Bank of America/Merrill Edge - Preferred Rewards

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WL2034
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by WL2034 » Sat Jan 20, 2018 5:27 pm

hmw wrote:
Sat Jan 20, 2018 5:22 pm
Thanks for your replies.

I have another question. Is it possible to set up automatic monthly payment for my credit card at BAC so that it pays off the entire balance each month? I found the BAC web site very confusing. It allows me to set up recurring monthly payment for a set amount but not for the full balance. Anyone has done it?

Thanks
The answer is yes, but I recall having trouble doing it and I called customer support for assistance. They are supposed to be revising that system to make it easier, I believe. So I suggest calling customer support.

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

Post by jjbiv » Sat Jan 20, 2018 5:28 pm

Yes, you can setup an automatic payment for the account balance. However, you need to sign up for ebills first and wait until you receive the first bill electronically. Then you can create the automatic payment to pay future statements. It’s a little clunky but works once it it is setup.

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

Post by ddd » Sat Jan 20, 2018 5:53 pm

I strongly recommend against boa auto pay through ebills.

I had it before for one credit card and paid less attention on its payments until a collection letter came. It turns out the ebill is tied to the credit card number, not the account itself. So if the card number changes for any reason, their bill pay service will not get an e-bill! I tried to dispute the spot on the credit report, but the credit card company insisted that it's my fault not paying the bill on time. It took one full year to recover the 100 point loss on the credit score.

It's not worth the trouble for the slight convenience, IMHO.

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

Post by BashDash » Wed Jan 31, 2018 9:18 am

If you are platinum honors do you get a 75% bonus on the bank of america americadeals? For example, I recently took advantage of the 35$ directtvnow offer. Will I get 75% bonus of the 35$?

Thanks!

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

Post by jjbiv » Wed Jan 31, 2018 9:20 am

No, there is no bonus on top of the BoA deals offers.

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

Post by jrbdmb » Thu Feb 01, 2018 1:29 pm

Due to the new (up to) $900 bonus for opening a new IRA at Merrill Edge, I am considering moving one or both of my wife's two IRAs from Vanguard to ME.

What I'm curious about is if her new ME IRA balance would be combined with my existing accounts (IRA and taxable) for Preferred Rewards purposes. If they are kept separate then moving her IRA to ME doesn't make much sense. Feedback appreciated from anyone who has ME accounts in their name and their spouse's name.

(FYI, with Vanguard my login account can see my 401K and our joint taxable account, but not my wife's IRAs. Likewise, my wife's login account can see everything except my 401K.)
Last edited by jrbdmb on Thu Feb 01, 2018 2:13 pm, edited 1 time in total.

decapod10
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by decapod10 » Thu Feb 01, 2018 1:44 pm

ddd wrote:
Sat Jan 20, 2018 5:53 pm
I strongly recommend against boa auto pay through ebills.

I had it before for one credit card and paid less attention on its payments until a collection letter came. It turns out the ebill is tied to the credit card number, not the account itself. So if the card number changes for any reason, their bill pay service will not get an e-bill! I tried to dispute the spot on the credit report, but the credit card company insisted that it's my fault not paying the bill on time. It took one full year to recover the 100 point loss on the credit score.

It's not worth the trouble for the slight convenience, IMHO.
The BoA billing/payment system and UI is terrible, even if you’re trying to pay your BofA credit cards. I wouldn’t trust it to do anything else.

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

Post by FrugalProfessor » Thu Feb 01, 2018 2:34 pm

decapod10 wrote:
Thu Feb 01, 2018 1:44 pm
ddd wrote:
Sat Jan 20, 2018 5:53 pm
I strongly recommend against boa auto pay through ebills.

I had it before for one credit card and paid less attention on its payments until a collection letter came. It turns out the ebill is tied to the credit card number, not the account itself. So if the card number changes for any reason, their bill pay service will not get an e-bill! I tried to dispute the spot on the credit report, but the credit card company insisted that it's my fault not paying the bill on time. It took one full year to recover the 100 point loss on the credit score.

It's not worth the trouble for the slight convenience, IMHO.
The BoA billing/payment system and UI is terrible, even if you’re trying to pay your BofA credit cards. I wouldn’t trust it to do anything else.
I agree about the UI being terrible.

When I first got by BOA credit cards I could set up autopay from external checking account pretty easily. Then I got a BOA checking account and it all went to hell. Now I'm forced into the obscene bill pay interface that I can't figure out to save my life. I'm in the process of enrolling in eBills so that I can hopefully set up autopay in full after that. Once completed I hope to never log on to the site again.
I blog. My effective (not to be confused with statutory) MTR is 45% (fed + state, excluding payroll). I save $30k/year in taxes by maxing out deferrals. Taxes are the lowest hanging source of alpha.

