Because between the existing glut of daily deals websites is apparently not sufficient, and because we aren’t already inundated with complaints about Bank of America, the nation’s second-largest but most-reviled financial institution has decided to branch out into the online deals business with BankAmeriDeals.
With a name that catchy, you just know it’s going to be successful.
The service, which starts testing this week, lets customers earn savings at various retailers based on spending patterns. The bank claims that neither the retailers nor the customer pays anything to BofA; it’s just banking on the hope that the offers will get consumers to use their fee-laden Bank of America cards to make the discounted purchases.
Reuters describes how it works:
When customers log in to Bank of America’s online banking site, they will see discount offers — a percentage off the amount spent at a retailer — embedded in their statement and under a separate tab. They can accept the offers they want to use.
When customers make their purchases, they pay full price, but at the beginning of the next month they receive cash back in their accounts. Customers can only use Bank of America debit or credit cards to trigger the savings.
The bank admits it will earn some revenue during that period of time during which the transaction is being settled, but this extra cash is not part of its’ “core strategy.” Honest to god. They swear it. It you believe that, you might also believe the bank’s claim that it won’t share any of your information with third parties.
Bank of America employees — a group that continues to shrink in size — will be the first ones to try out the service. There is currently no set date for when we will start receiving complaints from the general public about BankAmeriDeals.
Bank of America testing new deals service [Reuters]
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BankAmeriDeals – An AssocAccountExec definitely came up with that name.
What they said:
“When customers log in to Bank of America’s online banking site, they will see discount offers ‚Äî a percentage off the amount spent at a retailer ‚Äî embedded in their statement and under a separate tab. They can accept the offers they want to use.”
What they mean:
“We’re going to start inserting spam into your online account pages. Enjoy!”
Ding! Ding! Ding! We have a winner! So what’ll it be, a kewpie doll or this fine stuffed animal?
rememeber when consumerist posted about atm fees, and everyone here asked for ads instead of fees? yeah. yall just got your cake, so eat it!
From the linked article – “As part of the service, the bank will not share customer data with third parties, including retailers, Godsman said.”
Really? Then how do the third-party retailers know where to send the goods? Jeepers.
Uh…they know where to send the goods because the customer just shopped there and provided their information. Is your reading comprehension THAT bad? The article here states very clearly how this works.
You see an offer to save a 5% at S-Mart. You shop at S-Mart using your BOA credit or debit card. The next month you get a credit on your bill equal to 5% of what you spent at S-Mart during the offer.
In the process of shopping at S-Mart, you provided all the normal information. The bank shared nothing and has no need to.
Calm down sparky. Show me ‘very clearly’ where the ordering process is explained at the level of detail to which you have assumed and then stated. I bet you can’t.
Your reading process seems to involve ‘making shit that isn’t printed up to fit your assumptions’.
Aww, shucks, and here I finally closed my last accounts with BoA just before the new year…
God bless you! A very wise move. Believe me, simply buy less junk and when you do buy stuff, shop online and look for coupon codes or use Craigs list. You’ll be much better off.
“Because between the existing glut of daily deals websites is apparently not sufficient”
What does that even mean?
I used one daily deal site deal once. Exactly once, and I was already going to buy the tickets anyways, so I figured I’d dave a little money (about $10 once all was said and done).
A few years ago before I banged my BofA CC into the shredder I would always get a couple of pages of “deals” with my statement – it was the most gawd-awful crap imaginable. Really cheap jewelry (think “diamondoids”) and garbage you’d normally find in third-rate discount catalogs. Ugh.
Every time I see a Bank of America article. My first instinct is to curse them. Then I remember I switched to a better bank a few months ago. Then I curse them again while laughing. Change banks people.
BankAmeriDeals? Really?
Person who came up with that name should be fired immediately.
They probably thought it was a really good idea.
“Based on your recent purchase of a child’s casket, here’s some great deals on toys!”
Don’t be heartless, this is BofA. They’d suggest Get Well Soon cards at 50% off.
I think it’s a good idea (although a horrible name) as long as their customers can opt out.
are you sure that BankAmeriDeals (BAD) isn’t some joke? I mean, really now…
Your bias is showing, Consumerist. Once was the time when this site posted stories and let people make up their own minds about them without adding vitriol in the headline.
Woosh!
“Bad” – it’s an acronym. (B)ank(A)meri(D)eals.