Bank of America/Merrill Edge - Preferred Rewards

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calwatch
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by calwatch »

FedGuy wrote: Sat Nov 13, 2021 3:51 pm
calwatch wrote: Sat Nov 13, 2021 3:49 pmHere's the extent of "check plus" from the "personal schedule of fees":
- Unlimited additional checking accounts (as opposed to four for Platinum)
- Unlimited additional savings accounts (as opposed to four for Platinum)
Honest question: why would one person need multiple checking accounts and/or multiple savings accounts at the same bank?
I could see a situation where one is saving for a particular goal, like a vacation or a house, and doesn't want to comingle savings. Or an arrangement where a spouse gives the other partner spending money for them to do as they wish, as opposed to joint expenses from a joint checking account, or keeping an inheritance not comingled with joint funds. Having two or three checking accounts for a couple is not that unusual. If you need more than eight accounts (four checking and four savings) at one institution, and not for a monetary reason like chasing a bonus, then that would be very unusual.
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dodecahedron
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dodecahedron »

FedGuy wrote: Sat Nov 13, 2021 3:51 pm
calwatch wrote: Sat Nov 13, 2021 3:49 pmHere's the extent of "check plus" from the "personal schedule of fees":
- Unlimited additional checking accounts (as opposed to four for Platinum)
- Unlimited additional savings accounts (as opposed to four for Platinum)
Honest question: why would one person need multiple checking accounts and/or multiple savings accounts at the same bank?
In my case, I have a checking account titled in my own name and I also have a second checking account, a joint one with my elderly mother. (The joint account was originally hers alone but about five years ago she and I mutually decided it was convenient to make it joint so I could easily monitor it to make sure her routine bills are getting paid and that nothing untoward is happening.)

Due to my PH status, she has benefited from some PH breaks on fees in the joint account, e.g., no fee for an incoming wire transfer and no fees for getting images of her checks in her statements. The balances are typically modest and she doesn't need to worry about keeping a minimum balance to avoid fees.

I can't imagine that *I* personally would ever need an *unlimited* number of accounts, but it is handy to have two. I can imagine there *might* be other folks wanting to have joint accounts with multiple family members (e.g., teenage kids or dependent college students) whose financial transactions they might want to keep an eye upon.
calwatch
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by calwatch »

madbrain wrote: Sat Nov 13, 2021 3:53 pm Is the transfer to Merrill instant, in order to avoid the ACH fee ? Or do you have to wait an extra business day ?
In any case, my Merrill account is a Roth IRA, so that won't work for me.
It is as instant as any other ACH in my experience. The money goes out that day and shows up one to two business days later, depending on the bank.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

calwatch wrote: Sat Nov 13, 2021 4:25 pm
madbrain wrote: Sat Nov 13, 2021 3:53 pm Is the transfer to Merrill instant, in order to avoid the ACH fee ? Or do you have to wait an extra business day ?
In any case, my Merrill account is a Roth IRA, so that won't work for me.
It is as instant as any other ACH in my experience. The money goes out that day and shows up one to two business days later, depending on the bank.
BoA to ME is instant, and can be immediately transferred out of ME via ACH.
exigent
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exigent »

BrandonBogle wrote: Sat Nov 13, 2021 9:22 am
exigent wrote: Fri Nov 12, 2021 9:17 pm
FedGuy wrote: Fri Nov 12, 2021 1:36 pm Their tagline is: "It's not just rewards — it's recognition."

That's code for "The rewards aren't worth much."
I think the big news here for pretty much all of us is that they didn’t cheapen and of the existing tiers when they did this. Tbh, I’m a bit surprised that they didn’t. That’s the typical M.O. when rolling out “enhancements” to popular, consumer-friendly programs.

Thrilled that I can still just park a big chunk of VWIUX at Merrill Edge and get the Platinum Honors benefits.
I for one was expecting zero change to the lower tiers and expected nothing except for collapsing the ML Premium Honors program into the BofA Premium Honors program, sans the $250k tier.
Yes, based on recent speculation this was to be expected. But when rumors started swirling a year or so ago when they were doing customer surveys re: potential changes it wasn't quite so clear. Good on BofA for not making the typical big biz move by gutting their rewards program.
zie
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zie »

I haven't figured out how to get the BOA CC's to auto-pay. I tried setting it up @ BOA directly(i.e, auto-pay the balance due from the BOA Checking account) and also through Fidelity, and I can't seem to get either to work. I'd prefer to have Fidelity auto-pay the balances, but I can't even get Fidelity to make the eBill stuff work with the BOA CC's, whenever I try to enroll in eBills for the BOA CC's it just throws an error, unable to do this at this time.

