Talking to Chuck?

[Tuscani]

I just need to put in another plug for ING Savings... none better.

[Anonymous]

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jaguls66 wrote:
using my debit card for everything, cannot remember last time I had CASH in hand. 20 or so times a week if not more. I applied. Just have to wait and see. With as screwed as my credit is right now, 1 more INQ won't hurt. and maybe when I get my scores up being a BoA customer will pull a little extra weight when I apply for a BoA CC. At least I hope so!

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good luck let's us know how you made out.

[Anonymous]

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Tuscani wrote:

I just need to put in another plug for ING Savings... none better.

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  Love the ING as well.

[Anonymous]

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@Anonymous wrote:

I just read the BOA thing:

"Savings accounts eligible to receive matching funds include Regular Savings, which requires a minimum opening balance of $100 and pays a variable Annual Percentage Yield that was 0.20% as of 06/19/07. This rate may change before the account is opened. Fees could reduce earnings."

That's a horrible interest rate.  And, Boswd, please correct me if I'm wrong, but this is your own money, right, just a forced savings.

If I'm reading the offer correctly, say you charge $5.28 for lunch.  Your checking account would get dinged for $6, and the .72 cents is transferred to your savings account, earning a whopping .2% interest.

I thought it was a bad idea when I was under the impression they were giving you 72 cents, but now that I see that they are not (except for the 3 month promo, and the yearly 5%) giving you that, but just moving it from your checking to savings....awful.

Learn some discipline and open up a savings account that will make you some real money.

Message Edited by fraz on 06-19-2007 02:09 PM

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If I wasn't in the process of learning some financial discipline I would probably not be here everyday reading all of the posts, and asking so many questions. As little as i am able to put in savings right now, i wouldn't really care about the interest, unless it was 95% compounded daily.

[Anonymous]

ING: 4.5% APY

GMAC Bank: 5.3% APY

If you think it makes little difference, tell me you wouldn't mind if your CC interest rate went UP almost 1%.

[Anonymous]

Okay, you got me.  I have self control. 

I'm sorry, but this BoA thing is not the greatest thing since sliced bread.  It isn't.  I have so little of my money in checking its absurd.  The only reason I keep a little over "just my bills" amount at ING (which is a great company, but there rates could be better) is in case I want to transfer some cash quickly to the checking account and withdraw it.  Otherwise, my local checking and ING is kept to a minimum, with the majority of my other money in different online savings accounts earning some money.  This would include anything I pay bi-annually (home, car stuff mostly) as well an emergency fund.

I don't need BoA (which doesn't offer checking in my state anyway) there to hold my hand and remind me everyday to save that change, it adds up.

I guess I can understand if you don't have any self discipline, it would help you, but you could really be doing a lot more with that spare change.  Of course, if I had a checking account with them, I could see signing up for this.  But then I'd have to move that money at the end of the month to an account thats earning 5%+.

But, as I pointed out, I believe that debit cards are awful.  They just open you up to so much more liability.

[Anonymous]

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fraz wrote:

Okay, you got me.  I have self control. 

I'm sorry, but this BoA thing is not the greatest thing since sliced bread.  It isn't.  I have so little of my money in checking its absurd.  The only reason I keep a little over "just my bills" amount at ING (which is a great company, but there rates could be better) is in case I want to transfer some cash quickly to the checking account and withdraw it.  Otherwise, my local checking and ING is kept to a minimum, with the majority of my other money in different online savings accounts earning some money.  This would include anything I pay bi-annually (home, car stuff mostly) as well an emergency fund.

I don't need BoA (which doesn't offer checking in my state anyway) there to hold my hand and remind me everyday to save that change, it adds up.

I guess I can understand if you don't have any self discipline, it would help you, but you could really be doing a lot more with that spare change.  Of course, if I had a checking account with them, I could see signing up for this.  But then I'd have to move that money at the end of the month to an account thats earning 5%+.

But, as I pointed out, I believe that debit cards are awful.  They just open you up to so much more liability.

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What in Sam Hill are you talking about?  If you don't use your debit card than your right it's not a great service because they don't offer a good interest rate.   And mayber you missed the part of my post where I mentioned that I have an ING account.

I for one use my debit card daily and too me it's a cool little service that turns my change into disposable income.

It's not the greatest thing sinced sliced bread but it is a cool service.   Let me ask you what do you do with all your change?   Add it up out of a bucket once a year with the rolls from the bank?    I for one enjoy seeing $20 + a month go straight into an account I can have access to besides a change bucket..  To me in a sense it's like free money.   I use it to pay bills and guess what  even transfer some over to my ING.

Ok I get it you don't like using debit cards that's all fine a good but I do and I find this to be a very good service to tranfer change into real disposable income. 

[Anonymous]

BofA keep the change checking is the best thing for anyone that uses debit as a primary source of payment which I do... And BOSWD I see average deposits of $50 monthly!

Take Care.

Rob

[Anonymous]

Different things work for different people.  Now let's all sing Kumbaya!

[Anonymous]

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Boswd wrote:

Let me ask you what do you do with all your change?   Add it up out of a bucket once a year with the rolls from the bank?   

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If that's what I did with my spare change, I really wouldn't be far off from the .2% I could have earned on it from BoA.

But, in reality, I just use my change.  You know, give it to the clerk, maybe put it in a parking meter, heck, sometimes, I just pick out the pennies and throw those on the ground so that kids (and my mom) get excited when they find a penny.

My only point is that this is not something I personally would bother with (even if I had BoA for a checking account).  Again, I have enough self control to budget out my paycheck in an efficient manner.  If some folks don't want to take the time to do that, or they just are not discplined enought, then I guess this could help them.  I merely am pointing out that having someone automatically take your change and turn it into your change * .2%(yearly) is not going to make you much money.

You know, ING (as well as HSBC, FNBO, Citi and Emigrant Direct) has an "automatic savings" plan you can setup.  It can go out to your checking and grab XX amount of money, XX times a month to force you to save.