A Florida company has filed a lawsuit against Bank of America, saying the bank's "Keep the Change" savings program infringes on a patent. Every Penny Counts Inc. alleges that it met with the bank in 2004 and 2005 about licensing its "rounder patent," which allows bank customers to round debit card purchases up to the nearest dollar, then deposits extra pennies into the customer's savings account. Bank of America later launched Keep the Change on its own, claiming the idea came from customer focus groups.
April 11, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A Florida company has filed a lawsuit against Bank of America Corp., saying the bank’s “Keep the Change” savings program infringes on a patent.
Every Penny Counts Inc. alleges that Bank of America infringed on a patent in obtained in 2000. The company said it talked with the bank in 2004 and 2005 about licensing its “rounder patent,” but Charlotte-based Bank of America launched Keep the Change on its own.
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