Is this BOA being mean or am I just being ignorant?
Whether rich or poor, a young woman should know how a bank account works, understand the composition of mortgages and bonds, and know the value of interest and how it accumulates. -Hetty Green
Hyperchicken
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Hyperchicken »

Bill Pay is the way to go, but I agree that BofA is making it more cumbersome than necessary. You need to sign up for eBills first, then select auto-payment of statement balance.
dukeblue219
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dukeblue219 »

zie wrote: Sat Nov 13, 2021 7:42 pm I haven't figured out how to get the BOA CC's to auto-pay. I tried setting it up @ BOA directly(i.e, auto-pay the balance due from the BOA Checking account) and also through Fidelity, and I can't seem to get either to work. I'd prefer to have Fidelity auto-pay the balances, but I can't even get Fidelity to make the eBill stuff work with the BOA CC's, whenever I try to enroll in eBills for the BOA CC's it just throws an error, unable to do this at this time.

Is this BOA being mean or am I just being ignorant?
BoA"s CC payment system is bizarrely antiquated. Their billpay system itself is buggy too - I mean it works, but it's a poor interface and has never allowed my wife and I to billpay from our joint checking. Tech support couldn't make it work. I have to transfer to an old checking account and billpay from there, or do a regular account transfer into the CC.
ShadowRegent
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by ShadowRegent »

Hyperchicken wrote: Sat Nov 13, 2021 7:48 pm Bill Pay is the way to go, but I agree that BofA is making it more cumbersome than necessary. You need to sign up for eBills first, then select auto-payment of statement balance.
There used to be a more direct way to do this that you could set up on a separate site. Then they took the site offline and you had to mail in a paper form. Now they no longer offer the old way for new accounts and you need to use the convoluted eBills system. I have some credit cards on each and there's no way to manage the existing autopay on the older system.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

More info on the lifestyle benefits of the new tiers.

https://promotions.bankofamerica.com/p ... ds/diamond

As expected, nothing of real interest to a typical BH.



Leaked brochure video for new credit card.

https://m.youtube.com/watch?v=LP-FS5bl8Lw

Same, follows the Doctor of Credit intel.
SteveInNJ
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SteveInNJ »

FedGuy wrote: Sat Nov 13, 2021 3:51 pm
calwatch wrote: Sat Nov 13, 2021 3:49 pmHere's the extent of "check plus" from the "personal schedule of fees":
- Unlimited additional checking accounts (as opposed to four for Platinum)
- Unlimited additional savings accounts (as opposed to four for Platinum)
Honest question: why would one person need multiple checking accounts and/or multiple savings accounts at the same bank?
I've heard some people keep two checking accounts, one which is linked to Venmo / other P2P transfer thing, and the balance is kept very low, because they don't trust the P2P app. Keeps an air-gap between their main account and this one that ONLY funds P2P transfers.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

exigent wrote: Sat Nov 13, 2021 4:55 pm
BrandonBogle wrote: Sat Nov 13, 2021 9:22 am
exigent wrote: Fri Nov 12, 2021 9:17 pm
FedGuy wrote: Fri Nov 12, 2021 1:36 pm Their tagline is: "It's not just rewards — it's recognition."

That's code for "The rewards aren't worth much."
I think the big news here for pretty much all of us is that they didn’t cheapen and of the existing tiers when they did this. Tbh, I’m a bit surprised that they didn’t. That’s the typical M.O. when rolling out “enhancements” to popular, consumer-friendly programs.

Thrilled that I can still just park a big chunk of VWIUX at Merrill Edge and get the Platinum Honors benefits.
I for one was expecting zero change to the lower tiers and expected nothing except for collapsing the ML Premium Honors program into the BofA Premium Honors program, sans the $250k tier.
Yes, based on recent speculation this was to be expected. But when rumors started swirling a year or so ago when they were doing customer surveys re: potential changes it wasn't quite so clear. Good on BofA for not making the typical big biz move by gutting their rewards program.
Oh it was for me. I joined PH right after those surveys came out, but it gave me no indication that any change would be happening, or at least soon, that would warrant a change of plans. Same when we even had 11/12/2021 as a specific date. Large corporations move slow, so no sense in wasting time speculating like crazy when things will leak as they approach rollout (and even then take months).
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

bogosj wrote: Sun Nov 14, 2021 8:22 am
FedGuy wrote: Sat Nov 13, 2021 3:51 pm
calwatch wrote: Sat Nov 13, 2021 3:49 pmHere's the extent of "check plus" from the "personal schedule of fees":
- Unlimited additional checking accounts (as opposed to four for Platinum)
- Unlimited additional savings accounts (as opposed to four for Platinum)
Honest question: why would one person need multiple checking accounts and/or multiple savings accounts at the same bank?
I've heard some people keep two checking accounts, one which is linked to Venmo / other P2P transfer thing, and the balance is kept very low, because they don't trust the P2P app. Keeps an air-gap between their main account and this one that ONLY funds P2P transfers.
I do have an account where I explicitly have overdraft disabled and I use that for P2P and the rate times I need to have an ACH pull done. It comes in handy. Back when I had a rental, I had a specific account dedicated to the property.
skibummer
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by skibummer »

Lastrun wrote: Sat Nov 13, 2021 9:17 pm More info on the lifestyle benefits of the new tiers.

https://promotions.bankofamerica.com/p ... ds/diamond

As expected, nothing of real interest to a typical BH.



