Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

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LifeIsGood
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Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by LifeIsGood » Tue Jan 30, 2018 7:09 am

Looks like Merrill has upped their $600 bonus to $900.
https://www.merrilledge.com/offers/900o ... headCtaBtn

boglegirl
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by boglegirl » Tue Jan 30, 2018 8:23 am

LifeIsGood wrote:
Tue Jan 30, 2018 7:09 am
Looks like Merrill has upped their $600 bonus to $900.
https://www.merrilledge.com/offers/900o ... headCtaBtn
That's a nice bonus. But would anybody transfer to Merrill Edge just for the bonus? I've done plenty of checking & savings accounts bonuses, but never for an IRA because it seems more time-consuming and costly to transfer. And I think last time I looked into this for a Fidelity bonus, I wasn't going to be able to keep my Vanguard funds.

Da5id
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Da5id » Tue Jan 30, 2018 8:41 am

boglegirl wrote:
Tue Jan 30, 2018 8:23 am
LifeIsGood wrote:
Tue Jan 30, 2018 7:09 am
Looks like Merrill has upped their $600 bonus to $900.
https://www.merrilledge.com/offers/900o ... headCtaBtn
That's a nice bonus. But would anybody transfer to Merrill Edge just for the bonus? I've done plenty of checking & savings accounts bonuses, but never for an IRA because it seems more time-consuming and costly to transfer. And I think last time I looked into this for a Fidelity bonus, I wasn't going to be able to keep my Vanguard funds.
I'm not going to do this now. But once I'm out of work, seems like a good deal. Say it takes 3 hours of your time. That is $300/hour. Not a bad rate of pay. Reading the fine print, the money goes in the IRA. So if you move over $200K of Roth money you get an extra $900 in your Roth, which is nice.

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dodecahedron
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by dodecahedron » Tue Jan 30, 2018 8:47 am

Da5id wrote:
Tue Jan 30, 2018 8:41 am
I'm not going to do this now. But once I'm out of work, seems like a good deal. Say it takes 3 hours of your time. That is $300/hour. Not a bad rate of pay. Reading the fine print, the money goes in the IRA. So if you move over $200K of Roth money you get an extra $900 in your Roth, which is nice.
I did this two years ago, when the Merrill Edge bonus for moving $200K of assets to a Roth IRA was $1,000. It took me about 15 minutes to fill out the forms to arrange for in-kind transfer of Vanguard ETFs.

Da5id
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Da5id » Tue Jan 30, 2018 8:51 am

dodecahedron wrote:
Tue Jan 30, 2018 8:47 am
Da5id wrote:
Tue Jan 30, 2018 8:41 am
I'm not going to do this now. But once I'm out of work, seems like a good deal. Say it takes 3 hours of your time. That is $300/hour. Not a bad rate of pay. Reading the fine print, the money goes in the IRA. So if you move over $200K of Roth money you get an extra $900 in your Roth, which is nice.
I did this two years ago, when the Merrill Edge bonus for moving $200K of assets to a Roth IRA was $1,000. It took me about 15 minutes to fill out the forms to arrange for in-kind transfer of Vanguard ETFs.
Well then even better. I don't have ETFs, so I'd have to convert my mutual funds to do this. I also was assuming medallion guarantees etc might be involved, it is really just paperwork?

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munemaker
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by munemaker » Tue Jan 30, 2018 8:54 am

I looked at the linked page.

They offer a limited number of free trades to Platinum and Platinum Honors clients, but I did not see anywhere where they state the criteria for those designations.

Most houses charge a "kiss off" fee whenever you leave. I wonder what MLE's is?

They state some no load fees have sales charges and some do not. I didn't see where they specify which do and which don't. Vanguard funds? I am betting they do!

So...there seem to be too many gotchas and possibly hidden fees with this offer. Yes, you might come out ahead, but I bet some of that $900 will be diluted with hidden fees.

Retired1809
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Retired1809 » Tue Jan 30, 2018 9:14 am

What does Merrill Edge charge to buy or sell no-load mutual funds other than NTF? Do Premier level customers get any free mutual fund trades? And is there a list of their NTF funds somewhere?

djheini
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by djheini » Tue Jan 30, 2018 9:31 am

munemaker wrote:
Tue Jan 30, 2018 8:54 am
I looked at the linked page.