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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by indexfundfan » Thu Feb 01, 2018 2:45 pm

hmw wrote:
Sat Jan 20, 2018 5:22 pm
Thanks for your replies.

I have another question. Is it possible to set up automatic monthly payment for my credit card at BAC so that it pays off the entire balance each month? I found the BAC web site very confusing. It allows me to set up recurring monthly payment for a set amount but not for the full balance. Anyone has done it?

Thanks
Yes, I pay off the "account balance" automatically every month using BofA's bill pay service.
My signature has been deleted.

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Earl Lemongrab
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Earl Lemongrab » Thu Feb 01, 2018 3:32 pm

jrbdmb wrote:
Thu Feb 01, 2018 1:29 pm
What I'm curious about is if her new ME IRA balance would be combined with my existing accounts (IRA and taxable) for Preferred Rewards purposes. If they are kept separate then moving her IRA to ME doesn't make much sense. Feedback appreciated from anyone who has ME accounts in their name and their spouse's name.
I don't see anything about combining family accounts, but I'd say it's worth a call ask.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by SlowMovingInvestor » Thu Feb 01, 2018 4:34 pm

FrugalProfessor wrote:
Thu Feb 01, 2018 2:34 pm
decapod10 wrote:
Thu Feb 01, 2018 1:44 pm
ddd wrote:
Sat Jan 20, 2018 5:53 pm
I strongly recommend against boa auto pay through ebills.

I had it before for one credit card and paid less attention on its payments until a collection letter came. It turns out the ebill is tied to the credit card number, not the account itself. So if the card number changes for any reason, their bill pay service will not get an e-bill! I tried to dispute the spot on the credit report, but the credit card company insisted that it's my fault not paying the bill on time. It took one full year to recover the 100 point loss on the credit score.

It's not worth the trouble for the slight convenience, IMHO.
The BoA billing/payment system and UI is terrible, even if you’re trying to pay your BofA credit cards. I wouldn’t trust it to do anything else.
I agree about the UI being terrible.

When I first got by BOA credit cards I could set up autopay from external checking account pretty easily. Then I got a BOA checking account and it all went to hell. Now I'm forced into the obscene bill pay interface that I can't figure out to save my life. I'm in the process of enrolling in eBills so that I can hopefully set up autopay in full after that. Once completed I hope to never log on to the site again.
I agree completely ! I just tried to do a payment from an external account to a BoA card, and it was extremely painful to set up. I do like BoA's site otherwise and the easy Single-Sign-On to ME, but this was really annoying.

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

Post by adman_c » Thu Feb 01, 2018 6:01 pm

decapod10 wrote:
Thu Feb 01, 2018 1:44 pm
ddd wrote:
Sat Jan 20, 2018 5:53 pm
I strongly recommend against boa auto pay through ebills.

I had it before for one credit card and paid less attention on its payments until a collection letter came. It turns out the ebill is tied to the credit card number, not the account itself. So if the card number changes for any reason, their bill pay service will not get an e-bill! I tried to dispute the spot on the credit report, but the credit card company insisted that it's my fault not paying the bill on time. It took one full year to recover the 100 point loss on the credit score.

It's not worth the trouble for the slight convenience, IMHO.
The BoA billing/payment system and UI is terrible, even if you’re trying to pay your BofA credit cards. I wouldn’t trust it to do anything else.
[rant]
Agreed--the BofA e-bill system is abominable, especially in comparison to basically every other credit card issuer out there (e.g. Chase, Discover, Capital One). I set up my credit card to autopay as soon as I could; this is the first indication of how stupid their system is, since you can't set up autopay as soon as your account is open like with other cards, you actually have to wait until your first statement closes and generates an "e-bill." Once I did that, it said that it would pay my account balance in full, on the due date, as I wanted. The due date came and went and my payment did not process. Apparently after initially setting up the autopay, I made a change to the payment date. Rather than reschedule the first payment, or keep the first payment on the initially-scheduled day and make subsequent payments on the new date, the system simply cancelled my first payment without warning me, and even without changing the e-bill screen: up through the date that the automatic payment was not made, the system displayed the following: "The payment of $X,XXX.XX was delivered on 01/04/2018 with confirmation number XXX." Needless to say, I was displeased when I was hit with a late fee and a couple-hundred dollar finance charge (I had paid my property taxes on that statement, so it was pretty big). Ultimately, they refunded the late fee and the finance charge when I told them that the problem was with their system, but it still took a couple phone calls and a couple of days.