Leaked brochure video for new credit card.

https://m.youtube.com/watch?v=LP-FS5bl8Lw

Same, follows the Doctor of Credit intel.
I was at the Preferred Reward for Wealth Management tier ($250,000+) as that was the highest tier. Now I should be eligible for the Preferred Rewards Diamond level. Not so much concerned about the new level as much as when I logged in this morning, both my wife's profile and mine as well has all Preferred Rewards bannering removed and under all our credit cards the bonus level (75%) and any bonus levels are gone. Can anyone who qualified for the old Wealth Management Preferred Rewards Level check their account and let me/us know what your profile page shows and whether on the right hand side of the page on your credit cards if it shows the bonus for Preferred Rewards. On the main page after logging in on the right hand side it used to show your Preferred Rewards level and a member since date listed. Now all that is gone and I don't want to miss out on the system giving my my bonus points on my credit card spend. The other new benefits are meh at best, but don't take away my 75% bonus or have a glitch that kicks me out of Preferred Reward altogether. BTW, the Wealth Management tier doesn't (didn't) require actually having an advised-managed (fee) account. You just had to have a combined asset total of $250,000 or more across your BOA/Merrill Edge (or Merrill) accounts. None of my accounts are managed by BOA or Merrill. So a total BOA/Merrill Edge asset value of $100,000-$999,999 should be Platinum Honors and $1,000,000-$9,999,999 should be Diamond level, and Diamond Honors for $10M+. Thanks for the reply and input on accounts with the old Wealth Management tier with this recent change.
Last edited by skibummer on Sun Nov 14, 2021 11:01 am, edited 1 time in total.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

skibummer wrote: Sun Nov 14, 2021 10:55 am
Lastrun wrote: Sat Nov 13, 2021 9:17 pm More info on the lifestyle benefits of the new tiers.

https://promotions.bankofamerica.com/p ... ds/diamond

As expected, nothing of real interest to a typical BH.



Leaked brochure video for new credit card.

https://m.youtube.com/watch?v=LP-FS5bl8Lw

Same, follows the Doctor of Credit intel.
I was at the Preferred Reward for Wealth Management tier ($250,000+) as that was the highest tier. Now I should be eligible for the Preferred Rewards Diamond level. Not so much concerned about the new level as much as when I logged in this morning, both my wife's profile and mine as well has all Preferred Rewards bannering removed and under all our credit cards the bonus level (75%) and any bonus levels are gone. Can anyone who qualified for the old Wealth Management Preferred Rewards Level check their account and let me/us know what your profile page shows and whether on the right hand side of the page on your credit cards if it shows the bonus for Preferred Rewards. On the main page after logging in on the right hand side it used to show your Preferred Rewards level and a member since date listed. Now all that is gone and I don't want to miss out on the system giving my my bonus points on my credit card spend. The other new benefits are meh at best, but don't take away my 75% bonus or have a glitch that kicks me out of Preferred Reward altogether. Thanks.
Definitely call up the preferred rewards dedicated line to inquire:


888.888.7937
Mon-Fri 8 a.m. – 10 p.m. ET
https://www.bankofamerica.com/preferred-rewards/
skibummer
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by skibummer »

anon_investor wrote: Sun Nov 14, 2021 11:01 am
skibummer wrote: Sun Nov 14, 2021 10:55 am
Lastrun wrote: Sat Nov 13, 2021 9:17 pm More info on the lifestyle benefits of the new tiers.

https://promotions.bankofamerica.com/p ... ds/diamond

As expected, nothing of real interest to a typical BH.



Leaked brochure video for new credit card.

https://m.youtube.com/watch?v=LP-FS5bl8Lw

Same, follows the Doctor of Credit intel.
I was at the Preferred Reward for Wealth Management tier ($250,000+) as that was the highest tier. Now I should be eligible for the Preferred Rewards Diamond level. Not so much concerned about the new level as much as when I logged in this morning, both my wife's profile and mine as well has all Preferred Rewards bannering removed and under all our credit cards the bonus level (75%) and any bonus levels are gone. Can anyone who qualified for the old Wealth Management Preferred Rewards Level check their account and let me/us know what your profile page shows and whether on the right hand side of the page on your credit cards if it shows the bonus for Preferred Rewards. On the main page after logging in on the right hand side it used to show your Preferred Rewards level and a member since date listed. Now all that is gone and I don't want to miss out on the system giving my my bonus points on my credit card spend. The other new benefits are meh at best, but don't take away my 75% bonus or have a glitch that kicks me out of Preferred Reward altogether. Thanks.
Definitely call up the preferred rewards dedicated line to inquire:

888.888.7937
Mon-Fri 8 a.m. – 10 p.m. ET
https://www.bankofamerica.com/preferred-rewards/
Good advice. I called the BOA PB rep first and they said my wife and I both show Diamond level, but she could see where the bannering and rewards benefits are missing. She had no real insight or help since this is so new. None of our accounts or credit cards reflect that level (or any level at this point) and when I logged in and went to the Rewards tab I should have seem some of the Diamond level benefits to register or select and I saw nothing for any Preferred Rewards level, Diamond or otherwise. I was hoping to have a Wealth Management level BH comment on what happened to his or her account with this change to know if it is a system-wide glitch or a Mr. Murphy isolated event.
sassy_penguin
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sassy_penguin »

Silly question, but with the premium rewards credit card, do I need to wait for charges to be on the statement to earn points?