They offer a limited number of free trades to Platinum and Platinum Honors clients, but I did not see anywhere where they state the criteria for those designations.
Platinum starts at $50k of assets between Merrill and BoA accounts, and Platinum Honors starts at $100k.

More details at https://www.bankofamerica.com/preferred-rewards/

I've actually thought about transferring enough ETFs to qualify for Platinum Honors because then you can get a BoA credit card that gets you 2.6% (when used as travel credits) on all purchases.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by deltaneutral83 » Tue Jan 30, 2018 11:03 am

I moved my Vanguard ETFs in my taxable to ME after TDA "updated" their commission free list. I don't think moving mutual funds is ever going to be a great idea with the brokerage bonus carousel. Moving ETFs in kind is a sinch though and with free trades through their preferred rewards system you can pick any you want. For an IRA, it's twice as nice as you don't have to keep up with cost basis.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by FrugalProfessor » Tue Jan 30, 2018 11:28 am

I moved $50k of VTSAX from Vanguard to Merrill Edge last month to juice my BOA credit card rewards. Contrary to what has been posted elsewhere on this blog, you don't need to convert to VTI prior to transferring out. The caveat is that VTSAX cannot be purchased within Merrill Edge.

Knowing the above, one could easily transfer $100k of VTSAX every time this bonus comes up, collect the bonus, then close the account and transfer back to Vanguard. Rinse, repeat. Easy way of getting some dough.

Importing the assets from Vanguard to ME was as easy within ME as I've ever seen it. Purely online request. Takes about 2 minutes to complete the form.

Here's the image if you're interested: https://www.dropbox.com/s/x9j6gsououyl1 ... e.png?dl=0
I blog. Taxes are the lowest hanging source of alpha. I eat tax alpha for breakfast.

quizzer25
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by quizzer25 » Tue Jan 30, 2018 2:41 pm

I see this:
1 Offer valid for new and existing individual Merrill Edge IRAs opened by 4/17/18. Offer is limited to one IRA, per accountholder. Eligible Merrill Edge IRAs limited to Rollover, Traditional, Roth and Sole-Proprietor SEP only. The Merrill Edge IRA may be a Merrill Edge Online Investing and Trading account, Merrill Edge Advisory Account or Merrill Edge Guided Investing account.

I'm an existing platinum status customer having done a roll over ira 2 years back. Can I do one more roll-over IRA and add additional money to my current one and get the bonus?

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Tue Jan 30, 2018 4:38 pm

boglegirl wrote:
Tue Jan 30, 2018 8:23 am
That's a nice bonus. But would anybody transfer to Merrill Edge just for the bonus? I've done plenty of checking & savings accounts bonuses, but never for an IRA because it seems more time-consuming and costly to transfer. And I think last time I looked into this for a Fidelity bonus, I wasn't going to be able to keep my Vanguard funds.
I'd transfer to almost anyone (and have at one time or another with most majors and some minors) for a bonus except those that manage the assets. Merrill Edge is a pretty good custodian outside of the bonus.

IRAs aren't more difficult to transfer in my experience. What are you thinking? I always try to get the receiver to pay any fees.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Tue Jan 30, 2018 4:40 pm

FrugalProfessor wrote:
Tue Jan 30, 2018 11:28 am
Knowing the above, one could easily transfer $100k of VTSAX every time this bonus comes up, collect the bonus, then close the account and transfer back to Vanguard. Rinse, repeat. Easy way of getting some dough.
It would be better to move it to another custodian for a bonus instead. That's where ETFs really help, as anyone takes those.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Tue Jan 30, 2018 4:50 pm

munemaker wrote:
Tue Jan 30, 2018 8:54 am
I looked at the linked page.

They offer a limited number of free trades to Platinum and Platinum Honors clients, but I did not see anywhere where they state the criteria for those designations.

Most houses charge a "kiss off" fee whenever you leave. I wonder what MLE's is?

