My experience with BoA / Merrill Edge

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humblecoder
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My experience with BoA / Merrill Edge

Post by humblecoder »

I have been a Bank of America retail banking customer for close to 15 years. My wife and I primarily use BoA for our retail banking / cash flow needs, but we had our savings / investments held elsewhere. We only kept enough at BoA to avoid fees. However, thanks to the many posts on here and elsewhere, I decided to move the bulk of our investment accounts over to Merrill Edge in order to get Platinum Honors benefits - mainly for the credit card rewards. Plus the idea of having a "one stop shop" was appealing for simplicity sake. A few months ago, we began to process of consolidating all of our accounts with Merrill. Fast forward to today and my initial feedback is that I have been underwhelmed.

As background, my wife and I each have a traditional IRA, a Roth IRA, and two joint taxable investment accounts. Most of those accounts were with Fidelity. We also have a high yield savings account with Discover Bank which we aren't moving since there didn't seem to be an adequate equivalent at BoA/Merrill. Finally, we needed to open up a trust account for a trust that we created, but we had not opened it up before we began this process.

Here is a quick overview of how the process went:

- Moving the Fidelity IRA's was relatively easy. Merrill let you do it with an online wizard and after a few days, the money showed up. Because the IRA"s were in Fidelity mutual funds, we sold everything for cash and just transferred over the cash.

- Moving my wife's non-Fidelity Traditional IRA was a bit more painful. This account was with AIG Financial Advisors (her late father worked for AIG so she still had a small IRA that was being managed by them). The process was mostly online, but for some reason Merrill wanted her to download a pre-filled out form and sign it. I assume that this was something that they needed for AIG, but not sure. We downloaded it, signed it, and uploaded it again, along with a copy of her latest AIG statement. At this point, we thought we were good. However, when we checked the status online, it still said "waiting for additional info to be uploaded". We called Merrill and they told us that we had filled out the form wrong (even though it was pre-filled out and all we were asked to do was sign it). Even though we had asked for an in-kind transfer of all securities, we could just check off "transfer everything". We had to indicate which specific securities we wanted to transfer and in what quantities. Of course, there were no PDF's of a blank form that we could download - they only gave us the pre-filled form, so we had to cross out the "transfer everything" checkbox by hand, initial it, and then fill in the securities and quantities by hand, and upload the new form. After several days, the transfer status on the web site hadn't changed - it still said additional info needed. However, the securities finally showed up on the account despite that.

- Opening up the taxable investment accounts was also a bit of a pain. We filled out the online forms as directed and submitted them. We expected the accounts to be opened right then and there. However, we got a message saying that Merrill was reviewing our applications and the account would be opened within 24 hours. A couple of days went by and we heard nothing, so I called them up on the phone. The person we talked to "approved" our applications and the accounts were opened. Not sure how long it would have taken if I didn't call. Note that we didn't ask for any margin accounts or lines of credit so I am not sure why there was this delay. We didn't have the same delay for the IRA accounts - they were opened immediately. Once they were opened, the Fidelity transfers were just as painless as they were for the IRA's.

- Opening the trust account was also painful. I kind of expected some paperwork since trust accounts are less straightforward. We downloaded the forms from the website, completed them, had them notarized, and then send them to Merrill via UPS. Tracking shows that they arrived the next day. After about 2 weeks of not hearing anything back, I called Merrill to check on the status. They said that the trust department had the forms but they needed additional information from us. I told them "well if you needed additional information, why didn't somebody contact me". The rep was very pleasant but had no answer. Anyway, I answered their questions, and the rep said that they would convey my answers to the trust department. Another two weeks went by and still nothing, so I called them back again. This time they said that the account was opened! I didn't get any emails and I did not see the account show up when I logged into Merrill. The rep said that he could link the trust account to my login, which he did while I was on the phone, so that was good.

After this adventure of opening up accounts, I waited the required amount of time so that my average 3 month balance was over $100K, then I opened up the credit card accounts. I figured I'd open the Cash Rewards account first, use it to get the $200 bonus, and then open the Preferred Rewards account once I had spent enough to get the bonus. Opening the Cash Rewards account was easy. Filled out the online form and got instant approval. The card arrived in the mail a few days later.

Opening up the Preferred Rewards credit card account, however, is still a work in progress. I don't know why, but I didn't get instant approval. I am still waiting for a credit specialist to review my account and will hear from them within 10-14 business days. My credit is excellent (800+) and while I have about 6 credit cards opened, my utilization is low as I pay them off every month. Basically, I am a model credit citizen, so I am not sure what the hold up is.

