to make a significant impact on your financial situation. You’ll have to save $5,000 per year (by rounding up) to get the $250 match after your first 3 months. If you’re able to save $5,000 per year, you might as well just deposit those dollars in a higher yielding account throughout the year. You might use an internet bank account (http://banking.about.com/od/bankonline/a/internetbankacc.htm), or you could save it for your future in an IRA (http://banking.about.com/od/investments/a/ira.htm).
The complete review here -
http://banking.about.com/od/savings/a/keepthechange.htm
Don't you just love marketing? !thumbsup!
The best lesson you can teach anyone from kids to the elderly is to not believe what they are told when any kind of marketing is involved. Ask questions, be skeptical, etc. Learn all the facts and analyze them before jumping.
ApatheticNoMore
4-10-13, 6:42pm
Well I can barely even understand the program, which would keep me far far away, I mean when I can barely understand a saving account (of all things!), that's pretty bad KWIM! :) Suffice to say I think this math is wrong:
If you’re able to save $5,000 per year, you might as well just deposit those dollars in a higher yielding account throughout the year. You might use an internet bank account, or you could save it for your future in an IRA.
*IF* you are able to save 5k a year, it gives you $250 right? That's 5% though a bit less due to not compounding. Then there's also the APY of .05%. Ok how again is an internet bank account going to beat that, when some of the top yields on savings accounts according to bankrate are like 1% APY. Help me out here?
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