They state some no load fees have sales charges and some do not. I didn't see where they specify which do and which don't. Vanguard funds? I am betting they do!

So...there seem to be too many gotchas and possibly hidden fees with this offer. Yes, you might come out ahead, but I bet some of that $900 will be diluted with hidden fees.
The limited number of trades is 30/month for Platinum and 100/month for Honors. These are for any equity transactions, so all ETFs qualify.

The full transfer fee is $49.95, partials are free. Leave a few bucks if you can't get the new custodian to cover.

It's usually a poor idea to buy mutual funds. ETFs work great. Or you can transfer in-kind and not buy anything.

There are no hidden fees. I have used Edge for years, and they are the custodian I would stay with if all bonuses go away.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by deltaneutral83 » Tue Jan 30, 2018 4:52 pm

FrugalProfessor wrote:
Tue Jan 30, 2018 11:28 am
I moved $50k of VTSAX from Vanguard to Merrill Edge last month to juice my BOA credit card rewards. Contrary to what has been posted elsewhere on this blog, you don't need to convert to VTI prior to transferring out. The caveat is that VTSAX cannot be purchased within Merrill Edge.

Knowing the above, one could easily transfer $100k of VTSAX every time this bonus comes up, collect the bonus, then close the account and transfer back to Vanguard. Rinse, repeat. Easy way of getting some dough.

Importing the assets from Vanguard to ME was as easy within ME as I've ever seen it. Purely online request. Takes about 2 minutes to complete the form.

Here's the image if you're interested: https://www.dropbox.com/s/x9j6gsououyl1 ... e.png?dl=0
Good to know about mutual funds transferring in kind. ME does make you wait 180 days to get the bonus, but that's not a problem. The juiced BOA credit card is also something I'm going to be doing once my account hits 90 days and is eligible here in the next few weeks.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Tue Jan 30, 2018 4:54 pm

Da5id wrote:
Tue Jan 30, 2018 8:41 am
I'm not going to do this now. But once I'm out of work, seems like a good deal. Say it takes 3 hours of your time. That is $300/hour. Not a bad rate of pay. Reading the fine print, the money goes in the IRA. So if you move over $200K of Roth money you get an extra $900 in your Roth, which is nice.
If it takes three hours, you're doing it wrong. It shouldn't take much more than 30 minutes.

Extra money in Roth is very nice. No taxes ever on it.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Tue Jan 30, 2018 4:55 pm

deltaneutral83 wrote:
Tue Jan 30, 2018 4:52 pm
ME does make you wait 180 days to get the bonus, but that's not a problem.
Not this one. It's 90 days after the end of the funding period.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Tue Jan 30, 2018 4:57 pm

quizzer25 wrote:
Tue Jan 30, 2018 2:41 pm
I'm an existing platinum status customer having done a roll over ira 2 years back. Can I do one more roll-over IRA and add additional money to my current one and get the bonus?
Yes. Existing accounts are eligible.

quizzer25
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by quizzer25 » Tue Jan 30, 2018 6:52 pm

Earl Lemongrab wrote:
Tue Jan 30, 2018 4:57 pm
quizzer25 wrote:
Tue Jan 30, 2018 2:41 pm
I'm an existing platinum status customer having done a roll over ira 2 years back. Can I do one more roll-over IRA and add additional money to my current one and get the bonus?
Yes. Existing accounts are eligible.
I believe have to open a "new" account (new rollover IRA) with ME to get the bonus.
Is it ok to have 2 IRA's at the same time with Merril?
one is the existing IRA that I rolled-over 2 years back
second will be the new roll over in 2018.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by triceratop » Tue Jan 30, 2018 7:03 pm

Earl Lemongrab wrote:
Tue Jan 30, 2018 4:50 pm
There are no hidden fees. I have used Edge for years, and they are the custodian I would stay with if all bonuses go away.
As long as the only fixed income you buy is ETFs. Otherwise yes, there are hidden fees.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by decapod10 » Tue Jan 30, 2018 7:13 pm

djheini wrote:
Tue Jan 30, 2018 9:31 am
munemaker wrote:
Tue Jan 30, 2018 8:54 am
I looked at the linked page.