As you can see, opening up the accounts and transferring assets has been a mixed bag.

From an investment standpoint, the Merrill Edge platform is just okay. The web interface is decent but not great. The basic functionality works pretty well and I like that you can customize the reports and views. However, there are too many operations which are not easy to perform. For instance, we wanted to do a Traditional to Roth conversion and to do that, you need to fill out an online PDF, submit it, and wait a couple of days. Not only was finding the right form a bit of a pain, but the fact that this relatively common operation wasn't built into the interface and required human review was off putting. This seems to be a pattern - too much stuff requires a phone call. Even if something required human intervention, at least have a chat function or a secure messaging function (they do have secure messages but they aren't user initiated).

All that said, every time I've called Merrill, it was easy to get a human on the phone, wait times were short, and the humans were generally helpful and pleasant.

I do like that you can trade pretty much any ETF with no fee - great if you are an ETF trader. However, it costs money to trade most mutual funds and the transaction free funds are nothing to write home about. Finally, the sweep options pretty much stink (although interest rates are low so I suppose they all stink these days).

In conclusion, I am on the fence on whether it was really worth it to gain Platinum Honors status. Certainly the Cash Rewards and Platinum Rewards cards are compelling, but feel like Merrill offers an inferior product when compared to Fidelity. Yes, I can make it work but I would have to live with the idiosyncrasies.

I'll probably give it another couple of months - if nothing else, I want to get my Merrill Edge signup bonuses :happy. After that, I'll decide if I will continue to keep everything with Merrill, keep just one account at Merrill to retain Platinum Honors and move the rest back to Fidelity, or just move everything back to Fidelity and forgot about the Platinum Honors status.
aristotelian
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Re: My experience with BoA / Merrill Edge

Post by aristotelian »

IMO it is well worth it. I just transferred an IRA with enough in it to qualify. The only negative as you note is the lack of a good sweep/cash fund but I simply keep the account fully invested.
MikeG62
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Re: My experience with BoA / Merrill Edge

Post by MikeG62 »

I too am a long time (> two decades) customer of BofA for their checking account.

Like you I identified the transfer bonus (was $900 for transferring in $200K at the time (Feb). I opened both a CMA and IRA account for 2X the transfer bonus (or $1,800). I also opened their premium rewards CC and met the minimum spend for the bonus points (providing another $500 in cash). It is now our general purpose CC.

Unlike you, I did not, however, transfer in all our assets - transferred in just enough to meet the threshold for the transfer bonus(es). Bonuses posted a few days after the 90-day maintenance period ended (early June in our case). In July, I moved all but a few hundred dollars in cash from the ME CMA to a JPM/Chase brokerage account to take advantage of their $2,000 Private Client bonus. Last week I moved ~1/2 the assets in the ME IRA back to Fidelity, leaving around $110K in a bond fund at ME (enough to comfortably meet the threshold for Platinum Honors level rewards).

Entire experience in my case was smooth and easy. I've already encountered a lot more aggravation with JPM in the getting things set up for their bonus than I did with ME.

It sure sounds like ME dropped the ball in several areas in your case. I think it would have been a significantly easier process had you not tried to move so many different accounts (in your case everything) to ME.

I am glad I did the transfer to ME. Step up in cash back on the premium rewards CC over the general purpose CC we had historically been using (Fidelity VISA) of 62.5bps provides an additional $400-$500 in cash back annually in our case.

I'd encourage you to hang in the for the transfer bonus (and reward cards upside). Once you have harvested those things, then consider moving all but $100K elsewhere. Having said that, I can't help but think given the number of different accounts you need to move that you'll encounter some hassles getting those funds moved again.
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dodecahedron
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Re: My experience with BoA / Merrill Edge

Post by dodecahedron »

Sorry to hear some of your accounts had challenges in moving over. I wonder if it would have been easier if Pandemic did not have so many folks forced to work remotely.

But it sounds like some were easier than others. My experience with Merrill Edge back in 2014 or 2015, I think, was very easy. I transferred just two accounts in (a Roth IRA and a taxable, both previously in Vanguard´s custody.) It was a partial transfer in both cases (I just transferred in enough of both type of securities in each account to qualify for the maximum $1,000 bonus available on each account at the time.) I did just one account first, to see how it worked and then did the second account transfer because the first had been so easy.

