FT. MYERS, Fla. – An intellectual property rights company filed suit against Bank of America charging the bank giant’s ‘Keep the Change’ program infringes on the company’s patent. Every Penny Counts Inc. claims the program, under which BofA rounds up every Visa card purchase to the nearest dollar and deposits the difference into a savings account, was described in a patent acquired in 2000 by the company. Every Penny Counts claims that BofA knew of the claim and neglected to negitiate a license for its use of the patent, which has helped it open a million new savings accounts and 700,000 checking accounts. The banking giant has applied for its own patent for Keep the Change.
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