Bank of America introduces first-ever Keep the Change™ electronic change jar to help consumers save while they spend
October 5, 2005
Reporters May Contact
Tara Burke, Bank of America, 212.847.6488
Consumers can round-up debit purchases and put the change into savings; Bank matches customer contributions for the first three months
CHARLOTTE, N.C. - Aiming to help Americans save, Bank of America today announced Keep the Change, a unique free savings feature tied to a debit card that will revolutionize the way people collect loose change.
Keep the Change is a quick and easy way to start saving immediately. When a customer signs up for Keep the Change, the amount of every purchase they make with a Bank of America debit card is automatically rounded up to the nearest whole dollar and transferred from the customer's checking account into their savings account at the end of the day. For example, when purchasing a coffee with a debit card, the difference between the $2.85 cost and $3.00 - or 15 cents - would be transferred electronically. In addition, Bank of America will match 100 percent of the Keep the Change transfers for the first three months. After that the bank will contribute five percent a year. The maximum match is $250 annually.
"Our customers told us they want a simple way to save, so we created Keep the Change," said Diane Morais, Deposits and Debit Products executive at Bank of America ."It's like an electronic change jar. People can now turn those everyday purchases for groceries, gas and meals into a simple way to save."
Keep the Change comes at a time when the personal savings rate is low. The U.S. Department of Commerce reported that personal savings was negative $61.8 billion in August, compared to negative $100.9 billion in July. Personal savings as a percentage of disposable personal income was negative 0.7 percent in August, compared with negative 1.1 percent in July.
"Keep the Change is a simple way to help you save every day, plus you get a contribution from the bank. This is a great plan to make your savings grow," says financial expert David Bach, #1 best-selling author of The Automatic Millionaire. " People should take every opportunity they can to save money, because it really adds up - and the best way I know to do that is to make your savings automatic!"
Bach offers the following tips to help consumers save:
Available coast-to-coast by the end of October*, new and existing customers can activate Keep the Change by visiting one of the bank's more than 5,800 banking centers. Customers will need a Bank of America checking account, savings account and debit card. The bank pays the rewards annually. Customers can watch their savings grow by viewing their accounts within Online Banking at bankofamerica.com. For more information, customers can also go to http://www.bankofamerica.com/ktc.
Bank of America is the largest debit card issuer in the United States, with 27 million cards issued.
- Find your Latte Factor ® -- the small ways you spend money on little things like coffee, bottled water, etc. -- and re-evaluate daily purchases.
- Assess how you can redirect spending to personal savings.
- Use a debit card for most purchases. The money comes right out of your checking account.
- Make your savings AUTOMATIC by participating in a program like Keep the Change that helps you save while you spend.
- Decide today to pay yourself first!
*Keep the Change currently not available in Washington and Idaho.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,600 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
David Bach and FinishRich Media
David Bach is an internationally recognized financial expert, bestselling author and the creator of the The Finish Rich book and seminar series from which millions of people have benefited. Bach has written six consecutive national bestsellers including The Automatic Millionaire, Start Late, Finish Rich, Smart Women Finish Rich, Smart Couples Finish Rich, The Finish Rich Workbook and The Automatic Millionaire Workbook.
Bach's breakout book The Automatic Millionaire exploded around the world in 2004 and quickly became the number one business book of 2004 reaching #1 on the New York Times, Business Week, Wall Street Journal, and USA Today. With over a million copies in print this simple powerful book has been translated into over 15 languages and has inspired thousands of people around the world to save automatically.
David Bach is the founder of FinishRich Media a company dedicated to teaching people around the world how to live and finish rich. You can read his column The Automatic Millionaire bi-weekly at Yahoo, where Bach is a featured contributing editor.
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