merrill edge brokerage bonus ME1000

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Figuring_it_out
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merrill edge brokerage bonus ME1000

Post by Figuring_it_out »

Anyone taken Merrill up on this offer?

https://www.merrilledge.com/offers/me1000

Previously you would need to be a B of A Preferred Rewards member to get it. I don't see that on this offer but wondering if someone else had signed up and got it without being a B of A bank member or Preferred Rewards status.

thanks
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jakehefty17
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Re: merrill edge brokerage bonus ME1000

Post by jakehefty17 »

Thanks for posting this, I'm planning on transferring funds to Merrill Edge soon. A significant bonus boost compared to the regular offer.

Finally have enough taxable funds to fall into the Platinum category! I'm planning on taking advantage of the preferred rewards bonuses on cashback credit cards. Been a short-term goal for a while now, I'm actually hitting it about 6 months before I expected to.

I'm narrowing to 3 institutions - Ally(Hub Checking+Savings), Fido(Cash Management+Roth IRA+2% Cashback), and BoA/ME(Cashback Cards+Taxable).

Mostly anyway... I have a mortgage through a local credit union and a Chase amazon rewards card.
"The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence." -Charles Bukowski
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jakehefty17
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Re: merrill edge brokerage bonus ME1000

Post by jakehefty17 »

This ended in July, told me it's just the 600 offer right now.

I'll continue to seek out anything better though... any Bogleheads aware of a current bonus offer code?
"The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence." -Charles Bukowski
Stratotanker
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Re: merrill edge brokerage bonus ME1000

Post by Stratotanker »

jakehefty17 wrote: Thu Sep 10, 2020 11:28 am This ended in July, told me it's just the 600 offer right now.

I'll continue to seek out anything better though... any Bogleheads aware of a current bonus offer code?
Please see https://www.doctorofcredit.com/merrill- ... vestments/. In the post, Doctor of Credit states the bonus is on a public landing page but I was not able to find it through Google; I ended up copying the link (the same one OP provided here) and the bonus code was successfully applied when I opened my rollover IRA. Please note you must keep the funds there for 180 days (vs. the usual 90) and some people reported it's a targeted offer so best to apply online and not over the phone. There is no advertised expiration date for the bonus and acting quickly is probably a good idea.
Tracker968
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Re: merrill edge brokerage bonus ME1000

Post by Tracker968 »

Anyone know what the CMA account pays in interest? Is it FDIC?
terran
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Re: merrill edge brokerage bonus ME1000

Post by terran »

I'm giving it a shot, but just started so I can't report on whether or not it will work yet. As with Stratotanker's experience, it showed the promotion being applied throughout the process, so I don't think it's expired.

I've hit a couple of snags: 1) I first tried transferring shares from a joint account at Fidelity to an individual account at Merrill Edge. This was denied by Fidelity and Merrill said I'd have to go to a Bank of America branch and do something. Instead I transferred the shares to an individual account at Fidelity and that transfer seems to be going through fine. 2) I've also transferred in some cash from a bank account and they seem to be placing a 7 day hold before I can invest it, which is a little frustrating. Fidelity lets me invest as soon as I initiate a transfer (before it's even withdrawn from the bank), but maybe this is only because I already have a balance and the amount transferred is less than what's available in the account. 3) There's a $100k online cash transfer limit, which I had to figure out by trial and error because the website didn't say what the limit was, just that I was over the daily limit. Once I figured it out I made the transfer over two days.

I had to call about both of the first two issues and as I said figure out the third issue by trial and error as the website didn't communicate any of this information. Overall I would say I'm not super impressed with Merrill Edge. I wouldn't open an account there if not for the bonus based on my experience so far. But, unless things go downhill it's definitely worthwhile for the bonus (assuming it works).

