Bank Of America - "Keep The Change"

Not sure if you have seen this before, but Bank of America has instituted a program called "Keep the Change" that contributes money to the customer's savings account whenever they make a purchase using their debit card.  Basically, if a consumer makes a purchase using their debit card, Bank of America will round up the cost of the item and contribute the difference between the real cost and the "rounded" amount to a savings account.  So, if someone makes a purchase for $7.50, then Bank of America will round the purchase price up to $8.00 and contribute .50 cents to your savings account.  Hmmm, sounds like a pretty good deal, huh.

This new scheme by Bank of America is underhanded for two primary reasons...(1) in some cases, consumers are already paying a fee for each transaction made on their debit card and (2) merchants are assuming extra costs since credit card companies impose a fee upon the merchants for each transaction.  Bank of America is simply attempting to increase usage of debit cards so they can collect more from consumers and merchants.