After I had collected $2K in bonuses for holding the required funds there for six months, I decided to move my Roth IRA from ME to Schwab (as part of my tire-kicking process) and leave the taxable account at ME to get ongoing Platinum Preferred Rewards. Transferring Roth IRA out of ME was very smooth and easy. ME did charge a $75 fee for closing the Roth account, but Schwab was happy to reimburse that.

Diversification is good.

As for your difficulties with getting Premium Rewards card approved, I think that applying for multiple cards too quickly raises reds flags. I got my first BoA Cash Rewards credit card back in 2013, applied for their BoA Travel Rewards card in 2014, the BoA Amtrak Rewards card in 2016, the BoA Premium Rewards card in July 2019 and my second BoA Cash Rewards card (a Major League Baseball logo card) in Oct 2019.

I was mindful of what third party bloggers have described as the BoA 2/3/4 rule, under which BoA supposedly has a policy to limit the number of credit cards they approve in short periods of time. This is not a policy that BoA itself explicitly publishes anywhere on its own site and is therefore clearly subject to change and discretion. It is clear from the collective experiences and third party credit card blogger grapevine that BoA prefers that credit card applications specifically to them be spaced somewhat apart. So a manual review rather than instant approval on your second application within a few months is not necessarily surprising.

In my case, I have a very long track record at BoA (multiple checking accounts, for personal, business, and estate at local brick and mortar branch with personal account going back 31 years) and years of responsibly managed checking and credit card history directly with them. All of mine were approved. I do not remember if all were instant, but my recollection is that all were fast. It looks like the OP also has a long history banking relationship with BoA. I would expect the OP to be approved after manual review (barring any circumstances not evidence in the post.)
Last edited by dodecahedron on Sun Aug 23, 2020 10:32 am, edited 1 time in total.
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dodecahedron
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Re: My experience with BoA / Merrill Edge

Post by dodecahedron »

MikeG62 wrote: Sun Aug 23, 2020 8:44 am
I'd encourage you to hang in the for the transfer bonus (and reward cards upside). Once you have harvested those things, then consider moving all but $100K elsewhere. Having said that, I can't help but think given the number of different accounts you need to move that you'll encounter some hassles getting those funds moved again.
I agree with this advice. I do not have a Trust Account but if and when I ever do, my tentative plan would be to have it at Schwab, not at ME. And I would never dream of trying to do a Roth conversion at ME.

For a while I used to think that I would eventually consolidate all my assets in one place. I no longer think that is desirable. Some diversification of custodians is desirable in case of glitches, security issues that require lockouts, etc.

BoA has met my basic transactional banking and bill pay needs for many years. Their credit cards dominate the other alternatives available to me (except occasionally for very specific purposes, branded airline & hotel cards from Chase.)

I am perfectly willing to hold $100K-plus at ME to have great convenient transactional banking (including totally free ATM use at any domestic ATM, whether BoA or any other banks) and excellent credit card rewards.

But stuff like Roth conversions, recharacterizing a contribution, donating specific lots of an appreciated security to DAF, etc., I would NOT want to do at ME. All I do at ME is hold some VG ETFs, periodically collect dividends on those ETFs and move them to my BoA checking account for either current spending cash flow needs or investment redeployment elsewhere.
eukonomos
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Re: My experience with BoA / Merrill Edge

Post by eukonomos »

dodecahedron wrote: Sun Aug 23, 2020 9:14 am
MikeG62 wrote: Sun Aug 23, 2020 8:44 am
I'd encourage you to hang in the for the transfer bonus (and reward cards upside). Once you have harvested those things, then consider moving all but $100K elsewhere. Having said that, I can't help but think given the number of different accounts you need to move that you'll encounter some hassles getting those funds moved again.
I agree with this advice. I do not have a Trust Account but if and when I ever do, my tentative plan would be to have it at Schwab, not at ME. And I would never dream of trying to do a Roth conversion at ME.

For a while I used to think that I would eventually consolidate all my assets in one place. I no longer think that is desirable. Some diversification of custodians is desirable in case of glitches, security issues that require lockouts, etc.

BoA has met my basic transactional banking and bill pay needs for many years. Their credit cards dominate the other alternatives available to me (except occasionally for very specific purposes, branded airline & hotel cards from Chase.)

I am perfectly willing to hold $100K-plus at ME to have great convenient transactional banking (including totally free ATM use at any domestic ATM, whether BoA or any other banks) and excellent credit card rewards.

