Bank of America, Keep the Change and Overdraft Fees – A Colossal Scam!

bank of america keep the change scam


Just about everyone has either heard of or seen Bank of America’s advertising for their Keep the Change program.  It looks on the surface to be a great way for people to start saving money.  But actually it’s a way for the bank to seriously crank up one of their most profitable resources – overdraft fees.  I found this out from a friend of mine that works at Bank of America.  He said this program was totally rolled out to boost the occurrence of overdraft fees.  And that it did in abundance.

Bank Of America executives know that the majority of people out there can not effectively balance their checking accounts.  This is why for years they’ve been playing games with how they debit and credit accounts.  For example I check my clear but then be revoked and then added and then revoked and then added again mysteriously.  You can see the clear evidence for this just by perusing  the housands of complaints on the internet about Bank of America and how they maximize overdraft fees.




With the Keep the Change program every bill or every payment are rounded up to the next dollar and the difference is put into a savings account.  This further ensures that even more people have no idea of what’s in their checking account.  This is where the overdraft fees come in.  This along with their already clearly scammy behavior with playing around continuously with debits and credits just creates an even bigger environment ripe for pillaging with overdraft fees.

Everybody out there at some point in time has been hit with an overdraft fee.  Well, with Bank of America it isn’t that simple they will nail you with numerous overdraft fees.  All you need to do is check the numbers and you will see that Bank of America makes several hundred million dollars in profit off of overdraft fees alone.  The word from my friend at Bank of America is that they keep the change program was initiated solely to cause a 25% to 50% increase in overdraft fees.

Bank of America crooks

This picture says it all!



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Someone needs to take Bank of America to court over this.  Maybe it will be the civil liberties union as the majority of accounts that gets sacked with these overdraft fees are people that are barely making it by are usually comprised mostly of minorities.  If someone were to go into these overdraft fees and affected accounts at Bank of America, whether or not they were obtained through the Keep the Change program, they would find some alarmingly large numbers of minorities that are affected.

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This is clearly unethical business behavior and something I will not stand for.  I do not recommend Bank of America in any way, shape or form.  They disgust me.


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14 Responses to Bank of America, Keep the Change and Overdraft Fees – A Colossal Scam!

  1. Eleonora Whittle on May 15, 2010 at 9:20 AM

    Didn’t you know that Bank of America is all about corporate greed? Since when do you think that Bank of America would come out with something like Keep The Change to actually help and benefit consumers? Can you say never? Bank Of America is a bunch of corporate fat cats that take care of themselves and no one else. They have their posh offices, country club memberships, Aston Martins and Rolls Royces and million Dollar estates to pay for and they need to rip off as many consumers as possible to make sure they could pay for these expensive toys and trists.

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  2. Tessie Onishi on May 15, 2010 at 7:28 PM

    I hate Bank of America. I wish Obama would’ve asked me prior to issuing all that bailout money to corrupt banks and their CEOs like Bank of America. I would like to see the bank CEOs and high up executives be forced to do manual labor and man the soup kitchens for our city’s homeless people. I think they should also be made to house as many homeless people as they can in their million dollar mansions as they brought on this terrible recession. That’s my two bits on this matter.

    Like or Dislike: Thumb up 3 Thumb down 1

  3. The Cisco kid on May 27, 2010 at 10:35 PM

    I never liked Bank of America. The only thing good about Bank of America was they used to have this hot South American girl that worked at the local branch at my local grocery store. She wore these really tight pants and her ass was just so fine. You just had to see her to believe it. She was fine! The bank sucked, but damn she was fine. She stopped working there so I stopped using Bank of America. I wonder were she went or ended up? I miss looking at that fine piece of ass!

    Hot debate. What do you think? Thumb up 6 Thumb down 3

  4. Chris on July 19, 2010 at 2:10 PM

    Well I wouldn’t consider them to be crooks… their just taking advantage of stupid americans. If you don’t know whats in your account. DON’T USE IT, if you blindly sign up for programs and offers, you deserve to be slammed by overdraft fees. If you are smart, and know how to keep track of what you have/owe overdraft fees will not be an issue. I dont need some “keep the change” program to save money, all it takes is a little self control…

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  5. Alva Zarin on September 20, 2010 at 4:47 PM

    That’s Bank of America for you. They will try and ding you wherever they can. Those way overpayed CEO’s need to make a profit from somewhere and they don’t care if it is from the people that can least afford it.

    Like or Dislike: Thumb up 1 Thumb down 1

  6. Harry on October 18, 2010 at 9:18 AM

    Right on! I never liked Bank of America. I always thought there was something fraudulant going on there.

    Like or Dislike: Thumb up 3 Thumb down 1

  7. Carol on November 1, 2010 at 4:59 PM

    I guess I am stupid, does BofA change you for the change then just put it into your savings account? I was just told when joining that BofA would put the change into my savings and they never mentioned putting a debit to my checking. I do know that the bank charges the merchant, so I guess if this is true they are double dipping. Please clarify this for me….

    Like or Dislike: Thumb up 0 Thumb down 1

  8. Madi's mom on November 21, 2010 at 1:27 AM

    To Carol from Nov. 1 2010, to answer your question, yes, they are double dipping because when you make a purchase they round your purchase up to the nearest dollar amount and whatever the difference is between the next dollar up and the actual purchase amount they transfer that amount into your savings account. Say you buy something for $4.60 they actually debit your account $5.00 and put the $0.40 into your savings. So basically you have to round up to the next dollar in your debit register to stay on track with your account and silently your savings will grow. That is the intention anyway.

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  9. Bill on December 29, 2010 at 11:39 AM

    I used this “service” when it first came out a few years ago. It seemed like a good idea. When I saw an entry on my monthly statement that I did not understand, I called them. They said it was the Monthly Fee for using the Keep the Change program. I think it was $5 per month. I canceled it immediately!.

    Like or Dislike: Thumb up 2 Thumb down 0

  10. Codebeard on March 10, 2011 at 1:09 PM

    I fail to see how this is a scam. The maximum amount of change that can be trasnfered on any given transaction is $0.99. How many transactions are you performing that you actually have significant money “lost” from your checking account every month? Or how little money are you keeping in your account so that a few bucks a month shifted from checking to savings is enough to put you into overdraft territory? And obviously every one of you has access to a computer, you really can’t be bothered to check your account online every couple days or so to see it matches what’s in your checkbook? People being stupid is not a scam.

    Now if you don’t like the fee that seems to be associated with it, sure, fine, fair complaint. (I don’t use BoA so I wasn’t aware of any fee, but if there is one they should better advertise that fact.) I don’t see the issue with the service itself.

    Like or Dislike: Thumb up 3 Thumb down 2

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