I had a 5k expense this past week and would rather put 5k against my balance immediately rather than carry it to next month. But if it would cost me the cash back, I'll wait instead.
skibummer
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by skibummer »

sassy_penguin wrote: Sun Nov 14, 2021 11:08 am Silly question, but with the premium rewards credit card, do I need to wait for charges to be on the statement to earn points?

I had a 5k expense this past week and would rather put 5k against my balance immediately rather than carry it to next month. But if it would cost me the cash back, I'll wait instead.
You earn the points as you make the charges so you have to have the Preferred Rewards tier you want before you make the charges. The actual points don't show available to cash out or use until your statement closes for that month, but it will show those points as "pending" under the rewards section for that specific credit card.
MAJIC9
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MAJIC9 »

Not sure I fully understand what you're asking but either way - you earn points when charge goes through.. you can "pay it off" before the statement cuts, but you will still get earned cashback.. you get it and the end of the cycle anyways.. so paying down isn't a concern..
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

skibummer wrote: Sun Nov 14, 2021 10:55 am
Lastrun wrote: Sat Nov 13, 2021 9:17 pm More info on the lifestyle benefits of the new tiers.

https://promotions.bankofamerica.com/p ... ds/diamond

As expected, nothing of real interest to a typical BH.



Leaked brochure video for new credit card.

https://m.youtube.com/watch?v=LP-FS5bl8Lw

Same, follows the Doctor of Credit intel.
I was at the Preferred Reward for Wealth Management tier ($250,000+) as that was the highest tier. Now I should be eligible for the Preferred Rewards Diamond level. Not so much concerned about the new level as much as when I logged in this morning, both my wife's profile and mine as well has all Preferred Rewards bannering removed and under all our credit cards the bonus level (75%) and any bonus levels are gone. Can anyone who qualified for the old Wealth Management Preferred Rewards Level check their account and let me/us know what your profile page shows and whether on the right hand side of the page on your credit cards if it shows the bonus for Preferred Rewards. On the main page after logging in on the right hand side it used to show your Preferred Rewards level and a member since date listed. Now all that is gone and I don't want to miss out on the system giving my my bonus points on my credit card spend. The other new benefits are meh at best, but don't take away my 75% bonus or have a glitch that kicks me out of Preferred Reward altogether. BTW, the Wealth Management tier doesn't (didn't) require actually having an advised-managed (fee) account. You just had to have a combined asset total of $250,000 or more across your BOA/Merrill Edge (or Merrill) accounts. None of my accounts are managed by BOA or Merrill. So a total BOA/Merrill Edge asset value of $100,000-$999,999 should be Platinum Honors and $1,000,000-$9,999,999 should be Diamond level, and Diamond Honors for $10M+. Thanks for the reply and input on accounts with the old Wealth Management tier with this recent change.
As Anon said, I would call the Platinum Honors line tomorrow. That said, I would not be surprised, given BofA’s antiquated systems, that Friday night the ML version dropped from your account and Monday night the BofA version gets added. Just speaking as an engineer, I can see this being another one of their lazy batch processes that you need a weeknight to reconcile things. So perhaps wait until Tuesday to see if the banner shows up for you?
JackoC
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by JackoC »

bogosj wrote: Sun Nov 14, 2021 8:22 am
FedGuy wrote: Sat Nov 13, 2021 3:51 pm
calwatch wrote: Sat Nov 13, 2021 3:49 pmHere's the extent of "check plus" from the "personal schedule of fees":
- Unlimited additional checking accounts (as opposed to four for Platinum)
- Unlimited additional savings accounts (as opposed to four for Platinum)
Honest question: why would one person need multiple checking accounts and/or multiple savings accounts at the same bank?
I've heard some people keep two checking accounts, one which is linked to Venmo / other P2P transfer thing, and the balance is kept very low, because they don't trust the P2P app. Keeps an air-gap between their main account and this one that ONLY funds P2P transfers.
Or more generally a person might keep two checking accounts assuming hacking into the account would be via the ATM/debit card which would be different for each account even at the same bank. But generally it does still puzzle me anyone would think being able to have lots of no interest checking accounts without fees would have *significant* value, especially as you can accomplish protection a little better by having no fee accounts different places. Our main checking account is non-BOA paying (by now's standards) significant interest. We have one no interest checking account at BOA to meet the minimum requirement, though it's nice that PH level removes the minimum balance reqt so we can keep it very small.

