Ready to Un-Change Your Savings? A Comprehensive Guide to Turning Off Bank of America Keep the Change
Are you finding that your "Keep the Change" savings aren't quite stacking up the way you hoped? Or perhaps your financial goals have shifted, and you'd prefer to manage your savings more directly? You're not alone! While the Bank of America Keep the Change program can be a neat way to passively save by rounding up debit card purchases, there comes a time for many when it's no longer the ideal fit.
This lengthy post will walk you through every step of the process to disable "Keep the Change," ensuring you regain full control over your money. Let's dive in!
Understanding Bank of America's "Keep the Change" Program
Before we jump into turning it off, let's briefly recap what "Keep the Change" is. Launched by Bank of America in 2005, this program automatically rounds up your debit card purchases to the nearest dollar. The difference – your "spare change" – is then transferred daily from your checking account to your linked Bank of America savings account. It's designed to make saving effortless and automatic.
However, its simplicity can also be its limitation. For example, you can't cancel it online, and it only applies to Bank of America debit accounts. If you're looking for more robust saving strategies or simply prefer to manage your funds manually, discontinuing the program is the right move.
Step 1: Assess Your Current Savings Habits and Goals
Before you even think about picking up the phone or heading to a branch, take a moment to reflect.
- Why do you want to turn off "Keep the Change"? Is it because you feel the savings are too slow? Are you hitting overdrafts due to unexpected transfers? Do you have a new, more aggressive savings plan in mind? Understanding your motivation will help you make informed decisions about your future savings strategy.
- What will your new savings approach be? Simply turning off "Keep the Change" without a new plan can leave a void in your savings efforts. Consider setting up automatic transfers of a fixed amount, utilizing a budgeting app, or exploring other savings tools offered by Bank of America or other financial institutions.
This introspection is crucial because it sets the stage for a successful transition away from "Keep the Change."
Step 2: Choose Your Preferred Method of Cancellation
Bank of America offers a couple of ways to turn off "Keep the Change." Unfortunately, directly canceling the program online through your online banking portal or mobile app isn't an option. You'll need to use one of the following methods:
Sub-heading: Option A: The Direct Approach - Calling Bank of America Customer Service
This is often the most convenient and quickest way to stop the "Keep the Change" program, especially if you're comfortable speaking on the phone.
- Gather Your Information: Before you call, have your Bank of America account details handy. This includes your:
- Account number(s) (for both checking and the linked savings account)
- Debit card number
- Personal identification information (e.g., date of birth, last four digits of your Social Security Number, or answers to security questions)
- Dial the Right Number:
- For general Bank of America inquiries (and "Keep the Change"): Call 800-432-1000.
- If you are calling from outside the U.S., you can call collect at 1-315-724-4022.
- Navigate the Automated System: When you connect, you'll likely encounter an automated menu. Listen carefully for options related to "savings accounts," "account features," or "managing programs." You may need to say "representative" or "agent" if you're having trouble finding the right option.
- Speak to a Representative: Once you're connected to a customer service representative, clearly state your intention: "I would like to turn off or unenroll from the Bank of America Keep the Change savings program."
- Confirm Details: The representative will ask for your account information to verify your identity and locate the "Keep the Change" enrollment.
- Receive Confirmation: The representative should be able to process your request immediately. Make sure to ask for confirmation that the program has been successfully turned off. You can request an email confirmation or note the representative's name and a reference number for your call.
Sub-heading: Option B: The In-Person Approach - Visiting a Bank of America Financial Center
If you prefer face-to-face interaction or need to discuss other banking matters, visiting a financial center is a viable option.
- Locate Your Nearest Branch: Use the Bank of America website or mobile app's branch locator to find a financial center convenient for you.
- Consider Scheduling an Appointment: While not always necessary, scheduling an appointment can save you time waiting in line, especially during peak hours. You can often do this through the Bank of America website.
- Bring Necessary Identification: When you visit, be sure to bring:
- A valid government-issued photo ID (e.g., driver's license, passport)
- Your Bank of America debit card
- Your account number(s) (though they can usually look these up with your ID)
- Speak to a Banker: Inform the financial center associate that you wish to disable the "Keep the Change" program. They will guide you through the process, which typically involves:
- Verifying your identity.
- Accessing your account details.
