News for hackers. Stuff that matters.

A comment on BlackRock Backs a Startup to Find Out What Young Investors Want. Parent comment

Re:BlackRock Backs a Startup to Find Out What Young Investor... by propogandist on Thursday May 10, 2018 @07:25PM (#17043761)
Bank of America had a similar program for debit card consumers years ago, called Keep the Change (iirc) and I believe other firms have tried it too.

It was designed to move money into a savings account, but there's nothing stopping from getting their massive customer base to start using their MerrillLynch products with an offering that competes with this (across debit + credit cards).

That said, Im not sure how they can sustain rounding up credit card transactions without taking a big financial hit.

[ Parent | on HN ]
Re:BlackRock Backs a Startup to Find Out What Young Investor... by maxerickson on Thursday May 10, 2018 @07:27PM (#17043768)
It's sustainable because it isn't their money they are using to round up the transactions.

https://www.bankofamerica.com/deposits/keep-the-change/

[ Parent | on HN ]
Re:BlackRock Backs a Startup to Find Out What Young Investor... by propogandist on Thursday May 10, 2018 @08:18PM (#17043994)
I meant this firm BlackRock's backing and specifically credit cards. BoA's program's limited specifically to debit cards and money is just moved to savings account from your checking account.
[ Parent | on HN ]