Keep the change is good for you, great for Bank of America

Readers have been interested in Bank of America's Keep the Change program, which began in 2005, as a vehicle for boosting savings, and possibly charitable donations. There's no charity option yet, but what about the savings benefits to participants? A 2008 Peter Tufano and Daniel Schneider paper has some answers.

Bank of America attributes 1.8 million new savings accounts to the Keep the Change program…and as of April 2007, its 4.3 million program participants had saved approximately $400...