They offer a limited number of free trades to Platinum and Platinum Honors clients, but I did not see anywhere where they state the criteria for those designations.
Platinum starts at $50k of assets between Merrill and BoA accounts, and Platinum Honors starts at $100k.

More details at https://www.bankofamerica.com/preferred-rewards/

I've actually thought about transferring enough ETFs to qualify for Platinum Honors because then you can get a BoA credit card that gets you 2.6% (when used as travel credits) on all purchases.
Have you looked at the Premium Rewards card? It has a $95 annual fee, but also a $100 travel credit (though much more limited than the Chase travel credit), free Global Entry.

At Platinum Honors level, you get:

General Spend: 2.62% cash back (1.5% + 75% bonus)
Travel and Dining: 3.5% cash back (2% + 75% bonus)

And it's all cash, don't need to spend it on travel. It's one of the best cards out there IMO.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by TallBoy29er » Tue Jan 30, 2018 8:24 pm

LifeIsGood wrote:
Tue Jan 30, 2018 7:09 am
Looks like Merrill has upped their $600 bonus to $900.
https://www.merrilledge.com/offers/900o ... headCtaBtn
Thanks for the heads up. With the TDA change in policy on NTF ETF's, I may head this direction. Much appreciated LifeIsGood.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by djheini » Wed Jan 31, 2018 8:29 am

decapod10 wrote:
Tue Jan 30, 2018 7:13 pm
djheini wrote:
Tue Jan 30, 2018 9:31 am
munemaker wrote:
Tue Jan 30, 2018 8:54 am
I looked at the linked page.

They offer a limited number of free trades to Platinum and Platinum Honors clients, but I did not see anywhere where they state the criteria for those designations.
Platinum starts at $50k of assets between Merrill and BoA accounts, and Platinum Honors starts at $100k.

More details at https://www.bankofamerica.com/preferred-rewards/

I've actually thought about transferring enough ETFs to qualify for Platinum Honors because then you can get a BoA credit card that gets you 2.6% (when used as travel credits) on all purchases.
Have you looked at the Premium Rewards card? It has a $95 annual fee, but also a $100 travel credit (though much more limited than the Chase travel credit), free Global Entry.

At Platinum Honors level, you get:

General Spend: 2.62% cash back (1.5% + 75% bonus)
Travel and Dining: 3.5% cash back (2% + 75% bonus)

And it's all cash, don't need to spend it on travel. It's one of the best cards out there IMO.
Yeah, I actually was just looking at it. I already have the Chase Sapphire Reserve which is where I put all my travel/dining spend (3x Ultimate Rewards), so the travel/dining bonus on that card is meh to me. I also get free Global Entry through the CSR. So it basically would be paying a $95 annual fee to be able to get $100 in airline incidental credit (which I'm not sure if I'd spend without the credit, so I don't value it at 100% of the value). But the higher signup bonus would be nice

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by boglegirl » Wed Jan 31, 2018 8:40 am

Earl Lemongrab wrote:
Tue Jan 30, 2018 4:38 pm
boglegirl wrote:
Tue Jan 30, 2018 8:23 am
That's a nice bonus. But would anybody transfer to Merrill Edge just for the bonus? I've done plenty of checking & savings accounts bonuses, but never for an IRA because it seems more time-consuming and costly to transfer. And I think last time I looked into this for a Fidelity bonus, I wasn't going to be able to keep my Vanguard funds.
I'd transfer to almost anyone (and have at one time or another with most majors and some minors) for a bonus except those that manage the assets. Merrill Edge is a pretty good custodian outside of the bonus.

IRAs aren't more difficult to transfer in my experience. What are you thinking? I always try to get the receiver to pay any fees.
I was concerned about the fees. But it appears Vanguard won't charge me anything, and if I leave Merrill, they only charge $50.

I also thought I might have to liquidate Vanguard funds, but several posters have said I can just roll them into the Merrill Edge account.