But stuff like Roth conversions, recharacterizing a contribution, donating specific lots of an appreciated security to DAF, etc., I would NOT want to do at ME. All I do at ME is hold some VG ETFs, periodically collect dividends on those ETFs and move them to my BoA checking account for either current spending cash flow needs or investment redeployment elsewhere.
I also agree.

The advantages of keeping 100K$ at ME are worth it for me.

Keep in mind that an IRA kept at ME will only qualify the individual owner for rewards status, not both spouses. At one point they told me that a Trust account wouldn't automatically qualify you. A single, joint taxable account would qualify (if it has enough assets, of course).

Edit to Add: Both spouses qualifying might matter if, for example, each wants a Cash Rewards Card in their own name. Multiple CR cards can be useful for multiple 3% rewards categories.
sycamore
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Re: My experience with BoA / Merrill Edge

Post by sycamore »

humblecoder, thanks for sharing your experiences.

Most of my interaction with BoA/ME has been fine but there's been a couple of hiccups:

1. Setting up a new Roth IRA account at ME was easy but transferring assets from Vanguard proved difficult. My transfer request specified just one security (the only one in the account). Vanguard ended up rejecting the request because (1) if transferring the lone holding, they want the transfer to be indicated as "transfer entire account" and (2) they wanted a signature. The problem with ME was that they didn't notify me the transfer request had been rejected. After a week of waiting, I called ME to check on the status and that's when I found out about the issue. Ideally they'd have notified me by email/text/phone.

2. Setting up billpay for my credit card was difficult. No matter how I navigated the online menu system, it would take me to the page for adding a payee; no way to set up a "pay from" account (like from my credit union). I happened to notice that my BoA profile contact info was incomplete. As soon as I entered the info, I was able to navigate the billpay pages. Sure seems like a weird bug and I could be wrong about the cause and effect, but that's what happened. Probably could've gotten help from the customer support team at BoA.
bling
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Re: My experience with BoA / Merrill Edge

Post by bling »

the credit card rewards are easily worth the hassle. 2.625% *floor* for cashback. get the cash rewards cards and the bonus categories (which can be online, which is very useful right now during the pandemic), and you get 5.25% back.

but yes, agreed with others that after the first 100k you're better off moving the rest of your money to fidelity/schwab which offer better services.
RomeoMustDie
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Re: My experience with BoA / Merrill Edge

Post by RomeoMustDie »

BoA was a miserable experience. Slowest cash transfers. Account minimums and penalties. Late on paychecks.

Fidelity is 1000x better.
Topic Author
humblecoder
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Re: My experience with BoA / Merrill Edge

Post by humblecoder »

Thanks everybody for the feedback on my feedback! :happy

I wanted to respond to a couple of items that people have brought up:

- It is certainly possible that some of the slowness in getting accounts opened may have been caused by COVID-19. I don't think it was because I did a lot of transactions "at the same time". I did space them out, but that was for my own sanity in managing these transactions. That said, you will think that Merrill would be able to parallelize multiple unrelated transactions from the same family unit without an issue.

- Some of the issues are clearly self-inflicted wounds on Merrill's part. For instance having the auto-created IRA transfer form filled out with incorrect information that I had to manually correct with the computer equivalent of white-out is a bad look on their part. And again, this has nothing to do with multiple transactions. It's not like they said, "normally we would fill out the form correctly but since humblecoder happened to also open a brokerage account last week, we'll screw it up just to stick it to him." :happy

- Didn't know about the 3/2/1 rule. I don't think I fell afoul of that rule as it was described since I was within the limit, but maybe there are additional criteria that goes into that rule that isn't published. Hopefully the delay is just a formality.

For now, I am going to "let it ride" with BoA/Merrill in the hope that what I experienced was just "startup pain". However, if the trend continues, I'll keep the minimum at Merrill to get Platinum Honors and move the rest elsewhere.
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humblecoder
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Re: My experience with BoA / Merrill Edge

Post by humblecoder »

sycamore wrote: Sun Aug 23, 2020 9:58 am
1. Setting up a new Roth IRA account at ME was easy but transferring assets from Vanguard proved difficult. My transfer request specified just one security (the only one in the account). Vanguard ended up rejecting the request because (1) if transferring the lone holding, they want the transfer to be indicated as "transfer entire account" and (2) they wanted a signature. The problem with ME was that they didn't notify me the transfer request had been rejected. After a week of waiting, I called ME to check on the status and that's when I found out about the issue. Ideally they'd have notified me by email/text/phone.
That was my experience as well. When there was a hiccup with something, they did not proactively notify me. I had to reach out to them to find out what the problem was. It was somewhat annoying because I don't want to be "that guy" who calls every day and bugs them unnecessarily, but the sense I got is that if I didn't call them periodically to check on things, the problem would have just sat indefinitely.
Citifan
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Re: My experience with BoA / Merrill Edge