On the link to more details about 'lifestyle benefits' some of those appear to have actual value, eg. a 10% discount on Linblad Cruises. I don't subscribe to the idea that 'BH' must mean 'Mr Money Moustache'. If you can afford expensive trips and want to take them there's nothing financially imprudent about doing so IMO. But parking $1mil at Merrill to qualify for that stuff is still nothing like the no brainer value of parking $100k to collect a couple $k or more per year in extra CC cash back IMO. And especially if you've already earned a sign up bonus from Merrill and they would not pay you again. The extra $900k (assuming there is an extra $900k :happy ), could be shifted to some other broker for a bonus and the 'lifestyle benefits' would have to beat that.
drk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

FedGuy wrote: Sat Nov 13, 2021 3:51 pm Honest question: why would one person need multiple checking accounts and/or multiple savings accounts at the same bank?
I've always assumed it's folks who subscribe to envelope budgeting, but it could also be useful for managing kids' allowance.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
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Cranberry44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Cranberry44 »

drk wrote: Sun Nov 14, 2021 12:46 pm
FedGuy wrote: Sat Nov 13, 2021 3:51 pm Honest question: why would one person need multiple checking accounts and/or multiple savings accounts at the same bank?
I've always assumed it's folks who subscribe to envelope budgeting, but it could also be useful for managing kids' allowance.
I have two savings accounts at ally. The only reason is that it lets me bypass the limit of 6 withdrawals a month.
GoPackGo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GoPackGo »

Cranberry44 wrote: Sun Nov 14, 2021 1:20 pm
I have two savings accounts at ally. The only reason is that it lets me bypass the limit of 6 withdrawals a month.
At least for now, the 6 withdrawals limitation is suspended, see https://www.federalreserve.gov/supervis ... stions.htm
Are the recent amendments to Regulation D temporary or permanent?
On April 24, 2020, the Board of Governors issued an interim final rule amending its Regulation D to delete the six-per-month limit on convenient transfers from "savings deposits." The underlying reason enabling the changes in Regulation D is the FOMC’s choice of monetary policy framework of an ample reserve regime. In such a regime, reserve requirements are not needed. As a result, the distinction made by the transfer limit between reservable and non-reservable accounts is also not necessary. The Committee’s choice of a monetary policy framework is not a short-term choice. The Board does not have plans to re-impose transfer limits but may make adjustments to the definition of savings accounts in response to comments received on the Board’s interim final rule and, in the future, if conditions warrant.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

GoPackGo wrote: Sun Nov 14, 2021 2:10 pmAt least for now, the 6 withdrawals limitation is suspended, see https://www.federalreserve.gov/supervis ... stions.htm
True, but not all banks have updated their policies accordingly. I think BoA, for example, is still enforcing the six withdrawal per month limit notwithstanding the Fed's actions.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

Lastrun wrote: Sat Nov 13, 2021 9:17 pm More info on the lifestyle benefits of the new tiers.

https://promotions.bankofamerica.com/p ... ds/diamond

As expected, nothing of real interest to a typical BH.
I suppose, but this one sounds pretty cool.

Enjoy private luxury residences with The Eden Residence Club
OFFER DETAILS

Eden Residence Club members are living life inspired with their unique access to exceptional private second homes in the world's finest destinations. Each property offers a variety of facilities, amenities and excursions, organized by each member's personal dedicated Lifestyle Manager. Bank of America Diamond and Diamond Honors tier members will receive:

- Joining Fee Waiver (savings $50,000)

- Annual Dues Waiver (savings $3,250)

- Discounts on amazing private residences, globally

- Fixed Collection pricing at US $1,650 per night (2 - 4 bedroom)

- Dedicated Lifestyle Manager

Simply buy your first 3 nights to activate your membership.
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

I need a dedicated lifestyle manager...oh, just a fancy word for conceirge?? Probably not going to help me stick to my workout routine?
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

I wonder if they'll be forced to restructure the tiers should the Diamond tiers fail to catch on. So far I don't see why anyone wants to upgrade from PH to Diamond.
zie
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zie »

Thanks everyone for confirming that BOA is apparently just being broken. Next time I wander into a BOA branch I'll poke @ them about eBills not working, assuming I remember. Maybe they will be able to make it work.
Whether rich or poor, a young woman should know how a bank account works, understand the composition of mortgages and bonds, and know the value of interest and how it accumulates. -Hetty Green
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

Marseille07 wrote: Sun Nov 14, 2021 4:34 pm I wonder if they'll be forced to restructure the tiers should the Diamond tiers fail to catch on. So far I don't see why anyone wants to upgrade from PH to Diamond.
I suspect it's to keep the folks who already have that kind of money at ML from moving elsewhere. Or to help attract more big money clients. Despite being rolled into the existing rewards program, they're clearly looking for different customers at that level. Of course, if some folks in PH happen to have that much money already at ME, it will work out well for them.
Last edited by MisterBill on Sun Nov 14, 2021 6:46 pm, edited 1 time in total.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

MisterBill wrote: Sun Nov 14, 2021 4:56 pm
Marseille07 wrote: Sun Nov 14, 2021 4:34 pm I wonder if they'll be forced to restructure the tiers should the Diamond tiers fail to catch on. So far I don't see why anyone wants to upgrade from PH to Diamond.
I suspect it's to keep the folks who already have that kind of money at ML from moving elsewhere. Or to hep attract more big money clients. Despite being rolled into the existing rewards program, they're clearly looking for different customers at that level. Of course if some foks in PH happen to have that much money already at ME, it will work out well for them.
That's a good point. Part of the restructuring this time was to get rid of the Wealth Management 250K tier; presumably some of those customers could have over 1M and got rolled into Diamond instead of falling into PH.