One question I'd have for anyone with experience with Merrill Edge bonuses is what I should do at the end of the bonus? I see that partial transfers are free, but full transfers/account closure has a fee of $50. I'd be inclined to just do a partial transfer and leave a small amount in the account to avoid the fee, but I wonder if this would cause an issue if I wanted to do the bonus again? Presumably I would need to close the account and wait some period of time before opening a new account if I wanted to get another Merrill Edge bonus?
SS Rambo
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Re: merrill edge brokerage bonus ME1000

Post by SS Rambo »

I’ve been able to see that offer page for almost a year now. It applied for me after I applied it on two different pages during account setup. I only rolled over $20k, but appear to have been eligible for the full.
MikeG62
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Re: merrill edge brokerage bonus ME1000

Post by MikeG62 »

Tracker968 wrote: Thu Sep 10, 2020 10:14 pm Anyone know what the CMA account pays in interest? Is it FDIC?
Probably near zero. If you want to pursue this, transfer securities "in kind" from another broker and leave them at ME for at least the required holding period.

I opened two accounts at ME this winter (a CMA and an IRA). Earned one bonus in each account. About a month after the bonus posted, securities in CMA were moved to JPM/Chase for their private client bonus offer (I left the cash bonus behind and since have moved most of it to my BofA checking account since, but not all of it). About a month ago, moved 1/2 of IRA back to Fidelity. I will continue to leave the remaining ~$110,000 in the IRA at ME to maintain Platinum Honors status at BofA (and the 2.625% cash back level on BofA's premium rewards CC).
Last edited by MikeG62 on Fri Sep 11, 2020 8:27 am, edited 1 time in total.
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Jack FFR1846
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Re: merrill edge brokerage bonus ME1000

Post by Jack FFR1846 »

terran wrote: Thu Sep 10, 2020 10:16 pm
One question I'd have for anyone with experience with Merrill Edge bonuses is what I should do at the end of the bonus? I see that partial transfers are free, but full transfers/account closure has a fee of $50. I'd be inclined to just do a partial transfer and leave a small amount in the account to avoid the fee, but I wonder if this would cause an issue if I wanted to do the bonus again? Presumably I would need to close the account and wait some period of time before opening a new account if I wanted to get another Merrill Edge bonus?
I would not leave anything behind and just pay the $50. Bank of America is king of fees and I would expect (I don't know) them to charge you $25 a month for keeping the account with a low balance. I expect the fact that I mentioned their name in this post, they'll be sending me a bill.
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Gadget
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Re: merrill edge brokerage bonus ME1000

Post by Gadget »

Jack FFR1846 wrote: Fri Sep 11, 2020 6:58 am
terran wrote: Thu Sep 10, 2020 10:16 pm
One question I'd have for anyone with experience with Merrill Edge bonuses is what I should do at the end of the bonus? I see that partial transfers are free, but full transfers/account closure has a fee of $50. I'd be inclined to just do a partial transfer and leave a small amount in the account to avoid the fee, but I wonder if this would cause an issue if I wanted to do the bonus again? Presumably I would need to close the account and wait some period of time before opening a new account if I wanted to get another Merrill Edge bonus?
I would not leave anything behind and just pay the $50. Bank of America is king of fees and I would expect (I don't know) them to charge you $25 a month for keeping the account with a low balance. I expect the fact that I mentioned their name in this post, they'll be sending me a bill.
+1 Either leave $100k there for platinum honors, or transfer everything out.
MikeG62
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Re: merrill edge brokerage bonus ME1000

Post by MikeG62 »

terran wrote: Thu Sep 10, 2020 10:16 pm
One question I'd have for anyone with experience with Merrill Edge bonuses is what I should do at the end of the bonus? I see that partial transfers are free, but full transfers/account closure has a fee of $50. I'd be inclined to just do a partial transfer and leave a small amount in the account to avoid the fee, but I wonder if this would cause an issue if I wanted to do the bonus again? Presumably I would need to close the account and wait some period of time before opening a new account if I wanted to get another Merrill Edge bonus?
As I indicated above, I have left both my IRA and CMA account open - the IRA to secure BofA Platinum Honors level benefits and the CMA to avoid incurring any fees. It's actually unclear to me whether if I closed the CMA altogether I'd be charged a fee or not. Found this from Brokerage-Review.com website:

"Keep in mind that Merrill Edge charges $49.95 to close a retirement account. The broker does not charge anything to close a taxable account. Transferring a full account of any type incurs a $49.95 fee, although it’s not charged in addition to a closeout fee. The broker charges nothing for partial transfers."