Post by Citifan »

I've been considering moving some/all assets to ME for the credit card rewards as well. I'm curious if anyone knows, would an HSA held at BOA count towards the 100k? I currently have a decent size HSA and CCs with BOA but prefer Vanguard and Fidelity for IRAs and Brokerage. I do not have a BOA checking yet. I've been slowly trying to simplify by moving to Fidelity. So I'm on the fence between just moving enough to qualify vs moving to BOA/ME for the "one stop shop"
Lee_WSP
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Re: My experience with BoA / Merrill Edge

Post by Lee_WSP »

Citifan wrote: Mon Aug 24, 2020 2:52 pm I've been considering moving some/all assets to ME for the credit card rewards as well. I'm curious if anyone knows, would an HSA held at BOA count towards the 100k? I currently have a decent size HSA and CCs with BOA but prefer Vanguard and Fidelity for IRAs and Brokerage. I do not have a BOA checking yet. I've been slowly trying to simplify by moving to Fidelity. So I'm on the fence between just moving enough to qualify vs moving to BOA/ME for the "one stop shop"
All I know for sure is that the BoA HSA fund options are terrible compared to Fidelity's and the HSA is administered through a different site, you have to keep $XYZ as cash, and basically it's junk. Don't do it. Go with Fidelity or the other BH approved option.
Citifan
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Re: My experience with BoA / Merrill Edge

Post by Citifan »

Lee_WSP wrote: Mon Aug 24, 2020 2:59 pm
Citifan wrote: Mon Aug 24, 2020 2:52 pm I've been considering moving some/all assets to ME for the credit card rewards as well. I'm curious if anyone knows, would an HSA held at BOA count towards the 100k? I currently have a decent size HSA and CCs with BOA but prefer Vanguard and Fidelity for IRAs and Brokerage. I do not have a BOA checking yet. I've been slowly trying to simplify by moving to Fidelity. So I'm on the fence between just moving enough to qualify vs moving to BOA/ME for the "one stop shop"
All I know for sure is that the BoA HSA fund options are terrible compared to Fidelity's and the HSA is administered through a different site, you have to keep $XYZ as cash, and basically it's junk. Don't do it. Go with Fidelity or the other BH approved option.
Thanks for the reply, my HSA is already with BOA. This is through my employer. They put in $ each year as well as bi-weekly payroll deductions. I agree that the fund choices are not great. I keep the min. 1k in cash and the rest goes to the "least worst" s&p500 fund. I figured maybe I could make this work to my advantage to satisfy preferred rewards status.
arf30
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Re: My experience with BoA / Merrill Edge

Post by arf30 »

Had a mortgage sold to BoA and that was enough exposure to realize I shouldn't do banking or investing there. If you feel the credit card rewards are worth it I'd just park the minimum amount necessary and leave investments with the experts at Schwab, Fidelity, etc.
Lee_WSP
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Re: My experience with BoA / Merrill Edge

Post by Lee_WSP »

Citifan wrote: Mon Aug 24, 2020 3:08 pm
Lee_WSP wrote: Mon Aug 24, 2020 2:59 pm
Citifan wrote: Mon Aug 24, 2020 2:52 pm I've been considering moving some/all assets to ME for the credit card rewards as well. I'm curious if anyone knows, would an HSA held at BOA count towards the 100k? I currently have a decent size HSA and CCs with BOA but prefer Vanguard and Fidelity for IRAs and Brokerage. I do not have a BOA checking yet. I've been slowly trying to simplify by moving to Fidelity. So I'm on the fence between just moving enough to qualify vs moving to BOA/ME for the "one stop shop"
All I know for sure is that the BoA HSA fund options are terrible compared to Fidelity's and the HSA is administered through a different site, you have to keep $XYZ as cash, and basically it's junk. Don't do it. Go with Fidelity or the other BH approved option.
Thanks for the reply, my HSA is already with BOA. This is through my employer. They put in $ each year as well as bi-weekly payroll deductions. I agree that the fund choices are not great. I keep the min. 1k in cash and the rest goes to the "least worst" s&p500 fund. I figured maybe I could make this work to my advantage to satisfy preferred rewards status.
How big is the HSA?