PH@75% is probably safe for at least a couple of years I'm guessing :beer
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

Marseille07 wrote: Sun Nov 14, 2021 5:00 pmPart of the restructuring this time was to get rid of the Wealth Management 250K tier
But why would that be their goal? I only moved over to BoA in the last few months and just reached Platinum Honors last week. As I was watching the various rumors and theories about BoA's two new tiers play out over the last few months, I decided that I'd be willing to push for $250,000 at BoA/ML if they made it worth my while. After seeing what they came up with, though, I'm planning to withdraw the amount in my account over $100,000 in the next couple of weeks.

I imagine there are a lot of people out there who will no longer be keeping above $100,000 at BoA/ML because of the loss of the $250,000 tier.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

FedGuy wrote: Sun Nov 14, 2021 5:17 pm
Marseille07 wrote: Sun Nov 14, 2021 5:00 pmPart of the restructuring this time was to get rid of the Wealth Management 250K tier
But why would that be their goal? I only moved over to BoA in the last few months and just reached Platinum Honors last week. As I was watching the various rumors and theories about BoA's two new tiers play out over the last few months, I decided that I'd be willing to push for $250,000 at BoA/ML if they made it worth my while. After seeing what they came up with, though, I'm planning to withdraw the amount in my account over $100,000 in the next couple of weeks.

I imagine there are a lot of people out there who will no longer be keeping above $100,000 at BoA/ML because of the loss of the $250,000 tier.
The best bonus is for $200k! A lot of us here never got bumped up to the $250k tier in the last year.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

FedGuy wrote: Sun Nov 14, 2021 5:17 pm
Marseille07 wrote: Sun Nov 14, 2021 5:00 pmPart of the restructuring this time was to get rid of the Wealth Management 250K tier
But why would that be their goal? I only moved over to BoA in the last few months and just reached Platinum Honors last week. As I was watching the various rumors and theories about BoA's two new tiers play out over the last few months, I decided that I'd be willing to push for $250,000 at BoA/ML if they made it worth my while. After seeing what they came up with, though, I'm planning to withdraw the amount in my account over $100,000 in the next couple of weeks.

I imagine there are a lot of people out there who will no longer be keeping above $100,000 at BoA/ML because of the loss of the $250,000 tier.
Consolidating the rewards program with BofA (why now, I don't know). Personally I like to keep quite a bit above $100K in case the markets go south. I'm just holding S&P500 anyway, the brokerage doesn't really matter.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Shorty »

The video brochure shows a 20% point bonus for flights booked through the BofA travel portal. I just did a quick search via my premium rewards card. Flights, especially one way, including this week, were extremely reasonably priced. I’m curious if anyone’s done the comparison analysis.

I’ve used this as my “catch all” 2.625% card. 3.5% not bad for dining and travel (currently have better options). 20% may be compelling to hang on points instead of monthly auto-transfer.

Overall the rewards seem mediocre for the price. I wonder if an upgrade will be possible and if eligible for bonuses. Otherwise, prob not worth the AF, especially compared to CSR.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Shorty wrote: Sun Nov 14, 2021 8:57 pm The video brochure shows a 20% point bonus for flights booked through the BofA travel portal. I just did a quick search via my premium rewards card. Flights, especially one way, including this week, were extremely reasonably priced. I’m curious if anyone’s done the comparison analysis.

I’ve used this as my “catch all” 2.625% card. 3.5% not bad for dining and travel (currently have better options). 20% may be compelling to hang on points instead of monthly auto-transfer.

Overall the rewards seem mediocre for the price. I wonder if an upgrade will be possible and if eligible for bonuses. Otherwise, prob not worth the AF, especially compared to CSR.
It would be more compelling if they had some partner airlines to trade points for miles like the CSR.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Shorty »

No indication of that with BofA. AMEX transfer to ANA is enough to have me stockpiling MR points. CSR 50% “pay yourself back” bonus was enough to get me to liquidate many points.
anon_investor wrote: Sun Nov 14, 2021 9:24 pm It would be more compelling if they had some partner airlines to trade points for miles like the CSR.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Shorty wrote: Sun Nov 14, 2021 9:32 pm No indication of that with BofA. AMEX transfer to ANA is enough to have me stockpiling MR points. CSR 50% “pay yourself back” bonus was enough to get me to liquidate many points.
anon_investor wrote: Sun Nov 14, 2021 9:24 pm It would be more compelling if they had some partner airlines to trade points for miles like the CSR.
Yeah, BoA probably won't have that, makes paying that fee and stock piling points less compelling to me. The $95/AF PR card seems like a better bang for the buck, that is what I have an plan to keep.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Shorty »

Same here. Just got the $100 reimbursement for an AA GC. Seems like playing with fire since gift cards are supposed to be excluded.

