Savings Tip
Date: Mon, 02/13/2006 - 13:24
For example say you spent $5.25 on lunch, then $.75 will be transfered. Now say you spend $32.01 on gas, the $.99 will be added to your $.75 and transfered as $1.74. In addition, for the first three months, they will match dollar for dollar what they transfer. After that it is matched at 5% a year. FI there are not enought funds to make the transfer, then they dont, and don't charge you either.
It's a great, effortless way to save, and you would be suprised how fast the balance of your savings accounts grows!! You may want to checkinto it and see if its for you.
If your are not a Bank of America customer, you may want to check with your bank and see if they have a similar program. If your bank doesnt offer this you could always doit your self , just take a little mor work.
Hope this tip helps someone!
Clay, this is a good service offered by BOA. Have you reviewed t
Clay, this is a good service offered by BOA. Have you reviewed the consumers' experience on this program?
Just like a product after being launched in the market, people give their comments and a survey is done on this basis. This feedback decides if the product will continue in the market or not.
In the same way, members who have used this program offered by BOA will be able to tell clearly if this service has been bliss for them or not. I am cautious here because if a swipe is done through credit card, it is not fully sure whether the balance will be transferred towards the particular account. We should do some research for precautionary measures.
People who have used this service will be able to share their experience in a better way. Their feedbacks can be available online or with the bank records.
I have been on this program since November. So far I have had no
I have been on this program since November. So far I have had none of the problems which my skeptical mind usually and did conjur up, fopr example them making transfers even though there was no money available; Charging fee for cancelling transfer; over draft fee for transferes which cause an account to over draft ( If there will not be enough in my account to cover the transfer they dont make it, and they dont charge me a fee ffor not making the transfer as scheduled).
So far I have not had any transaction over draft as a result of this service directly, only my lapses in record keeping. If someone does sign up for this service, when making entries in yoyur check book you may just want to round up to the nearest dollar to make sure you account for that transfer. I would be very interested to hear others experiences with this program. I admit I am terrible about saving like I should and this has been a great help in that area..
I did see a commercial about this the other day. I would be int
I did see a commercial about this the other day. I would be interested, but after pulling my credit report, I saw that some mysterious Bank Of America account appeared on my negatives. No idea where that came from, I haven't had a BofA account since I think 1998. Another one I have to dispute!!
~Mary :)
Clay, I will heed your advice and see if I can enroll myself for
Clay, I will heed your advice and see if I can enroll myself for such program. Can you tell how to apply for it if someone has a BofA account?
Quote:Clay, I will heed your advice and see if I can enroll myse
Quote:
Clay, I will heed your advice and see if I can enroll myself for such program. Can you tell how to apply for it if someone has a BofA account? |
You can either ask at the nearest branch, or I think I saw a section on their website when you log into on line banking to sign up as well.
For those that dont have a B of A account and whos bank does not offer a similar program. you can still do the same thing if you have both a checking and savings account. Simply ad up the "change" from your days purchases and transfer that to you saving account a the end of the day. While it may be a little more involved, in the long run the gainin savings is well worth the effort.
[quote]I did see a commercial about this the other day. I would
[quote]I did see a commercial about this the other day. I would be interested, but after pulling my credit report, I saw that some mysterious Bank Of America account appeared on my negatives. No idea where that came from, I haven't had a BofA account since I think 1998. Another one I have to dispute!!
File the dispute and get it cleared up. From 1988 it should be well past the statute of limitations.
But if it gets validated and has to remain don't let that stop you. I had a negative mark on my credit report with B of A that I knew about (my bad to young and dumb at the time), and they did not prevent me from opening an account.
Whie I have hear spuradic bad stories about B of A . overall I have always had a great experience with them. They have always hadled problems professionally, and taken care of any issues. When they have been wrong they admitted it, and took steps to correct the situation. They even went so far as giving me a $100 American Express gift check for my troubles.
HI Clay, That is awesome that B of A worked so well for you!
HI Clay,
That is awesome that B of A worked so well for you! I also had a positive experience with them back in the days, and honestly I don't remember what compelled me to change banks (it's been THAT long!) but I do need to dispute this account, because I know at the very least that the dates are wrong on it, if the debt is valid at all. Unless they are allowed to do that...let's say I had the debt in 2000, is it legal for them to begin reporting it in 2005? That doesn't seem right. Thanks :)
~Mary :)