If you have over $20k in total deposits with BoA you should have gotten the gold preferred rewards tier. So if your HSA is over 20k and you don't have the gold tier, it probably doesn't count.
Citifan
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Re: My experience with BoA / Merrill Edge

Post by Citifan »

Lee_WSP wrote: Mon Aug 24, 2020 3:34 pm
Citifan wrote: Mon Aug 24, 2020 3:08 pm
Lee_WSP wrote: Mon Aug 24, 2020 2:59 pm
Citifan wrote: Mon Aug 24, 2020 2:52 pm I've been considering moving some/all assets to ME for the credit card rewards as well. I'm curious if anyone knows, would an HSA held at BOA count towards the 100k? I currently have a decent size HSA and CCs with BOA but prefer Vanguard and Fidelity for IRAs and Brokerage. I do not have a BOA checking yet. I've been slowly trying to simplify by moving to Fidelity. So I'm on the fence between just moving enough to qualify vs moving to BOA/ME for the "one stop shop"
All I know for sure is that the BoA HSA fund options are terrible compared to Fidelity's and the HSA is administered through a different site, you have to keep $XYZ as cash, and basically it's junk. Don't do it. Go with Fidelity or the other BH approved option.
Thanks for the reply, my HSA is already with BOA. This is through my employer. They put in $ each year as well as bi-weekly payroll deductions. I agree that the fund choices are not great. I keep the min. 1k in cash and the rest goes to the "least worst" s&p500 fund. I figured maybe I could make this work to my advantage to satisfy preferred rewards status.
How big is the HSA?

If you have over $20k in total deposits with BoA you should have gotten the gold preferred rewards tier. So if your HSA is over 20k and you don't have the gold tier, it probably doesn't count.
The HSA is over 20k but I don't have a BOA checking account.
Lee_WSP
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Re: My experience with BoA / Merrill Edge

Post by Lee_WSP »

Citifan wrote: Mon Aug 24, 2020 7:04 pm
Lee_WSP wrote: Mon Aug 24, 2020 3:34 pm
Citifan wrote: Mon Aug 24, 2020 3:08 pm
Lee_WSP wrote: Mon Aug 24, 2020 2:59 pm
Citifan wrote: Mon Aug 24, 2020 2:52 pm I've been considering moving some/all assets to ME for the credit card rewards as well. I'm curious if anyone knows, would an HSA held at BOA count towards the 100k? I currently have a decent size HSA and CCs with BOA but prefer Vanguard and Fidelity for IRAs and Brokerage. I do not have a BOA checking yet. I've been slowly trying to simplify by moving to Fidelity. So I'm on the fence between just moving enough to qualify vs moving to BOA/ME for the "one stop shop"
All I know for sure is that the BoA HSA fund options are terrible compared to Fidelity's and the HSA is administered through a different site, you have to keep $XYZ as cash, and basically it's junk. Don't do it. Go with Fidelity or the other BH approved option.
Thanks for the reply, my HSA is already with BOA. This is through my employer. They put in $ each year as well as bi-weekly payroll deductions. I agree that the fund choices are not great. I keep the min. 1k in cash and the rest goes to the "least worst" s&p500 fund. I figured maybe I could make this work to my advantage to satisfy preferred rewards status.
How big is the HSA?

If you have over $20k in total deposits with BoA you should have gotten the gold preferred rewards tier. So if your HSA is over 20k and you don't have the gold tier, it probably doesn't count.
The HSA is over 20k but I don't have a BOA checking account.
If you have a credit card, I'd assume you'd have the preferred rewards gold tier if the HSA counted. All I know is that if it qualified, I'd imagine you'd have gotten gold status by now assuming you have a BoA credit card, and if you don't, maybe you can call and ask what your status is for the preferred rewards program. You might have gold status and not know it.
sbillertpa
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Re: My experience with BoA / Merrill Edge

Post by sbillertpa »

I currently have over $300K with BoA / Merrill Edge. Like others, I’m a long time BofA Advantage customer and transferred assets for the bonus and the preferred rewards. I also have investment accounts with Schwab, Fidelity, E*Trade, and TDAmeritrade. There are a number of issues I have with Merrill which makes me contemplate moving some of the assets back out of Merrill to Fidelity or E*Trade.

The biggest issue I have is the lack of a limited margin account. If I want to rebalance my Merrill account, I need to sell shares, wait 2 days for settlement, and then purchase. This is frustrating for me while Fidelity and E*Trade offer limited margin with $25k in assets.

As others have mentioned, the ME platform is okay but Fidelity and E*Trade are superior.
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