So it looks like I'll spend 15 minutes today to make $900. Of course, this particular account recently crossed $200k because of the runup in stocks, so now I need to worry if it will be over $200k on the day I transfer. :D

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by djheini » Wed Jan 31, 2018 10:28 am

When I looked at the offer again this morning, it looks like this is only if you are an existing Preferred Rewards client? Or would this work if I create a new relationship and transfer the money in? (I currently have no BoA deposit accounts or Merrill Edge accounts, so no Preferred Rewards status)

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Retired1809 » Wed Jan 31, 2018 11:16 am

There's a typical B of A "gotcha:" The $900 bonus incentive is ONLY for existing Preferred Rewards clients.

For folks who aren't currently preferred rewards clients, the bonus incentive is $600 (which is not chopped liver).

The source for my statements is from a "chat" online with a Merrill Edge rep. If I'm wrong, please enlighten me.

Thanks in advance.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by decapod10 » Wed Jan 31, 2018 12:36 pm

djheini wrote:
Wed Jan 31, 2018 8:29 am
decapod10 wrote:
Tue Jan 30, 2018 7:13 pm
djheini wrote:
Tue Jan 30, 2018 9:31 am
munemaker wrote:
Tue Jan 30, 2018 8:54 am
I looked at the linked page.

They offer a limited number of free trades to Platinum and Platinum Honors clients, but I did not see anywhere where they state the criteria for those designations.
Platinum starts at $50k of assets between Merrill and BoA accounts, and Platinum Honors starts at $100k.

More details at https://www.bankofamerica.com/preferred-rewards/

I've actually thought about transferring enough ETFs to qualify for Platinum Honors because then you can get a BoA credit card that gets you 2.6% (when used as travel credits) on all purchases.
Have you looked at the Premium Rewards card? It has a $95 annual fee, but also a $100 travel credit (though much more limited than the Chase travel credit), free Global Entry.

At Platinum Honors level, you get:

General Spend: 2.62% cash back (1.5% + 75% bonus)
Travel and Dining: 3.5% cash back (2% + 75% bonus)

And it's all cash, don't need to spend it on travel. It's one of the best cards out there IMO.
Yeah, I actually was just looking at it. I already have the Chase Sapphire Reserve which is where I put all my travel/dining spend (3x Ultimate Rewards), so the travel/dining bonus on that card is meh to me. I also get free Global Entry through the CSR. So it basically would be paying a $95 annual fee to be able to get $100 in airline incidental credit (which I'm not sure if I'd spend without the credit, so I don't value it at 100% of the value). But the higher signup bonus would be nice
Yeah, I have both as well. Certainly depends on your situation. For us, the BofA travel credit is not too hard to use because we have a family of 4 and usually have 2 check ins when we fly somewhere, so that’s $100 right there that qualifies for the BofA travel credit.

Also, I have a CSR but we didn’t want to pay for an authorized user, so my wife uses the BofA premium rewards card for travel/dining expenses and I use the CSR for dining/travel

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by decapod10 » Wed Jan 31, 2018 12:52 pm

boglegirl wrote:
Wed Jan 31, 2018 8:40 am
Earl Lemongrab wrote:
Tue Jan 30, 2018 4:38 pm
boglegirl wrote:
Tue Jan 30, 2018 8:23 am
That's a nice bonus. But would anybody transfer to Merrill Edge just for the bonus? I've done plenty of checking & savings accounts bonuses, but never for an IRA because it seems more time-consuming and costly to transfer. And I think last time I looked into this for a Fidelity bonus, I wasn't going to be able to keep my Vanguard funds.
I'd transfer to almost anyone (and have at one time or another with most majors and some minors) for a bonus except those that manage the assets. Merrill Edge is a pretty good custodian outside of the bonus.

IRAs aren't more difficult to transfer in my experience. What are you thinking? I always try to get the receiver to pay any fees.
I was concerned about the fees. But it appears Vanguard won't charge me anything, and if I leave Merrill, they only charge $50.

I also thought I might have to liquidate Vanguard funds, but several posters have said I can just roll them into the Merrill Edge account.

