Yes, I Read The Newspaper.
Bank of America is offering a new option to their customers. It’s a way for people to save money without really trying. What happens is when you use your debit card, Bank of America will round up the purchase to the nearest dollar and put the difference into a savings account for you. For example, if you buy something that cost 9.54 it will hit your account as $10, but the .46 will go into a savings account. Simple way to save money without really trying right? Well, sure. However, anyone that has worked in banking or in the finance industry will tell you that all Bank of America is doing is making money off of you, their customer. You see, everytime you use your debit card, the bank makes money. Bank of America stands to profit by earning a fee for each transaction made with debit cards. Banks typically charge 1 percent to 2 percent of the purchase price for each debit card deal. Now, there’s nothing wrong with Bank of America trying to increase their profits, but will this cause retailers to raise their prices to overcome the fee increase? Something to think about I guess. There’s always a catch. See, I can be intelligent if I want to.

Song of the Day – “Scars” Papa Roach