Banks Moving Your Money Around

Thursday, 10 July 2008 at 5:00 am Pacific USA Time.

I’ve been listening to some commercials for banks. They claim they are helping you save, but I’m confused. Evidently, the idea is that if you spend money, the bank will take the change up to the next dollar, and move that from your checking to your savings.

I think the idea is to inspire people to get money into their savings accounts. The problem is how the hell will I reconcile my checkbook and accounts when what I’ve been spending doesn’t match how the bank is moving money for me? Is this really helping? Doesn’t this make more work for me?

And how much will my savings grow by moving amounts like 57 cents there every time I use the debit card on that checking account?

I’m just not sure that this is worth the hassle and reconciliation troubles.

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Categories: That's Bad Marketing

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