We should be able to put our change or bills into a machine, and have it automatically go towards a mutual fund of our choice for a small fee.
We already have CoinStar in supermarkets, but instead of using the money for spending, why can't it go towards investments?
This microinvestment box could be located in high traffic areas like shopping malls or supermarkets. This would encourage saving, generate long term returns for customers, and it's much better than earning negative returns (after inflation) from a bulky piggybank.
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I'd like the idea, but I wonder if the investment companies would be willing to do this for the smaller amounts of money they would be collecting by this method. Perhaps if the government sponsored it in order to improve the American saving rate.
I think this is a great idea. Maybe it could even be done in concert with some credit/debit card companies so customers would have the option to "invest the change" since BofA's "keep the change" program seems to have been really successful.