So it looks like I'll spend 15 minutes today to make $900. Of course, this particular account recently crossed $200k because of the runup in stocks, so now I need to worry if it will be over $200k on the day I transfer. :D
If it’s a tax advantaged account, I would still liquidate and convert to ETF, then transfer in kind that way. Vanguard mutual funds held in Merrill Edge, they may charge you transaction fees. If you try to sell them down the road.

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dodecahedron
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by dodecahedron » Wed Jan 31, 2018 12:54 pm

Da5id wrote:
Tue Jan 30, 2018 8:51 am
dodecahedron wrote:
Tue Jan 30, 2018 8:47 am
Da5id wrote:
Tue Jan 30, 2018 8:41 am
I'm not going to do this now. But once I'm out of work, seems like a good deal. Say it takes 3 hours of your time. That is $300/hour. Not a bad rate of pay. Reading the fine print, the money goes in the IRA. So if you move over $200K of Roth money you get an extra $900 in your Roth, which is nice.
I did this two years ago, when the Merrill Edge bonus for moving $200K of assets to a Roth IRA was $1,000. It took me about 15 minutes to fill out the forms to arrange for in-kind transfer of Vanguard ETFs.
Well then even better. I don't have ETFs, so I'd have to convert my mutual funds to do this. I also was assuming medallion guarantees etc might be involved, it is really just paperwork?
If you need to convert mutual funds to ETFs, that can be done in a 5 minute phone conversation with a Vanguard rep. (I don't think that can be done on line.)

Once you have ETFs, yes it is just paperwork (mostly electronic) to transfer the securities in-kind. Start from the receiver (Merrill Edge) and they will generate what you need. When I did this twice a couple years ago (once for taxable account and once for Roth IRA), no medallion signatures were needed to transfer in-kind *as long as* both the outgoing and incoming accounts are titled in exactly the same way. (In other words, no going from an individual to a joint account or trust, no name changes due to marriage etc., names spelled exactly the same on both accounts, etc.)

diamondmine
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by diamondmine » Wed Jan 31, 2018 1:08 pm

I want to transfer a Roth IRA that is just shy of the $200K. Can I make up the difference somehow to still get the $900 incentive, or do I have to settle for $375 (for a $100K transfer)? I cannot contribute to the Roth this year.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Retired1809 » Wed Jan 31, 2018 1:13 pm

I wanted to correct my previous post:

ost
by HikerNC » Wed Jan 31, 2018 11:16 am
There's a typical B of A "gotcha:" The $900 bonus incentive is ONLY for existing Preferred Rewards clients.

For folks who aren't currently preferred rewards clients, the bonus incentive is $600 (which is not chopped liver).

The source for my statements is from a "chat" online with a Merrill Edge rep. If I'm wrong, please enlighten me.

Thanks in advance.


A subsequent online chat with a different M.E. rep explained that it is indeed possible to get the $900 incentive by opening a ME account and then opening a B of A checking account, as long as total assets transferred to ME and B of A total $200k or more. [/b]

Da5id
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Da5id » Wed Jan 31, 2018 1:14 pm

diamondmine wrote:
Wed Jan 31, 2018 1:08 pm
I want to transfer a Roth IRA that is just shy of the $200K. Can I make up the difference somehow to still get the $900 incentive, or do I have to settle for $375 (for a $100K transfer)? I cannot contribute to the Roth this year.
Consolidate multiple Roths? Make this years contribution? Do an IRA->Roth conversion if that fits your plans? Hope for a high return over next month?

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dodecahedron
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by dodecahedron » Wed Jan 31, 2018 1:22 pm

munemaker wrote:
Tue Jan 30, 2018 8:54 am
Most houses charge a "kiss off" fee whenever you leave. I wonder what MLE's is?
I got two $1,000 bonuses, one for moving at least $200K in my Roth IRA to Merrill Edge and parking it there for six months, and another for moving at least $200K in my taxable account and parking it there for six months.

Later on, I decided to simplify and consolidate my accounts generally. I removed more than half of the balance in my taxable account elsewhere, leaving enough to be sure I would satisfy the $100K minimum for ongoing Platinum Preferred privileges. I moved my entire Roth IRA account out, closing that account entirely.