I was surprised to see good rates on the BofA travel portal. I’ll check against the usual sites when I travel next.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

Shorty wrote: Sun Nov 14, 2021 10:04 pm Same here. Just got the $100 reimbursement for an AA GC. Seems like playing with fire since gift cards are supposed to be excluded.

I was surprised to see good rates on the BofA travel portal. I’ll check against the usual sites when I travel next.
Amex has the RAT (reward abuse team) who wins almost every time they play. BoA has the BACaRAT team, which mostly loses but comes home with a great story.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by djheini »

Marseille07 wrote: Sun Nov 14, 2021 5:23 pm
FedGuy wrote: Sun Nov 14, 2021 5:17 pm
Marseille07 wrote: Sun Nov 14, 2021 5:00 pmPart of the restructuring this time was to get rid of the Wealth Management 250K tier
But why would that be their goal? I only moved over to BoA in the last few months and just reached Platinum Honors last week. As I was watching the various rumors and theories about BoA's two new tiers play out over the last few months, I decided that I'd be willing to push for $250,000 at BoA/ML if they made it worth my while. After seeing what they came up with, though, I'm planning to withdraw the amount in my account over $100,000 in the next couple of weeks.

I imagine there are a lot of people out there who will no longer be keeping above $100,000 at BoA/ML because of the loss of the $250,000 tier.
Consolidating the rewards program with BofA (why now, I don't know). Personally I like to keep quite a bit above $100K in case the markets go south. I'm just holding S&P500 anyway, the brokerage doesn't really matter.
I've had similar feelings, but based on their FAQ, you have up to 15 months to get back up to the balance level for your tier, so when I moved an account out of ME I brought my taxable account down to within a few k of the cut-off (based on round number of shares)
What happens if my program balance drops after I enroll in Preferred Rewards?
No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for a full year. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. If you haven't met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits.
https://www.bankofamerica.com/preferred-rewards/faq/
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

djheini wrote: Sun Nov 14, 2021 10:34 pm
Marseille07 wrote: Sun Nov 14, 2021 5:23 pm
FedGuy wrote: Sun Nov 14, 2021 5:17 pm
Marseille07 wrote: Sun Nov 14, 2021 5:00 pmPart of the restructuring this time was to get rid of the Wealth Management 250K tier
But why would that be their goal? I only moved over to BoA in the last few months and just reached Platinum Honors last week. As I was watching the various rumors and theories about BoA's two new tiers play out over the last few months, I decided that I'd be willing to push for $250,000 at BoA/ML if they made it worth my while. After seeing what they came up with, though, I'm planning to withdraw the amount in my account over $100,000 in the next couple of weeks.

I imagine there are a lot of people out there who will no longer be keeping above $100,000 at BoA/ML because of the loss of the $250,000 tier.
Consolidating the rewards program with BofA (why now, I don't know). Personally I like to keep quite a bit above $100K in case the markets go south. I'm just holding S&P500 anyway, the brokerage doesn't really matter.
I've had similar feelings, but based on their FAQ, you have up to 15 months to get back up to the balance level for your tier, so when I moved an account out of ME I brought my taxable account down to within a few k of the cut-off (based on round number of shares)
What happens if my program balance drops after I enroll in Preferred Rewards?
No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for a full year. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. If you haven't met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits.
https://www.bankofamerica.com/preferred-rewards/faq/
That's interesting. I heard rumors they might change the rules around this but I guess they didn't :beer

Reportedly some customers were shifting money in/out to chase bonuses elsewhere then restore the funds.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by djheini »

Marseille07 wrote: Sun Nov 14, 2021 10:36 pm
djheini wrote: Sun Nov 14, 2021 10:34 pm
Marseille07 wrote: Sun Nov 14, 2021 5:23 pm
FedGuy wrote: Sun Nov 14, 2021 5:17 pm
Marseille07 wrote: Sun Nov 14, 2021 5:00 pmPart of the restructuring this time was to get rid of the Wealth Management 250K tier
But why would that be their goal? I only moved over to BoA in the last few months and just reached Platinum Honors last week. As I was watching the various rumors and theories about BoA's two new tiers play out over the last few months, I decided that I'd be willing to push for $250,000 at BoA/ML if they made it worth my while. After seeing what they came up with, though, I'm planning to withdraw the amount in my account over $100,000 in the next couple of weeks.