Overall, I am a very happy BofA/ME customer, but they need to fix their credit card payment system!
[/end rant]

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Thrifty Femme
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Thrifty Femme » Sat Feb 03, 2018 11:20 am

jrbdmb wrote:
Thu Feb 01, 2018 1:29 pm
Due to the new (up to) $900 bonus for opening a new IRA at Merrill Edge, I am considering moving one or both of my wife's two IRAs from Vanguard to ME.

What I'm curious about is if her new ME IRA balance would be combined with my existing accounts (IRA and taxable) for Preferred Rewards purposes. If they are kept separate then moving her IRA to ME doesn't make much sense. Feedback appreciated from anyone who has ME accounts in their name and their spouse's name.

(FYI, with Vanguard my login account can see my 401K and our joint taxable account, but not my wife's IRAs. Likewise, my wife's login account can see everything except my 401K.)
There's a $1000 bonus available now.

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

Post by ddd » Sat Feb 03, 2018 12:05 pm

FrugalProfessor wrote:
Thu Feb 01, 2018 2:34 pm
decapod10 wrote:
Thu Feb 01, 2018 1:44 pm
ddd wrote:
Sat Jan 20, 2018 5:53 pm
I strongly recommend against boa auto pay through ebills.

I had it before for one credit card and paid less attention on its payments until a collection letter came. It turns out the ebill is tied to the credit card number, not the account itself. So if the card number changes for any reason, their bill pay service will not get an e-bill! I tried to dispute the spot on the credit report, but the credit card company insisted that it's my fault not paying the bill on time. It took one full year to recover the 100 point loss on the credit score.

It's not worth the trouble for the slight convenience, IMHO.
The BoA billing/payment system and UI is terrible, even if you’re trying to pay your BofA credit cards. I wouldn’t trust it to do anything else.
I agree about the UI being terrible.

When I first got by BOA credit cards I could set up autopay from external checking account pretty easily. Then I got a BOA checking account and it all went to hell. Now I'm forced into the obscene bill pay interface that I can't figure out to save my life. I'm in the process of enrolling in eBills so that I can hopefully set up autopay in full after that. Once completed I hope to never log on to the site again.

FrugalProfessor, before you get ebill setup, I hope you have read my experience with autopay through ebill described above. It cost me 100 points drop in my credit score.

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

Post by FrugalProfessor » Sat Feb 03, 2018 12:09 pm

ddd wrote:
Sat Feb 03, 2018 12:05 pm
FrugalProfessor wrote:
Thu Feb 01, 2018 2:34 pm
decapod10 wrote:
Thu Feb 01, 2018 1:44 pm
ddd wrote:
Sat Jan 20, 2018 5:53 pm
I strongly recommend against boa auto pay through ebills.

I had it before for one credit card and paid less attention on its payments until a collection letter came. It turns out the ebill is tied to the credit card number, not the account itself. So if the card number changes for any reason, their bill pay service will not get an e-bill! I tried to dispute the spot on the credit report, but the credit card company insisted that it's my fault not paying the bill on time. It took one full year to recover the 100 point loss on the credit score.

It's not worth the trouble for the slight convenience, IMHO.
The BoA billing/payment system and UI is terrible, even if you’re trying to pay your BofA credit cards. I wouldn’t trust it to do anything else.
I agree about the UI being terrible.

When I first got by BOA credit cards I could set up autopay from external checking account pretty easily. Then I got a BOA checking account and it all went to hell. Now I'm forced into the obscene bill pay interface that I can't figure out to save my life. I'm in the process of enrolling in eBills so that I can hopefully set up autopay in full after that. Once completed I hope to never log on to the site again.

FrugalProfessor, before you get ebill setup, I hope you have read my experience with autopay through ebill described above. It cost me 100 points drop in my credit score.
I appreciate the words of caution. However, it's a risk I'm willing to take to avoid dealing with bill pay again. I monitor my accounts frequently in Personal Capital and would like to easily catch a non-payment if such a scenario were ever to occur.

With that said, I will be especially careful thanks to your words of caution.
I blog. My effective (not to be confused with statutory) MTR is 45% (fed + state, excluding payroll). I save $30k/year in taxes by maxing out deferrals. Taxes are the lowest hanging source of alpha.

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

Post by SlowMovingInvestor » Mon Apr 09, 2018 6:52 pm

I'm BoA Platinum Honors (via ME balance), and I thought this gave you access to a free Safe Deposit box. It says so on BOA's web site too.

I was told today by a BoA branch manager that it's not free, but discounted (only by around $10). Is this just branch specific or does BoA not give a free box (small size) anymore to Platinum Honors ?

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

Post by whodidntante » Mon Apr 09, 2018 6:54 pm

SlowMovingInvestor wrote:
Mon Apr 09, 2018 6:52 pm
I'm BoA Platinum Honors (via ME balance), and I thought this gave you access to a free Safe Deposit box. It says so on BOA's web site too.

