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Bank of America had a similar program for debit card consumers years ago, called Keep the Change (iirc) and I believe other firms have tried it too. It was des
by propogandist 8y ago
Bank of America had a similar program for debit card consumers years ago, called Keep the Change (iirc) and I believe other firms have tried it too.
It was designed to move money into a savings account, but there's nothing stopping from getting their massive customer base to start using their MerrillLynch products with an offering that competes with this (across debit + credit cards).
That said, Im not sure how they can sustain rounding up credit card transactions without taking a big financial hit.
- maxerickson 8y agoIt's sustainable because it isn't their money they are using to round up the transactions. https://www.bankofamerica.com/deposits/keep-the-change/ https://www.bankofamerica.com/deposits/keep-the-change/
- propogandist 8y agoI meant this firm BlackRock's backing and specifically credit cards. BoA's program's limited specifically to debit cards and money is just moved to savings account from your checking account.