Bank of America's new gimmick is its Keep the Change program. The ads are all over the places: TV, radio, billboards, subway trains. They feature coins idling on escalators, in dryers, under the carpets, and in other odd crannies. These are the loose changes that BOA vows to help you save: if you use the BOA debit card, your purchase will be rounded up to the next dollar, and the difference will be deposited in your BOA savings account.
Keep the Change, this concept of aided saving, is laughable at best, if not entirely senseless. Having outgrown my piggy bank in teens, I only saved quarters for parking meters and washing machines, and I had barely saved enough quarters before the smart cards caught on in the laundry rooms. If you count on loose changes for your savings, you'd better vote for a financially responsible president so that social security will always be there for you. With two purchases a day, 50 cents of change per purchase, you will save $30 a month, $360 a year. Not exactly helpful for your retirement, or your children's college tuition.
That's why BOA disguised this laughable concept in their advertisements: it's not just about helping you save your money; it's about putting those otherwise lost coins into real use. A misdirection, but a clumsy one. If you are using a debit card, there will be no loose change to begin with. So why round up the price and put the difference into the savings account? Why not just keep the change in the checking account for your next purchase, and put aside larger sums regularly into savings? Why is a BOA debit card better than any other debit card?
When a good magician pulls off a trick, he uses enough misdirections to ensure that the audience cannot reconstruct the mechanism by logic deduction. A good magician knows that people are not stupid. If only the brains of BOA knew that too.
Keep the Change, this concept of aided saving, is laughable at best, if not entirely senseless. Having outgrown my piggy bank in teens, I only saved quarters for parking meters and washing machines, and I had barely saved enough quarters before the smart cards caught on in the laundry rooms. If you count on loose changes for your savings, you'd better vote for a financially responsible president so that social security will always be there for you. With two purchases a day, 50 cents of change per purchase, you will save $30 a month, $360 a year. Not exactly helpful for your retirement, or your children's college tuition.
That's why BOA disguised this laughable concept in their advertisements: it's not just about helping you save your money; it's about putting those otherwise lost coins into real use. A misdirection, but a clumsy one. If you are using a debit card, there will be no loose change to begin with. So why round up the price and put the difference into the savings account? Why not just keep the change in the checking account for your next purchase, and put aside larger sums regularly into savings? Why is a BOA debit card better than any other debit card?
When a good magician pulls off a trick, he uses enough misdirections to ensure that the audience cannot reconstruct the mechanism by logic deduction. A good magician knows that people are not stupid. If only the brains of BOA knew that too.
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