Comments on: Keep The Change

By: Shannon Williams

Shannon Williams — Fri, 05 Feb 2010 07:21:11 +0000

I too do the majority of my banking with a local credit union, but I’ve been real tempted to open an account with BofA. The idea of putting my spare change directly into a savings account, matched up to $250 by BofA per year, instead of my water-cooler bottle is appealing..

By: WilliamB

WilliamB — Sat, 14 Nov 2009 02:30:56 +0000

It’s 8.75%. Since we don’t have fractions of a penny that comes out to 9%. It’s highway robbery and no self-respecting frugal person should fall for it.

Not only will your bank likely roll your coins for you, some banks will do it whether or not you have an account there.

By: Alicia

Alicia — Fri, 13 Nov 2009 19:17:34 +0000

I go to my bank once a month and deposit all my leftover change. For free. Coinstar charges a fee. With Bank of America’s keep the change you have to keep using your card. And be disciplined not to spend more. Since I used to overspend on the debit card I am better on the envelope system. Not so good for BoA’s keep the change but great for the change jar.

By: Tony Wolk

Tony Wolk — Fri, 13 Nov 2009 18:30:06 +0000

I too think of the charge to the vendors. My father was a retail furrier (i.e, a small businessman). Once credit cards appeared on the scene, wily customers would ask if there was a discount for cash (knowing about the vendor’s fee).

I tried that with Smith’s Home Furnishings some years back and they said “No discount.” I thought, “Stupid businessman–why should I buy from these guys.” What particularly irritated me was that there was no one on-site to take responsibility for such anomalous moments. I still prefer to write a check for large purchases (auto repair, etc.), without asking for a discount. Just to help out a small business versus a national bank, which makes its profits parasitically. (Credit unions and local banks are a different animal.)

By: Kathy

Kathy — Fri, 13 Nov 2009 15:19:43 +0000

I pay cash for small purchases and only use bills, no change. The change I get back stays in my pocket for the rest of the day. That night, it goes into my change jar.

Some day I hope to pay for small purchases only with $5 bills (or higher) and put all the change I get back (including bills) into the jar. Mentally and financially, I’m not quite there yet.

By: Aleta

Aleta — Fri, 13 Nov 2009 14:40:35 +0000

The problem with programs like these is that the banks are charging the vendors a fee for you to use your card. Which, as you guessed it, raises prices at the stores and probably just makes the banks more money. Instead of banking with the super-mega-monster banks, we choose to bank at a local credit union. Truly a breath of fresh air. (Rivermark) And they also count our loose change for free. Most banks/credit unions do.

By: Keema

Keema — Fri, 13 Nov 2009 04:59:18 +0000

I have a Bank of America account, but don’t see the point of using the keep the change program. I have a small income and do not make many purchases anyway. But, my BofA accounts are linked together. I can transfer from checking to savings by just calling their phone banking line.

By: Emily

Emily — Fri, 13 Nov 2009 04:42:14 +0000

This is really interesting but too much work for me:
http://www.wikihow.com/Take-Advantage-of-Bank-of-America's-Keep-the-Change-Program

By: magdalena

magdalena — Fri, 13 Nov 2009 02:01:51 +0000

I am a to-the-penny kind of budgeter. I’ve seen this programme, but don’t think I’d use it because I need to know exactly what is in that account. I use a coin jar in the closet, and once emptied it after about a year, rolled the coins one afternoon, and told my husband I’d found some money. He thought I meant $5 or $10 but it was $98+! And that did not include lonnies and toonies, which I don’t coin-jar. (For uninformed Americans, these are the $1 and $2 Canadian coins.)

By: Kristin

Kristin — Fri, 13 Nov 2009 01:42:42 +0000

I participate in Keep the Change, and I love it. I don’t mind the extra entries on my statement since I just add them all up and enter in one big amount when balancing in Quicken once a month. It’s a nice addition to the regular savings allotment that I actively deposit.

I don’t love BofA, but have managed to avoid getting dinged by them over the 20 some years they’ve been my bank. I take cash out while shopping rather than at ATMs and use online banking as much as possible to make sure I stay on top of the balance.