avalpert wrote: ↑
Fri Apr 28, 2017 3:02 pm
triceratop wrote: *3!4!/5! wrote:
*3!4!/5! wrote:Datapoints: We got Preferred status about two days after opening checking accounts, and it was about 1.5 months after opening/funding brokerage accounts.
In other words, neither account needs to be open for 3 months. The checking accounts instantly fills one of the necessary conditions. And for the tier calculation they use the average daily balance over 3 months (so that will include some zeroes for younger accounts, e.g. a 1.5 month old account that has had a steady $50k for that time will be calculated as having "average daily balance over 3 months" of $25k).
The "average daily balance over 3 months" calculation is updated monthly.
And I tell you that that was not the case for me personally, for whatever that is worth. I had balances that exceeded a balance tier and was not switched over until precisely 90 days had passed. In fact a CSR told me this as well and predicted the exact date that I would be enrolled into Preferred Rewards (the prediction was precisely accurate).
It is possible that their systems are so screwed up that there is a lack of consistency.
I also did not need to have it open for 3 months to qualify - the checking account was opened 1/13 and my platinum preferred rewards was activated on 3/5.
It's possible there systems are inconsistent but my guess is it has to do with the periods for calculating your qualifying balance and not the time the checking account was open that was the driving factor.
Just to provide another data point on this: indeed, it appears that neither your accounts at Merrill Edge nor Bank of America must be open for 90 days (or 3 months). Rather, they use a 3-mo. rolling average, so for young accounts, you'd simply have $0 for some of the months in the calculation. Here's my timeline:
9/27/17 Opened Merrill Edge CMA & IRA
10/4-11/30/17 Moved $100K+ in assets to Merrill Edge accounts (various sources, multiple transfers)
11/16/17 Opened BoA Interest Checking
On 12/5/17, I had a CSR on the Preferred Rewards hotline insist that the checking account had to be open for 90 days to be eligible to enroll in Preferred Rewards, and yet the next day their system allowed me to enroll online at the Platinum level (it showed a qualifying balance of approx. $70K). My guess is that you become eligible at the next
monthly batch update of your qualifying balances across ME/BoA after
the date on which you open a BoA checking account. Their batch update seems to occur on or around the 5th of each month.