I transferred all securities in the CMA to JPM/Chase, but left behind the cash bonus - no fee charged. If I close the CMA will they hit me with a $49.95 fee (seeing this as the final step in the full account transfer) or is this a way around the full account transfer fee? It's just not clear to me.

Since I am a multi-decade customer of BofA, I really don't see any need to close out the ME CMA account. I have no plans to end my relationship with BofA. Who knows if I can use the CMA in the future for another transfer bonus (I know that current promotion requires the account to be new, but who knows if that remains a condition in the future or not)? It's not really hurting anything to keep the account open at this point.
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terran
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Re: merrill edge brokerage bonus ME1000

Post by terran »

MikeG62 wrote: Fri Sep 11, 2020 8:39 am ... Found this from Brokerage-Review.com website:

"Keep in mind that Merrill Edge charges $49.95 to close a retirement account. The broker does not charge anything to close a taxable account. Transferring a full account of any type incurs a $49.95 fee, although it’s not charged in addition to a closeout fee. The broker charges nothing for partial transfers."

I transferred all securities in the CMA to JPM/Chase, but left behind the cash bonus - no fee charged. If I close the CMA will they hit me with a $49.95 fee (seeing this as the final step in the full account transfer) or is this a way around the full account transfer fee? It's just not clear to me.
...
https://www.merrilledge.com/pricing lists a Full account transfer fee with a note "(Not charged in addition to closeout fees)" and a Closeout fee, both $49.95, so I think it would be charged.
MikeG62
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Re: merrill edge brokerage bonus ME1000

Post by MikeG62 »

terran wrote: Fri Sep 11, 2020 8:45 am
MikeG62 wrote: Fri Sep 11, 2020 8:39 am ... Found this from Brokerage-Review.com website:

"Keep in mind that Merrill Edge charges $49.95 to close a retirement account. The broker does not charge anything to close a taxable account. Transferring a full account of any type incurs a $49.95 fee, although it’s not charged in addition to a closeout fee. The broker charges nothing for partial transfers."

I transferred all securities in the CMA to JPM/Chase, but left behind the cash bonus - no fee charged. If I close the CMA will they hit me with a $49.95 fee (seeing this as the final step in the full account transfer) or is this a way around the full account transfer fee? It's just not clear to me.
...
https://www.merrilledge.com/pricing lists a Full account transfer fee with a note "(Not charged in addition to closeout fees)" and a Closeout fee, both $49.95, so I think it would be charged.
But it says they don't charge to close out a non-IRA. So it should not be a close out fee. Would it be considered a full account closure fee? Seems that's not an unreasonable interpretation and the reason I've left a few hundred dollars there.
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terran
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Re: merrill edge brokerage bonus ME1000

Post by terran »

MikeG62 wrote: Fri Sep 11, 2020 9:02 am
terran wrote: Fri Sep 11, 2020 8:45 am https://www.merrilledge.com/pricing lists a Full account transfer fee with a note "(Not charged in addition to closeout fees)" and a Closeout fee, both $49.95, so I think it would be charged.
But it says they don't charge to close out a non-IRA. So it should not be a close out fee. Would it be considered a full account closure fee? Seems that's not an unreasonable interpretation and the reason I've left a few hundred dollars there.
You're right, I missed that. So I guess I'll do a partial transfer leaving some cash which I'll then withdraw. Thanks for pointing that out.
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