I was told today by a BoA branch manager that it's not free, but discounted (only by around $10). Is this just branch specific or does BoA not give a free box (small size) anymore to Platinum Honors ?
I am currently receiving a free safety deposit box.

j0nnyg1984
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by j0nnyg1984 » Mon Apr 09, 2018 8:19 pm

I have a free small safe deposit box. The bank manager told me that the credit I receive is $75 / year. I can use it for a "free" small box, or apply the credit towards payment for a larger, more expensive box.

this is what it looks like in my account, btw:

Image

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Earl Lemongrab
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Earl Lemongrab » Mon Apr 09, 2018 11:30 pm

SlowMovingInvestor wrote:
Mon Apr 09, 2018 6:52 pm
I'm BoA Platinum Honors (via ME balance), and I thought this gave you access to a free Safe Deposit box. It says so on BOA's web site too.

I was told today by a BoA branch manager that it's not free, but discounted (only by around $10). Is this just branch specific or does BoA not give a free box (small size) anymore to Platinum Honors ?
Have you contacted the Preferred Rewards account reps?
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

Justin W
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Justin W » Mon Apr 09, 2018 11:49 pm

jrbdmb wrote:
Thu Feb 01, 2018 1:29 pm
What I'm curious about is if her new ME IRA balance would be combined with my existing accounts (IRA and taxable) for Preferred Rewards purposes. If they are kept separate then moving her IRA to ME doesn't make much sense. Feedback appreciated from anyone who has ME accounts in their name and their spouse's name.
I had the same thinking about my wife's and my IRAs, asked ME this question (if, hypothetically, we both had a $25k IRA, would we qualify together for the $50k+ Preferred Rewards level?), and got the following response:

"Each individual has to qualify and enroll within Preferred Rewards. Eligibility is based on accounts in which the individual is listed as an owner. Accordingly, using a jointly owned Bank of America checking account you would qualify for the Gold tier within Preferred Rewards with an individually owned IRA worth $25,000.00. Similarly, your wife would qualify for the Gold tier within Preferred Rewards with her individually owned IRA worth $25,000.00."

So the answer is "no," spouse IRA balances can't add together to reach a higher tier of rewards.

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

Post by bgf » Tue Apr 10, 2018 7:07 am

Justin W wrote:
Mon Apr 09, 2018 11:49 pm
jrbdmb wrote:
Thu Feb 01, 2018 1:29 pm
What I'm curious about is if her new ME IRA balance would be combined with my existing accounts (IRA and taxable) for Preferred Rewards purposes. If they are kept separate then moving her IRA to ME doesn't make much sense. Feedback appreciated from anyone who has ME accounts in their name and their spouse's name.
I had the same thinking about my wife's and my IRAs, asked ME this question (if, hypothetically, we both had a $25k IRA, would we qualify together for the $50k+ Preferred Rewards level?), and got the following response:

"Each individual has to qualify and enroll within Preferred Rewards. Eligibility is based on accounts in which the individual is listed as an owner. Accordingly, using a jointly owned Bank of America checking account you would qualify for the Gold tier within Preferred Rewards with an individually owned IRA worth $25,000.00. Similarly, your wife would qualify for the Gold tier within Preferred Rewards with her individually owned IRA worth $25,000.00."

So the answer is "no," spouse IRA balances can't add together to reach a higher tier of rewards.
my wife and I have our taxable account listed as a Joint CMA, so it 'counts double.' when combined with my IRA it pushes me over the top tier and when combined with my wife's IRA it does the same.

we just switched our accounts over a few months ago and so far so good. we've received the account bonuses and just signed up with the cash back rewards credit card because we now get a 75% boost to all cash back rewards.

so, you should make your taxable account a joint account if it is not already.
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SlowMovingInvestor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SlowMovingInvestor » Wed Apr 11, 2018 12:50 pm

Earl Lemongrab wrote:
Mon Apr 09, 2018 11:30 pm
SlowMovingInvestor wrote:
Mon Apr 09, 2018 6:52 pm
I'm BoA Platinum Honors (via ME balance), and I thought this gave you access to a free Safe Deposit box. It says so on BOA's web site too.

I was told today by a BoA branch manager that it's not free, but discounted (only by around $10). Is this just branch specific or does BoA not give a free box (small size) anymore to Platinum Honors ?
Have you contacted the Preferred Rewards account reps?
I talked to them, and they said it was up to the branch to decide what type of box they had available (whether it was the 'free' size box or not) and what the charge would be. I'll try some other branches.