- Processing the unenrollment.
- Get Confirmation: Just like with the phone call, ensure you receive confirmation that the program has been successfully deactivated. You can ask for a printout or a note on your account.
Step 3: Verify the Deactivation
This is a critical step to ensure your request was processed correctly and that you won't continue to have "Keep the Change" transfers.
- Check Your Online Banking/Mobile App:
- Log in to your Bank of America online banking account or open your mobile app.
- Navigate to your checking and savings account activity.
- Look for recent "Keep the Change" transfers. After a day or two, you should no longer see these transactions appearing.
- Monitor Your Account Statements: In the coming weeks, keep an eye on your statements to confirm that no further "Keep the Change" debits are occurring from your checking account to your savings account.
Step 4: Strategize Your New Savings Approach (Optional, but Recommended!)
Now that "Keep the Change" is off, it's the perfect opportunity to implement a more intentional savings plan.
Sub-heading: Setting Up Regular Automatic Transfers
This is arguably the most effective way to save consistently.
- Determine a Realistic Amount: Look at your budget and decide on a fixed amount you can comfortably transfer to your savings each pay period or month. Even a small, consistent amount adds up over time.
- Schedule the Transfer:
- Log in to your Bank of America online banking.
- Go to the "Transfers" or "Move Money" section.
- Set up a recurring transfer from your checking account to your savings account.
- Choose the frequency (weekly, bi-weekly, monthly) and the date that aligns with your income.
Sub-heading: Exploring Other Savings Tools and Strategies
- Budgeting Apps: Consider using budgeting apps that can help you track your spending, identify areas for savings, and set financial goals.
- High-Yield Savings Accounts: While you're at it, research if Bank of America offers high-yield savings accounts or if another financial institution provides a better interest rate to maximize your savings growth.
- Specific Savings Goals: Assign specific goals to your savings (e.g., "Emergency Fund," "Vacation," "Down Payment"). This can make saving more motivating.
By actively engaging in a new savings strategy, you're not just turning off a program; you're taking charge of your financial future.
Frequently Asked Questions (FAQs) about Bank of America Keep the Change
Here are 10 common questions about turning off or managing Bank of America's "Keep the Change" program:
How to: Is it possible to turn off Bank of America Keep the Change online?
No, unfortunately, you cannot directly turn off or unenroll from the Bank of America Keep the Change program through online banking or the mobile app. You must contact customer service or visit a financial center.
How to: What is the best way to contact Bank of America to cancel Keep the Change?
The most efficient way is typically by phone. You can call Bank of America's customer service at 800-432-1000.
How to: What information do I need when calling to cancel Keep the Change?
Have your Bank of America checking and savings account numbers, your debit card number, and be prepared to answer security questions to verify your identity (e.g., date of birth, last four digits of SSN).
How to: Can I cancel Keep the Change by visiting a Bank of America branch?
Yes, you can visit any Bank of America financial center. Bring a valid photo ID and your debit card for verification.
How to: How long does it take for Keep the Change to stop after I cancel it?
The cancellation is typically effective immediately after you speak with a representative or a banker. You should no longer see "Keep the Change" transfers appear in your account activity within a day or two.
How to: Will turning off Keep the Change affect my other Bank of America accounts?
No, turning off "Keep the Change" only stops the automatic round-up transfers to your linked savings account. It will not affect your other checking, savings, or credit card accounts.
How to: What happens to the money already saved through Keep the Change?
Any money that has already been transferred to your savings account through the "Keep the Change" program will remain in that savings account. It is your money and will not be affected by turning off the program.
How to: Can I re-enroll in Bank of America Keep the Change later if I change my mind?
Yes, if you decide at a later date that you'd like to re-enroll in the "Keep the Change" program, you can do so by contacting Bank of America customer service or visiting a financial center.
How to: Does Bank of America charge a fee for Keep the Change or for canceling it?
Bank of America does not charge a fee for enrolling in or canceling the "Keep the Change" program. However, standard savings account fees (if applicable to your account type) would still apply.
How to: What are alternative ways to save money automatically with Bank of America after turning off Keep the Change?
You can set up recurring automatic transfers from your checking account to your savings account through your Bank of America online banking or mobile app, allowing you to control the exact amount and frequency of your savings contributions.
