Tag: Checkout Lines
Can I make money doing this from the Bank of America Keep the Change Program?
by admin on May.29, 2009, under Personal Finance
As many of you may know, Bank of America offers a “keep the change.” program. The catch is it only lasts for 3 months after you enroll in it, and i BELIEVE the only second catch is a $250 cap
As you may know it works like this: You buy something for $2.50, they credit your checking account by (-$3.00) and they debit your savings account with (+$.50) and then later in the year they will AGAIN debit you w9th (+$.50) as they match the change for 3 months after you enroll
My question is if i can just go to like a grocery store and keep ringing up individual items, say in the self checkout line and make money this way up to the $250 cap. Suppose i want to buy 5 items at the store, and i just ring up one item at a time so i keep getting seperate purchases. Would this work or does Bank of America also have like a limit on the number of purchases per day with the program? I can’t find anything in their terms for something of such, and it almost sounds too good to be true; is it?
Edit to response #1: Yes, that is true, but *not* prior to three (3) months under their program. Before the 3 month limit, they match 100% of your change- this is the key point. After the 3 months, you are generally correct- they only match 5% of your change. So if you buy something for $1.50 it costs you $2 and they match 5% of $.50 which is only $.025 (2 and a half cents) which is basically negligible.
Apple- Actually, it wouldn’t be a waste of time really if you did it in a method or a similar method to the one that I described. Consider my example again: Many grocery stores like stop and shop have self-checkout lines without a sales clerk. All youde do is ring up one item at a time. Many times i will buy 30 or more items at a grocery store, if the 30 items have an average of 50 cents above or below the nearest dollar, i’d make $15 doing this for the first three months of the program, if there are no daily limits (after 3 months, it’d be only a $.75 cent savings, not worth the effort).
You can really only do this at a store with self-checkouts if this is correct because a cashier who is a person most likely wouldn’t do this for you…
James