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

Post by student » Wed Apr 11, 2018 12:55 pm

j0nnyg1984 wrote:
Mon Apr 09, 2018 8:19 pm
I have a free small safe deposit box. The bank manager told me that the credit I receive is $75 / year. I can use it for a "free" small box, or apply the credit towards payment for a larger, more expensive box.

this is what it looks like in my account, btw:

Image
Interesting. They gave me a free small box but would not apply the equivalent amount as credit for a larger box. However, she did say that it is confusing as they keep changing the rules.

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Earl Lemongrab
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Earl Lemongrab » Wed Apr 11, 2018 1:15 pm

SlowMovingInvestor wrote:
Wed Apr 11, 2018 12:50 pm
Earl Lemongrab wrote:
Mon Apr 09, 2018 11:30 pm
SlowMovingInvestor wrote:
Mon Apr 09, 2018 6:52 pm
I'm BoA Platinum Honors (via ME balance), and I thought this gave you access to a free Safe Deposit box. It says so on BOA's web site too.

I was told today by a BoA branch manager that it's not free, but discounted (only by around $10). Is this just branch specific or does BoA not give a free box (small size) anymore to Platinum Honors ?
Have you contacted the Preferred Rewards account reps?
I talked to them, and they said it was up to the branch to decide what type of box they had available (whether it was the 'free' size box or not) and what the charge would be. I'll try some other branches.
If they don't have a small box available, then that would be a problem. I've heard that it can be hard to find the small boxes just in general, as they are a popular size.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

spacecadet610
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spacecadet610 » Wed Apr 11, 2018 1:32 pm

i have preferred rewards but never bothered getting a safe deposit box. What are people storing in there?

deltaneutral83
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by deltaneutral83 » Wed Apr 11, 2018 3:35 pm

spacecadet610 wrote:
Wed Apr 11, 2018 1:32 pm
i have preferred rewards but never bothered getting a safe deposit box. What are people storing in there?
Stuff you want others to have when you exit, probably a will, deeds, titles, account #s, etc etc. Although it's a good idea to let someone know in advance that this box exits.

investor997
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by investor997 » Wed Apr 11, 2018 7:03 pm

hmw wrote:
Sat Jan 20, 2018 5:22 pm
Thanks for your replies.

I have another question. Is it possible to set up automatic monthly payment for my credit card at BAC so that it pays off the entire balance each month? I found the BAC web site very confusing. It allows me to set up recurring monthly payment for a set amount but not for the full balance. Anyone has done it?

Thanks
I think the only way to do it is to enroll in e-bill delivery service from whoever you use for electronic bill pay. Once they receive the e-bill from the BAC credit card, they should (hopefully) provide you an option to pay the indicated balance in full.

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

Post by Sfynx » Thu Apr 12, 2018 3:16 pm

as a prior merrill edge employee i'd enlighten you to a few things:

-you can get higher bonuses. the bank will pay bonuses on 250k,500k, 1 million. the usual rule of thumb is a household could receive 2500$ in bonuses a year. (2500 was the bonus on 1 million, 1200 on 500k at the time) i've seen them also give bonuses on 350k etc...

-in california, they were giving .25 and .5% off your new mortgage rate (yes the rate, not a rate credit) if you transferred over 250k or 500k, this was on top of the merrill sign up bonuses. this was a no brainer for clients with an etrade or TDA account since they got cheaper stock trades, and good savings on the mortgage.

-spousal IRA cannot be added for PR benefit rewards, but you can sign a spousal IRA POA and it will merge the spouse IRA on your online, so you can see all the accounts under one login.

-their cash card (the red one) has a signup bonus that gets the 75% boost, but the travel and the premium card signup bonuses do not get the boost.

i believe the OP from years ago asked about how they make money if you basically just use their credit cards and free etf trades and don't keep high balances in cash, they make money off margin loans on your positions to other clients.

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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by triceratop » Thu Apr 12, 2018 3:24 pm

Sfynx wrote:
Thu Apr 12, 2018 3:16 pm
as a prior merrill edge employee i'd enlighten you to a few things:

-you can get higher bonuses. the bank will pay bonuses on 250k,500k, 1 million. the usual rule of thumb is a household could receive 2500$ in bonuses a year. (2500 was the bonus on 1 million, 1200 on 500k at the time) i've seen them also give bonuses on 350k etc...

-in california, they were giving .25 and .5% off your new mortgage rate (yes the rate, not a rate credit) if you transferred over 250k or 500k, this was on top of the merrill sign up bonuses. this was a no brainer for clients with an etrade or TDA account since they got cheaper stock trades, and good savings on the mortgage.

-spousal IRA cannot be added for PR benefit rewards, but you can sign a spousal IRA POA and it will merge the spouse IRA on your online, so you can see all the accounts under one login.

