Bank of America is back on the MSN front page (see End Notes) using its clever, if somewhat misleading, Keep the Change program to lure new checking account customers (see End Note below). The pitch is similar to the last time we looked at it (see NB 2/13/06), but the bank has redesigned the landing page (click on inset for closeup).

It now features three compelling benefits:

• Free money through "Keep the Change"
• Extra security through Sitekey (powered by PassMark/RSA)
• Free online banking

The bank has found an effective way to keep the landing page concise, but still discuss all the benefits of these three programs. Each of the three main features has a small box on the landing page (see right). Each box has a "more details" link that expands the box yet does not open a new browser window (click on before and after pics below). Finally, for users needing even more info, there's a link in the larger box to another page with full details.

Before expansion

After expansion

--JB >>>>click below for End Notes

End Notes: Playing the "Keep the Change" game
Although we have mixed feelings about the value of the program overall, there's no doubt it has strong appeal for new account aquisition due to the 100% bank-match during the first three months. It creates a "game" for the user, incenting them to immediately begin using their new debit card to rack up free cash from the bank. That means new customers will need to deposit signficant funds, probably their paycheck, in order to fund the purchases needed to maximize the gains.

Assuming one debit card purchase per day, users will gain $10 per month from the bank, or $30 for the three-month introductory period. After that, the bank match drops to 5%, or $0.50 per month in this scenario.

Hard-core debit card users with two or three purchases per day could earn $60 or $90 during the matching period, And those gaming the system, splitting a $10.20 grocery bill into two $5.10 transactions (earning $1.80 from BofA), could drive their bonus into the $100+ category (the bank caps the rebate at $250, and doesn't pay it until the one-year anniversary). 

BofA Banner on MSN Homepage (July 11)