BOA charges a fee for more than 6 transactions on savings accounts. It sounds like this is a daily transfer.

Surely they don't charge you for every deposit...??

BuyBuyBuySellSellSell said:BOA charges a fee for more than 6 transactions on savings accounts. It sounds like this is a daily transfer.

Surely they don't charge you for every deposit...??

First, it depends on the kind of savings account. Second, it does not count deposit.

The rule says "round up" and the example BoA gave has $3.43 -> $0.57 -> $4.00

Is there minimum purchase limit for POS transaction? If not, spending $2.52 by making
252 $0.01 transaction will allow us to make $250. Now that's just hypothetical.

Are you sure that it has to be a debit transaction (pin) in order to earn the match? From the BoA website, it seems that I only need to use the check card for the purchase to earn the match. So using the check card online would work also.

arun21 said:johto said:wonder if the first 3 months is of the program, or per person based on their signup?

lot's of $1.01 charges to Verizon/Cingular/etc. coming up I bet!

must be a debit transaction. i.e. requiring you to enter your pin. will only work in actual stores, not online. your debit can be processed as a credit card as well but will ultimately end up to be the same thing. (signing for it, or entering your pin).

So now the trick is to find a way to spend X.01, 252 times over all within a 3-month period.

1) My first instinct is to use the PO stamp machines, but I'm not too familiar with the denominations that they accept. 3x37c=1.11 and thus 89 cents back. 280 iterations required.
Pros: Easy to do
Cons: You end up with 840 37-cent stamps ($310.80 of stamps)(maybe use them in the Mcdonald's Best Buy deal); your card may be frozen after two or three purchases at the same place; may be time consuming.

2) Amother option is to use it at the gas station two or three times before you actually fill up with your 5% card. CC are usually frozen after being used two or three times in one day at a gas pump.
Pros: Easy to do
Cons: Most people only get gas once per week so this equates to 13 times per 3 months and thus only up to 39 purchases.

3) Someone else may be able to help out with this last idea - using a paypal merchant account to charge your bankcard $1.01 252 times over. This comes to an average of three times per day over 84 days. It seems that paypal fees are about 33cents per transaction.
Pros: Very easy to do once it is set up
Cons: Paypal fees would reduce your take to 66 cents per transaction (252x.66=$166.32) - not a bad take for a little work.

Maybe a combination of all 3 ideas would work best.

All these ideas require at least $504 (252x$2) to be in your checking account. I suppose after some money was trasferred to your savings account, you could just transfer it back to your checking account.

Please add any good ideas you may have.

Edit: At the post office, the smallest dollar amount you can buy with a cc is $1.

fboyfboy said:The rule says "round up" and the example BoA gave has $3.43 -> $0.57 -> $4.00

Is there minimum purchase limit for POS transaction? If not, spending $2.52 by making
252 $0.01 transaction will allow us to make $250. Now that's just hypothetical.

what can you buy for $0.01??

I think everyone is reading this wrong. This is how it works according to the BofA site. If you charge something for $1.01, they will charge your accunt $2.00 and just transfer the difference to your SAVINGS account. They are not giving you anything. They are just helping round up stuff to help you save money. Thus it is the small amounts that will add up.

So the 1st 3 months they match the difference 100% and after that only 5%

Cool concept, but would be easier to just transfer $25 a month out of your checking to Savings and get about the same thing.

no you are right, but your numbers are wrong. But I am sure they have a month limit of the 100% match, so not going to be true free deal, just pretty much a bonus that you can get anyways for opening up a checking account. Nothing is ever really free.

xpguy said:go back and read it again slickdoobie, from what I understand...

Say you have $100 in checking
$0 in savings
You go and buy a piece of candy for $1.01

They will move $0.99 from your checking to savings
They will match that 100% in the 1st 3 months (give you $0.99)

Now your account looks like:
checking $98.00
savings $2.99 (your $2 plus their 100% match of $0.99)

did I read this wrong?

I luv the fw finance forum members, lol

I believe you guys are more thrifty than the hot deals folks and that is an accomplishment!

If I had a bofa bank in my town I might jump on this just for the fun of it!

since i have a checking acct with bofa... i might as well try this out.

i tried thinking of places to use it... but can't. Gas I get back 5%. Supermarkets too. Telephone and post office I get back 2x. leaving me with my coffee and thinking if I could do the paypal as samko mentioned instead...


3) Someone else may be able to help out with this last idea - using a paypal merchant account to charge your bankcard $1.01 252 times over. This comes to an average of three times per day over 84 days. It seems that paypal fees are about 33cents per transaction.
Pros: Very easy to do once it is set up
Cons: Paypal fees would reduce your take to 66 cents per transaction (252x.66=$166.32) - not a bad take for a little work.