-their cash card (the red one) has a signup bonus that gets the 75% boost, but the travel and the premium card signup bonuses do not get the boost.

i believe the OP from years ago asked about how they make money if you basically just use their credit cards and free etf trades and don't keep high balances in cash, they make money off margin loans on your positions to other clients.
Can you enlighten us to how many people there are like us who use their services without paying any fees or commissions to ME, i.e. "freeriding" (except, as you point out, not really)?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jehovasfitness » Thu Apr 12, 2018 3:39 pm

So I got mail from BoA about $600 in regards to opening an account with Merril.... only need $200k in assets for the account, LOL no

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Earl Lemongrab
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Earl Lemongrab » Thu Apr 12, 2018 6:33 pm

jehovasfitness wrote:
Thu Apr 12, 2018 3:39 pm
So I got mail from BoA about $600 in regards to opening an account with Merril.... only need $200k in assets for the account, LOL no
Why not? Edge is a good brokerage just by itself. Transfer in 200k worth of ETFs, easy money. Get a BOA credit card with Preferred Rewards and receive 75% rewards boost.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jehovasfitness » Thu Apr 12, 2018 7:04 pm

Earl Lemongrab wrote:
Thu Apr 12, 2018 6:33 pm
jehovasfitness wrote:
Thu Apr 12, 2018 3:39 pm
So I got mail from BoA about $600 in regards to opening an account with Merril.... only need $200k in assets for the account, LOL no
Why not? Edge is a good brokerage just by itself. Transfer in 200k worth of ETFs, easy money. Get a BOA credit card with Preferred Rewards and receive 75% rewards boost.
Wanna loan me 200k?

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Earl Lemongrab
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Earl Lemongrab » Thu Apr 12, 2018 7:15 pm

jehovasfitness wrote:
Thu Apr 12, 2018 7:04 pm
Earl Lemongrab wrote:
Thu Apr 12, 2018 6:33 pm
Why not? Edge is a good brokerage just by itself. Transfer in 200k worth of ETFs, easy money. Get a BOA credit card with Preferred Rewards and receive 75% rewards boost.
Wanna loan me 200k?
Oh, you don't have that much. Sorry, I didn't understand. I didn't mean to make you feel bad.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by inbox788 » Thu Apr 12, 2018 7:41 pm

deltaneutral83 wrote:
Wed Apr 11, 2018 3:35 pm
spacecadet610 wrote:
Wed Apr 11, 2018 1:32 pm
i have preferred rewards but never bothered getting a safe deposit box. What are people storing in there?
Stuff you want others to have when you exit, probably a will, deeds, titles, account #s, etc etc. Although it's a good idea to let someone know in advance that this box exits.
I'm contemplating storing written passwords :shock: But haven't though through all the ramifications. The trouble is the hassle of gathering all the information and getting it to the box and having to keep it up to date. To me, it's a chore and even more so to maintain it.
Thrifty Femme wrote:
Sat Feb 03, 2018 11:20 am
There's a $1000 bonus available now.
Strange, it didn't come up when I clicked your link, but I copy and pasted the following and it worked:
https://www.merrilledge.com/offers/1000offer
"Respond by April 13, 2018", so gotta act fast if you're doing it! I thought it was 90 days, but now I'm seeing 180 days. I was figuring 600/200k=0.3% over 90 days is around 1.2% bonus annualized. This deal is .5% over 6 months which is about 1% annualized. Now to figure out what kind of funds might be worth doing...

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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by j0nnyg1984 » Thu Apr 12, 2018 11:27 pm

spacecadet610 wrote:
Wed Apr 11, 2018 1:32 pm
i have preferred rewards but never bothered getting a safe deposit box. What are people storing in there?
Mine is full of gold and silver.

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Earl Lemongrab
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Earl Lemongrab » Fri Apr 13, 2018 12:01 am

inbox788 wrote:
Thu Apr 12, 2018 7:41 pm

Strange, it didn't come up when I clicked your link, but I copy and pasted the following and it worked:
https://www.merrilledge.com/offers/1000offer
"Respond by April 13, 2018", so gotta act fast if you're doing it! I thought it was 90 days, but now I'm seeing 180 days. I was figuring 600/200k=0.3% over 90 days is around 1.2% bonus annualized. This deal is .5% over 6 months which is about 1% annualized. Now to figure out what kind of funds might be worth doing...
The standard $600 offer is 90 days. The $1000 offers are always 180. It's still one of of the shorter holding periods. You also won't get the bonus until the 180 days is up.