I got charged $50 for closing the Roth IRA, no fee at all for the partial transfer out from my taxable account.

I would say their kiss-off fees are more than fair, given that they paid me so much money to transfer in.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by diamondmine » Wed Jan 31, 2018 1:27 pm

Da5id wrote:
Wed Jan 31, 2018 1:14 pm
diamondmine wrote:
Wed Jan 31, 2018 1:08 pm
I want to transfer a Roth IRA that is just shy of the $200K. Can I make up the difference somehow to still get the $900 incentive, or do I have to settle for $375 (for a $100K transfer)? I cannot contribute to the Roth this year.
Consolidate multiple Roths? Make this years contribution? Do an IRA->Roth conversion if that fits your plans? Hope for a high return over next month?
Good ideas. I guess I'll have to go with hoping.

Thanks.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Wed Jan 31, 2018 3:14 pm

djheini wrote:
Wed Jan 31, 2018 10:28 am
When I looked at the offer again this morning, it looks like this is only if you are an existing Preferred Rewards client? Or would this work if I create a new relationship and transfer the money in? (I currently have no BoA deposit accounts or Merrill Edge accounts, so no Preferred Rewards status)
Nope. You have to have the PR in effect by the time of the bonus, which 90 days after end of funding. Plenty of time.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Wed Jan 31, 2018 3:17 pm

HikerNC wrote:
Wed Jan 31, 2018 11:16 am
There's a typical B of A "gotcha:" The $900 bonus incentive is ONLY for existing Preferred Rewards clients.
You didn't read the offer.
3.You must be enrolled in Preferred Rewards as of 90 days from meeting the funding criteria described in Step 2.
There is plenty of time to get the Preferred Rewards level established.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Wed Jan 31, 2018 3:18 pm

diamondmine wrote:
Wed Jan 31, 2018 1:08 pm
I want to transfer a Roth IRA that is just shy of the $200K. Can I make up the difference somehow to still get the $900 incentive, or do I have to settle for $375 (for a $100K transfer)? I cannot contribute to the Roth this year.
I'd say call and discuss with a rep.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by zeugmite » Thu Sep 27, 2018 10:03 am

Earl Lemongrab wrote:
Tue Jan 30, 2018 4:57 pm
quizzer25 wrote:
Tue Jan 30, 2018 2:41 pm
I'm an existing platinum status customer having done a roll over ira 2 years back. Can I do one more roll-over IRA and add additional money to my current one and get the bonus?
Yes. Existing accounts are eligible.
This is back, by the way.

Also, they are not allowing it if you had two existing bonuses in the past 12 months, upon manual review. Not sure if that's the same outcome without manual review.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Thu Sep 27, 2018 12:46 pm

No, the $900 bonus is one that shows up now and then. They had it going the early part of this year.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Gadget » Sat Dec 15, 2018 5:10 pm

I am likely to tax loss harvest some assets next week unless the market jumps a bunch on Monday. I thought it would be a good time to get the $900 transfer bonus at merril edge and start my platinum honors perks and apply for their credit card. The only thing that has stopped me previously is my deep hatred for bank of america back when I was in college and I felt like they treated me poorly.

But I chatted with a Merrill Edge rep and they said that a new account would not qualify for the $900 offer. Only the $600 offer. But reading the fine print, it seems to me that a new account should qualify for the $900 offer too because they would be preferred rewards status in 90 days, which is when you need to in preferred rewards status by for the bonus offer. I then called, and they said the same thing.

Does anyone know for sure if the rep is right or wrong?

Any drawbacks to holding VTI or VXUS at Merril Edge? Other than having to report another brokerage firm for tax purposes?

https://www.merrilledge.com/offers/900offer

theplayer11
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by theplayer11 » Sun Dec 16, 2018 9:35 am

do they actually deposit the bonus in your transferred IRA? That could cause over contributing for the year:

"Your one-time cash reward will be deposited into your Merrill Edge IRA or CMA within two weeks following the end of the 90 day period. "

"Merrill Lynch may issue an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of the reward. If the cash reward is credited to your IRA, the IRS may view the reward as taxable income or as a contribution to the IRA (if it is an excess contribution, it may be subject to an annual 6% excise tax if not timely distributed). "

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by theplayer11 » Sun Dec 16, 2018 10:15 am

Looks like Merrill Edge has a prototype SEP, so I can rollover my Schwab SEP? I went with Schwab for my SEP because I have an I401k, so needed an administrator that had a prototype plan, not a 5305.