I imagine there are a lot of people out there who will no longer be keeping above $100,000 at BoA/ML because of the loss of the $250,000 tier.
Consolidating the rewards program with BofA (why now, I don't know). Personally I like to keep quite a bit above $100K in case the markets go south. I'm just holding S&P500 anyway, the brokerage doesn't really matter.
I've had similar feelings, but based on their FAQ, you have up to 15 months to get back up to the balance level for your tier, so when I moved an account out of ME I brought my taxable account down to within a few k of the cut-off (based on round number of shares)
What happens if my program balance drops after I enroll in Preferred Rewards?
No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for a full year. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. If you haven't met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits.
https://www.bankofamerica.com/preferred-rewards/faq/
That's interesting. I heard rumors they might change the rules around this but I guess they didn't :beer

Reportedly some customers were shifting money in/out to chase bonuses elsewhere then restore the funds.
What's unclear from reading that is if the "full year" is from your anniversary date or you're locked in for another year each time they check your balance. But regardless I read it as you would have a minimum of 3 months to get back up to the level you wanted in order to keep your desired status.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

whodidntante wrote: Sun Nov 14, 2021 10:29 pm
Shorty :) wrote: Sun Nov 14, 2021 10:04 pm Same here. Just got the $100 reimbursement for an AA GC. Seems like playing with fire since gift cards are supposed to be excluded.

I was surprised to see good rates on the BofA travel portal. I’ll check against the usual sites when I travel next.
Amex has the RAT (reward abuse team) who wins almost every time they play. BoA has the BACaRAT team, which mostly loses but comes home with a great story.
My laughter practically shook the whole house at this one. :D
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

djheini wrote: Sun Nov 14, 2021 10:38 pm What's unclear from reading that is if the "full year" is from your anniversary date or you're locked in for another year each time they check your balance. But regardless I read it as you would have a minimum of 3 months to get back up to the level you wanted in order to keep your desired status.
From a post much earlier in this thread:
triceratop wrote: Sun Apr 09, 2017 7:51 pm I just enrolled in the program after becoming eligible. :beer

There was a highly interesting part of the Terms & Conditions (everybody reads those in full detail....right?).
We will perform an annual review of your qualifying balances in the month following the anniversary date of your initial enrollment in the program. The annual review will calculate your three month average combined balance as of the end of your anniversary month and place you in the balance tier for which you meet the qualification requirements. If the result of the annual review would be to move you to a lower tier, you will have a three month period after your anniversary month in which to restore your qualifying balance before you are moved to that lower balance tier. If you are moved to a lower balance tier, your benefits may be changed to those of the balance tier for which you qualify without further notice. Please note that while you can be moved to a higher balance tier after any month in which you satisfy the combined balance requirement for that tier, you will only be moved to a lower balance tier as a result of the annual review.
Sure looks like one can move assets around during the year to collect other brokerage bonuses, then move the assets back for the annual review. All the while retaining one's Preferred Rewards benefits.

I didn't know of this from reading on the forums so maybe nobody has spotted it before, but it sure sounds like a great loophole.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

Shorty wrote: Sun Nov 14, 2021 10:04 pm Same here. Just got the $100 reimbursement for an AA GC. Seems like playing with fire since gift cards are supposed to be excluded.
The reason why gift cards work is that the charge posts looking the same as covered expenses do. Unless AA changes that, which is unlikely, it should continue to work.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Shorty »

Thx, makes sense. Makes me nervous in considering at the $300/yr level for upcoming "premium rewards elite" card.
MisterBill wrote: Mon Nov 15, 2021 10:18 am
Shorty wrote: Sun Nov 14, 2021 10:04 pm Same here. Just got the $100 reimbursement for an AA GC. Seems like playing with fire since gift cards are supposed to be excluded.
The reason why gift cards work is that the charge posts looking the same as covered expenses do. Unless AA changes that, which is unlikely, it should continue to work.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tomsense76 »

calwatch wrote: Sat Nov 13, 2021 3:49 pm
tomsense76 wrote: Fri Nov 12, 2021 2:07 pm Do we know what the check plus symbol means?
Here's the extent of "check plus" from the "personal schedule of fees":
- Unlimited additional checking accounts (as opposed to four for Platinum)
- Unlimited additional savings accounts (as opposed to four for Platinum)

That is literally it. They still charge for ACH out which no other bank in my experience does, although this is easily evaded by running the funds through Merrill.

https://www.bankofamerica.com/salesserv ... dule-fees/
Thanks for the info!

That's pretty underwhelming. Would have at least hoped for ACH or some outgoing wire transfers or something.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

tomsense76 wrote: Mon Nov 15, 2021 2:13 pm That's pretty underwhelming. Would have at least hoped for ACH or some outgoing wire transfers or something.
Yes, kind of strange that they wouldn't have added that. Does Merrill offer some way to get free outgoing wires (Fidelity does)? Obviously, they do free ACH.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by danaht »

I would have liked it if they added free (no commission) options trading for Diamond level. Everyone has free stock trading right now. I think Robinhood is still one of the very few brokers that offer no commission options trading. The Diamond level would have been a good level to offer that. Right now there is really no reason for me to even try to go to Diamond. None of the extra benefits interest me.
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