With Edge, you can get free equity trades for 90 days in the offer and continuing through Preferred Rewards, so ETFs make sense for a lot of people.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

inbox788
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by inbox788 » Fri Apr 13, 2018 12:42 am

student wrote:
Sun Jul 09, 2017 6:24 am
Yes. It is my understanding. However, read the fine print. The rule is
"make a qualifying deposit to your new account within 45 days," "maintain your qualifying deposit for at least 90 days," and "you'll receive your cash bonus within 2 weeks after the 90-day qualifying period." However, there will be account closing fee.

You may want to give Merrill Edge a chance, there are a number of members of this forum who are satisfied with them especially when they are enrolled in their Preferred Rewards program. viewtopic.php?t=150033
I have some funds in BoA I was thinking of opening the ME account for the bonus, but it might not qualify.
Fund your account within 45 days with funds originating outside Bank of America and MLPF&S. Funds cannot originate from 401(k) accounts administered by MLPF&S.
For purposes of this offer, qualifying balances are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the 180-day holding period.
Now it's not clear to me what's to stop me from transferring the funds thru another institution first, but it's enough of a concern that I won't bother doing it.

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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SlowMovingInvestor » Fri Apr 13, 2018 4:58 am

inbox788 wrote:
Thu Apr 12, 2018 7:41 pm
Thrifty Femme wrote:
Sat Feb 03, 2018 11:20 am
There's a $1000 bonus available now.
Strange, it didn't come up when I clicked your link, but I copy and pasted the following and it worked:
https://www.merrilledge.com/offers/1000offer
"Respond by April 13, 2018", so gotta act fast if you're doing it! I thought it was 90 days, but now I'm seeing 180 days. I was figuring 600/200k=0.3% over 90 days is around 1.2% bonus annualized. This deal is .5% over 6 months which is about 1% annualized. Now to figure out what kind of funds might be worth doing...
ME seems to have the 'special' $1000 promotion all the time tied to some specific event (although they aren't very strict about checking event attendance). So there may not be any need to act very fast -- i.e. the promotion will likely return in some form soon.

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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by libralibra » Mon Apr 16, 2018 12:42 pm

inbox788 wrote:
Thu Apr 12, 2018 7:41 pm
I'm contemplating storing written passwords :shock: But haven't though through all the ramifications. The trouble is the hassle of gathering all the information and getting it to the box and having to keep it up to date. To me, it's a chore and even more so to maintain it.
You could use one of the master password apps and just store the master in the bank. You can change all the others anytime.

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Bank of America Preferred Rewards

Post by skseud » Fri May 11, 2018 10:05 pm

[Thread merged into here, see below (next page). --admin LadyGeek]

I am thinking about moving some money around. My main banking happens with Bank of America, but if I decide to move the money around I will lose the preferred Rewards membership.

Preferred Rewards Membership comes with the extra cash back for my cash rewards credit card and some other benefits:
https://www.bankofamerica.com/preferred-rewards/

What does everyone else think? Is it worth keeping the money with them or should I just not worry about it and move the most of the money to Vanguard?

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Re: Bank of America Preferred Rewards

Post by Iridium » Fri May 11, 2018 10:19 pm

I do not think anyone can answer that for you. Fortunately, I do not think it is a hard decision, nor a particularly impactful one.

1) How much 'bonus' do you make per year?
a) Would you use different credit cards? In which case, figure out how much the bonus exceeds those cards' value.
2) What is the reason you want to move your money?
3) Is the benefit from reason 2 worth the amount of money in reason 1 to you?

Note that you can always just keep $100K in Merrill Edge, and move the rest of it around.

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whodidntante
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Re: Bank of America Preferred Rewards

Post by whodidntante » Fri May 11, 2018 10:23 pm

It takes a really long time to lose it.
Even if your eligible balances drop below the requirements for your tier (Gold, Platinum or Platinum Honors), you'll maintain your Preferred Rewards status for 12 months following enrollment. If you no longer meet the balance requirements after 12 months, you’ll have a 3-month grace period to increase your balances. After that, if you still don't meet the balance requirements after the grace period, you’ll be moved to a lower tier or lose your Preferred Rewards benefits.
https://www.bankofamerica.com/preferred ... uirements/

I'm currently platinum honors but I barely have 40 grand at Merrill.

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Re: Bank of America Preferred Rewards

Post by FlamingoTime » Sat May 12, 2018 12:19 am

I was Platinum - just dropped to next level due to not maintaining $100k in accounts. I get frustrated because keeping that much in MM or savings, means lack of any kind of interest. But I've used BofA for 25 years for my checking/operational banking.

I guess instead I need to add new money to Merrill Edge (brokered CDs maybe?) And just keep two months spending in the checking. As long as I have $100k across both Merrill and BofA I will get the max cash rewards back.