Can I rollover both a Roth and SEP to Merrill go get a combined $200k for the $900 bonus?

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Sun Dec 16, 2018 11:36 am

theplayer11 wrote:
Sun Dec 16, 2018 9:35 am
do they actually deposit the bonus in your transferred IRA? That could cause over contributing for the year:
Yes they do, but it is considered earnings on the money and so doesn't go against contribution limits. This was previously discussed in the main bonus thread:

viewtopic.php?f=10&t=196884

Anyone interested in bonuses should look the early part of that over for tips.

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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by ddd » Sun Dec 16, 2018 12:47 pm

For those who took advantage of the offer through an *existing* account, could you provide instructions on how to proceed? I tried the 'Get Started' button and it eventually led me to opening an new account. I prefer not to have another CMA@MLE. Thanks!

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Sun Dec 16, 2018 1:00 pm

ddd wrote:
Sun Dec 16, 2018 12:47 pm
For those who took advantage of the offer through an *existing* account, could you provide instructions on how to proceed? I tried the 'Get Started' button and it eventually led me to opening an new account. I prefer not to have another CMA@MLE. Thanks!
You'd probably need to contact them to get the existing account coded.

theplayer11
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by theplayer11 » Sun Dec 16, 2018 3:08 pm

Thought this was odd. Bonus depends on account balance after 90 days, not the amount transferred in?

"After 90 days of meeting the funding criteria, your cash reward will be determined by the qualifying net new assets in your account (irrespective of any losses or gains due to trading or market volatility)."

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DWesterb2iz2
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by DWesterb2iz2 » Sun Dec 16, 2018 3:14 pm

post deleted, was off topic
Last edited by DWesterb2iz2 on Sun Dec 16, 2018 3:52 pm, edited 1 time in total.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Sun Dec 16, 2018 3:24 pm

DWesterb2iz2 wrote:
Sun Dec 16, 2018 3:14 pm
Micheal Kitces’ latest podcast is with a guy who loved working at Merrill, but led a breakaway team of advisors to form their own firm. He talks a lot about Merrill in the podcast.

https://www.kitces.com/blog/michael-hen ... ill-lynch/
That's Merrill Lynch full-service. We're talking about Merrill Edge discount brokers. Very different.

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Earl Lemongrab
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by Earl Lemongrab » Sun Dec 16, 2018 3:29 pm

theplayer11 wrote:
Sun Dec 16, 2018 3:08 pm
Thought this was odd. Bonus depends on account balance after 90 days, not the amount transferred in?

"After 90 days of meeting the funding criteria, your cash reward will be determined by the qualifying net new assets in your account (irrespective of any losses or gains due to trading or market volatility)."
I think "irrespective of losses or gains" means not including those. So the bonus would be based on the original amount. So you can't get a higher bonus because your assets went up nor a lower one because they went down.

theplayer11
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Re: Bank of America Merrill Edge Up to $900 Bonus for Preferred Rewards Clients

Post by theplayer11 » Sun Dec 16, 2018 3:43 pm

Earl Lemongrab wrote:
Sun Dec 16, 2018 3:29 pm
theplayer11 wrote:
Sun Dec 16, 2018 3:08 pm
Thought this was odd. Bonus depends on account balance after 90 days, not the amount transferred in?

"After 90 days of meeting the funding criteria, your cash reward will be determined by the qualifying net new assets in your account (irrespective of any losses or gains due to trading or market volatility)."
I think "irrespective of losses or gains" means not including those. So the bonus would be based on the original amount. So you can't get a higher bonus because your assets went up nor a lower one because they went down.
I'm pretty sure it means the balance after 90 days, NOT what you originally transferred. That's how I'm reading it.

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