$4000 for FREE!(?)

[Robert the Red]

While waiting for my colonoscopy this morning, I overheard a number of the nurses and aides talking about a former patient who owes the Endoscopy Center $100. He is paying $1.01 per month from his Bank of America account, since he then get 99 cents deposited in his savings account for "free", due to the "Keep the Change" program. Despite the payment clerk explaining to him over and over that this money is just his $0.99 moved from checking to savings, he doesn't believe it -- he's convinced he can make up to $4000 this year by paying all his bills off in this way. He figures that BoA is just giving the money away for some reason, and he wants his share. (To be fair, BoA does give a little money at the start of the program, but not that much.)

Seems like a prime candidate for a pyramid scheme. This guy is in his 50s, so he'll never learn.

[Nords]

Quote:

Originally Posted by Robert the Red He is paying $1.01 per month from his Bank of America account, since he then get 99 cents deposited in his savings account for "free", due to the "Keep the Change" program.

This seems like a great opportunity to announce the new "Nords Keep The Change" program. All of you are welcome to send me your $1.01 each week and I'll promptly send you back 99 cents. Guaranteed.

You might lose a little on the first transaction but you'll make it up on volume!

[Goonie]

Quote:

Originally Posted by Nords This seems like a great opportunity to announce the new "Nords Keep The Change" program. All of you are welcome to send me your $1.01 each week and I'll promptly send you back 99 cents. Guaranteed. You might lose a little on the first transaction but you'll make it up on volume!

One of my former co-workers....a really nice guy with a pretty good sense of humor......always spent about $10 to $20 per week playing the state lottery. He seldom won anything at all....once in a while he might win back $5.....usually $0 though. So one day I made him an offer that would pay him back FAR better than the lottery ever had. I told him every Friday before we went home, to just give me the $10 or $20.......then first thing Monday morning I'd hand him a envelop with his 'winnings' in it. It might contain $1 or $2.....or it might contain $10 or $20......but, to make it better than the lottery.....it would always contain some $$, and would never be handed to him empty.

He laughed so hard I thought he was gonna wet himself........then went on and agreed it was a better investment than the lottery........however, he never did take me up on the offer. Dang it!

As for the OP.....I have a couple of friends acquaintances that think the bank is giving them 'free' money by using the "Keep the Change" offer. Honestly, I didn't think anyone I knew was that dim........I was wrong! "Here's your sign!"

[haha]

Quote:

Originally Posted by Goonie As for the OP.....I have a couple of friends acquaintances that think the bank is giving them 'free' money by using the "Keep the Change" offer. Honestly, I didn't think anyone I knew was that dim........I was wrong! "Here's your sign!"

After going along for years thinking people were generally smart I finally figured out that my perception was because of where I lived, what I did, and the kind of person I am attracted to. Now I know that I am surrounded by people who interpret the world entirely differently from how I do.

But these guys you refer to with the "Keep the Change Program" not only must not be able to think, they must not be able to read either. Every month the transfer is right there in their statement. :confused:

Ha

[ladelfina]

Goonie, what a great story.. thanks.

[Goonie]

Quote:

Originally Posted by haha But these guys you refer to with the "Keep the Change Program" not only must not be able to think, they must not be able to read either. Every month the transfer is right there in their statement. :confused: Ha

"Statement.....statement? What's a statement? Am I supposed to read those things before I shuck 'em into the garbage?" Well, let's just say that they ain't the brightest bulbs on the christmas tree.

[LOL!]

He probably makes even more money when the IRS sends him a refund in April.

[Alan]

Quote:

Originally Posted by Robert the Red While waiting for my colonoscopy this morning, I overheard a number of the nurses and aides talking about a former patient who owes the Endoscopy Center $100.

That is hilarious, may be it is a standard story they tell just to distract their patients from what they are about to receive.

[rickier55]

Actually - sometimes ignorance is good. This guy would probably NOT have accumulated $4000 in his savings any other way. He probably didn't think he could "afford" to save $4000. Now it's done for him. At least until someone comes around to sell him a bridge somewhere.

Rick

[maddythebeagle]

Bofa only matches the money for 2-3 months so doubt that he will completely get a free "butt poking", but yeah, the 100 bucks he should be able to do...let the poor guy have his fun paying 1 buck a 100 times...

[chadster1]

Bank of America is really making a killing on this with all of the processing fees they are charging the merchant on each transaction

[CitricAcid]

As maddythebeagle said, they DO match 100% of your savings transfers for the first 3-6 months of or so, up to a maximum of like $500 IIRC. And, as rickier said, this is probably a very good thing, he would never save that much money on his own without being tricked into saving some of his own money. Let him do it, now on to set up a Ponzi scheme.