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Re: Bank of America Preferred Rewards

Post by triceratop » Sat May 12, 2018 12:29 am

FlamingoTime wrote:
Sat May 12, 2018 12:19 am
I was Platinum - just dropped to next level due to not maintaining $100k in accounts. I get frustrated because keeping that much in MM or savings, means lack of any kind of interest. But I've used BofA for 25 years for my checking/operational banking.

I guess instead I need to add new money to Merrill Edge (brokered CDs maybe?) And just keep two months spending in the checking. As long as I have $100k across both Merrill and BofA I will get the max cash rewards back.
Keep it in ETFs? No commissions and it counts towards your $100k for Preferred Rewards.

Very few Bogleheads would use BoA/ME if it weren't for this trick.
"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 Preferred Rewards

Post by whodidntante » Sat May 12, 2018 12:33 am

FlamingoTime wrote:
Sat May 12, 2018 12:19 am
I was Platinum - just dropped to next level due to not maintaining $100k in accounts. I get frustrated because keeping that much in MM or savings, means lack of any kind of interest. But I've used BofA for 25 years for my checking/operational banking.

I guess instead I need to add new money to Merrill Edge (brokered CDs maybe?) And just keep two months spending in the checking. As long as I have $100k across both Merrill and BofA I will get the max cash rewards back.
I have $20 in my BoA checking account. I really just have it because BoA paid me a bonus to open it, and due to it being required for preferred rewards. If it gets more than $20 (like the sweet $352 in credit card rewards I just redeemed) I move the money to a brokerage and buy an equity index ETF with it, or I spend it on hamburgers. $352 would be a whole tray of hamburgers.

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Re: Bank of America Preferred Rewards

Post by fourwheelcycle » Sat May 12, 2018 6:48 am

We have all of our taxable and IRA investments at Vanguard and we do all of our banking at Bank of America, which has a physical branch office near our home. Our three main credit cards, Platinum Cash Rewards, Travel Rewards, and AAA, are all managed by BoA. We use BoA's online billpay for most of our bills. One log-in allows us to view and manage almost all of our non-Vanguard finances.

We do not use BoA's Merrill Edge programs at all, since they cannot hold Vanguard's Admiral mutual funds and we don't use any ETFs.

We keep a $10K+ balance in our BoA checking account and another $40K in our BoA savings account, which also serves as a linked overdraft backup for our checking account. Except for gas on the AAA card, we use BoA's cash rewards card for almost all of our credit card charges. We average about $1K per year (tax free) in cash rewards, which represents about 2% tax exempt interest on our qualifying $50K Platinum rewards balance. We view the $50K balance as part of our liquid reserve fund.

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Re: Bank of America Preferred Rewards

Post by student » Sat May 12, 2018 6:52 am

I too keep very little at BoA but have ETF's at ME to satisfy the requirement.

You may want to look at this thread. viewtopic.php?t=150033

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Re: Bank of America Preferred Rewards

Post by susa » Sat May 12, 2018 7:10 am

We qualified for the initial bonus, waited the required 60+30 days and posted the 500+160 cash reward (actually a bit more) with the initial boosted bonus. The trick initially was to NOT cash the reward immediately but wait 3 months.

Once that happened, we moved excess funds into Popular Direct 2.00% savings account and plan to move that back once the 12 month period review occurs.

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Re: Bank of America Preferred Rewards

Post by Funancials » Sat May 12, 2018 8:03 am

skseud wrote:
Fri May 11, 2018 10:05 pm
I am thinking about moving some money around. My main banking happens with Bank of America, but if I decide to move the money around I will lose the preferred Rewards membership.

Preferred Rewards Membership comes with the extra cash back for my cash rewards credit card and some other benefits:
https://www.bankofamerica.com/preferred-rewards/

What does everyone else think? Is it worth keeping the money with them or should I just not worry about it and move the most of the money to Vanguard?
I have been Preferred with Bank of America for several years and have enjoyed their perks: free trades, increased credit card rewards and discount on our mortgage. I’ve invested in Vanguard ETFs via Merrill Edge.

Having said that, I’ve crunched the numbers and I would be better off (if I favored optimization over convenience) by spreading out my accounts. For example, investing directly with Vanguard, using a Chase CC and opening an online savings with Synchrony, GS or Ally. But, having everything in one place keeps it simple for me.

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Re: Bank of America Preferred Rewards

Post by Earl Lemongrab » Sat May 12, 2018 11:29 am

If I had to pick one brokerage and/or all the transfer bonuses went away, Merrill Edge is where I would consolidate my holdings. I think they have the best overall package with the various Preferred Rewards perks. But I don't mind ETFs.

So it kind of comes down to why you want to move and how important that is to you monetarily.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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