Bank of America Introduces Groupon-like Cash Rewards

Jan 27, 2012

Bank of America Corp. plans to introduce a Groupon-like service to its customers, offering them online discounts based on their previous spending. BankAmeriDeals will first be tested among Bank of America employees. Customers will receive offers through the bank's website; discounts will be awarded via monthly cash payments.

Customers logged in to the online banking site will be able to see the current discount offers, such as receiving a percentage off the amount spent at a retailer, as a part of their banking statement and under a separate tab, and they can opt in to the offers they would like to use. The BankAmeriDeals program will not affect what a customer pays when they make a purchase, but the following month, they can receive cash back.

Customers can elect to receive alerts about offers and how much money they've saved; they can also opt out of the service. Unlike Groupon, BankAmeriDeals will not require customers to print out coupons nor will the bank send advertising emails to those opted in to the program.