Banks Help Consumers Save More Money
Save More Money Today
When the time has come to save money because you never want to end up like those millions of people in foreclosure, fighting to find a job and worried about where the next meal will come from, the bank may be the best place to turn. The best way to save money is to have it taken from you without your knowledge. Imagine 25 cents a day for a year. That small amount of money would add up to nearly $100.00. Now, imagine 25 cents every time you used your bank card. That could add up to much more than a mere $100.00.
There are varying estimates of how many times a debit card is swiped each year. But, a good number is about 20 times a month or 240 times a year. That could mean a savings of $240.00 a year from just swiping your debit card for purchases...but how?
Banks, like Bank of America, have a program that links a savings account with the debit card. When the card is swiped, the remaining change (rounded up to the next dollar) is placed in a savings account. Some banks will even give rewards or match the amount saved up to a given amount. This means more savings every day.
Use Debit or Credit Function?
Another way a bank can help the consumer save money is with a "credit card" debit card. According to Debra A. Janssen, the President of First Data Debit Services, the average consumer spends an average of $2.00 more when they use their card as a debit rather than a credit. This adds up to a savings of $480.00 a year based on average debit card usage. When the card is used as a credit card rather than keying in the pin number.
TOTAL SAVINGS FROM THE BANK: $720.00
